SICAV (UCITS compliant)

L&G Euro Buy and Maintain Credit Fund

Important Due to exceptional market conditions, spreads are currently volatile and may be subject to frequent change.

Fund facts

Fund size
€185.6m
Base currency
EUR
Launch date
15 May 2019
Domicile
Luxembourg
Share class launch

Statistics

Modified duration
5.36 years
Gross redemption yield (unhedged)
0.55%

As at 31 Aug 2020

Fund aim

The  Fund aims to provide investors with a combination of growth and income.

Benchmark

  • What does it invest in? Invests in a broad range of fixed income securities denominated in Euro, US Dollar and Sterling, with at least 70% being denominated in Euro. Invests at least 70% in corporate bonds.
  • How does it invest? Actively managed, investing primarily in fixed income securities with an investment grade (lower risk) credit rating. Seeks to preserve value over credit cycle by avoiding securities experiencing significant deterioration in credit quality and defaults.

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 31 Aug 2020

    CumulativeFund
    1 month0.06
    6 months-0.36
    Year to date0.73
    3 years-
    5 years-
    Since launch2.74
    AnnualisedFund
    1 year-0.82
    3 years-
    5 years-
    Since launch2.10

    As at 30 Jun 2020

    CumulativeFund
    Quarterly4.77
    Year to date-0.58
    3 years-
    5 years-
    Since launch1.41
    AnnualisedFund
    1 year-0.04
    3 years-
    5 years-
    Since launch1.25
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2016 2017 2018 2019 2020
    Fund-----0.04

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-----

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-0.82--2.10

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-0.04--1.25

    Performance for the I EUR Acc unit class in EUR, launched on 15 May 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 I EUR Dist unit class in EUR, launched on 15 May 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 Acc unit class in EUR, launched on 28 October 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 Dist unit class in EUR, launched on 28 October 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.

    Portfolio

    As at 31 Aug 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    EUR100.0

    Credit rating (%)

    AA7.2
    A33.5
    BBB58.3
    BB0.9
    Cash0.1

    Sector (%)

    Banks18.9
    Utilities15.9
    Consumer Goods15.1
    Health Care8.2
    Industrials8.0
    Telecommunications7.3
    Real Estate5.8
    Consumer Services5.1
    Basic Materials4.1
    Other11.7
    Top 10 issuers11.8
    Rest of portfolio88.3
    No. of issuers162

    Top 10 issuers (%)

    Verizon Communications Inc1.4
    Vonovia Finance BV1.4
    ESB1.3
    Volkswagen AG1.2
    Réseau de Transport d'Électricité1.2
    Morgan Stanley1.1
    Intesa Sanpaolo Spa1.1
    National Grid plc1.0
    Diageo plc1.0
    Hutchison Whampoa Limited1.0

    Fund Managers

    Marc is head of the Euro credit portfolio management team. He joined LGIM in May 2012 as a portfolio manager in the Pan European Credit team. Marc previously spent 12 years at Blackrock, first as a senior portfolio manager within Philips Investment Management in Eindhoven and then as Director, Investment Manager in London, where he was responsible for the non-financials management of investment grade portfolios and was a portfolio manager for two Asian credit portfolios. Marc started in the industry in 1995 as a portfolio manager at ABP investments (now APG). He graduated from Tilburg University, Netherlands with an MSc in economics and is a Certified European Financial Analyst (CEFA).

    Connor joined LGIM in 2014 as a portfolio manager, having transferred from the LGIMA office in Chicago where he was an Associate Portfolio Manager. Connor has BA degrees in mathematics and economics from Williams College.

    MarcRovers

    ConnorOlvany

    Literature

    Prices

    Name
    I EUR Acc
    Mid price
    103.05c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    I EUR Inc
    Mid price
    102.56c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    Z EUR Acc
    Mid price
    101.09c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET
    Name
    Z EUR Dist
    Mid price
    100.68c
    Change (%)
    -
    Currency
    EUR
    Price time
    16:00 CET

    Further details

    Costs

    Price basis
    Single swing
    Initial charge
    0.00%
    Ongoing charges figure
    0.21%
    Dilution adjustment
    0.474%
    Swing factor
    0.237%

    Codes

    ISIN
    LU1955024473
    SEDOL
    BJ32146
    Bloomberg
    LGEBMIA LX
    MEX
    -

    Dealing information

    Valuation frequency
    Daily, 16:00 CET
    Dealing frequency
    Daily
    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.

    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 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 LGIM Managers (Europe) Limited as management company for this fund. Registered in Ireland No. 609677. Registered Office: 33/34 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Authorised and Regulated by the Central Bank of Ireland No. C173733.

    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.