Unit Trust (UCITS compliant)

Legal & General High Income Trust

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Fund facts

Fund size
£1,367.1m
Base currency
GBP
Launch date
1 Nov 2000
Domicile
UK
Share class launch

Statistics

Annualised yield
5.4%
Modified duration
3.98 years

As at 31 Jul 2020

Fund aim

The objective of the Fund is to provide income and growth above those of the Bank of America Merrill Lynch composite (the “Benchmark Index”). The Fund aims to outperform the Benchmark Index by 1% per annum in order to achieve a high income. This objective is before the deduction of any charges and measured over rolling three year periods.

Benchmark

Bank of America Merrill Lynch Composite

The composite is made up of 95% Merrill Lynch Global High Yield BB-B Rated 2% Constrained Ex-Financial (GBP Hedged) Index and 5% Merrill Lynch British Pound LIBID Overnight Index.

  • What does it invest in? Invests in sub-investment grade (or high yield) bonds issued by companies around the world.
  • How does it invest? Actively managed, with the ability to invest at least 70% in bonds with a sub-investment grade (higher risk) credit rating. May also invest in bonds with an investment grade (lower risk) credit rating, and securities with bond-like features.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.15%
Bid / Offer spread
1.67%

Codes

ISIN
GB0001956167
SEDOL
0195616
Bloomberg
LEGHIIA
MEX
LGHITA

Dealing information

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

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Jul 2020

    CumulativeFundBenchmark
    1 month3.823.50
    6 months-2.17-0.61
    Year to date-2.03-0.43
    3 years4.238.78
    5 years18.1923.65
    Since launch161.20-
    AnnualisedFundBenchmark
    1 year1.002.05
    3 years1.392.84
    5 years3.404.33
    Since launch4.98-

    As at 31 Mar 2020

    CumulativeFundBenchmark
    Quarterly-17.40-12.76
    Year to date-17.40-12.76
    3 years-9.83-2.32
    5 years-0.188.69
    Since launch120.20-
    AnnualisedFundBenchmark
    1 year-13.00-8.14
    3 years-3.39-0.78
    5 years-0.041.68
    Since launch4.15-
    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
    Fund-0.6311.950.973.28-2.48
    Benchmark2.519.710.256.72-0.88

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund-3.1914.818.43-6.8411.27
    Benchmark-1.9213.935.97-3.2211.59

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund1.001.393.404.98
    Benchmark2.052.844.33-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-13.00-3.39-0.044.15
    Benchmark-8.14-0.781.68-

    Performance for the A Acc unit class in GBP, launched on 26 August 2005. 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 A Inc unit class in GBP, launched on 26 August 2005. 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 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 F 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 G 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 G 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 I Acc unit class in GBP, launched on 26 August 2005. 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 26 August 2005. 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 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 01 November 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 R Inc unit class in GBP, launched on 01 November 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 X Acc unit class in GBP, launched on 27 March 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 X Inc unit class in GBP, launched on 27 March 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 14 August 2006. 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 Jul 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Currency (%)

    USD81.1
    EUR15.8
    GBP3.0

    This is the currency breakdown before allowing for any hedging the fund may use. We aim to hedge the portfolio 100% back to the base currency.

    Years to maturity (%)

    0 to 561.5
    5 to 1032.1
    10 to 152.9
    15 to 200.9
    20 to 250.7
    25 to 301.2
    30 +0.7

    Based on final maturity, however many high yield bonds have a callable feature and so could be redeemed at an earlier date.

    Credit rating (%)

    BBB3.9
    BB43.1
    B39.8
    CCC3.1
    NR0.6
    Cash4.9
    Split rated4.6
    Ratings based on the ICE BofAML rating methodology.

    Sector (%)

    Energy / E&P15.7
    Homebuilders / materials10.5
    Healthcare6.7
    Media6.2
    Automotive / parts5.1
    Leisure / Lodging4.9
    Cash4.9
    Gaming4.6
    Telecommunications4.6
    Other36.9

    Region (%)

    North America61.3
    Western Europe12.7
    Asia / Pacific - EM8.3
    Latin America6.3
    Cash4.9
    MEA2.6
    Russia / CIS1.6
    Asia / Pacific - DM1.2
    Eastern Europe1.1
    Top 10 issuers15.5
    Rest of portfolio84.6
    No. of issuers327

    Top 10 issuers (%)

    Teva Pharm Finance Llc2.1
    Petroleos Mexicanos2.0
    Evergrande Real Estate Group Ltd1.8
    Transdigm Inc1.8
    Petroleo Brasileiro SA1.7
    Commscope Holding Co Inc1.3
    Netflix Inc1.2
    Iceland Topco Ltd1.2
    Endo Pharmaceuticals Holdings Inc1.1
    Neptune Energy Group Ltd1.1

    Fund Manager

    Martin Reeves is Head of Global High Yield. Prior to joining LGIM in 2011, Martin ran Credit Research at AllianceBernstein where he had worked since 1998. Prior to Alliance Bernstein Martin was Head of US High Yield Research at UBK Asset Management and a Chartered Accountant with Ernst & Young. Martin holds an MA in Economics from Cambridge University, St Catharine's College.

    MartinReeves

    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
    F GBP Acc
    Bid price
    138.90p
    Offer price
    141.20p
    Absolute change
    -0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    45.72p
    Offer price
    46.48p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Acc
    Bid price
    145.10p
    Offer price
    147.40p
    Absolute change
    -0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    45.31p
    Offer price
    46.06p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    52.40p
    Offer price
    53.26p
    Absolute change
    -0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    48.11p
    Offer price
    48.90p
    Absolute change
    -0.0003
    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
    132.60p
    Offer price
    134.70p
    Absolute change
    -0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    45.30p
    Offer price
    46.04p
    Absolute change
    -0.0003
    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.

    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 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.

    Investment returns on bonds are sensitive to trends in interest rate movements. Such changes will affect the value of your investment.

    Index disclaimer

    Source ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. Ice data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend Legal & General Investment Management (Holdings) Limited or its affiliates, or any of their products or services.

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