Royal London UK Growth Trust
Share classA Inc GBP
ISIN GB0001597979
Fund objective
The Scheme aims to provide a return greater than that of the FTSE All-Share Index (the "Index") over rolling 5-year periods, through capital growth, 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 Scheme invests, and it is therefore an appropriate measure for the Scheme's performance. Management of the Scheme is not restricted by this target benchmark and the Scheme does not base its investment process upon the Index. As a result, the Scheme can invest in companies that are not part of the Index. The performance comparator for the Scheme is the IA UK All Companies sector (the “IA Sector”).
Fund ratings
| Base currency | GBP |
|---|---|
| Fund launch | 25 Sep 1989 |
| ISA eligible | Yes |
| SRRI | 5 |
| Distribution frequency | Biannual |
| Dividend yield | 2.80% |
| IA sector |
|---|
| IA UK All Companies |
| Benchmark |
| FTSE All Share |
Performance
Data as at 31 Aug 2026
Royal London UK Growth Trust - A Inc GBP | 42.14% |
FTSE All Share | 69.81% |
IA UK All Companies | 34.27% |
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.
Cumulative
To 31 Aug 2026 | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 10 years | Launch |
|---|---|---|---|---|---|---|---|---|
A Inc GBP | -0.46 | 5.08 | 1.83 | 16.68 | 52.72 | 42.14 | 103.60 | 1,631.58 |
Benchmark | 0.69 | 5.13 | 2.00 | 21.30 | 59.75 | 69.81 | 126.35 | 1,739.23 |
IA sector | 1.13 | 5.71 | 3.52 | 16.04 | 44.33 | 34.19 | 90.08 | - |
Quartile rank | 4 | 3 | 3 | 3 | 2 | 2 | - | - |
Annualised
3 years | 5 years | Launch |
|---|---|---|
15.14 | 7.28 | 8.02 |
16.88 | 11.16 | 8.20 |
13.01 | 6.06 | - |
2 | 2 | - |
Share class launched on 25 Sept 1989
Risk and return
Annualised| 3 years | 5 years | |
|---|---|---|
Alpha (%) | -0.56 | -3.10 |
Beta | 1.03 | 1.12 |
Tracking error (%) | 3.01 | 4.74 |
Information ratio | -0.09 | -0.56 |
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 (%)
HSBC Holdings Plc | 6.60 |
Shell Plc | 5.74 |
AstraZeneca PLC | 4.75 |
Rolls-Royce Holdings plc | 3.63 |
BP PLC | 3.44 |
Barclays PLC | 3.04 |
GSK plc | 3.01 |
Standard Chartered PLC | 2.95 |
Lloyds Banking Group plc | 2.83 |
NatWest Group Plc | 2.82 |
Total number of holdings | 58 |
Sector breakdown (%)
| Fund | Benchmark | |
|---|---|---|
Financials | 26.34 | 30.30 |
Industrials | 16.52 | 12.71 |
Consumer Staples | 12.54 | 12.37 |
Basic Materials | 9.59 | 8.07 |
Health Care | 9.59 | 10.47 |
Energy | 9.33 | 9.37 |
Consumer Discretionary | 9.29 | 6.52 |
Technology | 2.77 | 2.56 |
Real Estate | 2.44 | 2.09 |
Other | 1.58 | 5.53 |
Fund characteristics
Dividend yield | 2.80% |
P/E ratio - last 12 months | 15.81 |
P/E ratio - forward 1 year | 12.56 |
P/CF ratio | 9.49 |
P/B ratio | 2.31 |
P/S ratio | 1.31 |
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.
UK equities delivered modest gains in August against a backdrop of rising central bank interest rate expectations and US dollar weakness, reflecting broad concerns about the persistency of inflation and the US fiscal trajectory. The announcement from the US Treasury that it would increase repurchases of long-term government securities – in an attempt to stem rising borrowing costs – was taken as a negative signal for the US dollar and precious metals rallied as investors rotated into hard assets.
The Trust underperformed the benchmark and the peer group over the month. Detractors included Imperial Brands following reports of a major cost-cutting programme in the US and Europe (despite this being very much part of the group strategy) and Prudential, which fell on reports that Chinese authorities have imposed tax levies on offshore Hong Kong insurance policies that have historically been an attractive source of growth. This was partially offset by stock selection within industrials, most notably Volex, as the shares jumped after the company upgraded its full-year profit outlook.
We continue to invest broadly across sectors and in companies at different stages of the corporate lifecycle that we believe are undervalued relative to their long-term cash flow potential.
Fund managers
Max Newman
Fund Manager
James Clugston
Assistant Fund Manager
Fund literature
Codes and fees
Share class | ISIN | SEDOL | Launch date | Ongoing Charge | Min investment |
|---|---|---|---|---|---|
A Inc GBP | GB0001597979 | 0159797 | 25/09/1989 | 1.010% | £1,000 |
Contact us
For intermediaries
Email: bdsupport@rlam.com
For enquiries: 020 3272 5950
Telephone calls and written communications may be recorded and monitored. For further information please see the privacy policy.
Country registrations
United KingdomYou may be interested in
Equities
Royal London Asset Management's approach provides a diverse way to meet a number of investor objectives.
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.
Concentration risk
The price of Funds that invest in a reduced number of holdings, sectors, or geographical areas may be more heavily affected by events that influence the stockmarket and therefore more volatile.
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.
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.
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 Trust is an authorised unit trust scheme. The Manager is RLUM Limited, authorised and regulated by the Financial Conduct Authority, with firm reference number 144032.
For more information on the Trust or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID).
FTSE indexes and data are an intellectual property of FTSE International Limited (“FTSE”). “FTSE” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The Index is calculated by FTSE or its agent. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Royal London Asset Management.
Source: Royal London Asset Management unless otherwise stated.
