Legal & General US Index Trust I Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/11/19 to 30/11/20 |
30/11/20 to 30/11/21 |
30/11/21 to 30/11/22 |
30/11/22 to 30/11/23 |
30/11/23 to 30/11/24 |
|
|---|---|---|---|---|---|
| Fund | 14.9% | 28.1% | -5.5% | 11.6% | 33.2% |
| Sector | 14.5% | 25.2% | -3.7% | 6.1% | 30.7% |
| Rank | 89/199 | 59/210 | 124/226 | 84/239 | 80/241 |
| Quartile | 2 | 2 | 3 | 2 | 2 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/11/24 |
5 Years to 30/11/24 |
10 Years to 30/11/24 |
||
| Fund | 12.0% | 15.6% | 15.2% | |
| Sector | 10.2% | 13.9% | 13.5% | |
| Rank | 52/226 | 41/199 | 25/130 | |
| Quartile | 1 | 1 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| APPLE | 6.61 |
| MICROSOFT CORPORATION | 6.24 |
| NVIDIA CORPORATION | 5.54 |
| AMAZON.COM | 3.42 |
| META PLATFORMS | 2.45 |
| ALPHABET INC | 1.91 |
| ALPHABET INC | 1.61 |
| BROADCOM | 1.53 |
| TESLA | 1.44 |
| ELI LILLY AND COMPANY | 1.38 |
| Total | 32.12 |
Fund Aims
The objective of this fund is to provide growth by tracking the performance of the FTSE USA Index. The fund will invest almost entirely in company shares. The fund's investments will closely match those that make up the Index. The Index consists of a broad spread of US company shares. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income with no, or an acceptably low, level of risk.
Fund Manager
The Index Fund Management Team comprises 25 fund managers, supported by two analysts. Management oversight is provided by the Global Head of Index Funds. The Team has average industry experience of 15 years, of which seven years has been at LGIM, and is focused on achieving the equally important objectives of close tracking and maximising returns
Fund Overview
| Mid (20/12/2024) | 938.50p |
| Historic yield | 0.90% |
| Fund size (30/09/2024) | £7842.31m |
| Number of holdings | 550 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.10% |
| Launch date | 05/12/2005 |
Asset Allocation
| International Equities | 95.72% | |
| Cash and Equivalents | 3.12% | |
| Property | 1.39% | |
| UK Equities | 0.05% | |
| Other Assets | -0.28% |
Commentary
The US equity market ended the year on a positive note, posting a sharp rally in December to reach levels that were last recorded prior to the collapse of Lehman Brothers in Autumn 2008. A whole host of economic data released during the month surprised on the upside, suggesting that the recovery is broadening out, while the US Federal Reserve maintained the target fed funds rate at 0-0.25% and left the US$600bn treasury purchasing program unchanged. Small businesses optimism (NFIB survey) rose in November to the highest level since early 2008. While the housing and labour market surveys remain the weak links in the economy, the manufacturing and export sectors continue to record strong growth. Despite concerns that the manufacturing recovery would be lacklustre and short-lived, the reality has been very different. December’s batch of official data as well as a variety of survey-based indicators, such as NY Empire State and Philly Fed, point to continued momentum in manufacturing activity. In addition to better macroeconomic data, additional fiscal stimulus in the US joined continued monetary policy in supporting risk assets. The payroll tax cut and investment tax relief, as outlined by President Obama, were positives and aimed at stimulating further business spending and job creation. Significantly, cyclical sectors such as homebuilding, construction & engineering, steel and metals & mining led the rally.
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 95.72% | |
| Cash and Equivalents | 3.12% | |
| Property | 1.39% | |
| UK Equities | 0.05% | |
| Other Assets | -0.28% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Technology | 34.96% | - | - | - | |
| Technology | - | 34.96% | - | - | |
| Technology Hardware & Equipment | - | - | 17.65% | - | |
| Semiconductors | - | - | - | 9.51% | |
| Computer Hardware | - | - | - | 7.02% | |
| Production Technology Equipment | - | - | - | 0.79% | |
| Electronic Components | - | - | - | 0.34% | |
| Software & Computer Services | - | - | 17.31% | - | |
| Software | - | - | - | 10.27% | |
| Consumer Digital Services | - | - | - | 6.17% | |
| Computer Services | - | - | - | 0.86% | |
| Consumer Discretionary | 13.59% | - | - | - | |
| Retail | - | 7.04% | - | - | |
| Retailers | - | - | 7.04% | - | |
| Diversified Retailers | - | - | - | 5.16% | |
| Home Improvement Retailers | - | - | - | 1.08% | |
| Specialty Retailers | - | - | - | 0.41% | |
| Apparel Retailers | - | - | - | 0.39% | |
| Travel & Leisure | - | 1.86% | - | - | |
| Travel & Leisure | - | - | 1.86% | - | |
| Restaurants & Bars | - | - | - | 0.95% | |
| Travel & Tourism | - | - | - | 0.55% | |
| Hotels & Motels | - | - | - | 0.23% | |
| Casinos & Gambling | - | - | - | 0.07% | |
| Airlines | - | - | - | 0.03% | |
| Recreational Services | - | - | - | 0.03% | |
| Automobiles & Parts | - | 1.74% | - | - | |
| Automobiles & Parts | - | - | 1.74% | - | |
| Automobiles | - | - | - | 1.64% | |
| Auto Parts | - | - | - | 0.10% | |
| Consumer Products & Services | - | 1.59% | - | - | |
| Consumer Services | - | - | 0.66% | - | |
| Consumer Services: Misc. | - | - | - | 0.66% | |
| Personal Goods | - | - | 0.36% | - | |
| Footwear | - | - | - | 0.25% | |
| Clothing & Accessories | - | - | - | 0.07% | |
| Cosmetics | - | - | - | 0.05% | |
| Household Goods & Home Construction | - | - | 0.31% | - | |
| Home Construction | - | - | - | 0.31% | |
| Leisure Goods | - | - | 0.25% | - | |
| Electronic Entertainment | - | - | - | 0.17% | |
| Consumer Electronics | - | - | - | 0.05% | |
| Recreational Products | - | - | - | 0.03% | |
| Media | - | 1.35% | - | - | |
| Media | - | - | 1.35% | - | |
| Entertainment | - | - | - | 0.98% | |
| Radio & TV Broadcasters | - | - | - | 0.18% | |
| Media Agencies | - | - | - | 0.16% | |
| Publishing | - | - | - | 0.03% | |
| Industrials | 11.34% | - | - | - | |
| Industrial Goods & Services | - | 10.74% | - | - | |
| Industrial Support Services | - | - | 4.10% | - | |
| Transaction Processing Services | - | - | - | 2.74% | |
| Professional Business Support Services | - | - | - | 1.05% | |
| Industrial Suppliers | - | - | - | 0.30% | |
| Aerospace & Defence | - | - | 1.92% | - | |
| Aerospace | - | - | - | 1.21% | |
| Defense | - | - | - | 0.71% | |
| General Industrials | - | - | 1.68% | - | |
| Diversified Industrials | - | - | - | 1.29% | |
| Paints & Coatings | - | - | - | 0.24% | |
| Containers & Packaging | - | - | - | 0.08% | |
| Plastics | - | - | - | 0.07% | |
| Industrial Transportation | - | - | 1.29% | - | |
| Railroads | - | - | - | 0.54% | |
| Delivery Services | - | - | - | 0.32% | |
| Trucking | - | - | - | 0.13% | |
| Commercial Vehicle-Equipment Leasing | - | - | - | 0.10% | |
| Commercial Vehicles & Parts | - | - | - | 0.10% | |
| Railroad Equipment | - | - | - | 0.06% | |
| Transportation Services | - | - | - | 0.04% | |
| Industrial Engineering | - | - | 0.91% | - | |
| Machinery: Construction & Handling | - | - | - | 0.38% | |
| Machinery: Agricultural | - | - | - | 0.23% | |
| Machinery: Industrial | - | - | - | 0.16% | |
| Machinery: Engines | - | - | - | 0.09% | |
| Machinery: Tools | - | - | - | 0.06% | |
| Electronic & Electrical Equipment | - | - | 0.84% | - | |
| Electronic Equipment: Control & Filter | - | - | - | 0.29% | |
| Electronic Equipment: Gauges & Meters | - | - | - | 0.22% | |
| Electronic Equipment: Pollution Control | - | - | - | 0.15% | |
| Electronic Equipment: Other | - | - | - | 0.12% | |
| Electrical Components | - | - | - | 0.05% | |
| Construction & Materials | - | 0.60% | - | - | |
| Construction & Materials | - | - | 0.60% | - | |
| Building: Climate Control | - | - | - | 0.30% | |
| Building Materials: Other | - | - | - | 0.21% | |
| Engineering & Contracting Services | - | - | - | 0.09% | |
| Health Care | 10.93% | - | - | - | |
| Health Care | - | 10.93% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 5.49% | - | |
| Pharmaceuticals | - | - | - | 5.02% | |
| Biotechnology | - | - | - | 0.46% | |
| Medical Equipment & Services | - | - | 3.43% | - | |
| Medical Equipment | - | - | - | 2.89% | |
| Medical Supplies | - | - | - | 0.42% | |
| Medical Services | - | - | - | 0.12% | |
| Health Care Providers | - | - | 2.01% | - | |
| Health Care Management Services | - | - | - | 1.67% | |
| Health Care Facilities | - | - | - | 0.19% | |
| Health Care Services | - | - | - | 0.15% | |
| Financials | 9.88% | - | - | - | |
| Financial Services | - | 4.70% | - | - | |
| Investment Banking & Brokerage Services | - | - | 4.00% | - | |
| Diversified Financial Services | - | - | - | 1.68% | |
| Investment Services | - | - | - | 1.47% | |
| Asset Managers & Custodians | - | - | - | 0.85% | |
| Finance & Credit Services | - | - | 0.69% | - | |
| Financial Data & Systems | - | - | - | 0.58% | |
| Consumer Lending | - | - | - | 0.10% | |
| Mortgage Real Estate Investment Trusts | - | - | 0.02% | - | |
| Mortgage REITs: Residential | - | - | - | 0.02% | |
| Banks | - | 3.10% | - | - | |
| Banks | - | - | 3.10% | - | |
| Banks | - | - | - | 3.10% | |
| Insurance | - | 2.07% | - | - | |
| Non-life Insurance | - | - | 1.77% | - | |
| Property & Casualty Insurance | - | - | - | 0.94% | |
| Insurance Brokers | - | - | - | 0.53% | |
| Full Line Insurance | - | - | - | 0.24% | |
| Reinsurance | - | - | - | 0.06% | |
| Life Insurance | - | - | 0.30% | - | |
| Life Insurance | - | - | - | 0.30% | |
| Consumer Staples | 4.39% | - | - | - | |
| Food, Beverage & Tobacco | - | 2.64% | - | - | |
| Beverages | - | - | 1.31% | - | |
| Soft Drinks | - | - | - | 1.20% | |
| Brewers | - | - | - | 0.10% | |
| Distillers & Vintners | - | - | - | 0.02% | |
| Food Producers | - | - | 0.78% | - | |
| Food Products | - | - | - | 0.62% | |
| Fruit & Grain Processing | - | - | - | 0.08% | |
| Farming, Fishing, Ranching & Plantations | - | - | - | 0.08% | |
| Tobacco | - | - | 0.54% | - | |
| Tobacco | - | - | - | 0.54% | |
| Personal Care, Drug & Grocery Stores | - | 1.75% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 1.75% | - | |
| Personal Products | - | - | - | 1.15% | |
| Drug Retailers | - | - | - | 0.37% | |
| Food Retailers & Wholesalers | - | - | - | 0.15% | |
| Nondurable Household Products | - | - | - | 0.09% | |
| Energy | 3.32% | - | - | - | |
| Energy | - | 3.32% | - | - | |
| Non-Renewable Energy | - | - | 3.23% | - | |
| Integrated Oil & Gas | - | - | - | 1.51% | |
| Oil: Crude Producers | - | - | - | 0.67% | |
| Pipelines | - | - | - | 0.44% | |
| Oil Refining and Marketing | - | - | - | 0.31% | |
| Oil Equipment & Services | - | - | - | 0.24% | |
| Offshore Drilling & Other Services | - | - | - | 0.07% | |
| Renewable Energy | - | - | 0.08% | - | |
| Renewable Energy Equipment | - | - | - | 0.08% | |
| Cash and Equivalents | 3.12% | - | - | - | |
| Utilities | 2.63% | - | - | - | |
| Utilities | - | 2.63% | - | - | |
| Electricity | - | - | 1.84% | - | |
| Conventional Electricity | - | - | - | 1.84% | |
| Gas, Water & Multi-utilities | - | - | 0.55% | - | |
| Multi-Utilities | - | - | - | 0.42% | |
| Gas Distribution | - | - | - | 0.07% | |
| Water | - | - | - | 0.05% | |
| Waste & Disposal Services | - | - | 0.24% | - | |
| Waste & Disposal Services | - | - | - | 0.24% | |
| Real Estate | 2.32% | - | - | - | |
| Real Estate | - | 2.32% | - | - | |
| Real Estate Investment Trusts | - | - | 2.16% | - | |
| Other Specialty REITs | - | - | - | 0.41% | |
| Infrastructure REITs | - | - | - | 0.36% | |
| Residential REITs | - | - | - | 0.32% | |
| Health Care REITs | - | - | - | 0.27% | |
| Retail REITs | - | - | - | 0.27% | |
| Industrial REITs | - | - | - | 0.23% | |
| Storage REITs | - | - | - | 0.11% | |
| Hotel & Lodging REITs | - | - | - | 0.09% | |
| Timber REITs | - | - | - | 0.05% | |
| Diversified REITs | - | - | - | 0.03% | |
| Office REITs | - | - | - | 0.02% | |
| Real Estate Investment & Services | - | - | 0.16% | - | |
| Real Estate Services | - | - | - | 0.16% | |
| Telecommunications | 2.04% | - | - | - | |
| Telecommunications | - | 2.04% | - | - | |
| Telecommunications Service Providers | - | - | 1.25% | - | |
| Telecommunications Services | - | - | - | 0.88% | |
| Cable Television Services | - | - | - | 0.37% | |
| Telecommunications Equipment | - | - | 0.78% | - | |
| Telecommunications Equipment | - | - | - | 0.78% | |
| Basic Materials | 1.46% | - | - | - | |
| Chemicals | - | 0.92% | - | - | |
| Chemicals | - | - | 0.92% | - | |
| Chemicals: Diversified | - | - | - | 0.66% | |
| Specialty Chemicals | - | - | - | 0.23% | |
| Fertilizers | - | - | - | 0.03% | |
| Basic Resources | - | 0.54% | - | - | |
| Industrial Metals & Mining | - | - | 0.35% | - | |
| Copper | - | - | - | 0.16% | |
| Iron & Steel | - | - | - | 0.11% | |
| Metal Fabricating | - | - | - | 0.08% | |
| Precious Metals & Mining | - | - | 0.12% | - | |
| Gold Mining | - | - | - | 0.12% | |
| Industrial Materials | - | - | 0.07% | - | |
| Diversified Materials | - | - | - | 0.04% | |
| Paper | - | - | - | 0.03% | |
| Non-Classified | 0.03% | - | - | - | |
Regional Allocation
| North America | 93.13% | |
| Cash and Equivalents | 3.12% | |
| Developed Europe - Excl UK | 2.72% | |
| Property | 1.21% | |
| UK | 0.05% | |
| Middle East & Africa | 0.03% | |
| Developed Asia | 0.03% | |
| Non-Classified | -0.28% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 98.61% | |
| Cash | 1.37% | |
| US Dollar | 0.02% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| North America | 93.13% | - | |
United States
|
- | 93.13% | |
| Cash and Equivalents | 3.12% | - | |
| Developed Europe - Excl UK | 2.72% | - | |
Ireland
|
- | 2.12% | |
Switzerland
|
- | 0.31% | |
Netherlands
|
- | 0.19% | |
Luxembourg
|
- | 0.11% | |
| Property | 1.21% | - | |
| UK | 0.05% | - | |
United Kingdom
|
- | 0.05% | |
| Middle East & Africa | 0.03% | - | |
Israel
|
- | 0.03% | |
| Developed Asia | 0.03% | - | |
Singapore
|
- | 0.03% | |
| Non-Classified | -0.28% | - | |
Breakdown By Market Cap (%)
| Mega |
|
74.22% |
| Large |
|
14.74% |
| Medium |
|
2.87% |
| Small |
|
0.04% |
| Micro |
|
0.03% |
| Non-Classified |
|
4.98% |
| Cash |
|
3.12% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | APPLE | 6.61% | Technology Hardware & Equipment | United States |
| 2 | MICROSOFT CORPORATION | 6.24% | Software & Computer Services | United States |
| 3 | NVIDIA CORPORATION | 5.54% | Technology Hardware & Equipment | United States |
| 4 | AMAZON.COM | 3.42% | Retailers | United States |
| 5 | META PLATFORMS | 2.45% | Software & Computer Services | United States |
| 6 | ALPHABET INC | 1.91% | Software & Computer Services | United States |
| 7 | ALPHABET INC | 1.61% | Software & Computer Services | United States |
| 8 | BROADCOM | 1.53% | Technology Hardware & Equipment | United States |
| 9 | TESLA | 1.44% | Automobiles & Parts | United States |
| 10 | ELI LILLY AND COMPANY | 1.38% | Pharmaceuticals & Biotechnology | United States |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 34.96% | - | - | - | - | - | - | 34.96% |
| Telecommunications | - | 2.04% | - | - | - | - | - | - | 2.04% |
| Financials | - | 9.86% | - | - | - | 0.02% | - | - | 9.88% |
| Real Estate | - | 0.95% | - | - | - | 1.37% | - | - | 2.32% |
| Consumer Discretionary | - | 13.59% | - | - | - | - | - | - | 13.59% |
| Consumer Staples | 0.03% | 4.36% | - | - | - | - | - | - | 4.39% |
| Energy | - | 3.32% | - | - | - | - | - | - | 3.32% |
| Utilities | - | 2.63% | - | - | - | - | - | - | 2.63% |
| Health Care | 0.02% | 10.90% | - | - | - | - | - | - | 10.93% |
| Industrials | - | 11.34% | - | - | - | - | - | - | 11.34% |
| Basic Materials | - | 1.46% | - | - | - | - | - | - | 1.46% |
| Cash and Equivalents | - | - | - | - | - | - | - | 3.12% | 3.12% |
| Non-Classified | - | 0.31% | - | - | - | - | -0.28% | - | 0.03% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B0CNGS6 |
| Mex Code | LGUTII |
| Isin Code | GB00B0CNGS66 |
| Citi Code | LS82 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.10% |
Aims and Benchmark
| Aims | The objective of this fund is to provide growth by tracking the performance of the FTSE USA Index. The fund will invest almost entirely in company shares. The fund's investments will closely match those that make up the Index. The Index consists of a broad spread of US company shares. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income with no, or an acceptably low, level of risk. |
| Benchmark | FTSE USA |
| Benchmark Category | - |
| IA Sector | North America |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 15:00 |
| Fund type | Unit Trust |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Biannually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 05 December | 05 February |
| 05 June | 05 August |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| 5.60% | - |
Fund Administration
| Fund Trustee/Depository | The Northern Trust Company |
| Fund Administrator | Internal |
| Fund Registrar | Internal |
| Fund Custodian | The Northern Trust Company |
Group Details
| Group name | Legal & General Unit Trust Managers Limited |
| Group address | Legal & General One Coleman Street London EC2R 5AA |
| Group telephone | 0370 050 0955 |
| Dealing telephone | - |
| investments@landg.com | |
| Homepage | www.lgim.com |
| Fax number | - |
Dealing
| Minimum Investment | £1000000 |
| Minimum Top Up | £20000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.