LLDIX — Legal & General Long Duration U.S. Credit Fund
Data updated: 2024-04-01
LLDIX — Legal & General Long Duration U.S. Credit Fund. Alternative · $40.79M AUM · 0.30% expense ratio. Holdings, fees, performance and SEC filings.
LLDIX Fund Overview
LLDIX — Legal & General Long Duration U.S. Credit Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors' Inner Circle Fund III
- Category: Alternative
- Assets under management: $40.79M
- 1-year return: 0.0%
- Ticker: LLDIX
- SEC CIK: 0001593547
- SEC series ID: S000070412
- Share class ID: C000223885
LLDIX Investment Objective and Strategy
Legal & General Long Duration U.S. Credit Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund III.
Investment objective
The Legal & General Long Duration U.S. Credit Fund (the Long Duration U.S. Credit Fund or the Fund) seeks to maximize total return through capital appreciation and current income.
Principal investment strategy
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. issuers. This investment policy can be changed by the Fund upon 60 days prior written notice to shareholders. The Fund primarily invests in investment-grade fixed income securities with an average portfolio duration that is within 10% of the Funds benchmark, the Bloomberg US Long Credit Index. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. The Adviser considers investment grade fixed income securities to be those rated as BBB or Baa or above by Moodys Investors Services Inc. (Moodys), S&P Global Ratings (S&P), or Fitch, Inc.
(Fitch). For purposes of the Funds 80% policy, fixed income securities include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, supra-national issuers, asset-backed securities and mortgage-backed securities. The Fund may also invest in derivative instruments, such as futures and swaps, to assist in managing duration and yield curve exposure relative to the Funds benchmark index. The Fund may invest a portion of its assets in cash and cash equivalents in connection with its derivatives positions. Although the Fund invests primarily in investment-grade securities, the Fund may hold securities that are rated below investment grade (high yield or junk bonds). From time to time, the Fund may focus its investments in a particular sector, such as the industrials or financials sector.
The Advisers process for constructing the Funds portfolio combines top-down thematic considerations and bottom-up security selection, leveraging the Advisers in-house credit analysts, strategists and economists to screen the Funds investment universe and emphasize investment themes and securities that the Adviser believes have the most value and reflect the management teams highest conviction. The Adviser performs in depth fundamental analysis in the security selection process and emphasizes the following areas of focus in the research process: developing proprietary earnings models, forecasting free cash flow, analyzing asset valuations, and meeting with management. Ultimately, the Adviser seeks to: i) identify strong and stable management teams; (ii) align with shareholder, bondholder and management interests; (iii) ensure there are minimal risks that could cause significant changes in valuation; and (iv) identify structural features that provide downside protection in periods of lower liquidity.
The Adviser may sell a security when there is a change in (i) the relative valuation of a security; (ii) the Advisers assessment of a particular sector, and/or (iii) the Advisers analysis of the credit or risk/return of a security.
LLDIX Holdings
Top 1 holdings of Legal & General Long Duration U.S. Credit Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Compagnie De Chemin De Fer Canadien Pacifique | 0.01% |
LLDIX Portfolio Allocation
Asset-class allocation of Legal & General Long Duration U.S. Credit Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 0.9% |
LLDIX Performance
Total returns for LLDIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 0.0% |
LLDIX Risk Information
Risk metrics for LLDIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.0%
LLDIX Costs and Fees
LLDIX costs about $30 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.30%
- Gross expense ratio: 1.70%
- Portfolio turnover: 132%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
LLDIX Cashflows
Over the 12 months to 2024-01, Legal & General Long Duration U.S. Credit Fund had net inflows of $10.76M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | $190.89K |
| 2023-12 | $5.19M |
| 2023-11 | $159.68K |
| 2023-10 | $170.31K |
| 2023-09 | $150.87K |
| 2023-08 | $3.97M |
LLDIX Debt Constituents
Largest debt holdings of Legal & General Long Duration U.S. Credit Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Compagnie De Chemin De Fer Canadien Pacifique | 0.01% |
LLDIX Prospectus and SEC Filings
Official Legal & General Long Duration U.S. Credit Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus (485BPOS) — filed 2022-02-28
- Prospectus (485BPOS) — filed 2021-01-07
- Portfolio holdings (N-PORT) — filed 2024-04-01
- Portfolio holdings (N-PORT) — filed 2023-12-29
- Portfolio holdings (N-PORT) — filed 2023-09-28
- Annual census (N-CEN) — filed 2024-01-12
- Annual census (N-CEN) — filed 2023-01-13
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.