Distribution Number 10. Legal & General Global Growth Trust
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1 Distribution Number 10 Legal & General Global Growth Trust Annual Manager s Short Report for the year ended 15 January 2014
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3 Investment Objective and Policy The investment objective of this Trust is to maximise the total return, primarily from capital growth, by investing in securities worldwide, including the United Kingdom, which may be selected from all economic sectors. The Manager will vary the proportion of equity and capital market securities, as well as their distribution by geographical area, to meet this aim. Risk Profile Market Risk Market risk arises mainly from uncertainty about future prices. The Manager adheres to the investment guidelines and in this way, monitors and controls the exposure to risk from any type of security, sector or issuer. Currency Risk This Trust is invested in overseas financial securities. The performance of the Trust may therefore be affected by changes in exchange rates. This risk may be managed by the use of forward currency contracts, which aim to manage the effect of changing exchange rates. Trust Facts Period End Date for Distribution: 15 Jan Distribution Date: 15 Mar Ongoing Charges Figures: 15 Jan Jan 13 E-Class 1.82% 1.76% R-Class 1.82% 1.76% I-Class 0.93% 0.87% F-Class 1.32% 1.26% The Ongoing Charges Figure (OCF) is the ratio of the Trust s total discloseable costs (excluding overdraft interest) and all costs suffered through holdings in underlying Collective Investment Schemes, to the average net assets of the Trust. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a trust and is calculated based on the last period s figures. 1
4 Risk and Reward Profile Lower risk Higher risk Potentially lower rewards Potentially higher rewards This risk and reward profile is based on historical data which may not be a reliable indication of the Trust s risk and reward category in the future. The category is based on the rate at which the value of the Trust has moved up and down in the past. This Trust is in category six because it invests in company shares which generally provide higher rewards and higher risks than other investments such as bonds, cash or commercial property. The Trust s category is not guaranteed to remain the same and may change over time. Even a trust in the lowest category is not a risk free investment. 2
5 Trust Performance Net Asset Net Asset Number Of Accounting Value Of Value Per Units Date Trust Unit In Issue 15 Jan 12 E-Class Distribution Units 23,113, p 20,790,154 Accumulation Units 2,591, p 2,210,661 R-Class Distribution Units 480, p 431,982 Accumulation Units 2,370, p 2,022, Jan 13 E-Class Distribution Units 23,625, p 18,799,537 Accumulation Units 2,492, p 1,872,268 R-Class Distribution Units 570, p 454,089 Accumulation Units 2,756, p 2,070,790 I-Class* Distribution Units 1, p 839 Accumulation Units 6, p 4,693 F-Class** Distribution Units 1, p 817 Accumulation Units 1, p Jan 14 E-Class Distribution Units 25,888, p 17,999,589 Accumulation Units 2,660, p 1,745,901 R-Class Distribution Units 549, p 382,156 Accumulation Units 3,280, p 2,152,199 I-Class* Distribution Units 1, p 839 Accumulation Units 55, p 36,068 F-Class** Distribution Units 1, p 817 Accumulation Units 8, p 5,613 * I-Class units launched on 17 August ** F-Class units launched on 19 December Past performance is not a guide to future performance. The price of units and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. 3
6 Distribution Information E-Class The distribution payable on 15 March 2014 is p net per unit for distribution units and p net per unit for accumulation units. R-Class The distribution payable on 15 March 2014 is p net per unit for distribution units and p net per unit for accumulation units. I-Class The distribution payable on 15 March 2014 is p net per unit for distribution units and p net per unit for accumulation units. F-Class The distribution payable on 15 March 2014 is p net per unit for distribution units and p net per unit for accumulation units. 4
7 Portfolio Information The top 10 holdings and their associated weighting for the current and preceding year are: Top 10 Holdings at Top 10 Holdings at 15 January January 2013 Percentage of Percentage of Holding Net Asset Value Holding Net Asset Value Legal & General Japan Index Trust 2.74% Pfizer 1.54% Google 'A' 1.35% Apple 1.23% United Technologies 1.10% JPMorgan Chase & Co 1.08% Danaher 1.07% Philip Morris International 1.05% Chevron 0.99% Renault 0.98% Legal & General Japan Index Trust 1.68% Pfizer 1.50% Apple 1.49% Oracle 1.28% Samsung Electronics 1.17% Société Générale 1.15% Swatch Group 1.14% ING Group 1.14% SAP 1.12% Novo Nordisk 'B' 1.12% Trust Holdings as at 15 January % 40% 39% 35% 30% 25% 20% 15% 10% 5% 20% 15% 10% 10% 3% 3% 0% Trust Holdings as at 15 January % 40% 39% 35% 30% 26% 25% 20% 15% 10% 5% 13% 9% 7% 3% 2% 1% 0% 5
8 Unit Price Range and Net Revenue E-Class Units Highest Lowest Net Year Offer Bid Revenue Distribution Units p 75.94p p p p p p 97.56p p p p p p p p 2014 (1) p p p Accumulation Units p 79.01p p p p p p p p p p p p p p 2014 (1) p p p R-Class Units Highest Lowest Net Year Offer Bid Revenue Distribution Units p 75.93p p p p p p 97.56p p p p p p p p 2014 (1) p p p Accumulation Units p 79.01p p p p p p p p p p p p p p 2014 (1) p p p (1) The above tables show the highest offer and lowest bid prices to 15 January 2014 and the net revenue per unit to 15 March Past performance is not a guide to future performance. The price of units and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. 6
9 Unit Price Range and Net Revenue continued I-Class Units* Highest Lowest Net Year Offer Bid Revenue Distribution Units 2012 (1) p p p p p 2014 (3) p p p Accumulation Units 2012 (1) p p p p p 2014 (3) p p p F-Class Units** Highest Lowest Net Year Offer Bid Revenue Distribution Units 2012 (2) p p p p p 2014 (3) p p p Accumulation Units 2012 (2) p p p p p 2014 (3) p p p * There are no prior year comparatives for I-Class which launched on 17 August ** There are no prior year comparatives for F-Class which launched on 19 December (1) From 17 August (2) From 19 December (3) The above tables show the highest offer and lowest bid prices to 15 January 2014 and the net revenue per unit to 15 March Past performance is not a guide to future performance. The price of units and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. 7
10 Manager s Investment Report During the year under review, the bid price of the Trust s R-Class accumulation units increased by 14.52%. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. Market/Economic Review The world economy finally showed some signs of embarking on a recovery in 2013, with global growth picking up to around trend by the middle of the year. Monetary policy has been a major support, with central banks committed to maintaining exceptionally low interest rates for a considerable period and, in the case of Japan and the US, making further asset purchases (quantitative easing). There have also been a number of headwinds preventing a stronger rebound. The most notable example was the lingering effects of the European sovereign (government) debt crisis, although the Eurozone returned to growth in the spring, while the UK has seen a marked turnaround, led by a revival in the housing market. The US has grown steadily, although fiscal tightening and heightened political uncertainty have moderated the pace of growth. However, across the advanced economies, progress has been made in reducing budget deficits and this should allow the degree of austerity to abate in future. There have been concerns over a slowdown in China, where the authorities are attempting to rebalance the economy away from investment and towards consumption. The crackdown on shadow banking has led to a tightening of credit conditions but, so far, growth has held up quite well. Outside of China, broader emerging markets have still grown robustly, but have disappointed relative to expectations earlier in the year. Trust Review During the review year, the Trust posted positive performance due to the continued strength in global equity markets. Regional equity allocation and stock selection also added value. The regional exposures were altered over the review year for the benefit of the Trust. For example, as the economic outlook in the UK looked more positive, starting with better manufacturing numbers early in the year, we increased the UK exposure in the Trust. As the UK economy continued to beat analyst expectations throughout the year, with domestically focused companies performing particularly well, our UK equity exposure was beneficial for performance. We also increased the holdings in Japan, through our holding in the L&G Japan Index Trust, as Prime Minister Abe introduced unprecedented policies with the aim of pulling Japan out of its prolonged deflationary environment. Japanese stocks did 8
11 Manager s Investment Report continued deliver some of the strongest developed equity returns this year, however overall gains were more muted for international investors as the Yen shed approximately 20% of its value against the Dollar in 2013, even though the decline helped to drive overseas earnings for Japanese companies. In Europe, stock selection helped performance with strong contributors including BNP Paribas and Commerzbank, both of which were bought and sold during the review year. The latter has made further progress in disposing of non-core assets as the German government has reduced its stake after a bailout in BNP Paribas secured two takeover deals in quick succession, with the acquisition of the Belgian government s minority stake in bancassurance group Fortis and the purchase of Poland s BGZ from Dutch group Rabobank. In the chemical sector, German conglomerate Bayer is building its drug unit through acquisitions and is set to acquire Norwegian partner Algeta, giving it full control of a pipeline of emerging radiation therapies. This allowed the Trust to sell out of the position previously bought during the review year at a profit. Amongst technology stocks, investors were relieved that the leading business software company SAP maintained its full-year earnings guidance as demand from Asia has driven sales growth. Both energy stocks and consumer staples failed to keep pace with the rising market last quarter. In the US, the small capitalisation issues rallied strongly as economic growth was boosted by easing financial conditions. Within the portfolio, the stocks that contributed positively to performance included Ameriprise Financial, AmerisourceBergen, Google and Bank of America. Outlook A steady improvement in global growth is expected throughout US growth should pick up, but this is likely to be offset by a slowdown in Japan, as the VAT increase undermines consumption, and some further cooling in China. Risks are broadly balanced: on the one hand, advanced economies remain vulnerable to negative shocks given the lack of fiscal and monetary policy space. But in their absence, and for the first time since the financial crisis, there is a realistic prospect of a synchronised global expansion. This could put upward pressure on resource utilisation and raise questions about how long central banks can maintain these exceptional levels of monetary accommodation. After a profitable 2013, we expect another positive year for global equities. With the vivid memory of more than a decade of seemingly range-bound equity markets, it may feel counterintuitive to forecast new all-time highs, but in terms of valuations, equities are no longer cheap, but also not yet in expensive territory. As a result, we expect 2014 to see a shift from multiple expansion to a more mature bull market driven by earnings. In our base case, the end result for the year is that global equities deliver a positive total return. 9
12 Manager s Investment Report continued On a regional basis we prefer European and Japanese equities. Corporate profits in both regions should benefit disproportionately from better economic growth thanks to lower starting margins and greater operating leverage. The US is our least preferred region; not because there is anything wrong with the outlook for US equities, but rather for their defensive nature and limited gearing into the global growth cycle. Legal & General Investment Management Limited (Investment Adviser) 7 February
13 Manager s Report and Accounts Copies of the most recent Interim and Annual Long Form Manager s Reports are available free of charge by telephoning , by writing to the Manager or are available on the internet at Call charges will vary. We may record and monitor calls. Minimum Investment Amounts The minimum initial lump sum investment amounts for each class are as follows: E-Class 100,000 R-Class 500 I-Class 1,000,000 F-Class 500 In addition, monthly contributions can be made into the R-Class and F-Class units, with a minimum amount of 50 per month. F-Class units are only available for investment through a financial adviser. Other Information The information in this report is designed to enable unitholders to understand how the Trust has performed during the year under review and how it is invested at the year end. Further information on the activities and performance of the Trust can be obtained by telephoning or by writing to the Manager. 11
14 Manager Legal & General (Unit Trust Managers) Limited Registered in England and Wales No Registered office: One Coleman Street, London EC2R 5AA Telephone: Authorised and regulated by the Financial Conduct Authority Call charges will vary. We may record and monitor calls. Trustee National Westminster Bank Plc Trustee and Depositary Services 135 Bishopsgate London EC2M 3UR Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT 12
15 13
16 Authorised and regulated by the Financial Conduct Authority Legal & General (Unit Trust Managers) Limited Registered in England and Wales No Registered office: One Coleman Street, London EC2R 5AA GLG
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