Unit-Linked Life Insurance

Cash Fund

Fund aim

The fund aims to perform in line with SONIA (Sterling Overnight Index Average), without incurring excessive risk.

Fund characteristics

The fund provides investors with a convenient and cost-effective solution for their cash management requirements. The fund primarily holds short term deposits (up to a normal maximum maturity of 35 days) with a range of high quality financial institutions. The fund may also invest in UK treasury bills.
The value of the fund’s assets could fall if a deposit holder/the UK Government were unable to meet their obligations, if there were sudden, sharp movements in interest rates or in the event of a negative interest rate environment. Exposure to the uncertainty of future interest rates is mitigated by limiting the maximum maturity for an individual deposit to the 4th valuation point from the current valuation day. Liquidity is provided by having a minimum of 40% of the fund value maturing to the next valuation point (which typically is within 7 days). Counterparties are regularly reviewed by an internal LGIM committee, and counterparty and geographic exposure limits assigned. The fund may also provide other PMC funds with overnight funding. Normally this will not exceed 10% of the fund. Monies lent will receive a comparable or better market rate of interest.

Fund facts

Fund size£1,351.4m
Base currencyGBP
DomicileUnited Kingdom
Share class launch01/07/96
Weighted average maturity23 days
As at 31 Dec 2023

Reference

SONIA

Performance

Source: LGIM. Performance is reported in GBP based on weekly mid-market prices before the deduction of fees.
Please note that with effect from 30 September 2021 the reference index was amended from 7 Day GBP LIBID. The benchmark displayed in the tables opposite is a composite of the previous index and the current index which have been chain linked for reporting purposes.
Past performance is not a guide to future performance and the value of investments can go down as well as up.
Share class launch date:01 Jul 1996
Reference Index:SONIA
Share class launch date:01 Jul 1996
Reference Index:SONIA
    Share class launch date:01 Jul 1996
    Reference Index:SONIA

    Portfolio breakdown

    As at 31 Dec 2023

    Top 10 issuers100.0%
    Rest of portfolio0.0%

    Top 10 issuers (%)

    UK Government56.8
    Nationwide Building Society8.2
    PMC Loan8.2
    Bank of Tokyo Mitsubishi8.1
    BNP Paribas3.7
    Sumitomo Mitsui Banking3.7
    Mizuho Corporate Bank3.7
    Goldman Sachs3.7
    Jyske Bank3.7
    Cash0.1

    Country (%)

    United Kingdom
    73.2
    Japan
    15.6
    France
    3.7
    United States
    3.7
    Denmark
    3.7

    All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Fund managers

    Liquidity Management

    Liquidity Management (within Global Trading and Liquidity) forms a strategic part of our asset management capability incorporating liquidity and short duration portfolios as well as securities financing.

    Literature

    Prices

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

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    Monthly price history

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    Please note that a maximum of 10 years price history is available.