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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

Assets 2022 2021 2020  2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Equities 52% 53% 52% 52% 51%  50% 50% 48%  50%  51%  49%  49%  56%  59%  56%  60%  62%  65%  62%  62% 
Property 6% 7% 7% 7% 8%  9% 9% 11% 9% 8% 8%  8%  13%  15%  16%  15%  15%  15%  15% 15% 
Fixed Interest 40% 39% 40% 40% 38%  37% 37%  38%  40%  39%  41%  40%  30%  22%  25%  20%  18%  17%  18%  20% 
Cash/Other 2% 1% 1% 1% 4%  4% 4%  3%  1%  2%  2%  3%  1%  4%  3%  5%  5%  3%  5%  3% 
Assets 2022 2021 2020  2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Equities 52% 53% 52% 52% 51%  50% 50% 48%  50%  51%  49%  49%  56%  59%  56%  60%  62%  65%  62%  62% 
Property 6% 7% 7% 7% 8%  9% 9% 11% 9% 8% 8%  8%  13%  15%  16%  15%  15%  15%  15% 15% 
Fixed Interest 40% 39% 40% 40% 38%  37% 37%  38%  40%  39%  41%  40%  30%  22%  25%  20%  18%  17%  18%  20% 
Cash/Other 2% 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 30 June 2023, in the main With-Profits Fund

Assets %
UK Equities
6.9%
UK Sustainable Equities
2.9%
Global Sustainable Equities
2.9%
US Equities
6.9%
European Equities
6.5%
Japanese Equities
5.6%
Asia Pacific Equities
5.9%
Emerging Market Equities
5.7%
UK Gilts
7.7%
US Treasuries
7.2%
Corporate Bonds (Investment Grade) 
10.6%
Overseas Corporate Bonds  
10.9%
High Yield Corporate Bonds
4.8%
Property
6.5%
Alternative Assets
0.6%
Dynamic Real Return 6.9%
Cash/Other
1.5%

 

Assets %
UK Equities
6.9%
UK Sustainable Equities
2.9%
Global Sustainable Equities
2.9%
US Equities
6.9%
European Equities
6.5%
Japanese Equities
5.6%
Asia Pacific Equities
5.9%
Emerging Market Equities
5.7%
UK Gilts
7.7%
US Treasuries
7.2%
Corporate Bonds (Investment Grade) 
10.6%
Overseas Corporate Bonds  
10.9%
High Yield Corporate Bonds
4.8%
Property
6.5%
Alternative Assets
0.6%
Dynamic Real Return 6.9%
Cash/Other
1.5%

 

View table for the target asset mix for each asset type.

The spread of investments for the LV= With Profits Income Bond as at 30 June 2023

Assets %
UK Equities
7.0%
UK Sustainable Equities 2.5%
Global Sustainable Equities 2.5%
US Equities 7.0%
European Equities 7.0%
Japanese Equities 5.0%
Asia Pacific Equities 6.0%
Emerging Market Equities 6.0%
UK Gilts 8.0%
US Treasuries 8.0%
Corporate Bonds (Investment Grade) 10.0%
Overseas Corporate Bonds 10.0%
High Yield Corporate Bonds 6.5%
Property 5.0%
Dynamic Real Return 7.5%
Cash/Other 2.0%
Assets %
UK Equities
7.0%
UK Sustainable Equities 2.5%
Global Sustainable Equities 2.5%
US Equities 7.0%
European Equities 7.0%
Japanese Equities 5.0%
Asia Pacific Equities 6.0%
Emerging Market Equities 6.0%
UK Gilts 8.0%
US Treasuries 8.0%
Corporate Bonds (Investment Grade) 10.0%
Overseas Corporate Bonds 10.0%
High Yield Corporate Bonds 6.5%
Property 5.0%
Dynamic Real Return 7.5%
Cash/Other 2.0%

The spread of investments for the LV= Flexible Guarantee Funds as at 30 June 2023

Assets Cautious  Balanced  Growth 
UK Equities
4.2% 7.2% 10.2%
UK Sustainable Equities 1.6% 2.5% 3.1%
Global Sustainable Equities 1.6% 2.5%  3.1% 
European Equities 3.8% 6.8%  8.9% 
US Equities 4.0% 7.2%  10.2% 
Japanese Equities 3.2% 5.3%  3.8% 
Asia Pacific Equities 4.0% 6.1%  7.6% 
Emerging Market Equities 3.9% 5.9%  7.4% 
Property 4.1% 4.5%  6.0% 
UK Gilts 10.7% 8.5%  5.5% 
UK Corporate Bonds 16.0% 10.3%  7.9% 
Dynamic Real Return 7.2% 7.2%  7.1% 
High Yield Corporate Bonds 7.5% 6.5%  4.0% 
US Treasuries 10.2%  8.3% 5.5% 
Overseas Corporate Bonds 16.3% 10.3%  8.2% 
Cash/Other 1.7% 0.9%  1.5% 
Assets Cautious  Balanced  Growth 
UK Equities
4.2% 7.2% 10.2%
UK Sustainable Equities 1.6% 2.5% 3.1%
Global Sustainable Equities 1.6% 2.5%  3.1% 
European Equities 3.8% 6.8%  8.9% 
US Equities 4.0% 7.2%  10.2% 
Japanese Equities 3.2% 5.3%  3.8% 
Asia Pacific Equities 4.0% 6.1%  7.6% 
Emerging Market Equities 3.9% 5.9%  7.4% 
Property 4.1% 4.5%  6.0% 
UK Gilts 10.7% 8.5%  5.5% 
UK Corporate Bonds 16.0% 10.3%  7.9% 
Dynamic Real Return 7.2% 7.2%  7.1% 
High Yield Corporate Bonds 7.5% 6.5%  4.0% 
US Treasuries 10.2%  8.3% 5.5% 
Overseas Corporate Bonds 16.3% 10.3%  8.2% 
Cash/Other 1.7% 0.9%  1.5% 
View the target asset mix for each asset type in the three fund options.

Benchmark asset allocations for the LV= All-In-1 Investment Bond as at 30 June 2023

Actual allocations will differ within a range permitted by our investment mandates

Assets Cautious Balanced Growth
UK Equities 1.5% 7.0% 10.0%
UK Sustainable Equities 1.0% 2.5% 3.0%
Global Sustainable Equities 1.0% 2.5% 3.0%
US Equities 2.0% 7.0%  10.0% 
European Equities 3.0% 7.0% 9.0%
Japanese Equities 2.5% 5.0% 3.5%
Asia Pacific Equities 0.0% 6.0% 7.5%
Emerging Market Equities 0.0% 6.0% 7.5%
UK Gilts 13.0% 8.0% 5.0%
US Treasuries 13.0% 8.0%  5.0% 
Corporate Bonds (Investment Grade)  18.0% 10.0% 8,0%
Overseas Corporate Bonds 18.0% 10.0%  8.0% 
High Yield Corporate Bonds 5.0% 6.5%  4.0% 
Property 7.0% 5.0%  7.0% 
Dynamic Real Return 10.0% 7.5%  7.5% 
Cash/Other 5.0% 2.0%  2.0% 
Assets Cautious Balanced Growth
UK Equities 1.5% 7.0% 10.0%
UK Sustainable Equities 1.0% 2.5% 3.0%
Global Sustainable Equities 1.0% 2.5% 3.0%
US Equities 2.0% 7.0%  10.0% 
European Equities 3.0% 7.0% 9.0%
Japanese Equities 2.5% 5.0% 3.5%
Asia Pacific Equities 0.0% 6.0% 7.5%
Emerging Market Equities 0.0% 6.0% 7.5%
UK Gilts 13.0% 8.0% 5.0%
US Treasuries 13.0% 8.0%  5.0% 
Corporate Bonds (Investment Grade)  18.0% 10.0% 8,0%
Overseas Corporate Bonds 18.0% 10.0%  8.0% 
High Yield Corporate Bonds 5.0% 6.5%  4.0% 
Property 7.0% 5.0%  7.0% 
Dynamic Real Return 10.0% 7.5%  7.5% 
Cash/Other 5.0% 2.0%  2.0% 

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 Impact Growth
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 Impact Growth
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%