Royal London Global Equity Income Fund
Share classM Inc GBP
ISIN GB00BL6V1118
Fund objective
The Fund aims to provide a return greater than that of the MSCI World Net Total Return Index GBP (the “Index”) by 2% per annum over rolling 3-year periods, through a combination of capital growth and income, after the deduction of charges. The Fund also aims to produce an income 20% greater than that of the Index per annum over rolling 3-year periods, after the deduction of charges. The Index has been selected as a target benchmark because it is representative of the type of companies in which the Fund invests, and it is therefore an appropriate measure for the Fund's performance. The performance comparator for the Fund is the IA Global Equity Income sector (the “IA Sector”).
Fund ratings
| Base currency | GBP |
|---|---|
| Fund launch | 25 Feb 2020 |
| ISA eligible | Yes |
| SRRI | 5 |
| Distribution frequency | Quarterly |
| Dividend yield | 2.25% |
| IA sector |
|---|
| IA Global Equity Income |
| Benchmark |
| MSCI World |
Performance
Data as at 31 Aug 2026
Royal London Global Equity Income Fund - M Inc GBP | 105.26% |
MSCI World | 68.82% |
IA Global Equity Income | 59.09% |
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 mid-day 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. Quartile rank, where displayed, is the IA sector quartile rank for the M Inc GBP share class.
Cumulative
To 31 Aug 2026 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years | Launch |
|---|---|---|---|---|---|---|---|---|
M Inc GBP | 2.04 | 3.12 | 11.54 | 30.86 | 74.69 | 105.26 | - | 175.94 |
Benchmark | 1.82 | 1.77 | 8.90 | 19.95 | 61.94 | 68.82 | - | 123.62 |
IA sector | 1.08 | 3.48 | 5.50 | 18.15 | 47.72 | 59.13 | - | - |
Quartile rank | 1 | 2 | 1 | 1 | 1 | 1 | - | - |
Annualised
3 years | 5 years | Launch |
|---|---|---|
20.42 | 15.46 | 16.85 |
17.41 | 11.04 | 13.14 |
13.89 | 9.74 | - |
1 | 1 | - |
Share class launched on 25 Feb 2020
Risk and return
Annualised| 3 years | 5 years | |
|---|---|---|
Alpha (%) | 4.76 | 5.56 |
Beta | 0.89 | 0.90 |
Tracking error (%) | 4.23 | 4.64 |
Information ratio | 0.93 | 1.16 |
Alpha
Measure of excess return of an investment relative to a benchmark index. It measures the performance of a stock or portfolio, relative to a benchmark. A positive alpha indicates outperformance, while a negative alpha suggests underperformance. In this context, alpha refers to Jensen’s Alpha, the industry‑standard risk‑adjusted measure of performance relative to expected returns given market risk.
Beta
It measures a stock's volatility relative to the market. A beta of 1 means the stock moves with the market, while a beta less than 1 is less volatile, and a beta greater than 1 is more volatile.
Tracking error
Tracking error indicates how closely a fund follows its benchmark index. It is a measure of the risk in the fund that is due to active management decisions made by the fund manager. It is calculated on an ex-post basis (actual basis, post period end).
Information ratio (IR)
It is a measure of risk-adjusted performance of a portfolio against a benchmark. It calculates the excess returns of a portfolio relative to the benchmark, adjusted for the volatility of those returns. A higher IR indicates more consistent excess returns.
Fund breakdowns
Top 10 holdings (%)
Alphabet Inc. Class A | 6.19 |
Apple Inc. | 3.26 |
NVIDIA Corporation | 2.91 |
CME Group Inc. Class A | 2.58 |
Micron Technology, Inc. | 2.47 |
JPMorgan Chase & Co. | 2.38 |
QUALCOMM Incorporated | 2.16 |
Merck & Co., Inc. | 2.12 |
Microsoft Corporation | 2.11 |
AbbVie, Inc. | 2.02 |
Total number of holdings | 62 |
Sector breakdown (%)
| Fund | Benchmark | |
|---|---|---|
Information Technology | 23.38 | 30.04 |
Financials | 19.09 | 16.47 |
Industrials | 12.98 | 11.12 |
Health Care | 10.45 | 9.25 |
Consumer Staples | 9.15 | 4.90 |
Communication | 6.24 | 7.92 |
Materials | 6.23 | 3.42 |
Energy | 5.65 | 4.08 |
Consumer Discretionary | 4.67 | 8.79 |
Other | 2.17 | 4.00 |
Fund characteristics
Dividend yield | 2.25% |
P/E ratio - last 12 months | 19.70 |
P/E ratio - forward 1 year | 16.57 |
P/CF ratio | 15.47 |
P/B ratio | 3.80 |
P/S ratio | 2.86 |
Dividend yield
The dividend yield reflects distributions declared over the past twelve months as a percentage of the mid-market price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. Reported yields reflect RLAM’s current perception of market convention around timing of bond cash flows.
P/E ratio (Price-to-earnings ratio)
The P/E ratio is used to determine a company's share value and compare valuations. A high P/E ratio may indicate high market expectations for future growth, while a low P/E ratio may suggest lower expectations for future performance.
P/B ratio (Price-to-book ratio)
A valuation ratio calculated by dividing the market price per share of a company by its book value per share. A low P/B ratio may indicate that the company is undervalued, while a high P/B ratio may suggest that the company is overvalued.
P/CF ratio (Price-to-cash flow ratio)
It is used to determine the company's share value and to compare it to others or the market average. A low P/CF ratio may indicate that the company is undervalued, while a high P/CF ratio may suggest that the company is overvalued.
P/S ratio (Price-to-sales ratio)
A valuation ratio calculated by dividing a company's market capitalization by its total sales over the past 12 months. It is used to determine a company's share value and compare valuations. A low P/S ratio may indicate undervaluation, while a high P/S ratio may suggest overvaluation.
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.
Global equities delivered a solid August, with the MSCI World index producing positive returns in sterling terms. Markets were supported by resilient economic growth and another robust earnings season. Although investors continued to debate the path of interest rates, elevated valuations and the durability of the AI investment cycle, they largely looked through the macroeconomic uncertainty. The market's gains were spread beyond the largest technology stocks.
The fund outperformed its benchmark during August. Holdings in the financial sector were among the strongest contributors, led by FactSet, due to easing concerns about AI disruption. In healthcare, Merck performed strongly following encouraging drug developments. Qualcomm and Micron also delivered positive returns.
Looking ahead, investors will focus on forthcoming central bank meetings and labour market data for further indications of the path of monetary policy. The next round of corporate earnings will also be important in determining whether recent earnings momentum can be sustained into the final quarter of the year.
Fund managers
Richard Marwood
Head of UK and European Equities
Matt Kirby
Fund Manager
Paul Schofield
Head of Global Equities
Fund literature
Codes and fees
Share class | ISIN | SEDOL | Launch date | Fee | Min investment |
|---|---|---|---|---|---|
M Inc GBP | GB00BL6V1118 | BL6V111 | 25/02/2020 | 0.720% | £100,000 |
M Acc GBP | GB00BPJLYH36 | BPJLYH3 | 31/03/2023 | 0.720% | £100,000 |
V Acc GBP | GB00BL68SR72 | BL68SR7 | 17/02/2023 | 0.350% | £25,000,000 |
Z Inc GBP | GB00BL6VH130 | BL6VH13 | 31/03/2023 | 0.560% | £3,000,000 |
Z Acc GBP | GB00BPJLYJ59 | BPJLYJ5 | 31/03/2023 | 0.560% | £3,000,000 |
Contact us
For intermediaries
Email: bdsupport@rlam.com
For enquiries: 020 3272 5950
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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.
Charges from capital risk
Charges are taken from the capital of the Fund. Whilst this increases the yield, it also has the effect of reducing the potential for capital growth.
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.
Emerging markets risk
Investing in Emerging Markets may provide the potential for greater rewards but carries greater risk due to the possibility of high volatility, low liquidity, currency fluctuations, the adverse effect of social, political and economic instability, weak supervisory structures and accounting standards.
EPM techniques risk
The Fund may engage in Efficient Portfolio Management (EPM) techniques, including holdings of derivative instruments. Whilst intended to reduce risk, the use of these instruments may expose the Fund to increased price volatility.
Exchange rate risk
Investing in assets denominated in a currency other than the base currency of the Fund means the value of the investment can be affected by changes in exchange rates.
Liquidity risk
In difficult market conditions the value of certain fund investments may be difficult to value and harder to sell, or sell at a fair price, resulting in unpredictable falls in the value of your holding.
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 Equity Funds ICVC, an open-ended investment company with variable capital with segregated liability between sub-funds, incorporated in England and Wales under registered number IC000807.
The Authorised Corporate Director (ACD) is Royal London Unit Trust Managers Limited, authorised and regulated by the Financial Conduct Authority, with firm reference number 144037.
For more information on the fund or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID).
MSCI indexes and data are the intellectual property of MSCI Inc. MSCI has no liability to any person for any loss, damage, cost, or expense suffered as a result of any use of or reliance on any of the information.
Source: Royal London Asset Management unless otherwise stated.
