Name
As of 02/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.3%
1 yr return
6.3%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$36.7 M
Holdings in Top 10
14.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.55%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 42.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$100,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 02/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
LLDWX - Profile
Distributions
- YTD Total Return -1.3%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.61%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLEGAL & GENERAL LONG DURATION U.S. CREDIT FUND
-
Fund Family NameLegal & General
-
Inception DateMay 28, 2021
-
Shares Outstanding2698361
-
Share ClassW
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeffrey Koch
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. issuers. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders.
The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Fund’s benchmark, the Bloomberg US Long Credit Index. Duration is a measure of the expected life of a fixed income security that is used
to determine the sensitivity of a security’s price to changes in interest rates. The Adviser considers investment grade fixed income securities to be those rated as BBB or Baa or above by Moody’s Investors Services Inc. (“Moody’s”), S&P Global Ratings (“S&P”), or Fitch, Inc. (“Fitch”).
For purposes of the Fund’s 80% policy, fixed income securities include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, supra-national issuers, asset-backed securities and mortgage-backed securities. The Fund may also invest in derivative instruments, such as futures and swaps, to assist in managing duration and yield curve exposure relative to the Fund’s benchmark index. The Fund may invest a portion of its assets in cash and cash equivalents in connection with its derivatives positions. Although the Fund invests primarily in investment-grade securities, the Fund may hold securities that are rated below investment grade (“high yield” or “junk bonds”). From time to time, the Fund may focus its investments in a particular sector, such as the industrials or financials sector.
The Adviser’s process for constructing the Fund’s portfolio combines top-down thematic considerations and bottom-up security selection, leveraging the Adviser’s in-house credit analysts, strategists and economists to screen the Fund’s investment universe and emphasize investment themes and securities that the Adviser believes have the most value and reflect the management team’s highest conviction. The Adviser performs in depth fundamental analysis in the security selection process and emphasizes the following areas of focus in the research process: developing proprietary earnings models, forecasting free cash flow, analyzing asset valuations, and meeting with management. Ultimately, the Adviser seeks to: i) identify strong and stable management teams; (ii) align with shareholder, bondholder and management interests; (iii) ensure there are minimal risks that could cause significant changes in valuation; and (iv) identify structural features that provide downside protection in periods of lower liquidity.
The Adviser may sell a security when there is a change in (i) the relative valuation of a security; (ii) the Adviser’s assessment of a particular sector, and/or (iii) the Adviser’s analysis of the credit or risk/return of a security.
LLDWX - Performance
Return Ranking - Trailing
Period | LLDWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.3% | -4.5% | 0.4% | 12.12% |
1 Yr | 6.3% | -4.4% | 6.3% | 3.03% |
3 Yr | N/A* | -12.3% | 34.7% | N/A |
5 Yr | N/A* | -6.4% | 25.8% | N/A |
10 Yr | N/A* | 0.2% | 14.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | LLDWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.7% | 0.4% | 6.0% | 39.39% |
2022 | -28.1% | -31.0% | 111.9% | 30.30% |
2021 | N/A | -8.2% | -0.4% | N/A |
2020 | N/A | 1.9% | 12.2% | N/A |
2019 | N/A | 1.2% | 19.0% | N/A |
Total Return Ranking - Trailing
Period | LLDWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.3% | -4.5% | 0.4% | 12.12% |
1 Yr | 6.3% | -4.4% | 6.3% | 3.03% |
3 Yr | N/A* | -12.3% | 34.7% | N/A |
5 Yr | N/A* | -6.4% | 25.8% | N/A |
10 Yr | N/A* | 0.2% | 14.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | LLDWX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.9% | 0.4% | 11.2% | 33.33% |
2022 | -25.3% | -31.0% | 121.2% | 27.27% |
2021 | N/A | -2.9% | 3.1% | N/A |
2020 | N/A | 4.2% | 18.6% | N/A |
2019 | N/A | 4.6% | 24.6% | N/A |
NAV & Total Return History
LLDWX - Holdings
Concentration Analysis
LLDWX | Category Low | Category High | LLDWX % Rank | |
---|---|---|---|---|
Net Assets | 36.7 M | 8.84 M | 16.5 B | 96.97% |
Number of Holdings | 463 | 38 | 3560 | 63.64% |
Net Assets in Top 10 | 5.75 M | 3.78 M | 1.52 B | 96.97% |
Weighting of Top 10 | 14.75% | 3.1% | 57.1% | 45.45% |
Top 10 Holdings
- US TREASURY N/B 3.625000% 05/15/2053 4.72%
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 1.34%
- BOEING CO/THE 5.705000% 05/01/2040 1.29%
- ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.900000% 02/01/2046 1.24%
- ATT INC 3.550000% 09/15/2055 1.14%
- APPLE INC 2.375000% 02/08/2041 1.14%
- ANHEUSER-BUSCH COS LLC / ANHEUSER-BUSCH INBEV WORL 4.700000% 02/01/2036 1.02%
- NEW JERSEY ST TURNPIKE AUTH TU NEW JERSEY TURNPIKE AUTHORITY 1.01%
- BOEING CO/THE 5.805000% 05/01/2050 0.96%
- ABBVIE INC 4.050000% 11/21/2039 0.90%
Asset Allocation
Weighting | Return Low | Return High | LLDWX % Rank | |
---|---|---|---|---|
Bonds | 97.41% | 68.83% | 154.50% | 63.64% |
Cash | 2.59% | -2.42% | 13.97% | 30.30% |
Convertible Bonds | 0.34% | 0.00% | 2.97% | 45.45% |
Stocks | 0.00% | 0.00% | 10.28% | 36.36% |
Preferred Stocks | 0.00% | 0.00% | 19.98% | 51.52% |
Other | 0.00% | -38.77% | 7.95% | 45.45% |
Bond Sector Breakdown
Weighting | Return Low | Return High | LLDWX % Rank | |
---|---|---|---|---|
Corporate | 83.96% | 0.41% | 98.94% | 33.33% |
Government | 8.19% | 0.00% | 46.64% | 48.48% |
Municipal | 4.83% | 0.00% | 99.04% | 30.30% |
Cash & Equivalents | 1.34% | 0.00% | 9.40% | 42.42% |
Derivative | 0.00% | 0.00% | 7.95% | 51.52% |
Securitized | 0.00% | 0.00% | 4.69% | 87.88% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | LLDWX % Rank | |
---|---|---|---|---|
US | 97.41% | 68.83% | 152.84% | 60.61% |
Non US | 0.00% | 0.00% | 4.26% | 45.45% |
LLDWX - Expenses
Operational Fees
LLDWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.55% | 0.04% | 2.88% | 21.21% |
Management Fee | 0.23% | 0.03% | 0.65% | 39.39% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.05% | 0.40% | N/A |
Sales Fees
LLDWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.75% | 4.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
LLDWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 2.00% | 2.00% | 100.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
LLDWX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 42.00% | 1.00% | 85.00% | 61.29% |
LLDWX - Distributions
Dividend Yield Analysis
LLDWX | Category Low | Category High | LLDWX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 4.92% | 36.36% |
Dividend Distribution Analysis
LLDWX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
LLDWX | Category Low | Category High | LLDWX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.61% | 2.10% | 5.46% | 87.88% |
Capital Gain Distribution Analysis
LLDWX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 29, 2022 | $0.029 | OrdinaryDividend |
Oct 28, 2022 | $0.026 | OrdinaryDividend |
Sep 29, 2022 | $0.025 | OrdinaryDividend |
Aug 30, 2022 | $0.027 | OrdinaryDividend |
Jul 28, 2022 | $0.024 | OrdinaryDividend |
Jun 29, 2022 | $0.028 | OrdinaryDividend |
May 27, 2022 | $0.024 | OrdinaryDividend |
Apr 28, 2022 | $0.023 | OrdinaryDividend |
Mar 30, 2022 | $0.028 | OrdinaryDividend |
Feb 25, 2022 | $0.022 | OrdinaryDividend |
Jan 28, 2022 | $0.016 | OrdinaryDividend |
Dec 30, 2021 | $0.024 | OrdinaryDividend |
Nov 30, 2021 | $0.024 | OrdinaryDividend |
Oct 29, 2021 | $0.022 | OrdinaryDividend |
Sep 30, 2021 | $0.023 | OrdinaryDividend |
Aug 31, 2021 | $0.024 | OrdinaryDividend |
Jul 30, 2021 | $0.024 | OrdinaryDividend |
Jun 30, 2021 | $0.022 | OrdinaryDividend |
LLDWX - Fund Manager Analysis
Managers
Jeffrey Koch
Start Date
Tenure
Tenure Rank
Dec 20, 2020
1.44
1.4%
Jeff Koch, CFA, joined LGIMA as a Senior Portfolio Manager in 2012 and was promoted to Co-Head of Fixed Income in 2013. In 2019, he was promoted to Head of Active Fixed Income. Mr. Koch has over 30 years of investment grade and high yield fixed income experience. Mr. Koch earned a B.S. in Economics from the University of Minnesota, Morris and an M.B.A. with an emphasis in Finance from Washington University. Prior to joining Metropolitan West Asset Management, Mr. Koch had been at Strong Capital Management for over 13 years where he was responsible for building their high yield bond business. Prior to joining Strong, he was employed by Fossett Corporation as a market maker clerk.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
1.44 | 17.42 | 7.95 | 6.25 |