Unit Trust (UCITS compliant)

Legal & General European Trust

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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
£148.6m
Base currency
GBP
Launch date
9 Sep 1985
Domicile
UK
Share class launch

Statistics

Historical yield
-

As at 30 Sep 2020

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.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.56%
Bid / Offer spread
0.24%

Codes

ISIN
GB0002037355
SEDOL
0203735
Bloomberg
LEGEURA
MEX
LGEAA

Dealing information

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

Monthly commentary

As at

Following a tricky September, where a surge in coronavirus cases led risk assets lower, it seems prudent to take stock given the sharp equity market recovery from the March lows. We now enter a period of growing uncertainty as increasing restrictions linked to Covid threatens to derail European economic recovery. On the eve of the third quarter reporting season all this does from a bottom-up perspective is emphasise the need to back the ‘whatever weather winners’ and secular growth names. Looking more closely at the list of outperformers you can really see the impact of ESG flows, where those most aligned to investment from the EU ‘green deal’ have continued to see positive momentum.

The L&G European Trust delivered a positive absolute return of +2.3%, which outperformed its benchmark. We saw a positive contribution from stock selection, driven by gains within our healthcare and energy exposure. Sector allocation was also positive, led by the favourable effect from the underweight in financials and overweight in consumer goods. At the stock level, Puma, Adyen, Soitec, Campari Group, Vestas Wind Systems and Delivery Hero were strong relative contributors. Alfen, Varta and Teamviewer underperformed in the period.

We introduced a new position in digital solutions company UnifiedPost Group. The company provides a cloud-based, one-stop solution designed for small and medium enterprise (SMEs). The company has first mover advantage in a large underpenetrated European SME market and we believe it should benefit from self-reinforcing networks effects driven by EU directives.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 30 Sep 2020

    CumulativeFundBenchmark
    1 month-0.66
    6 months-20.54
    Year to date--0.54
    3 years-8.89
    5 years-61.85
    Since launch--
    AnnualisedFundBenchmark
    1 year-0.37
    3 years-2.88
    5 years-10.10
    Since launch--

    As at 30 Sep 2020

    CumulativeFundBenchmark
    Quarterly-1.41
    Year to date--0.54
    3 years-8.89
    5 years-61.85
    Since launch--
    AnnualisedFundBenchmark
    1 year-0.37
    3 years-2.88
    5 years-10.10
    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
    Fund19.3419.73---
    Benchmark21.1322.702.016.350.37

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund7.0116.9516.15--
    Benchmark5.3519.6917.53-9.4520.45

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund----
    Benchmark0.372.8810.10-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund----
    Benchmark0.372.8810.10-

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

    Sector (%)

    Unclassified25.1
    Consumer Goods19.2
    Technology15.2
    Health Care14.3
    Industrials9.7
    Oil & Gas6.8
    Consumer Services6.4
    Telecommunications3.4

    Market capitalisation (%)

    Large68.1
    Mid23.2
    Small4.7
    Micro2.3
    Cash and Equivalents1.7
    Top 10 holdings34.6
    Rest of portfolio65.4
    No. of holdings35

    Top 10 holdings (%)

    Teleperformance3.7
    Varta3.6
    Adyen3.6
    Schibsted3.5
    Infineon Technologies3.5
    Cellnex Telecom3.5
    Neste Oyj3.4
    Vestas Wind Systems3.4
    Unifiedpost Group Sa3.3
    Alfen3.3

    Country (%)

    Germany21.0
    Netherlands19.3
    France16.5
    Italy8.1
    Denmark6.1
    Norway5.9
    Belgium5.7
    Sweden5.3
    Spain3.4
    Other8.5

    Top 5 stock over/underweights (%)

    FundRelative
    Varta3.63.5
    Teleperformance3.73.4
    Schibsted3.53.4
    Unifiedpost Group Sa3.33.3
    Alfen3.33.3
    Sanofi0.0-1.6
    LVMH0.0-1.7
    Novartis0.0-2.8
    Roche Hldgs (Genus)0.0-3.5
    Nestle0.0-4.9

    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
    C GBP Acc
    Bid price
    59.63p
    Offer price
    59.76p
    Absolute change
    0.0013
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    58.67p
    Offer price
    58.80p
    Absolute change
    0.0013
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    599.70p
    Offer price
    601.00p
    Absolute change
    0.0133
    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
    I GBP Acc
    Bid price
    616.80p
    Offer price
    618.10p
    Absolute change
    0.0137
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    534.40p
    Offer price
    535.50p
    Absolute change
    0.0118
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    65.04p
    Offer price
    65.18p
    Absolute change
    0.0015
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    575.00p
    Offer price
    576.20p
    Absolute change
    0.0126
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    522.10p
    Offer price
    523.20p
    Absolute change
    0.0115
    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 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.

    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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