Unit-Linked Life Insurance

Managed Property Fund

Fund facts

Fund size
£3,198.3m
Base currency
GBP
Launch date
Jun 1971
Domicile
United Kingdom

Statistics

As at 30 Jun 2021

Fund aim

Benchmark

Fund characteristics

Fund updates

Performance

Source: LGIM

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly3.003.78
    6 months5.076.05
    Year to date5.076.05
    AnnualisedFundBenchmark
    1 year7.298.47
    3 years2.542.99
    5 years4.804.90
    Since launch--
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2017 2018 2019 2020 2021
    Fund-7.32---
    Benchmark-9.67---

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund1.738.463.552.73-1.16
    Benchmark2.7710.166.471.59-1.05

    Monthly performance (%)

    Annualised performance (%)

    Annualised1 year3 years5 yearsSince launch
    Fund7.292.544.80-
    Benchmark8.472.994.90-

    Performance is reported in GBP based on weekly mid-market prices after the deduction of our standard investment management fees. before the deduction of fees. The assumption for this calculation is 70 basis points. The AREF/IPD UK Quarterly All Balanced Property Fund Index is reported on a net only basis..

    Performance is reported in GBP based on daily close mid-market prices after the deduction of our standard investment management fees. The assumption for this calculation is 70 basis points. The AREF/IPD UK Quarterly All Balanced Property Fund Index is reported on a net only basis..

    Performance is reported in GBP based on daily close mid-market prices after the deduction of our standard investment management fees. The assumption for this calculation is 70 basis points. The AREF/IPD UK Quarterly All Balanced Property Fund Index is reported on a net only basis..

    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 2021. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Direct Property77.1
    Indirect Property16.3
    Cash6.6

    Sector (%)

    Industrial - South Eastern29.8
    Other UK properties13.4
    Offices - West End & Mid Town13.0
    Offices - Rest of South Eastern10.9
    Retail warehouses9.0
    Offices - Rest of UK6.5
    Cash6.0
    Standard retail – Rest of UK4.1
    Industrial - Rest of UK3.4
    Other3.8

    Region (%)

    South East29.9
    London25.2
    Eastern11.7
    North West8.6
    West Midlands8.5
    South West5.2
    Yorks/Humber3.9
    Scotland3.4
    North East2.4
    East Midlands1.3

    Property characteristics

    No. of assets70
    No. of physical properties66
    Void rate ex. development12.9%
    Average lease length7.4 years
    Average lot size£37.4m
    Net initial yield3.9%
    Cash level£210.0m
    Uncommitted cash£172.4m
    Void rate, lease length, lot size and net initial yield relate to direct properties only.

    Top 10 holdings (£M)

    Brentford - West Cross Industrial Park | Industrial - London150-160
    London - Strand Island Site | Office - West End & Mid Town140-150
    Dunstable - Woodside Industrial Estate | Industrial - Rest of South East120-130
    Basingstoke - Kingsland Business Park | Industrial - Rest of South East110-120
    Manchester - One Piccadilly | Office - Rest of UK90-100
    London - 76-88 Wardour Street | Office - West End & Mid Town80-90
    Reading - Apex Plaza | Office - Rest of South East80-90
    Cambridge - Cambridge Science Park | Office Park80-90
    London - Yotel London Clerkenwell | Other70-80
    Bedford - Interchange Retail Park|Retail Warehouse60-70

    Fund Manager

    LGIM Property Fund Management Team

    The Fund is managed by Rob Codling. The Fund team also includes an assistant fund manager and seven Asset Managers. This team is supported by LGIM RA’s wider platform capabilities in Transactions; Research; Sector Specialism; Sustainability; Derivatives; and Planning and Development.

    Literature

    Prices

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

    Weekly close

    Name
    -
    Bid price
    -
    Mid price
    -
    Offer price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    -
    Bid price
    -
    Mid price
    -
    Offer price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Bid price
    5766.13p
    Mid price
    5831.33p
    Offer price
    6132.87p
    Absolute change
    -
    Currency
    GBP
    As at
    23 Sep 2021
    Name
    n/a
    Bid price
    n/a
    Mid price
    n/a
    Offer price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    As at
    n/a
    Name
    n/a
    Bid price
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    Mid price
    n/a
    Offer price
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    Absolute change
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    As at
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    Weekly dealt funds are valued at the local market close on the day preceding the dealing day.

    Daily close

    Name
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Mid price
    5833.74p
    Dealing price
    5768.52p
    Absolute change
    -
    Currency
    GBP
    As at
    27 Sep 2021
    Name
    Charges included
    Mid price
    5291.50p
    Dealing price
    5232.31p
    Absolute change
    -
    Currency
    GBP
    As at
    27 Sep 2021
    Name
    Charges included 2011
    Mid price
    5270.43p
    Dealing price
    5211.48p
    Absolute change
    -
    Currency
    GBP
    As at
    27 Sep 2021

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

    Daily midday

    Name
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Mid price
    5833.74p
    Dealing price
    5768.52p
    Absolute change
    -
    Currency
    GBP
    As at
    28 Sep 2021
    Name
    Charges included
    Mid price
    5291.50p
    Dealing price
    5232.31p
    Absolute change
    -
    Currency
    GBP
    As at
    28 Sep 2021
    Name
    Charges included 2011
    Mid price
    5270.43p
    Dealing price
    5211.48p
    Absolute change
    -
    Currency
    GBP
    As at
    28 Sep 2021

    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

    The MSCI index is the exclusive property of MSCI INC. (“MSCI”). MSCI and the MSCI index name is a service mark of MSCI, or its affiliates, and has been licensed for use for certain purposes by Legal & General Investment Management ("LGIM") and its affiliates. The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Description of Funds contains a more detailed description of the limited relationship MSCI has with LGIM and any related funds.