Royal London Asset Management
Royal London Global Equity Income Fund
Global Income
Sep 2025 → Dec 2025
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Royal London Asset Management for every strategy.
What it bought and sold
We initiated a position in Hensoldt, an Accelerating European defence electronics company that was spun out of Airbus in 2017.
We also purchased PNC Financial Services Group, which is a Mature company that we see as well positioned to generate excess returns through the cycle,
Also held
Its investment theses
- Hensoldt AGDec 2025Hensoldt is a European defence electronics firm with strong sensor and EW positioning, robust orders, and budget tailwinds supporting long-term value creation.
- The PNC Financial Services Group, Inc.Dec 2025The PNC Financial Services Group is a scaled regional bank with cost advantages, disciplined underwriting, and sticky fee income that support excess returns through the cycle.
- AdmiralSep 2025Admiral is a differentiated insurance company focused on a mature motor insurance market, leveraging cost leadership and data-rich resources to generate market-leading returns amidst evolving technological challenges.
- SiemensSep 2025Siemens is transforming into a Compounder focused on electrification and digitalization, with strong growth in its Smart Infrastructure division and a positive outlook for its automation and software sectors.