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.
| Assets | Benchmark |
|---|---|
| UK Equities |
6.80% |
| UK Sustainable Equities | 2.90% |
| Global Sustainable Equities | 2.90% |
| US Equities | 6.80% |
| European Equities |
6.80% |
| Japanese Equities |
5.30% |
| Asia Pacific Equities |
5.80% |
| Emerging Market Equities |
5.80% |
| UK Gilts |
6.80% |
| US Treasuries | 6.80% |
| Corporate Bonds (Investment Grade) |
10.60% |
| Overseas Corporate Bonds |
10.60% |
| High Yield Corporate Bonds |
4.80% |
| Property |
7.40% |
| Alternative Assets |
0.00% |
| Dynamic Real Return | 7.20% |
| Cash/Other |
2.90% |
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.
Balanced Fund
| Assets | Benchmark |
|---|---|
| UK Equities | 7.00% |
| UK Sustainable Equities | 2.50% |
| Global Sustainable Equities | 2.50% |
| European Equities | 7.00% |
| US Equities | 7.00% |
| Japan Equities | 5.00% |
| Asia Pacific Equities | 6.00% |
| Emerging Markets Equities | 6.00% |
| Property | 5.00% |
| UK Gilts | 8.00% |
| UK Corporate Bonds | 10.00% |
| Dynamic Real Return | 7.50% |
| High Yield Corporate Bonds | 6.50% |
| US Treasuries | 8.00% |
| Overseas Corporate Bonds | 10.00% |
| Cash/Other | 2.00% |
| Where | |
| Total Equities and Property | 48.00% |
Cautious Fund
| Assets | Benchmark |
|---|---|
| UK Equities |
4.00% |
| UK Sustainable Equities | 1.50% |
| Global Sustainable Equities |
1.50% |
| European Equities | 4.00% |
| US Equities | 4.00% |
| Japan Equities | 3.00% |
| Asia Pacific Equities | 4.00% |
| Emerging Markets Equities | 4.00% |
| Property | 5.00% |
| UK Gilts | 10.00% |
| UK Corporate Bonds | 16.00% |
| Dynamic Real Return | 7.50% |
| High Yield Corporate Bonds | 7.50% |
| US Treasuries | 10.00% |
| Overseas Corporate Bonds | 16.00% |
| Cash/Other | 2.00% |
| Where | |
| Total Equities and Property | 31.00% |
Growth Fund
| Assets | Benchmark |
|---|---|
| UK Equities |
10.00% |
| UK Sustainable Equities | 3.00% |
| Global Sustainable Equities | 3.00% |
| European Equities | 9.00% |
| US Equities | 10.00% |
| Japan Equities | 3.50% |
| Asia Pacific Equities | 7.50% |
| Emerging Markets Equities | 7.50% |
| Property | 7.00% |
| UK Gilts | 5.00% |
| UK Corporate Bonds | 8.00% |
| Dynamic Real Return | 7.50% |
| High Yield Corporate Bonds | 4.00% |
| US Treasuries | 5.00% |
| Overseas Corporate Bonds | 8.00% |
| Cash/Other | 2.00% |
| Where | |
| Total Equities and Property | 60.50% |
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% |