Lipper classification of life and pension funds

The Association of British Insurers (ABI) is the voice of the UK’s world leading insurance and long-term savings industry.

The ABI Fund Sectors are a system for classifying a universe of over 8,000 UK unit-linked life and pension funds into one of 34 ABI Fund Sectors. Each Sector is defined according to specific requirements typically relating to fund objectives and allocation of assets that may be held by funds classified within that Sector.   

Fund representation within the ABI Fund Sectors is intended to help investors have greater visibility of comparability of funds when presented with a vast array of choice; it enables investors to identify funds with similar underlying objectives and assets, and, where appropriate, to compare a fund’s past performance in relation to its peers within the Sector. 

The Association of British Insurers (ABI) maintains and updates the ABI Fund Sector definitions. The ABI convenes a committee of ABI members to review the Sectors and their definitions and make updates as relevant. The latest version of the ABI Fund Sector definitions can be found on the ABI website.

The Association of British Insurers (ABI) maintains and updates the ABI Fund Sector definitions. The ABI periodically convenes a committee of ABI members to review the Sectors and their definitions and make updates as relevant. The latest version of the ABI Fund Sector definitions can be found on the ABI website.

Refinitiv Lipper maintains and publishes the master list of funds that fall into each ABI Fund Sector. The classification of funds and inclusion in the Master List is undertaken based on the Sector chosen by the unit-linked life and pension fund providers as notified to Refinitiv Lipper, together with the price, reference and portfolio holdings data provided on an ongoing basis.

Refinitiv Lipper monitors the adherence of funds with the definition of their ABI Fund Sector. Any identified breaches are reviewed by a committee of Refinitiv and Industry fund experts. Funds that do not adhere to ABI Fund Sector definitions will be moved to an alternative Sector. 

The funds which fall into the following ABI Fund Sectors are monitored by Refinitiv Lipper for adherence to the relevant ABI Fund Sector definition by the collection and analysis of portfolio holdings data:

Mixed investment sectors

• Mixed Investment 0-35% Shares
• Mixed Investment 20-60% Shares
• Mixed Investment 40-85% Shares
• Flexible Investment

Distribution funds sector

• Distribution Funds

UK equity sectors

• UK All Companies
• UK Smaller Companies
• UK Equity Income

Overseas equity sectors

• Global Equities
• Europe including UK Equities
• Europe excluding UK Equities
• North American Equities
• Asia Pacific including Japan Equities
• Asia Pacific excluding Japan Equities
• Japan Equities
• Global Emerging Markets Equities

Fixed interest sectors

• UK Gilts
• UK Index-linked Gilts
• Sterling Fixed Interest
• Sterling Strategic Bond
• Sterling Corporate Bond
• Sterling Long Bond
• Global Fixed Interest
• Sterling High Yield
• Global High Yield

The following ABI Fund Sectors are not monitored, and therefore there is no ongoing monitoring carried out of whether a fund within one of these sectors continues to satisfy the relevant ABI Fund Sector definition:

Property sectors

• UK Direct Property
• Property Other

Other Fund Sectors

• Deposit & Treasury
• Money Market
• Protected / Guaranteed Funds
• Commodity / Energy
• Specialist
• Unclassified
• Volatility Managed