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Contact details

ManagerGroupLogo
One Coleman Street, London, EC2R 5AA
0845 070 8684 (Broker Line)
0370 050 0955 (Customer Support)
0207 528 6838 (Fax Number)

fundsales@lgim.co.uk

Fund managers

* Martin Reeves01-Nov-2011 to Present
 
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David North»01-Nov-2000 to 31-Oct-2011


Investment objectives

The objective of this fund is to provide a high income. The fund will invest in bonds (a type of loan which pays interest). These bonds will have a pre-set rate of income (either set at a fixed level or varying in a pre-determined way). The bonds that the fund invests will be almost entirely sub-investment grade (rated as higher risk). Sub-investment grade bonds are bonds that have not achieved a minimum credit rating by a rating agency. Credit ratings give an indication of how likely it is that the issuer of a bond will be able to pay back interest and the loan on time. The bonds that the fund invests will be issued by companies or governments anywhere in the world. The fund may use derivatives (contracts which have a value linked to the price of another asset) for the following purposes: To manage the effect of fluctuations in exchange rates with Sterling. To help with efficient day to day management. To reduce some of the risks of the market. The fund may also invest in cash or deposits. If you hold accumulation units, income from investments held by the fund (interest) will be reinvested into the value of your units. If you hold distribution units, income from investments held by the fund will be paid out to you (as interest). You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate unit prices for this fund. If you contact us after 12 noon, the units will be bought or sold at the next working day's price. This fund may not be appropriate for investors who plan to withdraw their money within five years.

Key Information

Fund vs sector

  1y 3y
Position 4 / 23 17 / 20
Quartile 1 4

Fund ratings

BLANKMstar OBSR
Analyst
(Qualitative)
FE Crown Rating: 1 FE Crown Rating
(Quantitative)

Ratios

  1y 3y
Volatility 3.59 4.25
Alpha 1.52 2.23
Beta 1.20 0.71
Sharpe 0.57 1.07
Info Ratio 2.17 0.00
R2 0.95 0.81
Quartiles:   1  2  3  4   help with ratios
vs. Sterling High Yield»
performance chart
chart
    1y3y5y12m-24m24m-36m36m-48m48m-60m
ACC +4.8+26.8+39.5+6.8+13.3-3.9+14.4
  STERLING HIGH YIELD   +3.1+31.5+43.4+8.0+18.1-3.5+13.0
Clean share class
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf L&G HIGH INCOME X GROSS ACC ACC 127.40 (p) 128.50 (p) 27-Nov-2014 6.70 0.41% BMD0 B2Q4S05
pdf L&G HIGH INCOME X GROSS INC INC 51.28 (p) 51.74 (p) 27-Nov-2014 6.70 0.41% BMD1 B2Q4S16
pdf L&G HIGH INCOME F ACC ACC 111.70 (p) 112.60 (p) 27-Nov-2014 6.50 0.65% G5XQ B89R5R9
pdf L&G HIGH INCOME F INC INC 51.33 (p) 51.80 (p) 27-Nov-2014 6.50 0.65% G5XR B824DY0
pdf L&G HIGH INCOME I ACC ACC 115.10 (p) 116.10 (p) 27-Nov-2014 6.70 0.41% LT90 B0CNHJ4
pdf L&G HIGH INCOME I INC INC 50.91 (p) 51.37 (p) 27-Nov-2014 6.70 0.41% LT91 B0CNHH2
Other share classes
   Bid OfferDateYieldOCF help CiticodeSEDOL
pdf L&G HIGH INCOME R ACC ACC 109.50 (p) 110.40 (p) 27-Nov-2014 6.00 1.15% LE13 0195616
pdf L&G HIGH INCOME R INC INC 50.85 (p) 51.31 (p) 27-Nov-2014 6.00 1.15% LE34 0195605
pdf L&G HIGH INCOME A ACC ACC 109.50 (p) 113.70 (p) 27-Nov-2014 6.00 1.15% LT52 B0CNHL6
pdf L&G HIGH INCOME A INC INC 50.85 (p) 52.85 (p) 27-Nov-2014 6.00 1.15% LT53 B0CNHK5

The Ongoing Charges Figure (OCF) shows the drag on performance caused by operational expenses associated with a fund.

Expenses which are represented by this figure include payments to the manager, the trustee the custodian and their representatives. The figure also includes registration, regulatory, audit and legal fees, and the costs of distribution.

Performance fees, transaction costs, interest on borrowing, costs associated with derivatives, entry and exit fees and soft commissions are not included in the OCF calculation, and should be factored in separately by the investor.

The OCF is calculated by taking the sum of these expenses incurred in the last 12 months and dividing this by the average net assets of that class for the last 12 months.

Total Expense Ratio (TER) is a formula designed to show the ongoing costs to the investor associated with a fund, including some charges which are not factored into the annual management fee. In addition the fund’s annual fee, charges such as trading fees, audit and legal fees, and operational expenses are included in the TER, which is worked out by dividing the total cost of the fund by its total assets to arrive at a percentage.

Unlike the Ongoing Charges Figure, the TER takes into account performance fees. It does not include transaction costs paid to the custodian.

Detailed fund information
Fund type flag UK Unit Trust
Own ISA wrapper Fund has ISA Wrapper help with ratios Fund size£1,471.3m / $2,322.5m (31-Oct-14)
Savings plan Fund has Savings Plan  Launch01-Nov-2000
Pricing times12:00 Daily Dealing frequencyDaily
Dealing timesn/a
Minimum initial£ 1,000,000
Minimum additionaln/a
Initial charge0.00%
Annual management charge0.40%
Note to chargesn/a
Trustee / DepositaryNational Westminster Bank plc
RegistrarLegal & General (Portfolio Management Services)Lim
Multi-Managern/a
Indexn/a
Dividend policyMar 05, Jun 05, Sep 05, Dec 05 (Final)
Peer groups
Region Asset Class Investment Focus Sector
Global Fixed Interest Mixed Sterling High Yield
Largest holdings, 30-Sep-2014
Holding (%) Rank Fund factsheet Equity factsheet
MATALAN FINANCE LTD 6.875% BDS 01/06/19 GBP100000 REG S 1.40 1 - -
VIASYSTEMS INC 7.875% BDS 01/05/19 USD1000 144A 1.09 2 - -
BREITBURN ENERGY PTNRS LP/FIN CORP 7.875% BDS 15/04/22 USD1000 144A 1.05 3 - -
WIND ACQUISITION FINANCE SA 7% BDS 23/04/21 EUR1000144A 1.05 4 - -
BC MOUNTAIN LLC/BC MTN 7% BDS 01/02/21 USD1000 144A 0.99 5 - -
JOHNSTON PRESS 8.625% NTS 01/06/19 GBP1000144A 0.99 6 - -
JARDEN CORP 3.75% BDS 01/10/21 EUR100000 0.96 7 - -
SM MTH AUTO GRP 4.125 15/07/21 REGS 0.96 8 - -
PALACE ENTERTAINMENT HLDGS LLC/CORP 8.875% BDS 15/04/17 USD1000 144A 0.95 9 - -
BOPARAN FINANCE PLC 5.5% BDS 15/07/21 GBP1000 0.94 10 - -
Total10.38 
Regional weightings, 30-Sep-2014
Region(%)Rank 
North America51.631 51.63% North America
Europe ex UK24.352 24.35% Europe ex UK
UK10.523 10.52% UK
Central & S America3.774 3.77% Central & S America
Money Market2.355 2.35% Money Market
Asia2.176 2.17% Asia
European Emerging Markets1.577 1.57% European Emerging Markets
Unclassified - Other1.278 1.27% Unclassified - Other
Emerging Asia1.269 1.26% Emerging Asia
Australia and New Zealand 1.0110 1.01% Australia and New Zealand
Middle East/ Africa0.1011 0.10% Middle East/ Africa
Total100.00 
Sector weightings, 30-Sep-2014
Sector(%)Rank 
High Yield Bond94.581 94.58% High Yield Bond
Fixed Interest2.552 2.55% Fixed Interest
Cash & Cash Equivalents2.353 2.35% Cash & Cash Equivalents
Investment Grade Corporate Bonds0.314 0.31% Investment Grade Corporate Bonds
Non-classified0.215 0.21% Non-classified
Total100.00 

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Performance figures are shown in Sterling unless otherwise specified.

 
 
 
 
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Tom O Jan 28th, 2012 at 10:00 AM

This trust is poor at the moment. L&G Dynamic Bond offers better performance but has an initial charge of 3% against High Income's 0%.

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Asset allocation

Global Fixed Interest, 86.92%
86.9200% ofGlobal Fixed Interest
UK Corporate Fixed Interest, 10.52%
10.5200% ofUK Corporate Fixed Interest
Cash & Cash Equivalents, 2.35%
2.3500% ofCash & Cash Equivalents
Others, 0.21%
0.2100% ofOthers

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