LRIWX — Legal & General Retirement Income 2040 Fund
Data updated: 2024-04-01
LRIWX — Legal & General Retirement Income 2040 Fund. United States Blend / Core Equity · $93.28K AUM. Holdings, fees, performance and SEC filings.
LRIWX Fund Overview
LRIWX — Legal & General Retirement Income 2040 Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as United States Blend / Core Equity. 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: United States Blend / Core Equity
- Assets under management: $93.28K
- 1-year return: 10.3%
- Ticker: LRIWX
- SEC CIK: 0001593547
- SEC series ID: S000070413
- Share class ID: C000223887
LRIWX Investment Objective and Strategy
Legal & General Retirement Income 2040 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 Retirement Income 2040 Fund (the Fund) seeks to provide current income during the early and middle-years of retirement while ensuring capital is not exhausted prior to the Funds terminal date.
Principal investment strategy
The Fund will invest in a diversified pool of assets while seeking to generate income that supports shareholders in retirement until the Funds assets have been completely drawn down by the Funds terminal date of December 31, 2040. The Fund does not follow a pre-defined glidepath. Instead, in implementing the Funds investment strategy, the Advisers allocations among asset classes will vary from year to year and the Adviser intends to strategically de-risk the Funds portfolio over time in an effort to provide consistent income for the benefit of all shareholders, in the aggregate. The Fund is generally intended for investors in retirement who intend to redeem their holdings in the Fund on an ongoing basis. Accordingly, the Adviser will manage the Funds portfolio with the expectation that it must meet a proposed spend down amount annually.
As the Fund approaches its terminal date, redemptions may increase. In determining the spend down amount, the Adviser will attempt to balance income needs in the current year against the need for income in the future. The Adviser will take into account multiple considerations when developing and maintaining the Funds portfolio in an attempt to deliver consistent income to shareholders. On an annual basis, factors such as time to fund maturity, inflation, long-term risk assumptions and market return expectations are reviewed to determine both the target asset allocation and the spend down amount to generate the target income. This annual review will mean allocations among asset classes may vary but the Adviser expects that they will generally fall within the following ranges: Global Equity 0-60% U.S.
Fixed Income 40-100% Cash & Cash Equivalents 0-10% The Funds target asset allocation may differ from the Funds actual asset allocation. These allocations will be reviewed periodically throughout the year to ensure any significant changes to the Advisers market outlook and/or other factors described above are incorporated into the asset allocation, and that the spend down amount is amended accordingly. For example, the Adviser may seek to increase allocations to the global equity asset class to take advantage of certain market return opportunities identified by the Adviser, provided the Adviser believes the Funds expected volatility level in connection with such investments will be consistent with the Funds long-term risk assumptions. On the other hand, the Adviser may seek to increase allocations to the U.S.
fixed income asset class to, for example, attempt to decrease volatility and preserve capital. The Fund will gain exposure to the asset classes noted above through investments in other mutual funds for which the Adviser also serves as investment adviser (LGIMA Underlying Funds); in other funds, including third party (unaffiliated) funds and exchange-traded funds (ETFs) (Unaffiliated Underlying Funds and together with the LGIMA Underlying Funds, the Underlying Funds); and/or directly in, individual securities and in derivatives as discussed in more detail below. The Adviser currently anticipates that the Funds investments will consist mainly of the Underlying Funds, with a majority of the Funds assets invested in the LGIMA Underlying Funds. However, the amount of the Funds assets allocated to the Underlying Funds and direct investments will vary over time and the Fund may be invested entirely in LGIMA Underlying Funds, Unaffiliated Underlying Funds or direct investments at any given point in time.
With respect to its global equity investments, the Fund may invest in common stock of large and mid-capitalization companies, depositary receipts, and in Underlying Funds. With respect to its U.S. fixed income investments, the Fund may invest in U.S. government securities (including agencies and instrumentalities), corporate bonds, other corporate debt securities of U.S. issuers, including corporate commercial paper, municipal bonds, supra-national issuers, asset-backed securities, mortgage-backed securities and in Underlying Funds. The Fund may use derivatives, such as futures contracts, options and forwards, to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Funds gains. The Underlying Funds in which the Fund may invest may also use derivatives.
Because it is assumed that shareholders will be spending down amounts invested in the Fund each year until the Funds maturity date, the Funds assets are expected to decline over time and approach zero on the maturity date, at which time it is expected that the Fund will be liquidated. However, the Fund is not designed to comply with any required minimum distribution rules applicable to tax-deferred retirement accounts nor does it take into account any tax considerations to shareholders (including, for example, any early withdrawal penalties that may be imposed on shareholders in tax-deferred retirement accounts). Shareholders investing through a tax-deferred retirement account subject to a required minimum distribution who redeem shares of the Fund from such account will need to include such redemption amount, as appropriate, in the computation of any annual required minimum distribution.
LRIWX Holdings
Top 4 holdings of Legal & General Retirement Income 2040 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| L&g MSCI World Index Fund | 42.01% |
| L&g Cash Flow Matched | 22.39% |
| L&g Long Duration U.s. Cr | 21.52% |
| L&g U.s. Credit Fund | 17.26% |
LRIWX Portfolio Allocation
Asset-class allocation of Legal & General Retirement Income 2040 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 103.2% |
LRIWX Performance
Total returns for LRIWX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.3% |
| 3 years (annualised) | -3.4% |
LRIWX Risk Information
Risk metrics for LRIWX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.2%
LRIWX Costs and Fees
LRIWX costs about $17 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.17%
- Gross expense ratio: 184.51%
- Portfolio turnover: 68%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
LRIWX Cashflows
Over the 12 months to 2024-01, Legal & General Retirement Income 2040 Fund had net inflows of $2.44K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | $274 |
| 2023-12 | $290 |
| 2023-11 | $199 |
| 2023-10 | $232 |
| 2023-09 | $211 |
| 2023-08 | $228 |
LRIWX Debt Constituents
No individual debt constituents are reported in Legal & General Retirement Income 2040 Fund's latest SEC N-PORT filing.
LRIWX Prospectus and SEC Filings
Official Legal & General Retirement Income 2040 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 2021-02-26
- 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
Related Funds
Other United States Blend / Core Equity funds tracked on ABC INVEST:
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.