ICAV (UCITS compliant)

L&G Emerging Markets Government Bond (USD) Index Fund

Given current market events we have now populated Fund Centre with Fund exposures to assets with “country of risk*” as either Russia, Ukraine, or Belarus, or exposures to Russian Rouble currency. Please see the exposures below for further information.

*Sourced from Bloomberg

Fund facts

Fund size
$648.0m
Base currency
USD
Launch date
2 Mar 2018
Domicile
Ireland
Share class launch

Statistics

Modified duration
6.85 years
Gross redemption yield (unhedged)
7.10%

As at 30 Jun 2022

Fund aim

The Fund aims to track the performance of the Emerging Markets government bond market as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified (the "Index").

Benchmark

JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index

  • What does it invest in? Invests primarily in US dollar-denominated bonds that make up the index, issued by governments of a broad range of developing countries. These bonds will be a mixture of sub-investment grade (higher risk), investment grade (lower risk) and non-rated bonds. The fund may also use derivatives.
  • How does it invest? Passively managed, aiming to replicate the performance of the index.

Russia exposure

23 Feb 2022
2.66%
30 Jun 2022
0.00%

Belarus exposure

23 Feb 2022
0.43%
30 Jun 2022
0.00%

Ukraine exposure

23 Feb 2022
1.91%
30 Jun 2022
0.85%

As at 30 Jun 2022

These numbers give indicative Fund exposures to assets with “country of risk” sourced from Bloomberg as either Russia, Ukraine, or Belarus, or exposures to Russian Rouble currency. The figures are based on early price estimated data so may differ from the fully verified month end NAV exposure. Where the holding is “indirect” (for example held in a sub-fund), best efforts have been made to ensure that exposure to the sub-fund(s) is on a consistent basis. As at dates have been chosen to reflect exposure both before and after the significant recent falls in values of impacted assets.

Exposures are presented to two decimal places, exposures may be rounded to 0 if less than 0.05%.

These exposures do not give an indication of the relative exposures versus the benchmark. With regard to index-based strategies, LGIM has a duty to track the relevant index to ensure clients receive exposure as set out in the relevant investment objective. Following the imposition of sanctions and assets being removed from indices the market was effectively frozen for foreign investors and all equity positions have been marked to zero in line with LGIM’s fair value pricing policy. Regardless of being priced at zero LGIM funds still own these securities and any value realised in the future will be for the sole benefit of the relevant fund. LGIM will seek to divest from such securities at such a time that market conditions allow consistent with our fiduciary duties and applicable sanctions.

Fund updates

Performance

Source: Lipper

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Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Jun 2022

    CumulativeFund
    1 month-3.35
    6 months-10.87
    Year to date-10.87
    3 years-
    5 years-
    Since launch-11.70
    AnnualisedFund
    1 year-10.27
    3 years-
    5 years-
    Since launch-6.54

    As at 30 Jun 2022

    CumulativeFund
    Quarterly-4.63
    Year to date-10.87
    3 years-
    5 years-
    Since launch-11.70
    AnnualisedFund
    1 year-10.27
    3 years-
    5 years-
    Since launch-6.54
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    12 months to 30 June 2018 2019 2020 2021 2022
    Fund-----10.27

    Calendar year performance (%)

    2017 2018 2019 2020 2021
    Fund-----1.25

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-10.27---6.54

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-10.27---6.54

    Performance for the Z EUR (Unhedged) Acc unit class in EUR, launched on 02 March 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the C GBP (Unhedged) Acc unit class in GBP, launched on 27 August 2020. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the C GBP (Hedged) Inc unit class in GBP, launched on 08 June 2021. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the C GBP (Unhedged) Inc unit class in GBP, launched on 27 August 2020. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the C USD Acc unit class in USD, launched on 30 August 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I EUR (Unhedged) Acc unit class in EUR, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I EUR (Hedged) Acc unit class in EUR, launched on 11 January 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I EUR (Hedged) Inc unit class in EUR, launched on 10 April 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I GBP (Unhedged) Acc unit class in GBP, launched on 27 August 2020. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I GBP (Unhedged) Inc unit class in GBP, launched on 27 August 2020. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I USD Acc unit class in USD, launched on 30 August 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the K EUR (Unhedged) Acc unit class in EUR, launched on 02 March 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the K EUR (Hedged) Acc unit class in EUR, launched on 14 March 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the K GBP (Unhedged) Acc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the P EUR (Unhedged) Acc unit class in EUR, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the Z EUR (Unhedged) Acc unit class in EUR, launched on 02 March 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the Z EUR (Hedged) Acc unit class in EUR, launched on 01 May 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the Z EUR (Hedged) Inc unit class in EUR, launched on 20 September 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the Z GBP (Hedged) Inc unit class in GBP, launched on 11 January 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the Z USD Acc unit class in USD, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Portfolio

    As at 30 Jun 2022. All data source LGIM unless otherwise stated. Totals may not sum due to rounding. In order to minimise transaction costs, the Fund will not always own all the assets that constitute the index and on occasion it will own assets that are not in the index.

    Currency (%)

    USD100.0

    Years to maturity (%)

    0 - 5 Years33.2
    5 - 10 Years29.8
    10 - 15 Years7.8
    15 - 20 Years4.6
    20 - 25 Years7.9
    25 - 30 Years12.6
    30 - 40 Years3.5
    40+ Years0.5

    Credit rating (%)

    AA7.4
    A16.0
    A-0.2
    BBB31.3
    BB18.9
    B21.3
    CCC3.5
    C0.4
    DDD0.7
    Other0.2
    Top 10 holdings5.2
    Rest of portfolio94.8
    No. of issuers in fund159
    No. of issuers in index163

    Top 10 holdings (%)

    Kuwait Govt Intl Bd3.5% 20 Mar 270.8
    Uruguay Govt Intl Bd 5.1% 18 Jun 500.7
    Ecuador Govt Intl Bd 1% 31 Jul 350.7
    Qatar Govt Intl Bd5.103% 23 Apr 480.5
    Kazakhstan Govt Intl Bd 5.125% 21 Jul 250.5
    Brazilian Govt Intl Bd 4.25% 07 Jan 250.5
    Uruguay Govt Intl Bd 4.375% 23 Jan 310.5
    Qatar Govt Intl Bd4.817% 14 Mar 490.5
    Ecuador Govt Intl Bd 5% 31 Jul 300.4
    Petronas Capital 4.55% 21 Apr 500.4

    Country (%)

    Indonesia5.3
    China5.1
    Mexico5.1
    United Arab Emirates4.7
    Saudi Arabia4.3
    Qatar4.1
    Turkey3.9
    Philippines3.4
    Brazil3.3
    Other60.7

    Management Team

    The Index Fund Management team comprises 25 fund managers, supported by two analysts. Management oversight is provided by the Global Head of Index Funds. The team has average industry experience of 15 years, of which seven years has been at LGIM, and is focused on achieving the equally important objectives of close tracking and maximising returns.

    LGIMIndex Fund Management Team

    Literature

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