L&G backs UK equities

Appearance of value leads group to increase weighting at expense of us equities in £2.4bn fund

The appearance of value in UK equities has led Legal & General to up the weighting to the asset class in its Linked Pensions Managed fund at the expense of US equities. The £2.4bn fund breaks down to around 53% in UK equities, which remains the single biggest holding, 22% in overseas equities, 15%-16% in fixed interest, 3.5% in property and 6% in cash. A geographic breakdown of the equity component reveals the fund is overweight UK equities, underweight the US and neutral Asian equities relative to its peer group. John Monckton, director (bonds) at Legal & General, said both the UK a...