Liontrust UK Smaller Companies Fund | What we offer | Liontrust Asset Management PLC
Liontrust - Economic Advantage

UK Smaller Companies Fund

Anthony Cross, Julian Fosh, Victoria Stevens, Matt Tonge

The Fund

The multi-award-winning Fund has been managed by Anthony Cross since 1997 and he was joined by his co-managers Julian Fosh in 2008 and Victoria Stevens and Matt Tonge in 2015. The fund managers use the Economic Advantage investment process to seek to identify companies with a durable competitive advantage that allows the companies to defy industry competition and sustain a higher than average level of profitability for longer than expected. All smaller companies in the Fund must have a minimum 3% directors’ equity ownership, which the fund managers believe motivates key employees, helps to secure a company’s competitive edge and leads to better corporate performance.

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The Economic Advantage team

Liontrust Economic Advantage team
Anthony Cross, Julian Fosh, Victoria Stevens & Matt Tonge

Anthony Cross and Julian Fosh have won multiple awards and have 55 years of combined investment experience. Anthony was previously at Schroders and Julian was at Saracen Fund Managers. Victoria Stevens was previously deputy head of corporate broking at FinnCap and Matt Tonge was formerly an award winning trader.

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The Economic Advantage Process

The process seeks to identify companies that possess intangible assets which produce barriers to competition and provide a durable competitive advantage that allows the companies to defy industry competition and sustain a higher than average level of profitability for longer than expected. In the fund managers’ experience, the hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business.

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Reports of Quality’s death are greatly exaggerated

Julian Fosh

Julian Fosh explains why the Economic Advantage team is sticking with its high quality investment approach despite predictions of its demise at the hands of value investing. Read more

Awards and ratings

FE Alpha Manager 2017 - Best UK Smaller Companies Manager
Anthony Cross & Julian Fosh
FE Alpha Manager Awards 2017

Best UK Smaller Companies Manager

FE Crown Rated - 5
Liontrust UK Smaller Companies Fund
FE Crown Rating: 5
FE Alpha Manager 2017 - Anthony Cross
Anthony Cross
FE Alpha Manager 2017
FE Alpha Manager 2017 - Julian Fosh
Julian Fosh
FE Alpha Manager 2017
Citywire rated AAA
Anthony Cross & Julian Fosh
Citywire Manager rating: AAA
Money Observer - Rated fund 2016
Liontrust UK Smaller Companies Fund
Money Observer rated
Morningstar OBSR - Bronze
Liontrust UK Smaller Companies Fund
Morningstar OBSR Bronze
Citywire Group rating - silver
Liontrust UK Smaller Companies Fund
Citywire Group Rating

Latest fund update

UK Smaller Companies Fund

Read the latest update for the Liontrust UK Smaller Companies Fund.

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Morningstar rated 5 star
Liontrust UK Smaller Companies Fund
Morningstar Rating: 5
Rayner Spencer Mills - R Rated Fund
Liontrust UK Smaller Companies Fund
Rayner Spencer Mills rated
Fund Calibre Elite Provider - Equities
Liontrust UK Smaller Companies Fund
FundCalibre Elite Provider for equities
Investment Adviser 100 Club - Liontrust UK Smaller Companies Fund
Liontrust UK Smaller Companies Fund
Investment Adviser 100 Club
UK Smaller Companies Fund of the Year
Morningstar Awards 2015
Liontrust UK Smaller Companies Fund
Morningstar
Best UK Small/Mid Cap Equity Fund 2015
Morningstar Awards 2016
Liontrust UK Smaller Companies Fund
Morningstar
Best UK Small/Mid Cap Equity Fund 2016
What Investment 2016 - Best UK Smaller Companies Fund - Liontrust UK Smaller Companies Fund
Liontrust UK Smaller Companies Fund
What Investment Awards 2016
Best UK Smaller Companies Fund

Performance

Discrete performance

30-06-2016 -
30-06-2017
30-06-2015 -
30-06-2016
30-06-2014 -
30-06-2015
30-06-2013 -
30-06-2014
30-06-2012 -
30-06-2013
Liontrust UK Smaller Companies 39.87% 5.42% 7.32% 29.58% 27.08%
IA UK Smaller Companies 36.33% -6.06% 9.77% 22.25% 26.45%
FTSE Small Cap (ex IT) 28.39% -3.65% 8.40% 25.34% 38.59%
Liontrust UK Smaller Companies
IA UK Smaller Companies
FTSE Small Cap (ex IT)
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust UK Smaller Companies 14.74% 32.93% 64.30% 163.86% 251.23% 1419.38%
IA UK Smaller Companies 14.19% 31.68% 44.88% 120.45% 121.06% 812.90%
FTSE Small Cap (ex IT) 8.78% 25.01% 38.02% 137.96% 77.83% 392.19%
To previous working day
Liontrust UK Smaller Companies
IA UK Smaller Companies
FTSE Small Cap (ex IT)

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.  • Some of the Funds managed by the Economic Advantage Team invest in smaller companies and companies traded on the Alternative Investment Market.  These stocks may be less liquid and the price swings greater than those in, for example, larger companies.


• 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. The performance of Liontrust UK Smaller Companies I Inc does not go back to the Fund's launch date because not all the historic data is available from FE. Performance data starts from 07.08.95. 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.


© 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of future results.

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.

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Key fund information

  • Launch date08/01/1998
  • IA sectorIA UK Smaller Companies
  • BenchmarkFTSE Small Cap (ex IT)
  • Fund size£718,748,589.45
  • Number of holdings68
  • Active Share97.54%
  • Historic yield0.10%

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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