Unit Trust (UK UCITS compliant)

Legal & General Growth 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
£285.9m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Historical yield
0.3%

As at 31 Dec 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
Single swing
Initial charge
0.00%
Ongoing charges figure
1.43%
Dilution adjustment
0.74% - round trip

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

Markets were in buoyant mood during December. There was some retracement of value and momentum styles as the month progressed, though we saw a return to favour of some growth and quality cyclical parts of the market. US indices hit new all-time highs, while UK equities enjoyed a consecutive month of positive performance as encouraging vaccine news and renewed optimism over a sustained global economic recovery in 2021 was enough to drive markets higher. By sector, we saw Basic Materials, Industrials and Financials enjoy a strong month for price action. Healthcare and Consumer Goods industries underperformed.

Looking ahead, we believe the backdrop remains supportive for equity markets, with growth sectors and thematic winners likely to reassert themselves as we progress through 2021. We also expect to see continued influence of ESG factors amid increasing focus on decarbonisation, ‘green’ opportunities and social capital.

The L&G Growth Trust outperformed the FTSE All Share Index by 260bps in December, helping to extend benchmark and peer group outperformance in 2020. Stock selection gains were driven by favourable exposure within Consumer Goods and Financials. Sector allocation was neutral, as the benefit of our underweight positioning in Healthcare was offset by our zero exposure to Mining companies, which have performed well in recent months. At the stock level, Aston Martin Lagonda made a significant positive contribution. Other individual winners included Croda, Network International, Boohoo Group and Fever-Tree. The biggest negative performer was RWS Holdings. On portfolio activity, there was no notable trading in the period.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Dec 2020

    CumulativeFundBenchmark
    1 month6.443.86
    6 months15.809.33
    Year to date4.79-9.82
    3 years17.49-2.71
    5 years50.5628.46
    Since launch260.84-
    AnnualisedFundBenchmark
    1 year4.78-9.79
    3 years5.51-0.91
    5 years8.525.13
    Since launch8.34-

    As at 30 Sep 2020

    CumulativeFundBenchmark
    Quarterly5.30-2.92
    Year to date-4.71-19.92
    3 years11.61-9.33
    5 years50.4218.57
    Since launch228.11-
    AnnualisedFundBenchmark
    1 year5.09-16.55
    3 years3.73-3.21
    5 years8.503.46
    Since launch7.83-
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    12 months to 31 December 2016 2017 2018 2019 2020
    Fund14.1012.32-15.2032.214.79
    Benchmark16.7513.10-9.4719.17-9.82

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund14.1012.32-15.2032.214.79
    Benchmark16.7513.10-9.4719.17-9.82

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund4.785.518.528.34
    Benchmark-9.79-0.915.13-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund5.093.738.507.83
    Benchmark-16.55-3.213.46-

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

    Market capitalisation (%)

    Large62.1
    Mid31.5
    Small-
    Micro4.9
    Cash and Equivalents1.5
    Top 10 holdings42.6
    Rest of portfolio57.4
    No. of holdings25

    Top 10 holdings (%)

    Aston Martin Lagonda Global5.0
    Boohoo Group Plc4.5
    Network International Holdings4.3
    Pets at Home Group4.2
    Fever-Tree Drinks4.2
    Helios Towers4.1
    3I Group4.1
    RHI Magnesita4.1
    Ashtead Group4.0
    Aveva Group4.0

    Country (%)

    United Kingdom100.0

    Top sector over/underweights (%)

    FundRelative
    Consumer Services28.315.8
    Industrials19.06.2
    Unclassified3.73.7
    Technology4.02.9
    Telecommunications4.12.0
    Utilities0.0-3.0
    Health Care3.8-5.1
    Basic Materials4.0-5.3
    Oil & Gas0.0-7.2
    Financials16.2-9.6

    Top 5 stock over/underweights (%)

    FundRelative
    Aston Martin Lagonda Global5.05.0
    Boohoo Group Plc4.54.5
    Network International Holdings4.34.3
    Fever-Tree Drinks4.24.2
    Pets at Home Group4.24.2
    GlaxoSmithKline0.0-3.0
    HSBC Holdings0.0-3.6
    AstraZeneca0.0-4.4
    Royal Dutch Shell0.0-4.6
    Unilever0.0-5.1

    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
    Price
    63.65p
    Change (%)
    -1.12
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Price
    61.85p
    Change (%)
    -1.12
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Price
    137.10p
    Change (%)
    -1.15
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Acc
    Price
    146.00p
    Change (%)
    -1.15
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Price
    109.50p
    Change (%)
    -1.17
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Price
    58.09p
    Change (%)
    -1.11
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Price
    130.70p
    Change (%)
    -1.13
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Price
    108.70p
    Change (%)
    -1.18
    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.

    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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