L&G Global Unconstrained Bond Fund
SICAV (UCITS compliant)
L&G Global Unconstrained Bond Fund
D-Class EUR (Hedged) Accumulation
ISINLU3343284223
ISINLU3343284223
Please note: The L&G Absolute Return Bond Fund changed name to the L&G Global Unconstrained Bond Fund on 21 May 2025.
Fund aim
The objective of the Fund is to provide a combination of growth and income above those of the ICE BofA GBP 3 Month Constant Maturity Total Return Index, the "Benchmark Index". The Fund is actively managed and aims to outperform the Benchmark Index by 1.5% per annum. This objective is before the deduction of any charges and measured over rolling three year periods.
The Fund aims to generate positive returns in all market conditions. There can be no assurance that the Fund will achieve its investment objective.
The Fund aims to deliver this objective while decarbonising the portfolio over time, targeting a 50% reduction in weighted average carbon intensity by 2030, compared to a December 2019 baseline level.
Fund snapshot
- What does it invest in? Invests predominantly in fixed income securities, including bonds and other debt instruments, issued in in a variety of currencies by companies and governments worldwide.
- How does it invest? Actively managed, investing primarily in debt with an investment grade (lower risk) credit rating. May also invest in debt with a sub-investment grade (higher risk) credit rating or unrated bonds. Will use derivatives extensively for investment purposes or for efficient portfolio management.
- Does it promote sustainability characteristics? The Fund promotes a range of environmental and social characteristics. Further information on how such characteristics are met by the Fund can be found in the Supplement.
Fund facts
| Fund size | |
| Base currency | GBP |
| Fund launch date | 13 Dec 2013 |
| Share class launch | 8 May 2026 |
| Domicile | Luxembourg |
| Modified duration | 0.98 years |
| Yield to worst | 6.33% |
| Yield to maturity* | 6.61% |
Benchmark
ICE BofA GBP 3-Month Constant Maturity Total Return Index
Performance
Performance scenarios
Portfolio breakdown
As at 30 Sep 2026
| Top 10 issuers | 17.8% |
|---|---|
| Rest of portfolio | 82.2% |
| No. of issuers | 728 |
|---|
Top 10 issuers (%)
| United Kingdom | 3.8 |
| Lloyds Banking Group | 2.5 |
| United States of America | 1.9 |
| Credit Agricole Group | 1.5 |
| Stellantis | 1.5 |
| Bank of America | 1.4 |
| Massachusetts Mutual Life Insurance Co | 1.4 |
| Space Exploration Technologies | 1.4 |
| Anglian Water Group | 1.2 |
| Oracle | 1.1 |
Sector (%)
Banks | 26.5 |
ABS | 15.2 |
Financial Services | 7.8 |
Real Estate | 7.7 |
Insurance | 7.0 |
Sovereign | 6.4 |
Utilities | 6.1 |
Telecommunications | 3.6 |
Consumer Services | 3.2 |
Consumer Goods | 3.1 |
Oil & Gas | 2.6 |
Covered | 2.6 |
Technology | 2.2 |
Cash and Equivalents | 2.1 |
Other | 3.8 |
| Top 10 issuers | 17.8% |
|---|---|
| Rest of portfolio | 82.2% |
| No. of issuers | 728 |
|---|
Top 10 issuers (%)
| United Kingdom | 3.8 |
| Lloyds Banking Group | 2.5 |
| United States of America | 1.9 |
| Credit Agricole Group | 1.5 |
| Stellantis | 1.5 |
| Bank of America | 1.4 |
| Massachusetts Mutual Life Insurance Co | 1.4 |
| Space Exploration Technologies | 1.4 |
| Anglian Water Group | 1.2 |
| Oracle | 1.1 |
Sector (%)
Banks | 26.5 |
ABS | 15.2 |
Financial Services | 7.8 |
Real Estate | 7.7 |
Insurance | 7.0 |
Sovereign | 6.4 |
Utilities | 6.1 |
Telecommunications | 3.6 |
Consumer Services | 3.2 |
Consumer Goods | 3.1 |
Oil & Gas | 2.6 |
Covered | 2.6 |
Technology | 2.2 |
Cash and Equivalents | 2.1 |
Other | 3.8 |
Credit rating (%)
| AAA | 8.2 | |
| AA | 12.9 | |
| A | 21.6 | |
| BBB | 44.4 | |
| BB | 7.6 | |
| B | 1.9 | |
| CCC | 0.3 | |
| NR | 1.1 | |
| Cash | 2.1 | |
| Other | 0 |
Currency (%)
USD | 50.8 |
GBP | 28.9 |
EUR | 21.0 |
Other | 0.0 |
Country (%)
United States | 40.9 |
United Kingdom | 17.1 |
France | 6.4 |
Australia | 3.7 |
Germany | 3.2 |
Cayman Islands | 2.7 |
Italy | 2.5 |
Ireland | 2.4 |
Canada | 2.3 |
Other | 18.8 |
All data source LGIM unless otherwise stated. Totals may not sum due to rounding.
Fund managers
Matthew Rees
Matthew is Head of Global Unconstrained Fixed Income at L&G, having lead the Global Bond Strategies team since 2019. Prior to this he was co-head of the Euro credit portfolio management team, and joined L&G in 2009. Before L&G, Matthew was a Partner at Banquo Credit Management (a multibillion euro absolute return investment manager) and has worked at UBS, Merrill Lynch and the rating agency Fitch IBCA. Matthew qualified as a chartered accountant with Coopers & Lybrand in 1996 and holds a BA (hons) in English from the University of York.
Enda Mulry
Enda joined L&G’s Global Bond Strategies team in 2014 as a credit portfolio manager where he now manages unconstrained portfolios. Enda joined L&G in 2008 as a trader within L&G’s Global Trading team. Prior to this Enda worked for four years as an ABS credit analyst and money market trader for DZ Bank in Dublin. Enda is a CFA charterhold and holds an MSc in Materials Science, Bachelor of Engineering and BA in Maths from Trinity College, Dublin.
SFDR categorisation
Article 8
Environmental characteristics
Social characteristics
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the Fund.
Whilst environmental and social characteristics are promoted through the application of the sustainability-related investment strategy, investors are reminded that these environmental and social characteristics are not sustainable investment objectives.
Environmental characteristicsSocial characteristics
No reference benchmark has been designated for the purpose of attaining the environmental or social characteristics promoted by the Fund.
Whilst environmental and social characteristics are promoted through the application of the sustainability-related investment strategy, investors are reminded that these environmental and social characteristics are not sustainable investment objectives.
The Fund seeks to implement LGIM’s Responsible Investment Framework which aims to provide a consistent and systematic approach to exclusions, refined criteria and thresholds for setting environmental and social characteristics with a defined terminology and approach to support the implementation of such characteristics across the financial products managed by LGIM.
The Responsible Investment Framework sets out the various types of investment strategies that LGIM’s financial products can follow and the responsible investing methodologies that explain how such investment strategies are defined and implemented.
The Fund follows the following sustainability-related investment strategy:
Carbon Emissions Intensity Target
L&G’s Future World Protection List
L&G’s Climate Impact Pledge
ESG Factor EvaluationTaxonomy
Sustainable InvestmentsPrincipal Adverse ImpactsLiterature
Document type
Prices
Pricing information
| Price basis | Single swing |
| Price time | 16:00 CET |
| Currency | EUR |
Codes and dealing
Codes
| ISIN | LU3343284223 |
| SEDOL | BSHSJH2 |
| Bloomberg | LGLPGDE LX |
| MEX | 8HAATQ |
Dealing information
| Valuation frequency | Daily, 16:00 CET |
| Dealing frequency | Each Business Day |
| Settlement period | T+3 |
| Administrator/Custodian | Northern Trust |
Country registration
This share class is registered for sale in the following countries:
* The Fund is on the list of restricted collective investment schemes, but is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the Shares cannot be offered or marketed to retail clients.
