Unit Trust (UK UCITS compliant)

Legal & General Asian Income Trust

Fund facts

Fund size
£243.5m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
3.5%

As at 31 Aug 2021

Fund aim

The objective of the Fund is to provide income and growth above those of the FTSE Asia Pacific ex-Japan TR Net Index (the “Benchmark Index”). The Fund aims to outperform the Benchmark Index by 2% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

FTSE Asia Pacific ex-Japan TR Net Index

  • What does it invest in? Invests at least 80% in shares in companies throughout Asia, including Australasia, but excluding Japan.
  • How does it invest? Actively managed, with holdings in between 40 and 80 companies on average over a typical market cycle of 3-5 years.

Fund updates

Monthly commentary

As at

Asia Pacific ex Japan equities returned 3.3% in August in GBP terms, whilst the fund outperformed the benchmark, returning 4.6%.

By country, India was one of the strongest performing markets in the index with Covid-19 cases in the country remaining low despite a rebound in mobility. The market has been further driven by ultra-easy monetary policy by the country’s central bank and the injection of a significant amount of extra liquidity to stimulate the economy. This made a negative contribution to relative performance given our underweight allocation to India. China continued to underperform the wider index with investor caution on the potential for new regulatory crackdowns by the government following actions taken in the prior month. This made a positive contribution to relative performance given our underweight allocation to the country based on the weak corporate governance we find there.

Sector allocation was positive, driven by our overweight position in Industrials, with the sector outperforming in the month. The fund also benefited from its underweight allocations to Consumer Services and overweight in Telecoms.

At stock level, the strongest contributions to relative fund performance came from our holdings in Downer EDI, Lenovo and not owning Alibaba. The largest negative contributions came from our holdings in MGM China and BHP Group.

In terms of portfolio activity, we entered a new position in China Feihe, the largest infant milk formula company in China. The company is experiencing sales growth and superior margins thanks to the premiumisation trend of the infant formula industry in China, and has been winning share from international competitors.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2021

    CumulativeFundBenchmark
    1 month4.612.67
    6 months1.706.05
    Year to date6.538.39
    3 years6.0133.19
    5 years29.5769.10
    Since launch85.68-
    AnnualisedFundBenchmark
    1 year16.7729.65
    3 years1.9610.02
    5 years5.3111.07
    Since launch7.08-

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly0.824.96
    Year to date7.609.34
    3 years7.9838.98
    5 years44.2286.26
    Since launch87.55-
    AnnualisedFundBenchmark
    1 year18.4332.05
    3 years2.5911.59
    5 years7.5913.24
    Since launch7.34-
    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
    Fund28.633.847.04-14.8318.43
    Benchmark27.684.966.92-1.5632.05

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund35.8214.19-4.9011.29-5.41
    Benchmark31.2819.93-7.1014.4917.28

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund16.771.965.317.08
    Benchmark29.6510.0211.07-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund18.432.597.597.34
    Benchmark32.0511.5913.24-

    Performance for the C Acc unit class in GBP, launched on 01 September 2015. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the C Inc unit class in GBP, launched on 01 September 2015. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the E Acc unit class in GBP, launched on 31 October 2000. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the E Inc unit class in GBP, launched on 16 August 1985. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the F Acc unit class in GBP, launched on 20 December 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the F Inc unit class in GBP, launched on 20 December 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I Acc unit class in GBP, launched on 17 August 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the I Inc unit class in GBP, launched on 17 August 2012. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the L Acc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the L Acc unit class in GBP, launched on 25 April 2019. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the L Inc unit class in GBP, launched on . Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the R Acc unit class in GBP, launched on 24 December 2004. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the R Inc unit class in GBP, launched on 24 December 2004. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the unit class in GBP, launched on 18 April 2013. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Performance for the unit class in GBP, launched on 26 October 2018. Source: Lipper. Performance assumes all fund charges have been taken and that all income generated by the investments, after deduction of tax, remains in the fund.

    Past performance is not a guide to the future.

    Portfolio

    As at 31 Aug 2021. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Sector (%)

    Financials20.5
    Industrials15.4
    Technology15.3
    Telecommunications11.7
    Consumer Discretionary11.5
    Real Estate9.1
    Utilities5.1
    Energy4.9
    Basic Materials4.3
    Unclassified1.2
    Consumer Staples1.0

    Market capitalisation (%)

    Large77.9
    Mid20.0
    Small1.3
    Micro-
    Cash and Equivalents0.8
    Top 10 holdings38.4
    Rest of portfolio61.6
    No. of holdings54

    Top 10 holdings (%)

    Taiwan Semiconductor Manufacturing9.7
    Transurban Group4.5
    Telstra Corp3.6
    Westpac Banking Corp3.3
    DBS Group Holdings3.2
    Qantas Airways3.0
    China Mobile2.8
    National Australia Bank2.8
    China Construction Bank2.8
    Lenovo Group2.7

    Country (%)

    Australia27.4
    China18.1
    Taiwan14.5
    Hong Kong13.3
    Korea7.4
    Singapore6.1
    India4.5
    New Zealand3.1
    United Kingdom2.7
    Other2.9

    Top 5 stock over/underweights (%)

    FundRelative
    Transurban Group4.54.2
    Taiwan Semiconductor Manufac9.73.6
    Telstra Corp3.63.5
    Qantas Airways3.03.0
    China Mobile2.82.8
    Commonwealth Bank of Australia0.0-1.5
    AIA Group Ltd0.0-1.7
    Alibaba Group Holding (P Chip)0.0-3.5
    Samsung Electronics0.0-3.5
    Tencent Holdings0.0-4.2

    Fund Manager

    Paul joined LGIM in 2006 and is the lead fund manager for the Asian income portfolios. He has managed the Asian Income Trust since its inception. He began his investment career in 1991 at Phillips and Drew Fund Management, now called UBS Global Asset Management, and developed broad experience across UK, Europe, Japan and, predominantly, Asia ex Japan, over subsequent years. At LGIM Paul launched the Asian Income Trust in November 2008 and in 2013 formed the Global Income Team which, together with Andrew Koch, Stephen Message and Camilla Ayling forms the core of the firm’s equity income expertise. He read engineering, economics and management at Lincoln College, Oxford University, and is an associate of the Society of Investment Professionals.

    PaulHilsley

    Literature

    Income

    Latest dividends

    The latest dividends are shown below. The historic level of income generated by this fund may go down as well up and will vary over time.

    of

    Dividend history

    Total dividends paid in each financial year of the fund.

    Prices

    This share class is not currently pricing.
    Name
    I GBP Acc
    Price
    921.10p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    511.80p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    850.90p
    Change (%)
    0.42
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Price
    472.10p
    Change (%)
    0.4
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Price
    892.10p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Price
    495.10p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Price
    88.24p
    Change (%)
    0.42
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Price
    68.45p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    51.79p
    Change (%)
    0.43
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Price
    n/a
    Change (%)
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    GBP
    Price
    1338.46p
    Change (%)
    -
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    GBP
    Price
    1330.36p
    Change (%)
    -
    Currency
    GBP
    Price time
    12:00 UK time

    A single swing price is displayed from 1st December 2020. Prior to this date, Bid and Offer prices are displayed for those funds that were previously dual priced.

    Further details

    Costs

    Price basis
    Single swing
    Initial charge
    0.00%
    Ongoing charges figure
    0.83%
    Dilution adjustment
    0.47%- round trip

    Codes

    ISIN
    GB00B409KQ03
    SEDOL
    B409KQ0
    Bloomberg
    LEGFARI LN
    MEX
    LGASIA

    Dealing information

    Valuation frequencyDaily, 12pm (UK time)
    Dealing frequencyDaily
    Settlement periodT+4

    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.

    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.

    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

    Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

    Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ©LSE Group 2021. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.