Unit Trust (UK UCITS compliant)

Legal & General European Trust

Fund facts

Fund size
£160.0m
Base currency
GBP
Launch date
9 Sep 1985
Domicile
UK
Share class launch

Statistics

Historical yield
0.0%

As at 31 Aug 2021

Fund aim

The objective of the Fund is to provide growth above that of the FTSE World Europe ex UK TR Net Index, the “Benchmark Index”. The Fund aims to outperform the Benchmark Index by 4% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

FTSE World Europe ex UK TR Net Index

  • What does it invest in? Invests at least 90% in shares of European companies, excluding the UK.
  • How does it invest? Actively managed, with holdings in between 10 and 50 companies on average over a typical market cycle of 3-5 years, which means the fund may be concentrated at times.

Fund updates

Monthly commentary

As at

It was not as plain sailing as other Summer months, but we ended August with a seventh straight monthly advance for global indices which recorded fresh highs. Improving bottom-up corporate news flow and ample liquidity did its best to offset a growing wall of worry spanning the Delta variant and supply chain woes to peak earnings and slowing macro momentum. M&A enthusiasm continued amongst UK midcaps while the IPO pipeline looks set to pick up again as we enter the Autumn months.

Turning to performance, leadership of equity markets is broadly inconsistent by style. ‘Normalisation’ optimism means bouts of outperformance for cyclical and more economically sensitive industries. Technology was the strongest performing sector, followed by Utilities and Healthcare, while Energy enjoyed a better month. On the flipside, Resources and Consumer focussed industries lagged.

The European Growth fund outperformed its benchmark by ~230bps, as it looks to close the YTD underperformance gap. For stock selection we saw strength from our Consumer Discretionary and Healthcare exposure. The overweight allocation to Industrials and Technology added most value. In addition, the underweight positioning in Consumer Staples was also helpful. Top individual contributors were Bike24, Adyen, Shop Apotheke, Infineon, NX Filtration and Vestas Wind Systems. The biggest detractors were Embracer Group and Moncler. On trading we introduced a new position in Logitech and exited the holding of Prosus.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2021

    CumulativeFundBenchmark
    1 month5.062.82
    6 months8.6017.52
    Year to date3.4415.24
    3 years40.5331.59
    5 years80.2665.40
    Since launch--
    AnnualisedFundBenchmark
    1 year22.6126.60
    3 years12.009.57
    5 years12.5010.58
    Since launch--

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly4.927.87
    Year to date-1.3010.33
    3 years39.8930.44
    5 years94.8869.74
    Since launch--
    AnnualisedFundBenchmark
    1 year28.6222.03
    3 years11.839.25
    5 years14.2711.16
    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
    Fund29.937.22-9.6020.3228.62
    Benchmark27.981.687.01-0.1022.03

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund17.9717.23-18.9220.6446.69
    Benchmark18.5616.57-10.2019.417.89

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund22.6112.0012.50-
    Benchmark26.609.5710.58-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund28.6211.8314.27-
    Benchmark22.039.2511.16-

    Performance for the C Acc unit class in GBP, launched on 28 February 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.

    Performance for the C Inc unit class in GBP, launched on 28 February 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.

    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 09 September 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 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 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.

    Portfolio

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

    Sector (%)

    Unclassified24.7
    Consumer Discretionary18.9
    Industrials16.5
    Technology15.5
    Health Care11.8
    Energy6.3
    Telecommunications3.3
    Basic Materials2.9

    Market capitalisation (%)

    Large72.8
    Mid14.4
    Small7.8
    Micro1.9
    Cash and Equivalents3.2
    Top 10 holdings34.6
    Rest of portfolio65.4
    No. of holdings38

    Top 10 holdings (%)

    Adyen4.0
    ASML3.8
    Infineon Technologies3.6
    Zalando Se3.4
    Teleperformance3.4
    Vestas Wind Systems3.4
    Cellnex Telecom3.3
    Delivery Hero Se3.3
    Soitec3.2
    Koninklijke Philips3.2

    Country (%)

    Germany24.7
    Netherlands21.6
    France16.3
    Switzerland6.5
    Denmark6.4
    Spain5.9
    Belgium5.0
    Italy4.9
    Finland2.9
    Other5.7

    Top 5 stock over/underweights (%)

    FundRelative
    Zalando Se3.43.2
    Soitec3.23.2
    Teleperformance3.43.1
    Varta3.13.0
    InPost Sa3.03.0
    SAP0.0-1.9
    LVMH0.0-2.1
    Novartis0.0-2.2
    Roche Hldgs (Genus)0.0-3.1
    Nestle0.0-4.0

    Fund Manager

    Gavin joined LGIM in 2007 and is a Fund Manager for the European ex UK portfolios. He has managed the European Growth Trust since January 2010. Previously, he was a Global Equities Analyst at BlueBay Asset Management. Gavin spent the majority of his buy-side career as a Portfolio Manager with UBS O’Connor. Prior, he was a top-rated, sell-side analyst covering the Autos, Capital Goods and Conglomerates sectors at investment banks including SG Warburg and Goldman Sachs. Gavin holds a degree in Philosophy and Economics from University College, London.

    GavinLaunder

    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

    Name
    I GBP Acc
    Price
    729.10p
    Change (%)
    -2.08
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    631.70p
    Change (%)
    -2.08
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    675.60p
    Change (%)
    -2.09
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Price
    613.50p
    Change (%)
    -2.08
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Price
    707.30p
    Change (%)
    -2.08
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Acc
    Price
    70.62p
    Change (%)
    -2.07
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Price
    69.48p
    Change (%)
    -2.07
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    77.40p
    Change (%)
    -2.07
    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
    0.81%
    Dilution adjustment
    0.22%- round trip

    Codes

    ISIN
    GB00B7J5FY33
    SEDOL
    B7J5FY3
    Bloomberg
    LGEUTIA LN
    MEX
    LGEUTR

    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 return from this fund is dependent on relatively few individual investments. This means that a fall in the value of an individual investment can have a major impact on the overall performance of the fund.

    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.

    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.