Unit-Linked Life Insurance

Absolute Return Bond Plus Fund

Fund code

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
£48.5m
Base currency
GBP
Launch date
Feb 2017
Domicile
United Kingdom

Statistics

Modified duration
1.71 years

As at 30 Jun 2022

Fund aim

Benchmark

Fund characteristics

Russia exposure

23 Feb 2022
0.67%
30 Jun 2022
0.24%

Belarus exposure

23 Feb 2022
0.00%
30 Jun 2022
0.00%

Ukraine exposure

23 Feb 2022
1.36%
30 Jun 2022
0.31%

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: LGIM

LIBOR is changing: read more on how future reforms of interbank offered rates may affect your investments with us.

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Jun 2022

    CumulativeFundBenchmark
    Quarterly-3.000.06
    6 months-5.91-0.01
    Year to date-5.91-0.01
    AnnualisedFundBenchmark
    1 year-5.87-0.06
    3 years2.030.30
    5 years1.670.35
    Since launch1.650.32
    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
    Fund0.631.612.5610.04-5.87
    Benchmark0.060.780.960.01-0.06

    Calendar year performance (%)

    2017 2018 2019 2020 2021
    Fund--1.905.457.233.07
    Benchmark-0.420.810.58-0.03

    Monthly performance (%)

    Annualised performance (%)

    Annualised1 year3 years5 yearsSince launch
    Fund-5.872.031.671.65
    Benchmark-0.060.300.350.32

    Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.

    Past performance is not a guide to future performance and the value of investments can go down as well as up.

    Portfolio

    As at 30 Jun 2022. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    USD74.2
    EUR11.0
    GBP9.3
    AUD2.8
    NZD0.9
    JPY0.2
    Other0.0
    This is the currency breakdown before allowing for any hedging the fund may use. We aim to hedge the portfolio 100% back to the base currency.

    Credit exposure (net %)

    High Yield-0.130.340.21
    EM Debt0.000.180.17
    Investment Grade-0.090.250.15
    Long Exposure
    Short Exposure
    Net Exposure

    Credit rating (%)

    AAA9.5
    AA19.1
    A7.3
    BBB29.4
    BB15.4
    B7.9
    CCC1.8
    C0.7
    D0.1
    Other8.9

    Sector (%)

    Sovereign30.4
    Banks19.2
    Cash and Equivalents7.8
    Financial Services7.0
    Consumer Goods6.1
    Utilities6.1
    ABS5.0
    Industrials4.5
    Consumer Services2.8
    Insurance2.4
    Basic Materials2.2
    Real Estate2.1
    Oil & Gas2.0
    Telecommunications1.1
    Other1.3
    Top 10 issuers38.2
    Rest of portfolio61.8
    No. of issuers672

    Top 10 issuers (%)

    United States of America20.6
    Goldman Sachs Group Inc3.0
    Credit Suisse Group AG2.7
    Australia Commonwealth2.5
    EDF SA1.9
    Boeing Company1.8
    United Kingdom1.6
    Irish Life & Permanent1.6
    Westpac Banking Corp1.4
    Rac Group Holdings Ltd1.3

    Country (%)

    United States40.2
    United Kingdom16.8
    Australia4.1
    France3.5
    Switzerland3.3
    Germany2.9
    Spain2.4
    Ireland2.1
    India2.0
    Other22.8

    Literature

    Prices

    Units can be purchased, sold or switched on a designated dealing day. This fund is offered on a weekly close basis. Further information is available in the relevant operational procedures sheet and the Description of Funds.

    Weekly close

    Name
    GBP currency hedged
    Bid price
    112.31p
    Mid price
    112.31p
    Offer price
    112.31p
    Absolute change
    -
    Currency
    GBP
    As at
    10 Aug 2022

    Weekly dealt funds are valued at the local market close on the day preceding the dealing day.

    Daily close

    Name
    n/a
    Mid price
    n/a
    Dealing price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    As at
    n/a

    Daily close dealt funds are valued at the local market close on the dealing day.

    Daily midday

    Name
    n/a
    Mid price
    n/a
    Dealing price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    As at
    n/a

    Daily midday dealt funds are valued at the 12:00 (UK time) on the dealing day.

    Key risks

    The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested.

    Past performance is no guarantee of future results.

    The value of an investment and any income taken from it is not guaranteed and can go down as well as up; you may not get back the amount you originally invested.

    The return from your investment is not guaranteed and therefore you may receive a lower or higher return than you anticipated. There will be a variation in performance between funds with similar objectives due to the different assets selected.

    PMC’s charges and associated transaction costs are subject to change, with notice for the former and without notice for the latter. Charges and transactions costs deducted from the policy reduce your potential for capital growth in the future.

    Tax rules and the treatment of income and capital gains could change in the future and may be applied retrospectively.

    Inflation reduces the purchasing power of money over time as the cost of purchasing goods and services increases. If the rate of inflation exceeds the rate of return on your portfolio, it will erode the value of your portfolio and its investments in real terms.

    In extreme market conditions it may be difficult to realise assets held for a fund and it may not be possible to redeem units at short notice. We may have to delay acting on your instructions to sell or the price at which you cancel the units may be lower than you anticipated.

    The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made.

    PMC seeks to mitigate counterparty risk wherever possible on behalf of its policyholders through a variety of measures which include: each fund’s non-cash assets being held with independent custodians, sweeping cash (where appropriate) overnight into the LGIM’s range of Liquidity funds (above a deminimus level), using the delivery versus payment system when settling transactions and the use of central clearing for exchange traded derivatives and forward foreign exchange transactions. However, in the event of the failure of a counterparty, custodian or issuer there is a residual risk that a fund may suffer asset losses which are unrecoverable.

    Important information

    All performance periods over a year will be annualised.

    This information is intended for investment professionals only and is for information purposes only. It should not be distributed without our permission.

    No investment decisions should be made without first reviewing the Key Information Document, the Key Features Document and Description of Funds of the relevant product which includes information on certain risks associated with an investment.

    Unless otherwise agreed in writing, the Information on this website (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Any trading or investment decisions taken by you should be based on your own analysis and judgment (and/or that of your professional advisers) and not in reliance on us or the Information.

    All information detailed on this website is current at the time of publication and may be changed in the future.

    Source and third party data

    Source: Unless otherwise indicated all data contained on this website is sourced from Legal and General Assurance (Pensions Management) Limited.

    Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data.

    Issuer

    Information for all Pension and Life Funds is issued by Legal and General Assurance (Pensions Management) Limited (‘PMC’). It is a life insurance company which carries on linked insurance business. As part of that business, it holds investments divided into separate sub-funds known as PF Sections. The value of each Policy that it issues is determined by reference to the value of one or more of the PF Sections. Legal & General Investment Management Limited, has been appointed as the investment manager of these PF Sections and is authorised and regulated by the Financial Conduct Authority. LGIM also provides investment and marketing services to PMC.

    Legal and General Assurance (Pensions Management) Limited is Registered in England and Wales No. 01006112.  Registered Office: One Coleman Street, London, EC2R 5AA, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, No. 202202.

    Index disclaimer

    Source ICE data indices, LLC (“ICE data”), is used with permission. ICE data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend LGIM, or any of its products or services.