SICAV (UCITS compliant)

L&G Emerging Markets Bond Fund

Fund facts

Fund size
$100.4m
Base currency
USD
Launch date
24 Oct 2016
Domicile
Luxembourg
Share class launch

Statistics

Modified duration
6.39 years
Gross redemption yield (unhedged)
4.37%

As at 30 Sep 2020

Fund aim

The objective of the Fund is to provide a combination of growth and income above that of the Blended Benchmark consisting of 50% JP Morgan EMBI Global Diversified Total Return Index and  50% JP Morgan CEMBI Diversified Total Return Index, the “Benchmark Index”. The Fund is actively managed and aims to outperform the Benchmark Index by 1.25% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

Blended benchmark consisting of 50% JP Morgan EMBIG Div Total Return Index and 50% JP Morgan CEMBI Div Total Return Index

  • What does it invest in? Invests predominantly in fixed income securities including bonds and other debt instruments, issued in a variety of currencies by companies and governments in emerging countries.
  • How does it invest? Actively managed, investing in debt which is a mixture of investment grade (lower risk) and sub-investment grade (higher risk). May also invest in unrated bonds, other types of securities and derivatives.

Fund updates

Performance

Source: Lipper

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 Sep 2020

    CumulativeFundBenchmark
    1 month-1.32-1.19
    6 months17.7114.65
    Year to date2.311.23
    3 years--
    5 years--
    Since launch7.866.55
    AnnualisedFundBenchmark
    1 year4.793.20
    3 years--
    5 years--
    Since launch5.974.98

    As at 30 Sep 2020

    CumulativeFundBenchmark
    Quarterly3.242.48
    Year to date2.311.23
    3 years--
    5 years--
    Since launch7.866.55
    AnnualisedFundBenchmark
    1 year4.793.20
    3 years--
    5 years--
    Since launch5.974.98
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 September 2016 2017 2018 2019 2020
    Fund----4.80
    Benchmark----3.21

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-----
    Benchmark-----

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund4.79--5.97
    Benchmark3.20--4.98

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund4.79--5.97
    Benchmark3.20--4.98

    Performance for the I USD Acc unit class in USD, launched on 12 June 2019. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z EUR (Unhedged) Acc unit class in EUR, launched on 23 May 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z GBP (Unhedged) Acc unit class in GBP, launched on 23 May 2018. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z USD Acc unit class in USD, launched on 24 October 2016. Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Performance for the Z USD Dist unit class in USD, launched on . Source: Lipper. Performance is calculated on a Net Asset Value (NAV) to NAV basis and assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund. This fund has adopted a single swinging price, this means that on any given day the single dealing price will be set at either bid, offer or somewhere in between, based on whether there was a net inflow or outflow into or out of the Fund. The past performance depicted in this factsheet is based on that dealing price and therefore may appear more volatile than it would otherwise be if we were to show the notional bid or offer performance, this is as a result of the daily swing.

    Past performance is not a guide to the future.

    Portfolio

    As at 30 Sep 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    USD100.0
    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.

    Top 10 issuers16.8
    Rest of portfolio83.2
    No. of issuers176

    Top 10 issuers (%)

    Emirate of Abu Dhabi2.5
    Republic of Panama2.0
    Republic of Colombia1.7
    Kaisa Group Holdings Ltd1.7
    Petroleos Mexicanos1.6
    Finance Department Government of Sharjah1.5
    Arab Republic of Egypt1.5
    Grupo Aval Acc Y Valores1.5
    Mundra Port and Special Economic Zone Ltd1.4
    BG Financial Group1.4

    Credit rating (%)

    FundBenchmarkRelative
    AAA0.00.1-0.1
    AA4.44.8-0.4
    A7.416.7-9.3
    BBB36.835.41.4
    BB20.919.01.9
    B20.317.32.9
    Split Rated (B & CCC)0.50.9-0.4
    CCC and below3.32.80.4
    NR1.73.0-1.3
    Cash4.80.04.8

    Top sector over/underweights (%)

    FundBenchmarkRelative
    Cash and Equivalents4.8-4.8
    Financial Services5.14.11.1
    Consumer Services3.82.90.9
    Oil & Gas8.88.20.6
    Utilities5.85.20.5
    Other0.60.10.5
    Basic Materials7.26.80.4
    Industrials3.93.70.2
    Health Care0.91.0-0.1
    Technology0.61.0-0.4
    Insurance0.00.6-0.6
    Real Estate1.52.3-0.8
    Consumer Goods1.32.1-0.8
    Telecommunications1.93.2-1.3
    Banks12.113.6-1.5
    Sovereign41.945.4-3.5

    Fund Manager

    Uday is responsible for developing LGIM’s emerging market capabilities within the Global Fixed Income team. Uday joined LGIM in April 2014 from Gulf International Bank (UK) Ltd where he held the title of Chief Investment Officer with primary responsibility for managing the flagship EMD hedge fund and other fixed income portfolios. Uday has an MBA in finance from the University of Chicago and a BSc degree in industrial management from Carnegie Mellon University.

    UdayPatnaik

    Literature

    Trading information

    Prices

    This share class is not currently pricing.
    Name
    I USD Acc
    Mid price
    108.88c
    Change (%)
    -
    Currency
    USD
    Price time
    23:00 CET
    Name
    Z GBP Acc
    Mid price
    122.00p
    Change (%)
    -
    Currency
    GBP
    Price time
    23:00 CET
    Name
    Z EUR Acc
    Mid price
    118.57c
    Change (%)
    -
    Currency
    EUR
    Price time
    23:00 CET
    Name
    Z USD Acc
    Mid price
    126.99c
    Change (%)
    -
    Currency
    USD
    Price time
    23:00 CET
    Name
    n/a
    Mid price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a

    Further details

    Costs

    Price basis
    Single swing
    Initial charge
    0.00%
    Ongoing charges figure
    0.71%
    Dilution adjustment
    0.944%- round trip
    Swing factor
    0.472%

    Codes

    ISIN
    LU2004399882
    SEDOL
    BKF3BC2
    Bloomberg
    LGEMIUA LX
    MEX
    -

    Dealing information

    Valuation frequency
    Daily, 23:00 CET
    Dealing frequency
    Each Business Day
    Settlement period
    T+3
    Administrator/Custodian
    Northern Trust

    Country registration

    This share class is registered for sale in the following countries:

    For valuations and account queries contact:

    Legal & General (Unit Trust Managers) Limited
    PO Box 6080
    Wolverhampton
    WV1 9RB
    Tel : 0370 050 0955
    Email: [email protected]

    Legal & General ICAV
    LGIM Liquidity Funds Plc

    Northern Trust International Fund Administration Services (Ireland) Limited
    City East Plaza - Block A
    Towlerton
    Ballysimon Road
    Limerick
    Ireland
    V94 X2N9
    Fax: +353 1 434 5293
    Telephone: +353 1 434 5080
    Email: [email protected]

    Legal & General SICAV
    Northern Trust Global Services SE
    6 rue Lou Hemmer
    L-1748 Senningerberg
    Grand-Duché de Luxembourg
    Facsimile: +352 276 222 150
    Telephone: +352 276 222 514
    Email: [email protected]

    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.

    This fund holds bonds that are traded through agents, brokers or investment banks matching buyers and sellers. This makes the bonds less easy to buy and sell than investments traded on an exchange. In exceptional circumstances the fund may not be able to sell bonds and may defer withdrawals, or suspend dealing. The Directors can only delay paying out if it is in the interests of all investors and with the permission of the fund depositary.

    The fund invests directly or indirectly in bonds which are issued by companies or governments. If these companies or governments experience financial difficulty, they may be unable to pay back some or all of the interest, original investment or other payments that they owe. If this happens, the value of the fund may fall.

    Prices of the ABS/MBS may be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict. In addition, the terms of the ABS/MBS may restrict its sale in particular circumstances.

    This fund invests in countries where investment markets are considered to be less developed. This means that investments are generally riskier than those in developed markets because they: may not be as well regulated; may be more difficult to buy and sell; may have less reliable arrangements for the safekeeping of investments; or may be more exposed to political and taxation uncertainties. The value of the fund can go up or down more often and by larger amounts than funds that invest in developed countries, especially in the short term.

    The fund could lose money if any institution providing services such as acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund.

    Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains. The impact to the fund can be greater where derivatives are used in an extensive or complex way.

    The fund may have underlying investments that are valued in currencies that are different from sterling (British pounds). Exchange rate fluctuations will impact the value of your investment. Currency hedging techniques may be applied to reduce this impact but may not entirely eliminate it.

    We may take some or all of the ongoing charges from the fund's capital rather than the fund's income. This increases the amount of income, but it reduces the growth potential and may lead to a fall in the value of the fund.

    Investment returns on bonds are sensitive to trends in interest rate movements. Such changes will affect the value of your investment.

    Important information

    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 investor information document and prospectus (and any supplements thereto) 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.

    This information is only directed at investors resident in jurisdictions where each fund is registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.

    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 & General Investment 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

    Issued by Legal & General Investment Management Limited as promoter and distributor for this fund in the UK.

    Legal & General Investment Management Limited has been appointed as the discretionary investment manager for these Funds and is Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA, United Kingdom. Authorised and regulated by the Financial Conduct Authority, No. 119272.

    Index disclaimer

    Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved.