News and views

New Group Chief Executive at Legal & General

Dr. Nigel Wilson will be appointed Group Chief Executive as successor to Tim Breedon, from 30 June 2012. Nigel Wilson joined Legal & General as Group Chief Financial Officer and a member of the Board in September 2009.

Economic Outlook 10 May - Webcast summary

Good news continues to be in short supply; the best we can say is that the global economy is moving slowly forward, although growth is fragile and still vulnerable to shocks. In the Global Macro Themes Fund, manager Ben Gill is aware of the risks in the current environment and is prepared to wait for high conviction opportunities to emerge.

A view on Asian equity markets

Lower economic growth expectations in Asia are, to some extent, countered by the flexibility that policymakers have to cut interest rates. Here we examine what the implications of such an environment could be for three key Asian equity markets: China, India and Australia.

UK Absolute - Quarterly fund review

The fund's performance was strong and we remain cautious about controlling the portfolio's market exposure. So while we take a positive longer-term view on equities we are short of certain sectors that seem vulnerable to a change in sentiment.

Growth Trust - Quarterly fund review

The fund performed positively during the first quarter as the market rebounded on a more optimistic outlook for the global economy. A number of cyclical stocks therefore performed strongly providing a performance tailwind for the fund.

High Income Trust - Quarterly fund review

In general lower-quality high yield bonds outperformed during the first quarter, which in relative terms worked against the fund’s bias towards higher quality debt (we do not buy CCC-rated bonds).

UK Alpha Trust - Quarterly fund review

The fund outperformed during the quarter. Exposure to technology stocks increased, with an emphasis on mobile communications and data.

Dynamic Bond Trust - April 2012 update

The portfolio is broadly positioned how we want it considering the current environment and near-term risks.

High Income Trust - April 2012 update

US and emerging markets outperformed Europe over the period. This was to the benefit of the fund since we remain underweight the Eurozone because of ongoing problems in the region’s periphery.

Global Macro Themes Fund - April 2012 update

Markets seem to have reached the end of a high conviction phase. March was a month for consolidation, but during April a pattern of low volume and volatility took hold. In such an environment it makes sense to reduce risk levels, be patient and wait for opportunities to arise.

Managed Monthly Income Trust - Quarterly fund review

Asian Income Trust - Quarterly fund review
Positive performers included Onesteel, an Australian mining company, which rose strongly after struggling in the fourth quarter. Other strong performer included Thai Beverage, Esprit and on the financials side DBS in Singapore and ANZ in Australia.

Dynamic Bond Trust - Quarterly fund review
Exposure to high yield assets was a key contributor - we made additions early in the quarter on the back of increased market risk-appetite and subsequently locked in those gains

Fixed Interest Trust - Quarterly fund review
Stock selection was broadly positive for the fund’s performance over the quarter, helping to offset the negative effect of the overweight bias we held in gilts at the turn of the year.

Dynamic Bond Trust celebrated its five year anniversary
The Dynamic Bond Trust had its five year anniversary on 30 April 2012. Over that period it is the top performer in the IMA £ Strategic Bond sector.

Legal & General Dynamic Bond Trust: Number one over five years
In its first five years the Dynamic Bond Trust has been the top performer in its sector. Here the award-winning fund manager, Richard Hodges, discusses the events of the last five years and what it takes to be a successsful manager.

Global Macro Themes Fund - April 2012 update

Our outlook is unchanged, but the fund is now entering a period in which it is trickier to trade as risks surrounding Europe rear again, and US data proves less encouraging.

Fixed Interest Trust - April 2012 update

We maintained the fund’s relatively defensive positioning, with fairly limited activity largely centred on new issues.

European Absolute - April 2012 update
The fund continues to be generally positioned for a stronger market. We were active during the month and took profits in a large number of mostly long positions mid month.

Asian Income - April 2012 update

Following their strong start to the year Asia Pacific markets sold off in March. We added to a number of holdings, such as Transurban, and initiated a new position in Soho China.

UK Property - April update

Sentiment towards commercial property continues to be dominated by concerns over the availability of debt, which caused transaction volumes to remain low.

UK Equity Income - April 2012 update

March marked the completion of the fund’s first year, during which it outperformed the FTSE All-share despite March producing muted performance.

UK Alpha - April 2012
March was a month of consolidation following significant gains in the first two months of the year. Fund activity focused on decreasing mining exposure and increasing technology.

UK Absolute - April 2012 update
The fund fell slightly in March, ending the month with a net short position of 16% (on a beta-weighted basis), reflecting a generally cautious macro view.

Managed Monthly Income Trust - April 2012 update

We continued to adjust our existing financial holdings in line with our risk appetite, taking advantage of liquidity to further reduce exposure to the HBOS.