Morningstar Fund Report  | 23/04/2025Print

Royal London UK Equity Income Fund Z GBP Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Royal London UK Equity Income Fund Z GBP Acc
Fund21.32.310.47.42.4
+/-Cat3.55.83.6-0.71.5
+/-B’mrk--2.7-2.4-2.8
 
Category: UK Equity Income
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
23/04/2025		 GBP 1.37
Day Change 2.01%
Morningstar Category™ UK Equity Income
IA (formerly IMA) Sector UK Equity Income
ISIN GB00BJ9MHJ70
Fund Size (Mil)
31/03/2025		 GBP 1096.36
Share Class Size (Mil)
31/03/2025		 GBP 0.49
Max Initial Charge -
Ongoing Charge
17/02/2025		  0.64%
Morningstar Research
Analyst Report28/02/2025
Morningstar Manager Research,
Morningstar, Inc

The retirement of Martin Cholwill in 2021 dealt a blow to Royal London UK Equity Income and conviction is yet to be fully re-established. His successor Richard Marwood is a talented investor in his own right and had a few years of overlap on this...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent23
Process23
Performance
Price
Investment Objective: Royal London UK Equity Income Fund Z GBP Acc
The Fund's investment objective is to achieve a total return over the medium term, which should be considered as a period of 3-5 years, by predominantly investing in the shares of UK companies listed on the London Stock Exchange. At least 50% of the Fund will be invested in the shares of UK companies, which are those domiciled in the UK, or which have significant UK business operations. Up to 30% of the Fund's assets may be invested in the shares of companies that are not UK companies, but which are listed in the UK.
Returns
Trailing Returns (GBP)23/04/2025
YTD1.63
3 Years Annualised6.44
5 Years Annualised11.58
10 Years Annualised-
12 Month Yield 4.04
Management
Manager Name
Start Date
Richard Marwood
08/02/2021
Max Newman
11/11/2024
Inception Date
31/07/2019

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE AllSh TR GBPMorningstar UK All Cap TME NR GBP
Portfolio Profile for  Royal London UK Equity Income Fund Z GBP Acc31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock97.570.0097.57
Bond0.000.000.00
Property0.000.000.00
Cash26.3425.490.86
Other1.660.091.57
Top 5 Regions%
United Kingdom97.91
Europe - ex Euro2.09
United States0.00
Canada0.00
Latin America0.00
Top 5 Sectors%
Financial Services24.15
Consumer Defensive14.11
Industrials13.39
Energy11.75
Healthcare8.82
Top 5 HoldingsSector%
Shell PLCEnergyEnergy6.91
RELX PLCIndustrialsIndustrials4.43
Unilever PLCConsumer DefensiveConsumer Defensive4.20
British American Tobacco PLCConsumer DefensiveConsumer Defensive3.95
AstraZeneca PLCHealthcareHealthcare3.84
Increase Decrease New since last portfolio
Royal London UK Equity Income Fund Z GBP Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Royal London UK Equity Income Fund Z GBP Acc
Category:  UK Equity Income
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 2020202120222023202431/03
Price Return-14.8721.292.3410.377.402.37
+/- Category-2.323.485.783.61-0.681.50
+/- Category Index---2.75-2.42-2.79
% Rank in Category762422155646
Trailing Returns (GBP)23/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day2.01   1.341.39
1 Week3.08   2.132.09
1 Month-1.86   1.001.26
3 Months-1.86   1.32-0.52
6 Months0.07   2.04-1.59
YTD1.63   2.57-0.98
1 Year4.58   0.14-3.34
3 Years Annualised6.44   2.58-0.13
5 Years Annualised11.58   1.860.51
10 Years Annualised-   --
 
Category: UK Equity Income
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20252.37---
20243.185.321.68-2.81
20232.20-0.863.045.72
20222.25-7.21-4.8313.35
20216.946.592.683.63
2020-29.2710.23-3.8713.58
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageAbove Average4 star
5-YearAbove AverageAverage4 star
10-Year--Not Rated
OverallAbove AverageAverage4 star
 
Category :  UK Equity IncomeClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.15 %
3-Yr Mean Return7.58 %
 
3-Yr Sharpe Ratio0.26
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  FTSE AllSh TR GBP
3-Yr Beta1.111.13
3-Yr Alpha-1.02-0.74
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 13991-
Market Capitalisation% of Equity
Giant35.44
Large15.96
Medium35.02
Small8.82
Micro4.75
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings10.690.95
Price/Book1.540.96
Price/Sales0.921.02
Price/Cash Flow8.351.16
Dividend-Yield Factor4.661.02
 
Long-Term Projected Earnings Growth9.120.96
Historical Earnings Growth-2.670.40
Sales Growth2.720.47
Cash-Flow Growth1.703.68
Book-Value Growth2.451.59
 
Category: UK Equity Income
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock97.570.0097.57
Bond0.000.000.00
Property0.000.000.00
Cash26.3425.490.86
Other1.660.091.57
World Regions31/03/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America0.000.00
United Kingdom97.911.06
Eurozone0.000.00
Europe - ex Euro2.091.77
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: UK Equity Income
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials8.031.35
Consumer CyclicalConsumer Cyclical4.080.42
Financial ServicesFinancial Services24.150.96
Real EstateReal Estate4.691.31
Consumer DefensiveConsumer Defensive14.111.07
HealthcareHealthcare8.821.02
UtilitiesUtilities2.160.44
Communication ServicesCommunication Services4.830.80
EnergyEnergy11.751.57
IndustrialsIndustrials13.391.03
TechnologyTechnology3.991.78
 
Category: UK Equity Income
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings50
Total Number of Bond Holdings0
Assets in Top 10 Holdings38.93
NameSectorCountry% of Assets
Shell PLC309United Kingdom6.91
RELX PLC310United Kingdom4.43
Unilever PLC205United Kingdom4.20
British American Tobacco PLC205United Kingdom3.95
AstraZeneca PLC206United Kingdom3.84
Imperial Brands PLC205United Kingdom3.58
HSBC Holdings PLC103United Kingdom3.37
Aviva PLC103United Kingdom3.07
IMI PLC310United Kingdom2.82
BP PLC309United Kingdom2.76
 
Increase Decrease New since last portfolio
Category: UK Equity Income
 
Management
Name of CompanyRoyal London Unit Trust Managers Ltd
Phone+442075066500
Websitewww.rlam.co.uk
Address80 Fenchurch Street United Kingdom
 London   EC3M 4BY
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date31/07/2019
Fund Advisor(s)
Royal London Asset Management Ltd
Fund ManagerRichard Marwood
Manager Start Date08/02/2021
 
Biography
Richard began his investment career in 1996, training as a UK equity analyst. In 1997 he assumed responsibility for managing a number of UK portfolios. Prior to his time at university he served an engineering apprenticeship with British Aerospace Military Aircraft.
Fund ManagerMax Newman
Manager Start Date11/11/2024
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.64%
Ongoing Charge0.64%
Purchase Details
Minimum Investments
Initial15000000  GBP
Additional50000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes