Unit Trust (UCITS compliant)

Legal & General Asian Income Trust

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Important customer notice:

The extreme market uncertainty caused by COVID-19 meant that trading in the L&G UK Property Fund was suspended from 18th March 2020. We intend that the fund will reopen on 13th October 2020. Find out more

Fund facts

Fund size
£310.1m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
4.8%

As at 31 Aug 2020

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.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.48%
Bid / Offer spread
0.46%

Codes

ISIN
GB00B032BL04
SEDOL
B032BL0
Bloomberg
LEGFERA
MEX
LGFERA

Dealing information

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

Monthly commentary

As at

Asia Pacific ex Japan equities returned +1.9% in GBP terms in August. Sino-US tensions remained elevated throughout the month, epitomised by President Trump’s proposed TikTok ban. Regionally, Macau, Hong Kong, Australia and China led the index’s performance, whilst Malaysia, Thailand and Taiwan underperformed. Macau gaming rebounded strongly as the Chinese government announced a full resumption of the Individual Visa Scheme (IVS) and group tour visas starting late September which is a catalyst for the sector. Sector wise, Consumer stocks led the region’s performance, along with Basic Materials, whereas Technology, Utilities and Telecoms dragged market performance down.

The fund returned +3.8% in GBP terms for August. From an allocation perspective, our underweight to Consumer hurt as did our c10% overweight to Telecoms. These were offset partially by the positive allocation effect from our underweight to Technology. Yet it was stock selection which was the reason behind our slight outperformance this month. We saw a strong recovery in some of our consumer cyclical names which have previously suffered: Hyundai Motor +25%, Qantas Airways +23%, and our Macau casino operators all +15-20%. Once again, not owning Alibaba detracted given the stock was +12% over the month.

August was not an active month in terms of portfolio trading.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2020

    CumulativeFundBenchmark
    1 month3.791.86
    6 months-3.039.22
    Year to date-14.094.29
    3 years-10.7912.31
    5 years39.8886.67
    Since launch--
    AnnualisedFundBenchmark
    1 year-13.247.85
    3 years-3.733.94
    5 years6.9313.28
    Since launch--

    As at 30 Jun 2020

    CumulativeFundBenchmark
    Quarterly15.0719.76
    Year to date-14.360.84
    3 years-7.4815.62
    5 years23.2357.67
    Since launch--
    AnnualisedFundBenchmark
    1 year-15.412.83
    3 years-2.564.95
    5 years4.269.52
    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 2016 2017 2018 2019 2020
    Fund4.4627.502.996.25-15.45
    Benchmark6.7827.706.995.092.84

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-9.6334.6413.18-5.6210.46
    Benchmark-3.4828.6623.37-8.5114.48

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-13.24-3.736.93-
    Benchmark7.853.9413.28-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-15.41-2.564.26-
    Benchmark2.834.959.52-

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

    Sector (%)

    Financials26.4
    Industrials17.5
    Technology11.9
    Telecommunications11.8
    Consumer Services11.7
    Basic Materials7.9
    Oil & Gas4.9
    Consumer Goods3.5
    Utilities3.0
    Unclassified1.4

    Market capitalisation (%)

    Large72.9
    Mid23.8
    Small1.5
    Micro0.2
    Cash and Equivalents1.6
    Top 10 holdings38.5
    Rest of portfolio61.5
    No. of holdings53

    Top 10 holdings (%)

    Taiwan Semiconductor Manufacturing8.6
    Transurban Group4.8
    Qantas Airways4.2
    China Mobile3.7
    Telstra Corp3.3
    China Construction Bank3.2
    Amcor CDI3.1
    DBS Group Holdings2.6
    Westpac Banking Corp2.5
    Orica2.5

    Country (%)

    Australia27.5
    China20.9
    Taiwan13.5
    Hong Kong13.1
    Korea6.7
    Singapore5.2
    India5.0
    New Zealand2.8
    United Kingdom2.4
    Other2.8

    Top 5 stock over/underweights (%)

    FundRelative
    Transurban Group4.84.4
    Qantas Airways4.24.2
    Taiwan Semiconductor Manufacturing8.63.6
    China Mobile3.73.2
    Telstra Corp3.33.1
    Meituan Dianping (P Chip)0.0-1.7
    AIA Group Ltd0.0-1.8
    Samsung Electronics0.0-3.1
    Tencent Holdings0.0-5.6
    Alibaba Group Holding0.0-7.1

    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

    Name
    C GBP Acc
    Bid price
    74.85p
    Offer price
    75.18p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    60.29p
    Offer price
    60.56p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    759.80p
    Offer price
    763.20p
    Absolute change
    -0.0012
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    438.00p
    Offer price
    439.90p
    Absolute change
    -0.0006
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Acc
    Bid price
    782.60p
    Offer price
    786.10p
    Absolute change
    -0.0012
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    451.60p
    Offer price
    453.60p
    Absolute change
    -0.0007
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    43.67p
    Offer price
    43.86p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    n/a
    Bid price
    n/a
    Offer price
    n/a
    Absolute change
    n/a
    Currency
    n/a
    Price time
    n/a
    Name
    R GBP Acc
    Bid price
    727.60p
    Offer price
    730.80p
    Absolute change
    -0.0012
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    419.30p
    Offer price
    421.20p
    Absolute change
    -0.0007
    Currency
    GBP
    Price time
    12:00 UK time

    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.

    Index disclaimer

    Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. 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.

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