With-Profits Investment information

All-In-1 Investment Bond and Guaranteed Capital Bond investment information

Report overview

Before we get started...

  • This information does not constitute investment advice and we recommend that you speak to a suitably qualified financial adviser before making any investment decision based upon this, or any other information.
  • The information below gives an overview of the performance of your bond for the period 1 January 2023 to 31 December 2023.
  • This includes sustainability information in accordance with the Task Force on Climate-related Financial Disclosure (TCFD) product reporting requirements. 

2023 performance review

2023 was a welcome relief for investors in comparison to 2022 as most asset classes posted positive returns. Global equities and bonds performed strongly, returning 22.2% and 5.7% over 2023, respectively.

In Q4 of 2023, markets rallied strongly, with inflation falling by more than estimated by the market (US inflation fell to 3.1% in Q4 2023). This signalled the end of the current interest rate hiking cycle and increased the likelihood of rate cuts in 2024. This was the catalyst for a rally in both equities and bonds.

The main performance drivers included:

  • Our bias to “Growth” and “Quality” styles was very positive over 2023; “Growth” stocks (like those in the technology sector) outperformed “Value” stocks (such as oil companies and banks) over the year, returning 32.1% and 8.8% respectively. 
  • A global diversified investment strategy proved beneficial, as global equities returned 22.2% over the year compared to 7.9% for UK equity. 
  • The US Equity market had outstanding performance over the year, registering a 26.3% return. Significant rises in the price of the “Magnificent Seven” technology stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla) accounting for most stock-market gains.
  • Japan’s export-heavy equity market was strong, registering 25.9% gains over the year, supported by a weaker Yen as the Bank of Japan largely maintained its ultra-loose monetary policy stance, and improved governance incentivised companies to spend their balance sheet liquidity.
  • European equities performed well in Q1 2023 due to falling wholesale gas prices and the reopening of China which is one of Europe’s main export markets. This fell away in Q3 in line with most other equity markets, and rebounded in Q4, with strong performance in November and December, with 1 year performance at 18.5%.
  • Bond market performance was mixed. The “higher for longer” interest rate narrative was a headwind for much of 2023. Towards the end of 2023, markets changed tone somewhat, anticipating that the end of the rate hike cycle had been reached. This was a positive driver for bond markets, helping to retrace some of the losses made earlier in 2023.

Unit price and performance of each fund option available

Your individual statement will show you the number of units, the unit price, the value of your bond and the fund option in which you are invested at your bond’s last anniversary. Find the current unit price of your bond. This information should be read alongside your Policy Conditions and Key Features document. You need to be aware that in each fund option your investment can go down as well as up. The higher the amount invested in equities, the more frequently this will happen and the more significant the changes in value are likely to be.

Cautious fund

This fund option is designed to provide modest growth with a lower chance of losing money than the Balanced and Growth fund options. It invests mostly in fixed interest investments (such as government bonds and corporate bonds) with the balance in other investments such as equities(known as shares), property and some cash. This is the lowest risk fund option under this bond and therefore offers the lowest growth potential.

Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 188.4p -0.7%  
              88.4%
31 December 2022 189.7p -14.4%
31 December 2021 221.7p -1.5%
31 December 2020 225.1p  4.0%
31 December 2019 216.5p  8.1%
31 December 2018 200.3p 1.9%
Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 188.4p -0.7%  
              88.4%
31 December 2022 189.7p -14.4%
31 December 2021 221.7p -1.5%
31 December 2020 225.1p  4.0%
31 December 2019 216.5p  8.1%
31 December 2018 200.3p 1.9%

Balanced fund

This fund option is designed to provide the potential for modest growth without exposure to undue risk. It mainly invests in broadly equal amounts of equities (known as shares) and fixed interest investments (such as government bonds and corporate bonds) and also other investments such as property and cash. This is the middle risk fund option and is higher risk than the Cautious fund option and lower risk than the Growth fund option.

Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 244.5p 2.4% 144.5%
31 December 2022 238.7p -9.6%
31 December 2021 264.0p 4.3%
31 December 2020 253.1p  -1.9%
31 December 2019 257.9p  2.1%
31 December 2018 252.5p 3.9%
Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 244.5p 2.4% 144.5%
31 December 2022 238.7p -9.6%
31 December 2021 264.0p 4.3%
31 December 2020 253.1p  -1.9%
31 December 2019 257.9p  2.1%
31 December 2018 252.5p 3.9%

Growth fund

This fund option is designed to provide the potential for the highest level of capital growth of the three fund options but with an increased risk to capital. This fund option invests mostly in equities (known as shares) with the balance mainly invested in fixed interest investments (such as government bonds and corporate bonds). There are also other investments such as property and cash. This is the highest risk fund option and offers the highest growth potential.

Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 323.7p 3.3% 223.7%
31 December 2022 313.5p -8.3%
31 December 2021 341.9p 16.0%
31 December 2020 294.7p  4.6%
31 December 2019 281.7p  4.8%
31 December 2018 268.7p 3.7%
Unit Price Date Unit Price*  Growth (%) for the 12 months to the date shown  Total percentage growth from 4 November 2005 (launch) to 31 December 2023
31 December 2023 323.7p 3.3% 223.7%
31 December 2022 313.5p -8.3%
31 December 2021 341.9p 16.0%
31 December 2020 294.7p  4.6%
31 December 2019 281.7p  4.8%
31 December 2018 268.7p 3.7%

Asset management

During the first half of 2024 the primary asset manager for the funds is changing from Columbia Threadneedle Investments to BlackRock. The primary asset manager is responsible for the day-to-day management of the assets in the fund, operating in accordance with our investment strategy. 

Engagement Policy

Engagement Policy

LV= has developed an Engagement Policy that demonstrates compliance with the Shareholder Rights Directive II (“SRD”). The purpose of an Engagement Policy is to encourage a responsible investing focus considering both environmental and social issues and to promote transparency. Our asset manager, BlackRock, is fully compliant with the SRD and their Engagement Policy is found on their website.

Read our Engagement Policy

TCFD product reports

Our product reports provide information in accordance with the requirements of the Task Force on Climate-related Financial Disclosures (TCFD)

  • Sustainability is an integral part of the way we do business. Our TCFD product report aims to give our members, customers, advisers and other stakeholders a greater understanding of the greenhouse gas emissions associated with our investment funds and the potential climate related risk factors.
  • Further information on our approach and what we are doing at LV= to tackle environmental, social and governance issues can be found in our Sustainability Report.
  • Please follow the link below to access the information on your fund. 

LV= All-In-1 Bond and Guaranteed Capital Bond Balanced Fund TCFD Product Report 2023

LV= All-In-1 Bond and Guaranteed Capital Bond Cautious Fund TCFD Product Report 2023

LV= All-In-1 Bond and Guaranteed Capital Bond Growth Fund TCFD Product Report 2023