Legal & General UK Select Equity I

Managed jointly by Schroders and Fidelity.

  • 316.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 390.80p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.78%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.90%

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 20 January 2021

This is a large UK fund which appears to have a growth style bias. The management contract was previously outsourced to Schroder Investment Management but from 1 April 2002 management was split equally between Schroders and Fidelity. Although both houses are well known for running active portfolios, this fund appears to be passively managed and is therefore not providing value for money.

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched October, 2012
Size £333m
Yield 0.90%
Charging basis Income
Dividends paid


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.78%


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

Investment process

The fund aims for long term capital growth by investing in a broad range of UK companies. Investments mderive from overseas operations. The investment strategy of this fund appears to be reasonably passive with the investment management contract split equally between Schroder Investment Management and Fidelity Pensions Managementay also consist of UK registered stock and Investment Trusts which invest in, and/or

Manager research

Average monthly relative returns

  • 16/17 0.09%
  • 17/18 -0.27%
  • 18/19 -0.53%
  • 19/20 0.39%
  • 20/21 0.64%

Bestinvest MRI

  • 3 years 0.17%
  • 5 years 0.06%
  • Career 0.02%
  • 3 years 70.50%
  • 5 years 69.20%
  • Career 84.40%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Fidelity Pensions Management & Schroders Investment Management

Track record

Fidelity Pensions Management & Schroders Investment Management has 15.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.02%. During the worst period of relative performance (from November 2016 - March 2020) there was a decline of 16% relative to the index. The worst absolute loss has been 41%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 84%.

Periods of worst performance

Absolute -41.00% (October 2007 - February 2009)
Relative -16.00% (November 2016 - March 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}


Proportion (%)

  • {{chartDataItem.text}}

Top 10 holdings

Data accurate as at 30 June 2020

5.2% Astrazeneca Plc
3.9% Just Eat Nv
3.7% Coca-Cola H.b.comp.srbija
3.6% 3i Group Plc
3.6% Rentokil Initial Plc
3.5% Experian Plc
3.4% Jd Sports Fashion Plc
3.2% Aveva Group
3.2% B & M European Value Retail Sa
3.2% Hg Capital Trust New Ord Gbp0.25 (Sub Shs-Claims Purps)
Source: Trustnet

Sector breakdown

Consumer Services 24.00%
Industrials 19.00%
Financials 16.00%
Consumer Goods 14.00%
Health Care 10.00%
Oil & Gas 3.00%
Technology 3.00%
Basic Materials 3.00%
Telecommunications 3.00%
Others 3.00%


The portfolio has approximately 150 holdings.


Formal constraints have not been disclosed, however, large active sector bets appear to be minimal.

Key Investor Information - Income


Key Investor Information - Accumulation