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UK Micro Cap FundLIONTRUST UK MICRO CAP FUND

While the UK’s smallest companies have a multi-decade record of outperforming larger peers, many investors remain cautious about moving down the market cap scale as they assume smaller automatically means higher risk.

The Liontrust UK Micro Cap Fund looks to capture the considerable opportunity in these businesses and by employing our tried and tested Economic Advantage process, we feel this can mitigate some of the additional risk. As on our Special Situations, UK Growth and UK Smaller Companies Funds, we are seeking stocks with hard-to-replicate intangible strengths and in our experience, the most difficult characteristics to reproduce are intellectual property, strong distribution channels and significant recurring business. The fund invests in businesses with a cap size of £150m and below.

Overall, we see three key reasons for a micro cap allocation in portfolios:
  1. Superior growth prospects: From 1955 to the end of 2015, the Numis 1000 index, comprising the smallest 2% of stocks on the UK main market by capitalisation, outperformed the FTSE All-Share by more than 14 times (Source: Numis). 
  2. Access to entrepreneurial flair: High levels of equity ownership are more common among the smallest companies: this acts as a strong motivator and creates a more conservative business ethos.
  3. Opportunities in an inefficient market: Analyst coverage of micro cap stocks is increasingly thin, so it is fertile territory for those willing to undertake their own research in the hunt for pricing anomalies.

The Funds are valued daily at 12 noon on a forward basis; purchases and sales of units are effected at the next valuation point following receipt of instructions. The prices shown below are as at the most recent valuation point and are therefore not a precise indication of what you may receive if you were to undertake a transaction now. The offer price is the price at which you would have bought units and the bid price is the price at which you would have sold them.

* Please refer to the Liontrust Global Funds plc Prospectus for details of valuation points for the Dublin OEICs. The price shown is the NAV per share.  

Fund NameDate of PriceCancellation PriceCreation PriceBid PriceOffer PriceYield (%)Bid/Offer spread %
Asia Income GBP (R) 1 17-Feb122.20122.99122.20129.144.82 5.37
Asia Income GBP (I) 1 17-Feb133.00133.86133.00133.864.72 0.64
Asia Income GBP (A) 1 17-Feb126.16126.98126.16129.524.72 2.59
European Enhanced Income Fund GBP (R) Inc 17-Feb110.79111.03110.79116.584.60 4.97
European Enhanced Income Fund GBP (R) Acc 17-Feb155.87156.21155.87164.023.78 4.97
European Enhanced Income Fund GBP (I) Inc 17-Feb116.34116.59116.34116.594.97 0.21
European Enhanced Income Fund GBP(I) Inc Unhedged 17-Feb107.77108.00107.77108.000.00 0.21
European Enhanced Income Fund GBP(I) Acc unhedged 17-Feb108.04108.27108.04108.270.00 0.21
European Enhanced Income Fund GBP (I) Acc 17-Feb165.19165.55165.19165.553.89 0.22
European Growth Fund GBP (R) 17-Feb193.10193.69193.10203.380.64 5.05
European Growth Fund GBP (I) 17-Feb195.42196.02195.42196.021.19 0.31
European Growth Fund GBP (A) 17-Feb195.73196.33195.73200.260.95 2.26
European Income Fund GBP (R) Inc 17-Feb117.86118.09117.86124.005.05 4.95
European Income Fund GBP (R) Acc 17-Feb202.36202.77202.36212.913.97 4.96
European Income Fund GBP (I) Inc 17-Feb127.29127.54127.29127.545.47 0.2
European Income Fund GBP (I) Acc 17-Feb217.65218.09217.65218.093.87 0.2
FTSE 100 Tracker GBP 17-Feb214.86216.12214.86216.123.05 0.58
GF Asia Income Fund EUR A1 (R)* 17-Febn/an/a9.859.85n/a 0
GF Asia Income Fund EUR A2 (R)* 17-Febn/an/a9.009.00n/a 0
GF Asia Income Fund USD B4 (R)* 17-Febn/an/a9.589.58n/a 0
GF Asia Income Fund GBP C3 (I)* 17-Febn/an/a10.8710.87n/a 0
GF Asia Income Fund GBP C6 (I)* 17-Febn/an/a10.7810.78n/a 0
GF European Smaller Companies Fund EUR A4 (R)* 16-Febn/an/a10.1510.15n/a 0
GF European Smaller Companies Fund EUR A5 (I)* 16-Febn/an/a10.1510.15n/a 0
GF European Smaller Companies Fund EUR X (I)* 16-Febn/an/a10.1510.15n/a 0
GF European Smaller Companies Fund EUR A3 (I)* 16-Febn/an/a10.1510.15n/a 0
GF European Strategic Eqty Fund EUR A (R) Acc *1 16-Febn/an/a10.2110.21n/a 0
GF European Strategic Eqty Fund USD B (R) Acc *1 16-Febn/an/a10.3810.38n/a 0
GF European Strategic Eqty Fund GBP C4 (R) Acc *1 16-Febn/an/a12.3412.34n/a 0
GF European Strategic Eqty Fund EUR A4 (R) Acc *1 16-Febn/an/a12.2912.29n/a 0
GF European Strategic Eqty Fund GBP C3 (I) Acc *1 16-Febn/an/a12.6512.65n/a 0
GF Global Strategic Equity Fund USD B1 (R)* 17-Febn/an/a9.419.41n/a 0
GF Global Strategic Equity Fund EUR A4 (R) * 17-Febn/an/a7.967.96n/a 0
GF Global Strategic Equity Fund GBP C4 (R) * 17-Febn/an/a7.917.91n/a 0
GF Global Strategic Equity Fund GBP C2 (I)* 17-Febn/an/a8.088.08n/a 0
GF Global Strategic Equity Fund EUR A2 (I) * 17-Febn/an/a8.058.05n/a 0
GF Global Strategic Equity Fund USD B2 (I) * 17-Febn/an/a8.188.18n/a 0
GF Global Strategic Equity Fund EUR A5 (R) * 17-Febn/an/a8.038.03n/a 0
GF Global Strategic Equity Fund USD B5 (I) * 17-Febn/an/a8.058.05n/a 0
GF Global Water and Agri Fund EUR A4 (R) * 17-Febn/an/a11.5811.58n/a 0
GF Global Water and Agri Fund EUR A5 (I)* 17-Febn/an/a10.2810.28n/a 0
GF Global Water and Agri Fund USD B5 (I) * 17-Febn/an/a11.8411.84n/a 0
GF Global Water and Agri Fund GBP C5 (I) * 17-Febn/an/a11.7611.76n/a 0
GF Macro Equity Income Fund EUR A4 (R)* 17-Febn/an/a10.4510.45n/a 0
GF Macro Equity Income Fund GBP C4 (R)* 17-Febn/an/a11.3111.31n/a 0
GF Macro Equity Income Fund GBP C3 (I)* 17-Febn/an/a10.0010.00n/a 0
GF Macro Equity Income Fund GBP C5 (I)* 17-Febn/an/a11.4211.42n/a 0
GF Macro Equity Income Fund GBP C7 (I)* 17-Febn/an/a11.6711.67n/a 0
GF Special Situations Fund GBP C1 (R)* 16-Febn/an/a15.6215.62n/a 0
GF Special Situations Fund EUR A1 (R) * 16-Febn/an/a14.5814.58n/a 0
GF Special Situations Fund EUR A2 (R) * 16-Febn/an/a15.4215.42n/a 0
GF Special Situations Fund GBP C6 (I)* 16-Febn/an/a13.6013.60n/a 0
GF Special Situations Fund GBP C7 (I)* 16-Febn/an/a13.9113.91n/a 0
GF Special Situations Fund GBP C3 (I)* 16-Febn/an/a16.3116.31n/a 0
GF UK Growth Fund GBP C1 (R)* 17-Febn/an/a12.6912.69n/a 0
GF UK Growth Fund GBP C6 (I)* 17-Febn/an/a12.1812.18n/a 0
GF UK Growth Fund GBP C3 (I)* 17-Febn/an/a12.9212.92n/a 0
Global Income Fund GBP (R) 1 17-Feb157.22157.94157.22165.844.93 5.2
Global Income Fund GBP (I) 1 17-Feb165.39166.15165.39166.154.92 0.46
Global Income Fund GBP(A)1 17-Feb164.94165.69164.94169.004.92 2.4
Macro Equity Income Fund GBP (R) Inc 17-Feb194.42196.04194.42205.844.48 5.55
Macro Equity Income Fund GBP (R) Acc 17-Feb331.29334.05331.29350.754.26 5.55
Macro Equity Income Fund GBP (I) Inc 17-Feb202.62204.31202.62204.314.38 0.83
Macro Equity Income Fund GBP (I) Acc 17-Feb342.29345.14342.29345.144.26 0.83
Macro Equity Income Fund GBP (A) Inc 17-Feb201.45203.13201.45207.194.38 2.77
Macro Equity Income Fund GBP (A) Acc 17-Feb338.28341.09338.28347.924.26 2.77
Macro UK Growth Fund GBP (R) Inc 17-Feb191.05192.83191.05202.483.22 5.65
Macro UK Growth Fund GBP (R) Acc 17-Feb304.68307.53304.68322.913.17 5.65
Macro UK Growth Fund GBP (I) Inc 17-Feb199.06200.92199.06200.923.22 0.93
Macro UK Growth Fund GBP (I) Acc 17-Feb314.80317.74314.80317.743.17 0.93
Macro UK Growth Fund GBP (A) Inc 17-Feb197.88199.72197.88203.723.22 2.87
Macro UK Growth Fund GBP (A) Acc 17-Feb311.22314.13311.22320.413.17 2.87
Special Situations Fund GBP (R) 17-Feb358.11362.27358.11380.390.86 5.86
Special Situations Fund GBP (I) 17-Feb363.05367.27363.05367.271.72 1.15
Special Situations Fund GBP (A) 17-Feb361.11365.31361.11372.621.55 3.09
UK Growth Fund GBP (R)
17-Feb390.33393.73390.33413.411.67 5.58
UK Growth Fund GBP (I) 17-Feb394.48397.93394.48397.932.36 0.87
UK Growth Fund GBP (A) 17-Feb396.18399.64396.18407.642.16 2.81
UK Micro Cap Fund GBP (I) Acc 17-Feb117.79122.04117.79122.040.00 3.48
UK Smaller Companies Fund GBP (R) Inc 17-Feb1,107.821,146.421,107.821,203.740.00 7.97
UK Smaller Companies Fund GBP (I) Inc 17-Feb1,110.381,149.081,110.381,149.080.25 3.37
UK Smaller Companies Fund GBP (I) Acc 17-Feb1,116.681,155.601,116.681,155.600.25 3.37

Notes:

 

The Fund Size is calculated on a bid basis.

 

The Historic Yield reflects distributions declared over the past 12 months as a percentage of the mid-market unit price.  It does not include any preliminary charge and investors may be subject to tax on their distributions.

 

R = Price for Retail units

I = Price for Institutional units
A = Price for Advised units

 

1A portion of the Fund's expenses are charged to capital.  This has the effect of increasing the distribution for the year and constraining the fund's capital performance. 

  

 

Manager Anthony Cross, Julian Fosh, Victoria Stevens, Matt Tonge
Launch Date 09/03/16
Base currency GBP
Sedol code BDFYHP1
ISIN code GB00BDFYHP14
Initial Charge
0.00%
Ongoing Charges Figure*
1.62% assume a portfolio of £20m at launch / 1.46% assume a portfolio of £50m at launch
Included within the OFC is the Annual Management Charge**
1.25%
  *The OCF covers all aspects of operating a fund during the course of its financial year. These include the annual charge for managing the fund, administration and independent oversight functions, such as trustee, depository, custody, legal and audit fees. The OCF excludes portfolio transaction costs except for an entry/exit charge paid by the Fund when buying or selling units in another fund. This will have an impact on the realisable value of the investment, particularly in the short term. 
  **These are the annual costs of running and managing the Fund.