Liontrust Macro UK Growth Fund | What we offer | Liontrust Asset Management PLC
Liontrust - Macro

Macro UK Growth Fund

Stephen Bailey & Jamie Clark

The Fund

The Fund has been managed since August 2002 by Stephen Bailey, with Jamie Clark becoming co-manager in 2007. The fund managers invest in UK-listed and, up to 20%, in overseas companies to provide capital growth along with reasonable income. They believe the identification and interpretation of major economic, political and social developments offer scope to add long-term investment value. The fund managers’ conviction is shown by the fact they may have 0% weightings in major sectors.

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The Macro-Thematic team

The Liontrust Macro team
Stephen Bailey & Jamie Clark

Stephen Bailey and Jamie Clark have 46 years of combined investment experience. Stephen started his career in the mid-1980s, joining Walker Crips in 1987 as investment director. Jamie joined Walker Crips in 2003 and the team moved to Liontrust in 2012.

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The Macro-Thematic Process

The process is based on the analysis of economic, political, social and cultural developments to identify Macro-Themes. The fund managers define a Macro-Theme as an undiscounted, structural change in the process of realisation; and the related passage to theme-maturity, as the macro-trend. The fund managers believe this investment process equips them to locate unappreciated investment ideas and capture the full, long-term potential of each portfolio holding. There are four stages to the process: theme discovery; identification of theme-assisted and theme-impaired companies; bottom-up analysis of prospective investments; portfolio construction and management.

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Taking the edge off our pharma exposure

Jamie Clark

We are longstanding investors in the pharmaceutical sector, but think investors should be more critical in evaluating the chance of drug pipeline failure and risks to capital. Read more


Citywire Selection
Liontrust Macro UK Growth Fund
Citywire Selection
FE Alpha Manager 2017 - Stephen Bailey
Stephen Bailey
FE Alpha Manager 2017
Rayner Spencer Mills - R Rated Fund
Liontrust Macro UK Growth Fund
Rayner Spencer Mills rated

Latest fund update

Macro UK Growth Fund

Read the latest update for the Liontrust Macro UK Growth Fund.

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Square Mile Rated A - Liontrust
Liontrust Macro UK Growth Fund
Square Mile: A rated
Fund Calibre Elite Provider - Equities
Liontrust Macro UK Growth Fund
FundCalibre Elite Provider for equities


Discrete performance

31-03-2016 -
31-03-2015 -
31-03-2014 -
31-03-2013 -
31-03-2012 -
Liontrust Macro UK Growth 11.52% -6.16% 9.94% 18.27% 10.69%
IA UK All Companies 17.95% -2.41% 5.77% 14.24% 17.29%
FTSE All Share 21.95% -3.92% 6.58% 8.81% 16.77%
Liontrust Macro UK Growth
IA UK All Companies
FTSE All Share
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust Macro UK Growth 8.84% 11.06% 18.12% 51.35% 76.61% 320.35%
IA UK All Companies 6.14% 15.61% 23.43% 63.38% 65.68% 219.68%
FTSE All Share 4.48% 16.32% 22.61% 55.83% 66.08% 233.27%
To previous working day
Liontrust Macro UK Growth
IA UK All Companies
FTSE All Share

Risk warning

• Past performance is not a guide to future performance. • Do remember that the value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.  Investment in Funds managed by the Macro-Thematic Team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. • The Funds' expenses are charged to capital. This has the effect of increasing dividends while constraining capital appreciation.

• The information and opinions provided should not be construed as advice for investment in any product or security mentioned.  • Always research your own investments and consult with a regulated investment adviser before investing.

Source: Financial Express. Total return, bid-to-bid. Citywire information is proprietary and confidential to Citywire Financial Publishers Ltd ('Citywire'), may not be copied and Citywire excludes any liability arising out of its use.

Explore in detail

For more information (including prices) and to explore all of the Fund's share classes in more detail please visit our interactive fund centre.


Key fund information

  • Launch date01/02/1999
  • IA sectorIA UK All Companies
  • BenchmarkFTSE All Share
  • Fund size£42,725,700.00
  • Number of holdings52
  • Active Share81.44%
  • Historic yield3.10%

Fund size, number of holdings and active share data is as at previous month end. Historic yield and performance data is as at previous working day.

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.

Active Share: The percentage of a portfolio invested differently to its benchmark. A 100% active share is a portfolio with no weightings in the benchmark, a 0% active share is a portfolio identical to the benchmark.

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