Royal London Sterling Liquidity Money Market Fund
Share classY (Dist) GBP
ISIN IE00BL9BVZ22
Fund objective
The investment objective of the Fund is to provide a return in line with money market rates or preserve the value of the investment. The Fund intends to maintain a stable Net Asset Value per Share of £1.00 for any Distribution Class.
| Base currency | GBP |
|---|---|
| Fund launch | 17 Apr 2018 |
| Distribution frequency | Monthly |
| Redemption yield | 3.87% |
| Effective yield | 3.95% |
| Benchmark |
|---|
| Sterling Overnight Index Average (SONIA) |
Performance
Data as at 31 Aug 2026
Royal London Sterling Liquidity Money Market Fund - Y (Dist) GBP | 19.65% |
Sterling Overnight Index Average (SONIA) | 19.03% |
Past performance is not a guarantee or reliable indicator of future returns. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested.
Share class performance is based on close of business prices, net of fees and gross of taxes, with gross income reinvested unless otherwise stated. Benchmark performance is priced at close of business, gross of fees and taxes. The impact of fees reduces your investments. Rolling performance data shown using month end returns.
Cumulative
To 31 Aug 2026 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years | Launch |
|---|---|---|---|---|---|---|---|---|
Y (Dist) GBP | 0.31 | 0.97 | 1.92 | 3.97 | 14.68 | 19.65 | - | 19.76 |
Benchmark | 0.31 | 0.93 | 1.86 | 3.80 | 14.11 | 19.03 | - | 19.17 |
Annualised
3 years | 5 years | Launch |
|---|---|---|
4.67 | 3.65 | 2.81 |
4.49 | 3.54 | 2.73 |
Share class launched on 25 Feb 2020
Fund breakdowns
Asset breakdown (%)
Cash and Cash Instruments | 92.98 |
Supranationals and Agencies | 3.99 |
Treasury Bills | 2.38 |
Covered Bonds | 0.65 |
Geographic breakdown ex gilts (%)
United Kingdom | 14.47 |
Canada | 13.17 |
France | 7.11 |
Germany | 6.97 |
Belgium | 6.46 |
Singapore | 6.13 |
Australia | 5.48 |
Sweden | 5.44 |
Netherlands | 5.40 |
Norway | 3.47 |
Fund characteristics
Redemption yield | 3.87% |
Effective yield | 3.95% |
Weighted Average Life (days) | 57.51 |
Weighted Average Maturity (days) | 37.83 |
Redemption yield
The weighted average rate of discount at which the future obligations of interest and capital payments of each of the fund's holdings equates to its current price, gross of relevant fund management costs and gross of tax.
Effective yield
Gross 7 day effective yield is backward looking whereas current yield to maturity is forward looking.
Weighted average life
The weighted average of the remaining life (maturity) of each security held in a fund, meaning the time until the principal is repaid in full.
Weighted average maturity
The average length of time to maturity of all underlying securities in the fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset to the money market rate, rather than the time remaining before the principal value of the security must be repaid.
Monthly commentary
Data as at 31 Aug 2026
These views represent the opinions of the author(s) at the time of writing and do not constitute investment advice.
There was no Bank of England (BoE) interest rate meeting in August, meaning that the UK Base Rate remained at 3.75%. The market therefore looked at inflation and growth data for signs that the Bank of England may be inclined to increase rates, but there was no real change in direction of data over the month, with growth slightly better than expected and inflation in line with expectations.
With UK interest rates unchanged over the month, SONIA remained at 3.73% through July. Two-year gilts, often seen as a proxy for market expectations of BoE rates, were also virtually unchanged, edging from 4.42% to 4.41%.
Activity was light in August, reflecting the usual quieter summer markets. As in recent months, activity was spread across maturities – adding to core exposure in three-month paper from names such as HSBC and KBC, but also adding selectively to six-month paper where we felt yields offered value against our models, including United Overseas Bank and Rabobank. In addition, we added six-month treasury bills at yields over 4%.
Fund managers
Tony Cole
Senior Fund Manager
Adeline Derain
Assistant Fund Manager
Craig Inches
Head of Rates and Cash
Fund literature
Codes and fees
Share class | ISIN | SEDOL | Launch date | Fee | Min investment |
|---|---|---|---|---|---|
Y (Dist) GBP | IE00BL9BVZ22 | BL9BVZ2 | 25/02/2020 | 0.100% | £1,000,000 |
L Acc GBP | IE000ECS7BH7 | BP6WHG9 | 08/03/2024 | 0.100% | £5,000,000 |
R (Dist) GBP | IE00BFMC7074 | BFMC707 | 17/04/2018 | 0.025% | £0 |
S (Dist) GBP | IE00BL8C6K61 | BL8C6K6 | 25/02/2020 | 0.030% | £0 |
X (Dist) GBP | IE000GN8AF88 | BN95CV1 | 16/03/2022 | 0.060% | £0 |
Z (Dist) GBP | IE0001XXMI74 | BKVFJZ1 | 03/07/2024 | 0.200% | £1,000,000 |
F (Dist) GBP | IE000O5798B5 | BP0Q7X4 | 15/06/2026 | 0.050% | £500,000,000 |
F Acc GBP | IE000EFT8GT5 | BP0Q819 | 15/06/2026 | 0.050% | £500,000,000 |
Contact us
For institutional investors
Email: institutional@rlam.com
For enquiries: 020 7506 6500
Telephone calls and written communications may be recorded and monitored. For further information please see the privacy policy.
Country registrations
United Kingdom
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Liquidity
Straightforward and transparent liquidity and short-term fixed income strategies to help investors manage near-term investment needs.
Risks
Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested.
Counterparty risk
The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Credit risk
Should the issuer of a fixed income security become unable to make income or capital payments, or their rating is downgraded, the value of that investment will fall. Fixed income securities that have a lower credit rating can pay a higher level of income and have an increased risk of default.
Inflation risk
Where the income yield is lower than the rate of inflation, the real value of your investment will reduce over time.
Interest rate risk
Fixed interest securities are particularly affected by trends in interest rates and inflation. If interest rates go up, the value of capital may fall, and vice versa. Inflation will also decrease the real value of capital. Unlike the income from a single fixed interest security, the level of income (yield) from a fund is not fixed and may go up and down. Bond yields (and as a consequence bond prices) are determined by market perception as to the appropriate level of yields given the economic background.
Money market fund risk
A Money Market Fund is not a guaranteed investment, and is different from an investment in deposits. The principal invested in the Fund is capable of fluctuation and the risk of loss of the principal is to be borne by the investor. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the NAV per share.
Responsible investment risk
The Fund can only invest in holdings that demonstrate compliance with certain sustainable indicators or ESG characteristics. This reduces the number of securities in which the Fund can invest and there may as a result be occasions where it forgoes more strongly performing investment opportunities, potentially underperforming non-sustainable funds.
Stable NAV risk
The Fund is not the same as a bank deposit account. It is designed such that it will seek, for the Distribution Classes, to maintain the Net Asset Value per Share at a fixed value by distributing income from the Fund as it arises. However, whilst the Fund's investments are reasonably believed by the Investment Manager to be of high quality, there is always a risk that an underlying issuer could default or otherwise fall in value, resulting in the Fund being unable to maintain the Net Asset Value per Share at a fixed value and therefore a loss of capital will occur. The risk of loss is to be borne by the investor. There is no representation or warranty that the Fund will be able to maintain a stable Net Asset Value per Share.
Important information
This is a financial promotion and is not investment advice.
Issued by Royal London Asset Management Limited, 80 Fenchurch Street, London EC3M 4BY. Authorised and regulated by the Financial Conduct Authority, firm reference number 141665. A subsidiary of The Royal London Mutual Insurance Society Limited.
The Fund is a sub-fund of Royal London Asset Management Funds plc, an open-ended investment company with variable capital (ICVC), with segregated liability between sub-funds. Incorporated with limited liability under the laws of Ireland and authorised by the Central Bank of Ireland as a UCITS Fund. It is a recognised scheme under the Financial Services and Markets Act 2000.
The Management Company is FundRock Management Company SA, Registered office: Airport Center Building, 5 Heienhaff, L-1736 Senningerberg, Luxembourg and is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). The Investment Manager is Royal London Asset Management Limited.
The Prospectus and Key Investor Information Document (KIID) are available in English. A summary of investor rights is also available in English. RLAM may terminate the arrangements made for marketing of the fund pursuant to Article 93a of Directive 2009/65/EC.
For more information on the Fund or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID). Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available.
The “SONIA” mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. “Bank of England” and “SONIA” are registered trademarks of the Bank of England.
Source: Royal London Asset Management unless otherwise stated.
