Unit-Linked Life Insurance

Sterling Liquidity Fund

Fund facts

Fund size
£5,123.7m
Base currency
GBP
Launch date
Apr 2008
Domicile
UK

Statistics

Weighted average maturity
36 days
Weighted average final maturity
47 days

As at 31 Mar 2020

Fund aim

Reference Index

Fund characteristics

Fund updates

Performance

Source: LGIM

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Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Mar 2020

    CumulativeFundBenchmark
    Quarterly0.190.11
    6 months0.390.25
    Year to date0.190.11
    AnnualisedFundBenchmark
    1 year0.800.54
    3 years0.630.42
    5 years0.590.37
    Since launch0.950.66
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 31 March 2016 2017 2018 2019 2020
    Fund0.560.480.370.730.80
    Benchmark0.360.200.220.510.54

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund0.550.530.340.650.82
    Benchmark0.360.260.160.460.57

    Monthly performance (%)

    Annualised performance (%)

    Annualised1 year3 years5 yearsSince launch
    Fund0.800.630.590.95
    Benchmark0.540.420.370.66

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

    Performance is reported in GBP based on daily close mid-market prices after the deduction of our standard investment management 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 31 Mar 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Certificate of Deposit32.4
    Repurchase Agreement23.8
    Deposit (Overnight)22.3
    Commercial Paper11.6
    Floating Rate Notes9.6
    Government UK0.3

    Days to maturity (%)

    Overnight47.5
    2 to 7 days3.6
    7 days to 1 month5.9
    1 to 3 months18.9
    3 to 6 months19.8
    6 to 12 months4.4

    Credit rating (%)

    AA3.8
    AA-31.8
    A+37.3
    A27.1
    Top 10 issuers60.0
    Rest of portfolio40.0

    Top 10 issuers (%)

    United Kingdom Treasury*27.6
    Rabobank4.3
    Sumitomo Mitsui Banking Corp4.3
    BRED Banque Populaire4.2
    Toronto Dominion Bank3.9
    ING Bank3.8
    Credit Agricole SA3.3
    UBS3.3
    Bank of Tokyo Mitsubishi UFJ2.7
    Nordea Bank2.7

    *Includes reverse repurchase agreements collateralised with UK Treasury issuance.

    Country (%)

    United Kingdom29.2
    Japan14.9
    France14.3
    Netherlands7.5
    Switzerland5.7
    Canada5.1
    Germany4.7
    Sweden4.5
    Singapore3.3
    Other10.8

    Fund Manager

    Liquidity Management

    Liquidity Management (within Global Trading and Liquidity Management) forms a strategic part of our asset management capability incorporating liquidity management and secured funding.

    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 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.

    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
    -
    Bid price
    -
    Mid price
    -
    Offer price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Bid price
    112.12p
    Mid price
    112.12p
    Offer price
    112.12p
    Absolute change
    -
    Currency
    GBP
    As at
    3 Aug 2020
    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

    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
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Mid price
    112.12p
    Dealing price
    112.12p
    Absolute change
    -
    Currency
    GBP
    As at
    5 Aug 2020
    Name
    Charges included
    Mid price
    110.66p
    Dealing price
    110.66p
    Absolute change
    -
    Currency
    GBP
    As at
    5 Aug 2020

    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
    -
    Mid price
    -
    Dealing price
    -
    Absolute change
    -
    Currency
    GBP
    As at
    -
    Name
    Primary
    Mid price
    112.12p
    Dealing price
    112.12p
    Absolute change
    -
    Currency
    GBP
    As at
    6 Aug 2020
    Name
    Charges included
    Mid price
    110.66p
    Dealing price
    110.66p
    Absolute change
    -
    Currency
    GBP
    As at
    6 Aug 2020

    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.