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Fund commentaries

July 2014

Breaking down barriers

What we think about Europe, and our place in it, continues to be a controversial topic in the UK.

UK Property Fund: June 2014

The IPD Monthly Index for June showed 1.6% capital growth, the strongest since the recovery began in May 2013. This was still driven predominantly by yield compression, but the contribution of rental growth increased as the wider economy continued to strengthen.

US Index Trust: June 2014

US equities advanced to new record highs in June, buoyed by mounting evidence the economy had begun to improve after contracting during the first quarter due largely to the disruptive impact of severe winter weather.

UK Index Trust: June 2014

UK equities fell in June after Bank of England Governor Mark Carney cautioned that the first rise in interest rates could come sooner than the markets were expecting.

UK 100 Index Trust: June 2014.

UK equities fell in June after Bank of England Governor Mark Carney cautioned that the first rise in interest rates could come sooner than the markets were expecting.

Pacific Index Trust: June 2014

Asia Pacific equity markets advanced amid growing optimism about the region’s economic prospects.

Japan Index Trust: June 2014

After a disappointing start to 2014, Japanese equities have been making up lost ground in recent months.

International Index Trust: June 2014

Underpinned by a combination of strengthening economic data and loose monetary policy, international equity markets posted positive returns in local currency terms during June.

Global Technology Index Trust: June 2014

Following a relatively weak start, encouraging company newsflow subsequently helped technology shares to rally, ending the month ahead of wider global stock markets.

Global Health And Pharmaceuticals Index Trust: June 2014

Global healthcare equities rallied in June, extending their year-to-date outperformance of wider equities markets, buoyed by ongoing merger & acquisition hopes in Europe and the US.

Global Emerging Markets Index Fund: June 2014

Emerging-market equities gained ground last month, continuing their recent outperformance of developed markets.

Global 100 Index Trust: June 2014

Global equity markets posted positive returns in local currency terms during June, although the strength of the pound on the foreign exchange markets meant returns were flat in sterling terms.

European Index Trust: June 2014

European stocks rose initially as investors welcomed the European Central Bank’s (ECB) announcement of a stimulus plan designed to shore up the Eurozone’s economic recovery.

All Stocks Index Linked Gilt Index Trust: June 2014

With the firm tone of some economic data, notably in the US and the UK, raising the prospect that interest rates could rise earlier than expected, global bond yields rose in June.

UK Active Opportunities Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

Asian Income Trust: June 2014

Following the major political events in May, Asian markets were steadier in June. The FTSE All World Asia Pacific ex Japan Index finished the month down 0.15% in sterling terms.

Multi Index Fund 3: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 4: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 5: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 6: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

Multi Index Fund 7: June 2014

June was another month dominated by central bank policy. In the UK economic data remained robust, albeit with doubts over the amount of slack in the labour market.

UK Special Situations Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

UK Smaller Companies Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

Growth Trust: June 2014

Central bank policy and geopolitical risk took centre stage once more in June.

European Trust: June 2014

In June, European ex-UK equity markets were driven lower by geopolitical concerns in Iraq, which subsequently pushed up the price of oil and had a negative impact on airline and travel stocks.

Fixed Interest Trust: June 2014

Gilt yields rose this month as UK house prices reached record levels.

Dynamic Bond Trust: June 2014

The Dynamic Bond Trust returned 0.89% during June, ranking it in the first decile of the IMA £ Strategic Bond sector over that period. Returns year to date are now 4.84% (I class Acc units).

High Income Trust: June 2014

The High Income Trust returned 1.30% during June (I class Inc units), bringing year to date performance to 6.81%. (Source: Lipper).

June 2014

All Stocks Index Linked Gilt Index Trust: May 2014

Gilt prices followed their global peers higher during May amid hopes that interest rates can stay ‘lower for longer’.

European Index Trust: May 2014

European stock markets ended the month just below a six-year peak with the FTSE World Europe ex UK Index returning 3.0% in local currencies, or 2.0% in sterling.

Global 100 Index Trust: May 2014

Global equity markets posted positive returns in May, despite concerns over potential deflationary trends in China and Europe.

Global Emerging Markets Index Fund: May 2014

Emerging markets rallied strongly last month with the MSCI Emerging Markets index gaining 2.9% in local currency terms, translating into a gain of 4.2% in sterling terms, outperforming the World indices.

Global Health And Pharmaceuticals Index Trust: May 2014

Healthcare equities generally made progress in May, broadly outpacing the positive returns delivered by wider global stock markets.

Global Technology Index Trust: May 2014

Technology shares ended the month higher, outperforming wider global equity markets.

International Index Trust: June 2014

International equity markets posted positive returns in May, despite concerns over potential deflationary trends in China and Europe.

Japan Index Trust: May 2014

Japanese stocks secured their first monthly advance of 2014 in May, with the FTSE World Japan index returning 3.8% in local currency terms, translating a 4.9% gain in sterling terms.

Multi Index Fund 3: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Pacific Index Trust: May 2014

Asian stock markets gained further ground last month as investors became more optimistic on the outlook for the region. The FTSE World Pacific ex Japan index rose by 1.7% in local currency terms, translating into a gain of 2.9% in sterling.

UK 100 Index Trust: May 2014.

UK stocks gained ground last month with the FTSE 100 Index returning 1.4%.

UK Index Trust: May 2014

UK stocks gained ground last month with the FTSE All Share Index returning 1.4%.

US Index Trust: May 2014

US equities made further progress last month with the FTSE USA index returning 2.4% in US dollar terms, translating into a 3.1% gain in sterling.

Multi Index Fund 4: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 5: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 6: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

Multi Index Fund 7: May 2014

May’s economic outlook saw a distinct improvement, boosting hope of a sustained recovery in the second quarter as central banks re-emphasised their monetary stance.

UK Active Opportunities Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Smaller Companies Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Alpha Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

UK Special Situations Trust: May 2014

Global equity markets pushed higher in May as corporate news flow was broadly positive and merger and acquisition activity gathered pace. Furthermore, recent macroeconomic data from the UK has continued its recent positive trends.

European Trust: May 2014

European (ex-UK) equity markets grew steadily over the month. Corporate activity - in the form of mergers and acquisitions and initial public offerings - continued at a high pace.

Asian Income Trust: May 2014

Asian politics were in the spotlight globally in May, particularly in India and Thailand.

High Income Trust: May 2014

The High Income Trust returned 1.26% during May (I class Inc units), outperforming its composite benchmark of 95% BofAML BB-B Global High Yield Non-Financial Constrained Index (hedged to sterling) and 5% cash.

Dynamic Bond Trust: May 2014

The Dynamic Bond Trust returned 0.65% during May, taking YTD returns to 4.22% (I class Acc units).

Fixed Interest Trust: May 2014

May saw government bond yields fall as expectations grew that major central banks would keep interest rates low for longer to support economic growth.

Sterling Income Fund: May 2014

May saw government bond yields fall as expectations grew that major central banks would keep interest rates low for longer to support economic growth.

European Index Trust: April 2014

European stock markets fell over the first half of April but soon recovered these losses to end the month in positive territory.

Global 100 Index Trust: April 2014

Global equity markets made modest progress in April. The S&P Global 100 Index returned 0.7% in local currencies, translating into a -0.2% return in sterling terms.

Global Emerging Markets Index Fund: April 2014

Emerging markets were broadly flat over April. Although US economic releases were broadly encouraging, worries about decelerating economic activity in China, and Russia’s involvement in eastern Ukraine, depressed investor sentiment.

Global Health And Pharmaceuticals Index Trust: April 2014

Healthcare shares delivered positive returns in April, extending their positive year-to-date performance relative to wider global equities.

International Index Trust: April 2014

Global equity markets made modest progress in April. The FTSE World Index returned 0.7% in local currencies, translating into a -0.2% return in sterling terms.

Japan Index Trust: April 2014

Japanese stocks under-performed other major markets last month as concern grew that April’s hike in the national sales tax could hit domestic consumption at a time when the strength of the yen threatens to depress exports and corporate profits.

Pacific Index Trust: April 2014

Asian stock markets gained ground last month, as more recent US economic releases suggested the first quarter slowdown was largely attributable to one-off factors and outweighed evidence that growth was decelerating in China.

UK 100 Index Trust: April 2014.

Merger and acquisition activity drove UK equities higher last month with the FTSE 100 Index returning 3.1%. The pharmaceutical sector was focal point of attention, with AstraZeneca the standout performer after US group Pfizer launched a £59 billion takeover bid which, if accepted, would be the largest ever foreign takeover of a UK company.

Multi Index Fund 3: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 4: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 5: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 6: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

Multi Index Fund 7: April 2014

There were no material changes to the asset allocation of the funds during April, as the broad scope of our views stayed consistent with the previous month.

May 2014

Fixed Income Focus: Will interest rates ever go up?

Many people expect bond yields to rise in the coming months and have positioned themselves that way. But yields have been low for so long that such a prospect may have significant consequences.

High Income Trust: April 2014

The High Income Trust returned 0.85% during April (I class Inc units), slightly outperforming its composite benchmark of 95% BofAML BBB Global High Yield Non-Financial Constrained Index (hedged to sterling) and 5% cash. This takes the fund’s year-to-date returns to 4.13%.

UK Alpha Trust: April 2014

European equity markets were broadly firmer in April, helped by reassuring comments from Mario Draghi on the European Central Bank’s commitment to combat low inflation risk.

UK Absolute: April 2014

The UK economy accelerated further last month, as the latest unemployment data improved and consumer confidence grew to its highest level for seven years, providing investors with fresh optimism for UK growth.

European Trust: April 2014

Although the European ex-UK equity markets in April posted a decline of just 0.1% (in sterling terms) the index suffered a sharp 4% drop followed by an equally fast recovery over the month. Ukraine remained a feature of the geopolitical news flow, particularly as unrest grew more violent in eastern Ukraine.

UK Equity Income: April 2014

Following a weak and volatile first quarter, the UK market recovered somewhat in April, albeit with great disparity of returns between sectors. The dispersion was driven by a market backdrop dominated by the divergent paths of monetary policy between the Bank of England and the European Central Bank (ECB).

UK Special Situations Trust: April 2014

European equity markets were broadly firmer in April, helped by reassuring comments from Mario Draghi on the European Central Bank’s commitment to combat low inflation risk.

Asian Income Trust: Quarter 1 2014

The FTSE All World Asia Pacific ex Japan Index was flat in local currency terms (0.03%) during the first quarter of 2014. 

We expand Index range into Short Dated Sterling Corporate Bonds

Legal & General Investments, one of the largest providers of retail index tracking funds in the UK, has launched the Legal & General Short Dated Sterling Corporate Bond Index Fund in response to investor demand for shorter maturity fixed income products.

Managed Monthly Income Trust: Quarter 1 2014

At quarter end credit markets were, on aggregate, reasonably calm. 

Fixed Interest Trust: Quarter 1 2014

At quarter end credit markets were, on aggregate, reasonably calm. 

Q1 High Income Trust

The Legal & General High Income Trust returned 3.10% over the quarter, outperforming both the IMA £ High Yield sector median and the fund’s composite benchmark (95% BofAML BB-B Global High Yield Non-Financial 2% Issuer Constrained Index, hedged to sterling and 5% cash).

Dynamic Bond Trust: Quarter 1 2014

Investors pulled back from riskier assets including equities and corporate bonds, particularly in emerging markets (EM), and sought safe havens in developed market government bonds. 

Dynamic Bond Trust: April 2014

The Dynamic Bond Trust returned 0.97% during April, taking YTD returns to 3.31% (R class Acc units).

April 2014

Dynamic Bond Trust: March 2014

The Dynamic Bond Trust returned 0.65% during March, taking YTD returns to 2.32% (R class Acc units).

Fixed Interest Trust: March 2014

Credit markets were, in aggregate, reasonably calm in March. This was despite the Ukrainian crisis, concerns the economic slowdown in China was gathering momentum and Janet Yellen’s first press conference for the US Federal Reserve in which she surprised many when she discussed raising interest rates as soon as six months following the end of QE.

High Income Trust: march 2014

The Legal & General High Income Trust returned 0.66% during March (I class inc units), outperforming its composite benchmark of 95% BofAML BB-B Global High Yield Non-Financial Constrained Index (hedged to sterling) and 5% cash.

Fixed Income Focus: The Emperor's new clothes

One year on from the frenzied yield grab triggered by the Bank of Japan's massive quantitative easing programme, the credit market is again gripped by talk of rampant money printing, this time from the European Central Bank.

Press Release - Richard Hodges to leave LGIM

Richard Hodges to leave Legal & General Investment Management

Index investing in US equities

A few years ago a fibre-optic cable tunnel was built from Chicago to New York. Running for a distance of 825 miles and at a cost of $300 million the cable had a single purpose: to shave just three milliseconds off the data transfer time between these two great financial centres.

What to look for in an equity income fund

In this article we outline some of the key things to look for in an equity income fund, since there are many aspects that investors will need to consider.

The Legal & General approach to index funds

Legal & General is one of the biggest providers of index-tracking investments in the UK, managing £269 billion (as at 31 December 2013). As a responsible index-tracking provider, we believe that we have two equally important objectives: close tracking and maximising returns. Our portfolio construction involves using the most appropriate tracking technique for the fund concerned, depending on the asset class, structure of the index and the size of the fund.

UK Equity Income: March 2014

March was a difficult month for the UK stock market as we saw a reversal of February’s sharp rally. It was a busy period in the UK for policy announcements and economic data releases.

Asian Income Trust: February 2014

After a difficult January, Asian equity markets recovered in February with the FTSE All World Asia Pacific ex Japan Index rising 2.3% over the month in sterling terms.

Asian Income Trust: March 2014

Asian equity markets continued to build on their strong recovery in March with the FTSE All World Asia Pacific ex Japan Index rising 2.6% over the month in sterling terms.

Views and insights

June 2014

In it for the long term

If you’re a superstitious person then you’ll probably choose your ‘lucky’ lottery numbers each week and will try to avoid walking under ladders or scheduling important events for Friday 13th.

May 2014

Index Intelligence: May 2014

What does stock lending entail, and what are the relative merits and risks involved? Stock lending is an accepted market practice that should not be rejected out of hand, nor accepted without question.

Fixed Income Focus: Will interest rates ever go up?

Many people expect bond yields to rise in the coming months and have positioned themselves that way. But yields have been low for so long that such a prospect may have significant consequences.

Index Intelligence: April 2014

The general premise behind investing is simple: the greater and more efficient the return on an initial investment, the better. Isolating and exploiting the drivers of return through index-based 'factor investing' has increasingly gained traction and in this Index Intelligence, we question its place in the portfolios of institutional investors.

Equity Insight: Germany or France? Still Germany.

It's not surprising that some investors have become interested and even somewhat optimistic about French reform announcements, especially relative to Germany, where things appear to be moving in the opposite direction. But we think it's too early to switch preferences from the DAX to the CAC.

April 2014

Fixed Income Focus: The Emperor's new clothes

One year on from the frenzied yield grab triggered by the Bank of Japan's massive quantitative easing programme, the credit market is again gripped by talk of rampant money printing, this time from the European Central Bank.

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