Unit Trust (UCITS compliant)

Legal & General UK Special Situations Trust

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Fund facts

Fund size
£162.4m
Base currency
GBP
Launch date
10 Nov 2008
Domicile
UK
Share class launch

Statistics

Historical yield
2.9%

As at 31 Jul 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 5% 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 +5%

  • What does it invest in? Invests at least 80% in shares of UK companies which are considered to be undervalued by the market, where the Manager believes there to be a catalyst (a feature or market event) which should increase the value of the company.
  • How does it invest? Actively managed, with holdings in between 30 and 60 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
1.44%
Bid / Offer spread
0.78%

Codes

ISIN
GB00B3DMXT38
SEDOL
B3DMXT3
Bloomberg
LGUKSSA
MEX
LGUSRA

Dealing information

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

Monthly commentary

As at

It was a mixed month for equities, with tech stocks lifting US market performance, while in the UK and Europe volatility was much more evident as both regions delivered negative returns. UK equity market performance proved most disappointing, with cyclicals and value stocks hit hardest. By sector, Tech, Materials, Healthcare and Utilities outperformed. Telecoms, Financials, Consumer Services and Industrials were out of favour.

For the fund, sector positioning was unhelpful, with the underweight in materials the biggest headwind. Meanwhile the lack of exposure to mega-cap defensive names also detracted value, where Astrazeneca, Diageo and Unilever performed strongly. Stock selection saw mixed performance, with gains in financials and oil & gas offset by weakness within industrials and technology.

At the company level, performance was impacted by weak trading updates from Taylor Wimpey and DS Smith. Taylor Wimpey flagged weaker margins than the market had expected as low level of site activity and ongoing productivity losses through social distancing saw the under absorption of fixed costs versus prior periods. DS Smith reported weak performance from its US assets where paper pricing has been very weak and impacted overall group returns. SSP Group and Micro Focus International were additional laggards. There was some positive performance from Next who reported numbers above previous base case expectations and also GoCo where their tech led auto save proposition continues to deliver very strong growth.

In terms of trading activity, we introduced a small position in De La Rue, the currency and authentication solutions business.

Performance

Source: Lipper

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Jul 2020

    CumulativeFundIA Sector
    1 month-5.13-2.30
    6 months-28.21-17.85
    Year to date-30.33-19.83
    3 years-32.28-8.45
    5 years-13.827.93
    Since launch55.22-
    AnnualisedFundIA Sector
    1 year-28.21-14.68
    3 years-12.17-2.90
    5 years-2.931.54
    Since launch3.82-

    As at 30 Jun 2020

    CumulativeFundIA Sector
    Quarterly11.9514.29
    Year to date-26.56-17.94
    3 years-27.60-5.16
    5 years-7.1611.74
    Since launch63.62-
    AnnualisedFundIA Sector
    1 year-23.06-11.17
    3 years-10.20-1.75
    5 years-1.472.24
    Since launch4.32-
    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
    Fund5.5421.515.58-10.81-23.11
    IA Sector-3.9822.729.11-2.12-11.20

    Calendar year performance (%)

    2015 2016 2017 2018 2019
    Fund13.9411.1616.09-18.2813.79
    IA Sector4.5711.1914.03-11.1222.42

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-28.21-12.17-2.933.82
    IA Sector-14.68-2.901.54-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-23.06-10.20-1.474.32
    IA Sector-11.17-1.752.24-

    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 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 10 November 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 I Inc unit class in GBP, launched on 10 November 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 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 10 November 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 R Acc unit class in GBP, launched on 10 November 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 R Inc unit class in GBP, launched on 10 November 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.

    Portfolio

    As at 31 Jul 2020. All data source LGIM unless otherwise stated. Totals may not sum due to rounding.

    Market capitalisation (%)

    Large53.1
    Mid28.9
    Small11.6
    Micro0.0
    Cash and Equivalents6.4
    Top 10 holdings39.7
    Rest of portfolio60.3
    No. of holdings43

    Top 10 holdings (%)

    Tesco5.2
    St. James's Place5.1
    BP 4.7
    Prudential4.5
    Smith (DS)3.9
    Taylor Wimpey3.7
    Energean3.5
    Ashtead Group3.4
    Ferguson3.0
    VIVO Energy2.7

    Country (%)

    United Kingdom100.0

    Top sector over/underweights (%)

    FundRelative
    Industrials19.77.0
    Consumer Services18.26.4
    Financials29.23.9
    Oil & Gas10.62.8
    Unclassified2.32.3
    Consumer Goods13.2-1.9
    Telecommunications0.0-2.3
    Utilities0.0-3.5
    Basic Materials3.6-5.4
    Health Care0.0-11.3

    Top 5 stock over/underweights (%)

    FundRelative
    St. James's Place5.14.8
    Tesco5.24.1
    Smith (DS)3.93.7
    Taylor Wimpey3.73.5
    Energean3.53.4
    British American Tobacco0.0-3.0
    Diageo0.0-3.1
    GlaxoSmithKline0.0-4.0
    Royal Dutch Shell0.0-4.6
    AstraZeneca0.0-5.8

    Fund Manager

    Robert joined LGIM in 2018 as a Fund Manager for the UK Special Situations Trust. Prior to this Robert worked at Mirabaud Asset Management where he was an Assistant Fund Manager (2013 to 2018) on the UK Equities Core product. Before that he worked at PWC in their Transaction Services division. In total he has over 10 years experience working within financial services. He read Philosophy, Politics and Economics at Pembroke College, Oxford and is a member of the Institute of Chartered Accountants in England and Wales.

    RobertWhite

    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
    32.93p
    Offer price
    33.18p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    C GBP Inc
    Bid price
    30.82p
    Offer price
    31.05p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Acc
    Bid price
    79.05p
    Offer price
    79.66p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    F GBP Inc
    Bid price
    69.39p
    Offer price
    69.92p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Acc
    Bid price
    83.01p
    Offer price
    83.65p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    I GBP Inc
    Bid price
    68.85p
    Offer price
    69.38p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Acc
    Bid price
    34.79p
    Offer price
    35.05p
    Absolute change
    -0.0001
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    L GBP Inc
    Bid price
    68.74p
    Offer price
    69.26p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Acc
    Bid price
    75.18p
    Offer price
    75.75p
    Absolute change
    -0.0003
    Currency
    GBP
    Price time
    12:00 UK time
    Name
    R GBP Inc
    Bid price
    68.53p
    Offer price
    69.06p
    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.

    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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