S&P assigns "A" Rating to Legal & General Growth Trust

Standard & Poor’s Fund Services, the leading provider of qualitative fund management ratings, has assigned a "A" Fund Management Rating to Legal & General Growth Trust, following a detailed qualitative evaluation of the investment process and management of this fund.

The relative performance of this fund has improved dramatically since the portfolio was switched to a more focused basis in August 2005. As team head, Robert Churchlow oversaw the change, but did not become the named manager until April 2006.

Churchlow joined Legal & General in 2003 as head of the UK equity active investment team - as opposed to the group's far larger passive investment business - bringing with him over 15 years' experience by way of Invesco, Royal Sun Alliance and Provident Life. Stylistically more blend than value or growth, Churchlow is a disciplined investor operating in a strong team environment. Investment experience averages out at over 15 years for the three fund managers and four years for the team analyst.

Legal & General Growth Trust represents the team's 25 best ideas selected on a stock-by-stock basis from across the FTSE 350 index, plus selected AIM listings and small-cap ideas. Research is based on in house screens emphasising cashflow returns, followed through with more detailed fundamental analysis and company interviews to differentiate between sustainable high returns and short-term turnarounds.
Each stock is equal-weighted at purchase. Rebalancing the portfolio is not a strict formal process but the general rule is to buy at 4%, top-slice at 4.5% and reassess for addition or sale on slipping below 3.5%. Investment experience and a disciplined approach comfortably underwrite the fund achieving an S&P "A" rating.