Legal & General UK Property Feeder Fund I Acc
Report And Accounts
Simplified Prospectus / KIID
Private Investor Factsheet
Professional Investor Factsheet
Performance
Discrete performance - to last month end
| 30/04/19 to 30/04/20 |
30/04/20 to 30/04/21 |
30/04/21 to 30/04/22 |
30/04/22 to 30/04/23 |
30/04/23 to 30/04/24 |
|
|---|---|---|---|---|---|
| Fund | -0.1% | 4.7% | 20.0% | -14.6% | -0.9% |
| Sector | -2.5% | -0.9% | 12.3% | -8.5% | -0.9% |
| Rank | n/a | n/a | n/a | n/a | n/a |
| Quartile | n/a | n/a | n/a | n/a | n/a |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/04/24 |
5 Years to 30/04/24 |
10 Years to 30/04/24 |
||
| Fund | 0.5% | 1.2% | 4.2% | |
| Sector | 0.6% | -0.3% | 2.7% | |
| Rank | n/a | n/a | n/a | |
| Quartile | n/a | n/a | n/a | |
Holdings
| Stock | % Weight |
|---|---|
| L&G. UK PROP. INC | 74.48 |
| L&G. UK PROP. ACC | 21.19 |
| Total | 95.68 |
Fund Aims
The objective of this fund is to provide a combination of income and growth by investing solely in the Legal & General UK Property Fund (the ‘Master Fund’). It may also hold cash where necessary to enable the making of payments to unitholders or creditors. The fund aims to achieve investment returns very similar to those of the Master Fund. The Master Fund will typically invest at least 80% in a range of UK commercial properties (but this can be as low as 60% where the fund manager deems it to be in the interests of the fund and its shareholders). The Master Fund may invest in all types of commercial property. The Master Fund may occasionally invest in residential property and may also develop properties. The Master Fund may also invest from time to time in commercial properties in the Isle of Man and the Channel Islands. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income with no, or an acceptably low, level of risk. The Master Fund may also invest in other property-related assets, (including property-related UK shares and UK property-related authorised investment funds), money market instruments, deposits, money market-related authorised investment funds and government bonds.
Fund Manager
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).
Fund Overview
| Bid (01/05/2024) | 93.18p |
| Offer (01/05/2024) | 94.13p |
| Historic yield | 3.50% |
| Fund size (31/03/2024) | £687.77m |
| Number of holdings | 2 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.75% |
| Launch date | 24/05/2014 |
Asset Allocation
| Cash and Equivalents | 4.32% | |
| Other Assets | 95.68% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with net income reinvested. The value of your client's investment may go down as well as up and the fund value may be less than the payments your client has made. Please also note that our charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Asset Allocation
| Cash and Equivalents | 4.32% | |
| Other Assets | 95.68% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Non-Classified | 95.68% | - | - | - | |
| Non-Classified | - | 95.68% | - | - | |
| Non-Classified | - | - | 95.68% | - | |
| Non-Classified | - | - | - | 95.68% | |
| Cash and Equivalents | 4.32% | - | - | - | |
Regional Allocation
| Non-Classified | 95.68% | |
| Cash and Equivalents | 4.32% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Non-Classified | 95.68% | - | |
| Cash and Equivalents | 4.32% | - | |
Property Regions
| Cash and equivalents | 23.20% | |
| West Midlands | 13.50% | |
| South East | 12.40% | |
| Central London | 8.33% | |
| Indirect property | 6.33% | |
| Scotland | 5.57% | |
| Other | 30.67% |
Asset Allocation
| Cash and equivalents | 23.20% | |
| Industrial | 21.08% | |
| Office - regional | 13.84% | |
| Retail warehouse and supermarket | 12.00% | |
| Office - London | 7.62% | |
| Indirect property | 6.33% | |
| Other Assets | 15.94% |
Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | L&G. UK PROP. INC | 74.48% | Managed Funds | Non-Classified |
| 2 | L&G. UK PROP. ACC | 21.19% | Managed Funds | Non-Classified |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and Equivalents | - | - | - | - | - | - | - | 4.32% | 4.32% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | BK35F40 |
| Mex Code | LGAAHQ |
| Isin Code | GB00BK35F408 |
| Citi Code | K6HG |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.75% |
Aims and Benchmark
| Aims | The objective of this fund is to provide a combination of income and growth by investing solely in the Legal & General UK Property Fund (the ‘Master Fund’). It may also hold cash where necessary to enable the making of payments to unitholders or creditors. The fund aims to achieve investment returns very similar to those of the Master Fund. The Master Fund will typically invest at least 80% in a range of UK commercial properties (but this can be as low as 60% where the fund manager deems it to be in the interests of the fund and its shareholders). The Master Fund may invest in all types of commercial property. The Master Fund may occasionally invest in residential property and may also develop properties. The Master Fund may also invest from time to time in commercial properties in the Isle of Man and the Channel Islands. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income with no, or an acceptably low, level of risk. The Master Fund may also invest in other property-related assets, (including property-related UK shares and UK property-related authorised investment funds), money market instruments, deposits, money market-related authorised investment funds and government bonds. |
| Benchmark | IA Property Sector |
| Benchmark Category | - |
| IA Sector | Property |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | Unit Trust |
| Launch price | £0.50 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 28 November | 28 January |
| 28 February | 28 April |
| 28 May | 28 July |
| 28 August | 28 October |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The Northern Trust Company |
| Fund Administrator | Internal |
| Fund Registrar | Internal |
| Fund Custodian | The Northern Trust Company |
Group Details
| Group name | Legal & General Unit Trust Managers Limited |
| Group address | Legal & General One Coleman Street London EC2R 5AA |
| Group telephone | 0370 050 0955 |
| Dealing telephone | - |
| investments@landg.com | |
| Homepage | www.lgim.com |
| Fax number | - |
Dealing
| Minimum Investment | £1000000 |
| Minimum Top Up | £20000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 1.09 |
| Beta | 1.55 |
| Sharpe | 0.00 |
| Standard Deviation | 6.92 |
| Info Ratio | 0.24 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | Yes |
| Exchange Rate | No |
| Higher Risk | Yes |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | Yes |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | Yes |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Property
The fund invests in Property funds, property shares or direct property. In particular the following risks will apply:- The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement. Property transaction costs are high (typically around 7% due to legal costs, valuations and stamp duty)
Higher Risk
This fund is specifically aimed at sophisticated investors and is particularly high risk, because it concentrates on a region that may be exposed to unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining to the fund in question. If you are not familiar with these you should ask us for a copy of the provider's key features and brochure.
Income Eroding Capital Growth
The fund focuses on providing an income, which can reduce the prospects for capital growth, and in some cases the capital value may fall.
Solvency of Depository
The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.