ASSET ALLOCATION - WITH-PROFITS FUND
Asset allocation (spread of investment)
The spread of investments in the main Liverpool Victoria Financial Services Limited With-Profits Fund
We want to make it transparent to our policyholders about where their money is being invested. This page looks at the spread of investment and the breakdown of the share of our With-Profits Fund. It also shows the target asset mix and the permitted range for each asset type. The table below shows a summary of the spread of investments as at the end of each year.
| Assets | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equities | 46% | 47% | 47% | 51% | 51% | 53% | 52% | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
| Property | 7% | 7% | 7% | 6% | 7% | 7% | 7% | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
| Fixed Interest | 43% | 43% | 45% | 41% | 41% | 39% | 40% | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
| Cash/Other | 4% | 3% | 1% | 2% | 1% | 1% | 1% | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
| Assets | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equities | 46% | 47% | 47% | 51% | 51% | 53% | 52% | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
| Property | 7% | 7% | 7% | 6% | 7% | 7% | 7% | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
| Fixed Interest | 43% | 43% | 45% | 41% | 41% | 39% | 40% | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
| Cash/Other | 4% | 3% | 1% | 2% | 1% | 1% | 1% | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
The spread of investments as at 31 March 2026, in the main With-Profits Fund
| Assets | % |
|---|---|
| UK Equities |
5.1% |
| US Equities |
18.3% |
| European Equities |
9.2% |
| Japanese Equities |
3.5% |
| Asia Pacific Equities |
2.9% |
| Emerging Market Equities |
6.9% |
| UK Gilts |
13.1% |
| US Government Bonds |
14.9% |
| Corporate Bonds (Investment Grade) |
1.9% |
| Overseas Corporate Bonds |
7.7% |
| Corporate Bonds (High Yield) |
4.7% |
| Emerging Market Debt |
1.0% |
| Cash/Other | 3.7% |
| Property |
7.2% |
| Assets | % |
|---|---|
| UK Equities |
5.1% |
| US Equities |
18.3% |
| European Equities |
9.2% |
| Japanese Equities |
3.5% |
| Asia Pacific Equities |
2.9% |
| Emerging Market Equities |
6.9% |
| UK Gilts |
13.1% |
| US Government Bonds |
14.9% |
| Corporate Bonds (Investment Grade) |
1.9% |
| Overseas Corporate Bonds |
7.7% |
| Corporate Bonds (High Yield) |
4.7% |
| Emerging Market Debt |
1.0% |
| Cash/Other | 3.7% |
| Property |
7.2% |
View table for the target asset mix for each asset type.
| Assets | Benchmark |
|---|---|
| UK Equities | 5.0% |
| US Equities | 16.0% |
| European Equities | 10.0% |
| Japanese Equities | 3.5% |
| Asia Pacific Equities | 3.0% |
| Emerging Market Equities | 5.6% |
| UK Gilts | 13.0% |
| US Government Bonds | 15.0% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 10.5% |
| Corporate Bonds (High Yield) | 6.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 2.0% |
| Property | 7.4% |
The spread of investments for the LV= With Profits Income Bond as at 31 March 2026
| Assets | % |
|---|---|
| UK Equities |
5.5% |
| US Equities | 16.5% |
| European Equities | 10.0% |
| Japanese Equities | 3.5% |
| Asia Pacific Equities | 3.0% |
| Emerging Market Equities | 6.0% |
| UK Gilts | 13.5% |
| US Government Bonds | 15.0% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 11.0% |
| Corporate Bonds (High Yield) | 6.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 2.0% |
| Property | 5.0% |
| Assets | % |
|---|---|
| UK Equities |
5.5% |
| US Equities | 16.5% |
| European Equities | 10.0% |
| Japanese Equities | 3.5% |
| Asia Pacific Equities | 3.0% |
| Emerging Market Equities | 6.0% |
| UK Gilts | 13.5% |
| US Government Bonds | 15.0% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 11.0% |
| Corporate Bonds (High Yield) | 6.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 2.0% |
| Property | 5.0% |
The spread of investments for the LV= Flexible Guarantee Funds as at 31 March 2026
| Assets | Cautious | Balanced | Growth |
|---|---|---|---|
| UK Equities | 3.1% | 5.6% | 7.6% |
| US Equities | 8.8% | 18.8% | 26.1% |
| European Equities | 6.6% | 9.1% | 10.5% |
| Japanese Equities | 2.4% | 3.5% | 3.4% |
| Asia Pacific Equities | 1.5% | 3.0% | 3.4% |
| Emerging Market Equities | 4.9% | 7.3% | 7.8% |
| UK Gilts | 13.8% | 13.5% | 9.9% |
| US Government Bonds | 22.2% | 14.8% | 10.2% |
| Corporate Bonds (Investment Grade) | 2.5% | 1.9% | 1.5% |
| Overseas Corporate Bonds | 14.9% | 8.2% | 4.7% |
| Corporate Bonds (High Yield) | 6.5% | 4.5% | 2.2% |
| Emerging Market Debt | 1.0% | 1.0% | 1.5% |
| Cash/Other | 6.5% | 3.5% | 4.0% |
| Property | 5.4% | 5.3% | 7.3% |
| Assets | Cautious | Balanced | Growth |
|---|---|---|---|
| UK Equities | 3.1% | 5.6% | 7.6% |
| US Equities | 8.8% | 18.8% | 26.1% |
| European Equities | 6.6% | 9.1% | 10.5% |
| Japanese Equities | 2.4% | 3.5% | 3.4% |
| Asia Pacific Equities | 1.5% | 3.0% | 3.4% |
| Emerging Market Equities | 4.9% | 7.3% | 7.8% |
| UK Gilts | 13.8% | 13.5% | 9.9% |
| US Government Bonds | 22.2% | 14.8% | 10.2% |
| Corporate Bonds (Investment Grade) | 2.5% | 1.9% | 1.5% |
| Overseas Corporate Bonds | 14.9% | 8.2% | 4.7% |
| Corporate Bonds (High Yield) | 6.5% | 4.5% | 2.2% |
| Emerging Market Debt | 1.0% | 1.0% | 1.5% |
| Cash/Other | 6.5% | 3.5% | 4.0% |
| Property | 5.4% | 5.3% | 7.3% |
View the target asset mix for each asset type in the three fund options.
Balanced Fund
| Assets | Benchmark |
|---|---|
| UK Equities |
5.5% |
| US Equities | 16.5% |
| European Equities | 10.0% |
| Japan Equities | 3.5% |
| Asia Pacific Equities | 3.0% |
| Emerging Markets Equities | 6.0% |
| UK Gilts | 13.5% |
| US Government Bonds | 15.0% |
| Corporate Bonds (Investment Grade) | 2.0% |
| Overseas Corporate Bonds | 11.0% |
| Corporate Bonds (High Yield) | 6.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 2.0% |
| Property | 5.0% |
| Total Equities and Property | 49.5% |
Cautious Fund
| Assets | Benchmark |
|---|---|
| UK Equities |
3.0% |
| US Equities | 6.5% |
| European Equities |
7.5% |
| Japanese Equities | 2.5% |
| Asia Pacific Equities | 1.5% |
| Emerging Market Equities | 3.5% |
| UK Gilts | 14.0% |
| US Government Bond | 22.5% |
| Corporate Bonds (Investment Grade) | 2.5% |
| Overseas Corporate Bonds | 18.0% |
| Corporate Bonds (High Yield) | 8.0% |
| Emerging Market Debt | 1.0% |
| Cash/Other | 4.5% |
| Property | 5.0% |
| Total Equities and Property | 29.5% |
Growth Fund
| Assets | Benchmark |
|---|---|
| UK Equities |
7.5% |
| US Equities | 24.0% |
| European Equities | 11.5% |
| Japan Equities | 3.5% |
| Asia Pacific Equities | 3.5% |
| Emerging Markets Equities | 6.5% |
| UK Gilts | 10.0% |
| US Government Bonds | 10.5% |
| Corporate Bonds (Investment Grade) | 1.5% |
| Overseas Corporate Bonds | 7.5% |
| Corporate Bonds (High Yield) | 3.5% |
| Emerging Market Debt | 1.5% |
| Cash/Other | 2.0% |
| Property | 7.0% |
| Total Equities and Property | 63.5% |
Benchmark asset allocations for the LV= All-In-1 Investment Bond and Guaranteed Capital Bond as at 31 March 2026
Actual allocations will differ within a range permitted by our investment mandates.
| Assets | Cautious | Balanced | Growth |
|---|---|---|---|
| UK Equities | 2.0% | 5.5% | 7.5% |
| US Equities | 3.5% | 16.5% | 24.0% |
| European Equities | 6.0% | 10.0% | 11.5% |
| Japanese Equities | 2.0% | 3.5% | 3.5% |
| Asia Pacific Equities | 1.0% | 3.0% | 3.5% |
| Emerging Market Equities | 3.0% | 6.0% | 6.5% |
| UK Gilts | 14.0% | 13.5% | 10.0% |
| US Government Bonds | 23.5% | 15.0% | 10.5% |
| Corporate Bonds (Investment Grade) | 3.0% | 2.0% | 1.5% |
| Overseas Corporate Bonds | 21.0% | 11.0% | 7.5% |
| Corporate Bonds (High Yield) | 8.5% | 6.0% | 3.5% |
| Emerging Market Debt | 1.0% | 1.0% | 1.5% |
| Cash/Other | 4.5% | 2.0% | 2.0% |
| Property | 7.0% | 5.0% | 7.0% |
| Assets | Cautious | Balanced | Growth |
|---|---|---|---|
| UK Equities | 2.0% | 5.5% | 7.5% |
| US Equities | 3.5% | 16.5% | 24.0% |
| European Equities | 6.0% | 10.0% | 11.5% |
| Japanese Equities | 2.0% | 3.5% | 3.5% |
| Asia Pacific Equities | 1.0% | 3.0% | 3.5% |
| Emerging Market Equities | 3.0% | 6.0% | 6.5% |
| UK Gilts | 14.0% | 13.5% | 10.0% |
| US Government Bonds | 23.5% | 15.0% | 10.5% |
| Corporate Bonds (Investment Grade) | 3.0% | 2.0% | 1.5% |
| Overseas Corporate Bonds | 21.0% | 11.0% | 7.5% |
| Corporate Bonds (High Yield) | 8.5% | 6.0% | 3.5% |
| Emerging Market Debt | 1.0% | 1.0% | 1.5% |
| Cash/Other | 4.5% | 2.0% | 2.0% |
| Property | 7.0% | 5.0% | 7.0% |
Benchmark asset allocations for the LV= Smoothed Bond, LV= Smoothed Pension, LV= Trustee Investment Plan and LV= ISA
Actual allocations will differ within a range permitted by our investment mandates.
| Assets | Extra Cautious | Cautious | Balanced | Growth | Growth Plus |
|---|---|---|---|---|---|
| UK Gilts | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
| US Treasuries | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
| UK Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
| DM Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
| High Yield Bonds | 5.0% | 7.5% | 6.5% | 4.0% | 7.0% |
| UK Equities | 1.5% | 4.0% | 7.0% | 10.0% | - |
| US Equities | 2.0% | 4.0% | 7.0% | 10.0% | - |
| European Equities | 3.0% | 4.0% | 7.0% | 9.0% | - |
| Japanese Equities | 2.5% | 3.0% | 5.0% | 3.5% | - |
| APAC ex Japan Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
| EM Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
| UK Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
| Global Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
| Global Equity ESG fund | - | - | - | - | 25.0% |
| Cash | 5.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| Dynamic Real Return | 10.0% | 7.5% | 7.5% | 7.5% | - |
| Property | 7.0% | 5.0% | 5.0% | 7.0% | 5.0% |
| Total Equities and Property | 23.0% | 34.8% | 51.8% | 64.3% | 70.0% |
| Assets | Extra Cautious | Cautious | Balanced | Growth | Growth Plus |
|---|---|---|---|---|---|
| UK Gilts | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
| US Treasuries | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
| UK Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
| DM Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
| High Yield Bonds | 5.0% | 7.5% | 6.5% | 4.0% | 7.0% |
| UK Equities | 1.5% | 4.0% | 7.0% | 10.0% | - |
| US Equities | 2.0% | 4.0% | 7.0% | 10.0% | - |
| European Equities | 3.0% | 4.0% | 7.0% | 9.0% | - |
| Japanese Equities | 2.5% | 3.0% | 5.0% | 3.5% | - |
| APAC ex Japan Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
| EM Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
| UK Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
| Global Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
| Global Equity ESG fund | - | - | - | - | 25.0% |
| Cash | 5.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| Dynamic Real Return | 10.0% | 7.5% | 7.5% | 7.5% | - |
| Property | 7.0% | 5.0% | 5.0% | 7.0% | 5.0% |
| Total Equities and Property | 23.0% | 34.8% | 51.8% | 64.3% | 70.0% |
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