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New: multi-index funds

This low cost range of Multi-index funds combines some of our best fund management capability with a focus on risk targeting.

Each portfolio is a blend of asset classes, including our highly-rated index funds and award-winning UK Property Trust, that aims to match a specific risk rating as determined by Distribution Technology.

New: inflation linked

The Global Inflation Linked Bond Index Fund seeks to track an index of inflation linked government bonds from across the world (excluding the UK).

It is hedged back to sterling so as to focus simply on the potential of these bonds to prosper in an environment where inflation expectations are high.

Fund commentaries

April 2014

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.

March 2014

Dynamic bond investing

Global. Unconstrained. Dynamic. Those words may not immediately make you think of fixed income investing. In today’s volatile world, however, those are exactly the kind of features that can help a fund navigate through uncertain markets.

All Stocks Index Linked Gilt Index Trust: February 2014

A short-lived easing in emerging market-related concerns lifted sentiment towards equity markets in February, with government bonds losing some of their ‘safe haven’ appeal.

European Index Trust: February 2014

European stock markets rebounded last month as investors were encouraged by economic indicators that suggested the recovery in the euro zone is gaining momentum.

Global 100 Index Trust: February 2014

Global equity markets rebounded last month, as concerns over the prospects for emerging markets eased while optimism grew that the US economy would rebound from a temporary setback caused by the unusually severe winter weather.

Global Emerging Markets Index Fund: February 2014

Following a sharp sell-off in January, emerging-market equities rallied in February.

Global Health And Pharmaceuticals Index Trust: February 2014

Healthcare equities broadly outperformed their wider market counterparts in February, as ongoing concerns over some emerging markets saw investors favour sectors offering defensive earnings characteristics.

Global Technology Index Trust: February 2014

Encouraging corporate earnings news helped the global technology sector to outperform wider equity markets in February.

Multi Manager Balanced Trust: January 2014

During January, the Multi Manager Balanced Trust returned -3.03% against a return of -1.89% for its IMA sector median.

Multi Manager Income Trust: January 2014

During January the Multi Manager Income Trust returned -2.08% against a return of -0.92% for its IMA sector median.

Multi Manager Growth Trust: January 2014

During January, the Multi Manager Growth Trust returned -3.39% against a return of -2.35% for its IMA sector median.

Fixed Interest Trust: February 2014

US economic data has been mixed so far this year but we believe the disappointments have been a result of the unusually harsh winter weather rather than a fundamental slowing of growth.

Managed Monthly Income Trust: February 2014

US economic data has been mixed so far this year but we believe the disappointments have been a result of the unusually harsh winter weather rather than a fundamental slowing of growth. Europe continues to recover steadily, and in some areas – notably the UK – growth has surprised on the upside.

Sterling Income Fund: February 2014

US economic data has been mixed so far this year but we believe the disappointments have been a result of the unusually harsh winter weather rather than a fundamental slowing of growth. Europe continues to recover steadily, and in some areas – notably the UK – growth has surprised on the upside.

Dynamic Bond Trust: February 2014

The Dynamic Bond Trust returned 0.74% during February (I class acc units).

High Income Trust: february 2014

The Legal & General High Income Trust returned 2% during February (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.

Asian Income Trust: January 2014

The first month of 2014 was a challenging one for Asian equity markets.

Multi Manager Growth Trust: December 2013

During December the Multi Manager Growth Trust returned 0.78% against a return of 0.77% for its IMA
sector median.

Multi Manager Income Trust: December 2013

During December the Multi Manager Income Trust returned 0.51% against a return of 0.42% for its IMA
sector median.

Multi Manager Balanced Trust: December 2013

During December the Multi Manager Balanced Trust returned 0.80% against a return of 0.70% for its IMA sector median.

February 2014

Multi Manager Growth Trust: December 2013

During December the Multi Manager Growth Trust returned 0.78% against a return of 0.77% for its IMA
sector median.

Multi Manager Income Trust: December 2013

During December the Multi Manager Income Trust returned 0.51% against a return of 0.42% for its IMA
sector median.

Multi Manager Balanced Trust: December 2013

During December the Multi Manager Balanced Trust returned 0.80% against a return of 0.70% for its IMA sector median.

Fixed Income Focus: Worried that no one else is worried

US weather has been awful in recent weeks, undoubtedly impacting economic activity as shoppers stayed indoors and workers struggled to get to offices. Could the weather be masking something more serious?

UK Equity Income: January 2014

UK equity markets took a pause for breath in the first month of 2014 despite some positive underlying economic news.

Multi Index Fund 7: January 2014

The January effect was not evident this year as disappointing indicators from China and mixed US economic data raised concerns over consensus forecasts for stronger global growth in 2014.

Multi Index Fund 6: January 2014

The January effect was not evident this year as disappointing indicators from China and mixed US
economic data raised concerns over consensus forecasts for stronger global growth in 2014.

Multi Index Fund 5: January 2014

The January effect was not evident this year as disappointing indicators from China and mixed US
economic data raised concerns over consensus forecasts for stronger global growth in 2014.

Multi Index Fund 4: January 2014

The January effect was not evident this year as disappointing indicators from China and mixed US
economic data raised concerns over consensus forecasts for stronger global growth in 2014.

Multi Index Fund 3: January 2014

The January effect was not evident this year as disappointing indicators from China and mixed US
economic data raised concerns over consensus forecasts for stronger global growth in 2014.

Property market review

Momentum in the property sector is continuing to build, with a total return of 2.8% in third quarter, the IPD quarterly index fared even better in Q4, rising by 4.4% (2.9% capital growth and 1.4% income).

Growth Trust: January 2014

European markets were weaker in January, weighed by concerns over emerging market volatility and the possibility of euro zone deflation.

European Trust: January 2014

The European ex-UK equity markets fell in January. The first half of the month witnessed rising markets as a New Year rally spilled over from late December, however, the second half of the month saw sharp declines as emerging market concerns took hold.

UK Special Situations Trust: January 2014

European markets were weaker in January, weighed by concerns over emerging market volatility and the possibility of euro zone deflation.

UK Active Opportunities Trust: January 2014

European markets were weaker in January, weighed by concerns over emerging market volatility and the possibility of euro zone deflation.

UK Smaller Companies Trust: January 2014

European markets were weaker in January, weighed by concerns over emerging market volatility and the possibility of euro zone deflation.

US Index Trust: January 2014

The US equity market recorded its first monthly loss since August, as the pronounced weakness of emerging market currencies combined with disappointing economic indicators from China to unsettle investors.

European Index Trust: January 2014

Although European economic indicators released last month were broadly encouraging, investors became increasingly preoccupied by concerns surrounding the emerging economies and a sharp sell-off in emerging-market currencies.

All Stocks Index Linked Gilt Index Trust: January 2014

Gilt prices rose in January, as global government bond markets benefitted from weakness in equities, with emerging markets worst hit by concerns over the Federal Reserve’s stimulus withdrawal policy.

All Stocks Gilt Index Trust: January 2014

Government bond markets rallied in January, benefitting from investors’ search for safe havens amid weakness in global equities, particularly emerging markets.

UK Alpha Trust: January 2014

European markets were weaker in January, weighed by concerns over emerging market volatility and the possibility of euro zone deflation.

High Income Trust: January 2014

The High Income Trust returned 0.57% this month (I class Inc units), outperforming its benchmark, which is a composite consisting of 95% BofAML BBB Global High Yield Non-Financial Constrained Index (hedged to sterling) and 5% cash.

UK Index Trust: January 2014

January was a disappointing month for equity markets globally as concerns over the prospects for a number of emerging economies preoccupied investors.

Japan Index Trust: January 2014

Japanese equities declined as a sharp sell-off in emerging-market currencies and weaker economic indicators from China preoccupied investors.

UK 100 Index Trust: January 2014

January was a disappointing month for equity markets globally as concerns over the prospects for a number of emerging economies preoccupied investors.

International Index Trust: January 2014

International equities recorded their worst start to the year since 2010 as a sharp sell-off in emerging markets led investors to rotate funds into ‘safe haven’ assets such as highly rated government bonds.

Pacific Index Trust: January 2014

Asian stock markets lost ground last month, as a sharp sell-off in emerging-market currencies and concern about the likely impact of the US Federal Reserve’s plan to scale back its asset purchase programme troubled investors.

Global Technology Index Trust: January 2014

Following a steady start to January, global equities subsequently lost ground, with growth-orientated sectors, such as technology, underperforming wider markets.

Global Emerging Markets Index Fund: January 2014

Emerging stock markets fell sharply in January on concern about the likely impact of the US Federal Reserve’s plan to scale back its asset purchase programmes.

Global Health And Pharmaceuticals Index Trust: January 2014

Global equities lost ground in January amid concerns that the US Federal Reserve is continuing to gradually withdraw the stimulus of quantitative easing despite sporadic signs that the global economic recovery could be losing some momentum.

Global 100 Index Trust: January 2014

Global equities recorded their worst start to the year since 2010 as a sharp sell-off in emerging markets led investors to rotate funds into ‘safe haven’ assets such as highly rated government bonds.

Multi Index Fund 3: December 2013

International equities ended 2013 on a positive note as growing optimism about the global economic outlook outweighed the negative impact of rising government bond yields.

Multi Index Fund 4: December 2013

International equities ended 2013 on a positive note as growing optimism about the global economic outlook outweighed the negative impact of rising government bond yields.

Multi Index Fund 5: December 2013

International equities ended 2013 on a positive note as growing optimism about the global economic outlook outweighed the negative impact of rising government bond yields.

Multi Index Fund 6: December 2013

International equities ended 2013 on a positive note as growing optimism about the global economic outlook outweighed the negative impact of rising government bond yields.

Multi Index Fund 7: December 2013

International equities ended 2013 on a positive note as growing optimism about the global economic outlook outweighed the negative impact of rising government bond yields.

Sterling Income Fund: January 2014

The Sterling Income Fund returned 1.73% during January (A class units) against 1.93% for the IMA sector median.

Fixed Interest Trust: January 2014

Financial markets had a turbulent start to the year. Investors pulled back from riskier assets (including equities and corporate bonds) in the second half of the month after developments in emerging markets combined with weaker-than-expected global economic.

Managed Monthly Income Trust: January 2014

Financial markets had a turbulent start to the year. Investors pulled back from riskier assets (including equities and corporate bonds) in the second half of the month after developments in emerging markets combined with weaker-than-expected global economic.

Dynamic Bond Trust: January 2014

The Dynamic Bond Trust returned 0.97% during a turbulent first month of 2014 for financial markets.

UK Alpha Trust: Quarter 4 2013

It was an extremely good quarter of performance for the fund in both absolute and relative terms, with the fund delivering returns of 9.85% against 6.82% for the IMA sector median.

Dynamic Bond Trust: Quarter 4 2013

It was a strong quarter for the fund in both absolute and relative terms, which concluded a positive year as a whole. 

Sterling Income Fund: Quarter 4 2013

Despite rising government bond yields, corporate bonds managed to avoid big losses in 2013 as investors were attracted by the extra yield offered over and above the government rate.

Fixed Interest Trust: Quarter 4 2013

Investors were caught in a difficult situation during the fourth quarter: corporate bond valuation looked stretched, but it was difficult to identify the catalyst that will knock credit off its current ‘narrowing’ course.

Managed Monthly Income Trust: Quarter 4 2013

Corporate bonds managed to avoid big losses over the year, despite rising government bond yields, as investors were attracted by the extra yield offered over and above the government rate.

Q4 High Income Trust

The fourth quarter of 2013 concluded a very solid year of performance for high yield bonds.

Asian Income Trust: Quarter 4 2013

The FTSE All World Asia Pacific ex Japan Index was flat in sterling terms during the last quarter of 2013 (Source: Lipper).

UK Equity Income: Q4 2013 review

During the fourth quarter of 2013 the FTSE All-Share Index rose by 5.46% (Source: Lipper).

January 2014

Use of index funds in multi asset portfolios

The multi-asset landscape has changed over the years, but one constant is the need to choose building blocks with the right investment style to meet the needs of a particular strategy. There are many advantages to investing almost exclusively in index funds, especially with risk targeting in mind.

Fixed Income Focus: The liquidity drug

Could monetary policy be losing its influence? Does the market’s positive response to December’s tapering signal a healthy refocus on economic growth, or are we just liquidity addicts in denial?

Multi-Asset, the Legal & General way

The post-RDR advice landscape presents challenges that truly risk-targeted funds can solve. Our Multi-Index range makes consistency of risk profile a priority, helping advisers bridge the advice gap.

North American Trust: December 2013

During the month of December, the North American Trust returned -0.27%.

The rise in bond yields and subsequent steepening of the yield curve resulted in profit taking in the yield-sensitive telecommunications services, staples and utilities. The economically sensitive sectors of materials, financials and industrials rallied.

Sterling Income Fund: December 2013

During December performance for the Sterling Income Fund was -0.75%, while for the calendar year the fund returned 1.33%.

UK Active Opportunities Trust: December 2013

Markets were broadly firmer in December, assisted by the news from the US Federal Reserve that they would trim the size of its monthly asset purchases by $10 billion to $75 billion. This ended weeks of speculation and arguably proved a fitting end to a year in which the spotlight has been focused on monetary policy.

UK Equity Income: December 2013

The FTSE All Share Index rose in December as the debate surrounding tapering of the quantitative easing (QE) programme by the US Federal Reserve finally came to some kind of conclusion. Economic data releases and unemployment figures in the US were sufficiently positive to persuade the Fed to announce the taper of the level of monthly asset purchases.

UK Property Trust: December 2013

Asset management performance remained strong during the closing stages of 2013, with the final profit payments from the Trowbridge Leisure Park development assisting valuation gains in December. There was also strong performance from the fund's industrial assets, with new lettings at both Milton Keynes (Walker Greenbank) and Twyford (Evolution Services Europe) demonstrating rental values ahead of valuer expectations.

UK Smaller Companies Trust: December 2013

Markets were broadly firmer in December, assisted by the news that the US Federal Reserve would trim the size of its monthly asset purchases by $10 billion to $75 billion. This ended weeks of speculation and arguably proved a fitting end to a year in which the spotlight has predominantly been focused on monetary policy. Generally, global economic data continued to become more positive.

UK Special Situations Trust: December 2013

Markets were broadly firmer in December, assisted by the news from the US Federal Reserve that they would trim the size of its monthly asset purchases by $10 billion to $75 billion. This ended weeks of speculation and arguably proved a fitting end to a year in which the spotlight has been focused on monetary policy.

European Trust: December 2013

The European ex-UK equity markets rose in December. As tail risks continued to recede, further falls in European bond yields supported the equity markets, particularly the peripheral markets (Italy and Spain). European macro data and market activity was increasingly quiet during December.

Asian Income Trust: December 2013

Asian equity markets had a difficult month in December, as the US Federal Reserve eventually began modest tapering of its quantitative easing policy.

Fixed Interest Trust: December 2013

During December performance for the Fixed Interest Trust was -1.17%, while for the calendar year the fund returned 0.22%.

Managed Monthly Income Trust: December 2013

During December performance for the Managed Monthly Income Trust was -1.11%, while for the calendar year the fund returned 0.38%.

Emerging themes in UK commercial property

There are some key themes that our property team think will dominate the UK commercial property market in the years ahead. Looking at the macroeconomic picture, rising bond yields will raise the required rate of return from allocations across a range of asset classes, including commercial property.

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Views and insights

March 2014

Dynamic bond investing

Global. Unconstrained. Dynamic. Those words may not immediately make you think of fixed income investing. In today’s volatile world, however, those are exactly the kind of features that can help a fund navigate through uncertain markets.

February 2014

Fixed Income Focus: Worried that no one else is worried

US weather has been awful in recent weeks, undoubtedly impacting economic activity as shoppers stayed indoors and workers struggled to get to offices. Could the weather be masking something more serious?

January 2014

Use of index funds in multi asset portfolios

The multi-asset landscape has changed over the years, but one constant is the need to choose building blocks with the right investment style to meet the needs of a particular strategy. There are many advantages to investing almost exclusively in index funds, especially with risk targeting in mind.

Fixed Income Focus: The liquidity drug

Could monetary policy be losing its influence? Does the market’s positive response to December’s tapering signal a healthy refocus on economic growth, or are we just liquidity addicts in denial?

Equity Insight: Emerging Markets - buy, sell or hold?

With all the excitement about the great rally in equity markets last year, it's easy to forget that not all equities have joined in the party.

The global inflation conundrum

The massive deleveraging that has been taking place since 2007 has had a huge deflationary impact on developed economies; meanwhile the unprecedented levels of the quantitative easing from central banks have been exerting a strong inflationary influence. So far, at least, the deflationary forces have been winning – but for how much longer?

Emerging themes in UK commercial property

There are some key themes that our property team think will dominate the UK commercial property market in the years ahead. Looking at the macroeconomic picture, rising bond yields will raise the required rate of return from allocations across a range of asset classes, including commercial property.

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Economic views

Macro insight

March 2014

Asset Allocation: March 2014

Despite the return of geopolitical risk to the agenda, further disappointing weather-related US macro data and more reforms in China, the past month has been a relatively quiet one for most risk assets.

Macro Snapshot: Cold War

Although the Ukraine crisis has undermined the near-term growth prospects for Russia, it is expected to have more muted implications elsewhere in the world, unless a spike in oil prices is triggered. 

Macro Matters: Running into a BRIC wall?

There is a fierce debate going on amongst investors about the merits of investing in emerging markets (EM). A few well-known bulls have recently ‘thrown in the towel’ after an extended period of EM under-performance.

February 2014

Asset Allocation: February 2014

The past month has been a rollercoaster ride for global risk assets. After a strong start to the year renewed concerns about emerging markets and a series of weaker-than-expected US economic data triggered a correction in risk asset prices.

Macro Snapshot: Polar vortex

Despite the volatile market conditions witnessed of late, our general economic outlook remains intact.

January 2014

Asset Allocation: January 2014

Risk assets rallied after the Fed’s 18 December decision to begin tapering its quantitative easing (QE) program and followed on to make a solid start to the New Year.

Macro Snapshot: Out of the traps

In general, the economic outlook looks brighter. GDP growth forecasts across the US, UK and Germany have been revised upwards. 

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