PAIF (NURS non-complex)

Legal & General UK Property Fund

Fund facts

Fund size
£2,182.1m
Base currency
GBP
Launch date
23 May 2014
Domicile
UK
Share class launch

Statistics

Historical yield
1.7%

As at 31 Jul 2021

Fund aim

The Fund will be a Property Authorised Investment Fund for tax purposes at all times. Its objective is to provide a combination of income and capital growth through investing generally in commercial property and managing cash.

Benchmark

  • What does it invest in? Invests in UK office, retail, industrial and residential property. May also invest in other UK property related investments, such as shares in property companies and real estate investment trusts as well as hold cash.
  • How does it invest? Actively managed, and typically has at least 80% invested in property, though the Manager may reduce this to 60% if necessary to maintain liquidity and performance of the fund. May invest up to 20% in residential property and may also develop properties.

Further details

Costs

Price basis
Dual
Initial charge
0.00%
Ongoing charges figure
1.50%
Bid / Offer spread
6.07%- round trip

Codes

ISIN
GB00BK35DS04
SEDOL
BK35DS0
Bloomberg
LGPTFRA LN
MEX
LGAAHV

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 2021

    CumulativeFundBenchmark
    1 month1.450.83
    6 months6.472.30
    Year to date7.242.15
    3 years8.31-3.61
    5 years28.3713.29
    Since launch73.26-
    AnnualisedFundBenchmark
    1 year-1.27
    3 years--1.22
    5 years-2.53
    Since launch3.63-

    As at 30 Jun 2021

    CumulativeFundBenchmark
    Quarterly2.611.53
    Year to date5.711.27
    3 years7.51-3.97
    5 years24.889.21
    Since launch70.78-
    AnnualisedFundBenchmark
    1 year7.300.14
    3 years2.44-1.34
    5 years4.541.78
    Since launch3.55-
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    12 months to 30 June 2017 2018 2019 2020 2021
    Fund7.118.452.21-1.977.30
    Benchmark6.776.521.35-5.390.18

    Calendar year performance (%)

    2016 2017 2018 2019 2020
    Fund1.328.164.012.54-1.62
    Benchmark0.487.543.25-0.59-5.29

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund---3.63
    Benchmark1.27-1.222.53-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund7.302.444.543.55
    Benchmark0.14-1.341.78-

    Performance for the C Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the C Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the F Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the Feeder 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the Feeder 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the F Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the I Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the I Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the L Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the R Acc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    Performance for the R Inc unit class in GBP, launched on 23 May 2014. 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. This fund was launched on 27 May 2014 following a restructure of the previous property unit trust. The performance shown combines the past performance of this fund with the performance of the equivalent class in the previous property unit trust. The IA Sector averages are inclusive of both PAIFs and Feeders in its calculation.

    Past performance is not a guide to the future.

    During the period following the EU referendum (June to September 2016) the manager applied fair value adjustments to the property values in the fund. The fair value adjustments marked down the value of the properties to reflect what the manager believed to be fair value of the properties until the valuation agent regained confidence in the property valuations.

    Portfolio

    As at 31 Jul 2021. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Asset (%)

    Direct Property Asset Value75.8
    Cash17.7
    Real Estate Investment Trusts4.6
    Reserved Cash (Developments)2.0

    Sector (%)

    Industrial43.7
    Office - Regional14.6
    Out of Town Retail13.0
    Office - London5.2
    Retail High Street3.2
    Leisure3.1
    Other17.4

    Region (%)

    South East24.0
    West Midlands18.8
    South West11.6
    North West9.1
    Sub London8.0
    North East7.3
    Central London6.6
    Yorkshire and Humberside6.3
    Scotland5.3
    Other3.0

    Property characteristics

    No. of assets86
    No. of physical properties85
    Void rate ex. development9.5%
    Average lease length6.7 years
    Average lot size£19.7m
    Net initial yield4.5%
    Property expense ratio0.44%
    We embed ESG in all that we do and achieve excellent GRESB ratings.

    Top 10 holdings (£M)

    Lichfield - Fradley Park150-200
    Dunstable - Woodside Industrial Estate125-150
    Gateshead - Follingsby Park100-125
    Exeter - Into Exeter60-70
    Leeds - Birstall Shopping Park, Birstall60-70
    Hammersmith - The Aircraft Factory60-70
    Stansted - Hampton By Hilton40-50
    Manchester - North Tower, Deansgate Square40-50
    London - 120 Aldersgate Street40-50
    Bristol - Redcliffe Quay, Redcliffe Street30-40

    Fund Managers

    Michael Barrie is co-fund manager for the UK Property Fund and is also a Director of Legal & General Property Division. He joined Legal & General Property in 2005 from F&C Property Asset Management. Michael is a member of the Royal Institution of Chartered Surveyors and has a postgraduate diploma in property investment from Reading University.

    Matt Jarvis joined Legal & General Property as an Asset Manager in November 2004 and is Co-Fund Manager of the UK Property Fund, having previously been a Commercial Valuer with Jones Lang LaSalle. Matt holds a degree in Land Management from Reading University and is a Member of the Royal Institution of Chartered Surveyors (MRICS).

    MichaelBarrie

    MattJarvis

    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
    100.70p
    Offer price
    106.80p
    Absolute change
    0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    60.87p
    Offer price
    64.59p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    90.19p
    Offer price
    95.71p
    Absolute change
    0.0006
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    58.09p
    Offer price
    61.65p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Acc
    Bid price
    102.90p
    Offer price
    109.10p
    Absolute change
    0.001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    Feeder GBP Inc
    Bid price
    56.61p
    Offer price
    60.08p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Acc
    Bid price
    96.31p
    Offer price
    102.20p
    Absolute change
    0.0007
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    58.57p
    Offer price
    62.15p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    55.09p
    Offer price
    58.46p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    58.69p
    Offer price
    62.28p
    Absolute change
    0.0004
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    83.50p
    Offer price
    88.61p
    Absolute change
    0.0006
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    55.71p
    Offer price
    59.12p
    Absolute change
    0.0004
    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 Fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment.

    The fund manager runs a fund to meet its objective and you should expect a fund's investments to change over time. The fund's level of risk may also change in the future. At times it may be difficult for the fund to make investments or sell assets to meet investors’ requests to buy/sell shares. Where this occurs the fund may experience reduced investment performance for a period or have difficulty paying proceeds to investors who wish to sell shares. Property can be difficult to buy or sell. This could mean: cash builds up waiting to be invested, so the fund will underperform when property returns are greater than the interest earned; and/or property may have to be sold for less than expected. If an exceptional amount of withdrawals are requested, the fund manager may be forced to sell properties quickly. This could mean that properties are sold for less than expected which would reduce the value of your investment. In times of market uncertainty or if an exceptional amount of withdrawals are requested it may become less easy for your fund to sell properties and the Manager may defer withdrawals, or suspend dealing. The Manager can only delay paying out if it is in the interests of all investors and with the permission of the fund trustee or depositary. Rental growth is not guaranteed and unpaid rent could affect the performance of your investment. The value of property is generally a matter of valuer’s opinion rather than fact and the true value of a property may not be recognised until the property is sold. In certain circumstances we may not be able to obtain a valuer's opinion and will apply our own valuation. The fund will undertake development of properties where the full benefits of any increases in the value of the property or the income earned from it are not received until completion. While any development is taking place, the fund is at risk from delays, increased costs or not achieving the predicted improvement in increasing the value of the property or rent received.

    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.