Unit Trust (UCITS compliant)

Legal & General Growth 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
£229.0m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Historical yield
0.4%

As at 31 Aug 2020

Fund aim

The objective of the Fund is to provide growth above that of the FTSE All Share 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 All Share TR Net Index

  • What does it invest in? Invests at least 90% in the shares of UK companies that the manager believes have strong growth prospects.
  • How does it invest? Actively managed, with holdings in 25 companies on average over a typical market cycle of 3-5 years, which means the fund will be concentrated.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.43%
Bid / Offer spread
0.78%

Codes

ISIN
GB00B032BQ58
SEDOL
B032BQ5
Bloomberg
LEGGRRA
MEX
LGGTRA

Dealing information

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

Monthly commentary

As at

The steady march higher for equity markets continued in August despite government bond yields grinding higher. US technology stocks continue to power global markets, which whilst driving significant sector polarisation, we are seeing growth compounders and names benefitting from ESG momentum equally prosper. This is understandable given the supportive backdrop for long-term growth assets with a number of companies proving to be beneficiaries. COVID-19 cases continue to intermittently spike and decline around the world, while fears of a second wave remains a key risk.

Turning to UK equities, it was another month of relative underperformance against global indices. Green shoots of recovery are visible, though Brexit worries persist and market bias towards value sectors has not been helpful year-to-date. We believe this emphasises the importance of stock selection, where identifying leaders within the growth and quality styles can generate long-term outperformance.

The L&G Growth Trust delivered strong performance with a gain of +6.3%, which compared favourably against its benchmark. Stock selection and sector allocation both made positive contributions, and helped extend year-to-date outperformance. Stock selection within consumer services, technology and financials added positive value. In respect of sector allocation, the overweight positioning within consumer services and industrials yielded most benefit. Top individual performers included ASOS, Aveva Group, Ocado Group, Wizz Air, JD Sports and RHI Magnesita. On the flipside, Network International and Fevertree Drinks were the main detractors. On activity, there was no significant changes to the portfolio in the period.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2020

    CumulativeFundBenchmark
    1 month6.292.42
    6 months11.51-7.59
    Year to date-3.98-18.54
    3 years13.44-8.16
    5 years50.5317.32
    Since launch230.63-
    AnnualisedFundBenchmark
    1 year8.71-12.62
    3 years4.29-2.80
    5 years8.513.24
    Since launch7.92-

    As at 30 Jun 2020

    CumulativeFundBenchmark
    Quarterly36.1510.17
    Year to date-9.50-17.51
    3 years6.50-4.60
    5 years39.7715.17
    Since launch211.61-
    AnnualisedFundBenchmark
    1 year2.38-12.96
    3 years2.12-1.56
    5 years6.922.86
    Since launch7.60-
    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
    Fund3.5326.7712.72-7.722.39
    Benchmark2.2118.129.020.57-12.99

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund14.1814.1012.32-15.2032.21
    Benchmark0.9816.7513.10-9.4719.17

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund8.714.298.517.92
    Benchmark-12.62-2.803.24-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund2.382.126.927.60
    Benchmark-12.96-1.562.86-

    Performance for the C Acc unit class in GBP, launched on 12 December 2017. 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 12 December 2017. 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 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 E 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 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 13 November 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 13 November 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 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.

    Performance for the unit class in GBP, launched on 31 July 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 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.

    Market capitalisation (%)

    Large60.4
    Mid37.0
    Small0.0
    Micro0.0
    Cash and Equivalents2.6
    Top 10 holdings42.6
    Rest of portfolio57.4
    No. of holdings25

    Top 10 holdings (%)

    Aveva Group4.7
    JD Sports Fashion4.3
    Helios Towers4.3
    RHI Magnesita4.3
    Experian4.2
    London Stock Exchange Group4.2
    Rentokil Initial4.2
    Wizz Air Holdings4.2
    Croda International4.1
    B&M European Value Retail4.1

    Country (%)

    United Kingdom100.0

    Top sector over/underweights (%)

    FundRelative
    Consumer Services31.218.9
    Industrials16.84.0
    Unclassified3.63.6
    Technology4.73.4
    Telecommunications4.32.1
    Utilities0.0-3.4
    Consumer Goods11.7-3.8
    Basic Materials4.1-4.7
    Oil & Gas0.0-7.4
    Financials15.8-9.5

    Top 5 stock over/underweights (%)

    FundRelative
    Aveva Group4.74.6
    Helios Towers4.34.3
    RHI Magnesita4.34.3
    JD Sports Fashion4.34.2
    ASOS4.04.0
    British American Tobacco0.0-3.1
    HSBC Holdings0.0-3.5
    GlaxoSmithKline0.0-3.9
    Royal Dutch Shell0.0-4.4
    AstraZeneca0.0-5.7

    Fund Manager

    Gavin joined LGIM in 2007 and has been the Fund Manager for the UK Growth Trust since September 2014. 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 to this, he was a top-rated, sell-side analyst covering the Autos, Capital Goods and Conglomerates sectors at investment banks including SG Warburg (now part of UBS) 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
    56.86p
    Offer price
    57.30p
    Absolute change
    -0.0078
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    55.25p
    Offer price
    55.68p
    Absolute change
    -0.0075
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    122.70p
    Offer price
    123.60p
    Absolute change
    -0.0168
    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
    130.60p
    Offer price
    131.50p
    Absolute change
    -0.0178
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    97.89p
    Offer price
    98.64p
    Absolute change
    -0.0134
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    51.83p
    Offer price
    52.23p
    Absolute change
    -0.0071
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    117.10p
    Offer price
    117.90p
    Absolute change
    -0.016
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    97.34p
    Offer price
    98.09p
    Absolute change
    -0.0133
    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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