Unit Trust (UCITS compliant)

Legal & General Dynamic Bond Fund

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The extreme market uncertainty caused by COVID-19 meant that trading in the L&G UK Property Fund was suspended from 18th March 2020. The LGUTM Board has now decided that the exceptional circumstances which caused the Funds’ continued suspension no longer apply and we have reopened the fund on 13th October 2020.

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Fund facts

Fund size
£194.4m
Base currency
GBP
Launch date
1 May 2007
Domicile
UK
Share class launch

Statistics

Modified duration
1.59 years

As at 30 Sep 2020

Fund aim

The objective of this Fund is to provide income and growth.

Benchmark

IA £ Strategic Bond

  • What does it invest in? Invests in all types of bonds and related investments, from UK and overseas issuers, across the risk spectrum.
  • How does it invest? Actively managed, with wide discretion to invest in different types of securities and derivatives. Aims to hold at least 80% in bonds and will have a net exposure of at least 80% to sterling.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.22%
Bid / Offer spread
0.72%

Codes

ISIN
GB00B1TWMM97
SEDOL
B1TWMM9
Bloomberg
LGDNBAA
MEX
LGDBAA

Dealing information

Valuation frequencyDaily, 3pm (UK time)
Dealing frequencyDaily
Settlement periodT+4

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Sep 2020

    CumulativeFundIA Sector
    1 month-0.300.08
    6 months14.189.89
    Year to date4.992.52
    3 years6.5410.24
    5 years4.4022.70
    Since launch--
    AnnualisedFundIA Sector
    1 year6.103.24
    3 years2.133.30
    5 years0.864.17
    Since launch--

    As at 30 Sep 2020

    CumulativeFundIA Sector
    Quarterly2.841.87
    Year to date4.992.52
    3 years6.5410.24
    5 years4.4022.70
    Since launch--
    AnnualisedFundIA Sector
    1 year6.103.24
    3 years2.133.30
    5 years0.864.17
    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 September 2016 2017 2018 2019 2020
    Fund-2.510.51-4.064.666.11
    IA Sector8.172.90-0.016.783.25

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-0.35-1.783.50-6.527.58
    IA Sector-0.247.064.94-2.348.93

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund6.102.130.86-
    IA Sector3.243.304.17-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund6.102.130.86-
    IA Sector3.243.304.17-

    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 C Acc unit class in GBP, launched on 12 March 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 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 01 May 2007. 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 01 May 2007. 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 01 May 2007. 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 01 May 2007. 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 01 May 2007. 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 X Acc unit class in GBP, launched on 01 May 2007. 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 X Inc unit class in GBP, launched on 01 May 2007. 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 14 July 2008. 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 30 Sep 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency exposure (PV %) top 5 long / top 5 short

    USD5.1
    IDR1.0
    ZAR0.6
    MXN0.5
    AUD0.2
    EUR-0.8
    RUB-0.9
    SGD-1.0
    THB-1.1
    BRL-1.1

    Credit exposure (net %)

    High Yield-0.150.760.61
    EM Debt0.000.450.45
    Investment Grade-0.220.370.15
    Long Exposure
    Short Exposure
    Net Exposure
    Total net credit exposure is the impact on profit/loss to the portfolio calculated as the impact of a 10% move tighter in credit spreads based on a reference benchmark of: 1/3 Global HY, 1/3 Global IG, 1/3 EM (assuming a 5 year Duration)

    Credit rating (%)

    AAA8.5
    A2.5
    BBB19.7
    BB23.9
    B22.3
    CCC5.5
    Cash17.6
    Other0.0

    Sector (%)

    Cash and Equivalents17.6
    Sovereign15.7
    Consumer Services9.4
    Banks9.4
    Consumer Goods8.2
    Industrials8.0
    Oil & Gas7.2
    Utilities5.5
    Health Care4.5
    Other14.5
    Top 10 issuers20.9
    Rest of portfolio79.1
    No. of issuers258

    Top 10 issuers (%)

    United States of America7.4
    BP plc2.1
    Ford Motor Company1.7
    Teva Pharm Finance Llc1.7
    Petroleos Mexicanos1.6
    Volkswagen Finance Luxemburg Sa1.5
    Adani Transmissions Ltd1.2
    Caixa Geral De Depositos1.2
    Credit Suisse Group AG1.2
    Scottish & Southern Energy plc1.2

    Country (%)

    United States30.4
    United Kingdom26.1
    Italy4.6
    India3.7
    China2.9
    Germany2.8
    Mexico2.4
    Spain2.1
    Ukraine1.9
    Other23.1

    Fund Manager

    Colin is co-Head of Global Fixed Income and has responsibility for the London based fixed income team as well as overall portfolio management responsibilities for our Global Credit and Absolute Return strategies. Colin joined LGIM in 2005 from Henderson Global Investors where he was Head of Investment Grade Credit Fund Management. He has over 30 years’ experience in bond markets, specialising in non-government debt, and he has previously worked for Henderson Global Investors, Scottish Widows and Scottish Amicable.

    ColinReedie

    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
    54.75p
    Offer price
    55.13p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    F GBP Acc
    Bid price
    100.40p
    Offer price
    101.10p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    F GBP Inc
    Bid price
    54.75p
    Offer price
    55.14p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    I GBP Acc
    Bid price
    105.40p
    Offer price
    106.00p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    I GBP Inc
    Bid price
    55.71p
    Offer price
    56.10p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    L GBP Acc
    Bid price
    56.31p
    Offer price
    56.71p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    L GBP Inc
    Bid price
    58.05p
    Offer price
    58.45p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    R GBP Acc
    Bid price
    95.91p
    Offer price
    96.59p
    Absolute change
    -0.0002
    Currency
    GBP
    Price time
    15:00 UK time
    Name
    R GBP Inc
    Bid price
    53.12p
    Offer price
    53.49p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    15:00 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.

    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.

    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.

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