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Single Price 137.410p as of 11/07/2024
Fund launch date 31/12/2004
Fund size £9,127,470.17
Number of holdings 36

The Fund

The Fund is managed by Ruth Chambers, Ewan Thompson and Thomas Smith. It aims to generate capital growth over the long term (5 years or more). The Fund invests at least 80% in shares of Chinese companies. These are companies which, at the time of purchase, are incorporated, domiciled, listed or conduct significant business in China, Hong Kong or Taiwan.

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

Read latest fund update
Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
Manager Inception Date of Fund
08/05/2018
Managed by Current Team for
6 years
Class Launch Date
03/10/2012
ISIN code
GB00B5Q38588
Comparator Benchmark 1
MSCI China
Comparator Benchmark 2
IA China/Greater China

Awards and Ratings

Citywire fund manager rating Citywire Manager Rating: AA
FEfundinfo Crown Rating FE fundinfo Crown Rating: 4

Meet the team

Ruth, Ewan and Thomas moved to Liontrust as part of the acquisition of Neptune Investment Management in October 2019. Prior to joining Neptune, Ruth was a field engineer for Schlumberger before working as an oil & gas equity research associate for Bank of Montreal. She has a Masters Degree in Earth Sciences from Oxford University. Prior to joining Neptune in 2006, Ewan worked as an editor for Yale University Press. Ewan graduated from Oxford University in 2003 with a degree in English. Thomas has a Master’s degree in Chemistry from Oxford University and is a CFA Charterholder.

Meet the tea

Our Investment Process

The fund managers believe the key to generating outperformance is through high conviction, long-term, research-led company selection.
The Liontrust China Fund focuses on Emerging Leaders – companies that are well positioned in a fast-changing China. Importantly, given many disruptive products and business models have arisen in developed markets, their introduction and adoption rates across emerging markets are driving considerable growth at a consumer and commercial level. 
Therefore, Emerging Leaders alone have the resources and capabilities to survive and prosper given the huge levels of disruption seen across the whole economy. 
A common feature is their ability to create value for customers (either via a lower price and/or higher quality product and management that are focused on driving continuous improvement) and capture value for itself and its shareholders via a sustaining moat (such as unique assets, efficient scale, technology leadership, R&D investment and customer switching costs).

The Fund is ‘focused’, containing relatively fewer holdings than those included in their benchmark indexes because the stocks are selected based on the high convictions of the investment team. Whether Fund outperforms or underperforms its benchmark depends on the investment team’s stock selections. While the Fund chooses stocks based on a long-term view of three to five years, they may underperform over the shorter periods because of short-term challenges.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.

Performance

Performance since class launch date

Discrete performance (%)

As at previous quarter 12 months ending: Jun 24 Jun 23 Jun 22 Jun 21 Jun 20
Liontrust China -7.1 -24.2 -21.4 18.9 15.0
IA China/Greater China -6.2 -23.8 -17.0 22.3 18.7
MSCI China -1.1 -20.5 -22.4 13.9 16.5
Quartile Ranking 3 3 3 3 2

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Liontrust China -2.1 1.0 9.6 5.0 -5.4 -40.7 -24.7 24.9 247.0
IA China/Greater China -1.6 0.3 6.5 1.7 -6.6 -38.6 -15.7 56.5 329.9
MSCI China -2.1 3.4 9.9 5.7 -0.7 -34.4 -19.8 53.0 446.8
Quartile Ranking 2 2 1 1 3 3 3 3 -

Source: FE fundinfo as at 11/07/2024. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.

Current positioning

Top 10 Holdings (%)

TENCENT HOLDINGS LIMITED
9.59
ALIBABA GROUP HOLDING LIMITED
6.66
CHINA CONSTRUCTION BANK CORPORATION
6.52
MEITUAN
5.26
ZIJIN MINING GROUP h
3.83
INDUSTRIAL & COMMERCIAL BANK OF CHINA h
3.81
PDD HOLDINGS INC
3.71
BYD COMPANY LTD h
3.68
PING AN INSURANCE COMPANY OF CHINA -H-
3.56
NETEASE INC
3.42

Sector Breakdown (%)

Consumer Discretionary
31.51
Financials
19.60
Communications
15.41
Industrials
8.18
Materials
7.37
Information Technology
6.69
Consumer Staples
4.37
Utilities
3.11
Health Care
2.52
Money Market
1.20

Geographic Breakdown (%)

China
87.46
Taiwan
5.48
Ireland
3.71
Hong Kong
2.13
Cash & Cash Equivalents
1.20
Additional Information
Minimal initial investment
£250,000
Minimal additional investment
£0
Ex-dividend date
30 June, 31 December
Distribution date
28 February, 31 August
Sedol code
B5Q3858
Charges
Initial charge
-
Ongoing Charges Figure
0.89%
Included within the OCF is the Annual Management Charge
0.75%

For more information on the OCF, see our costs and charges page.

Fund Manager Insights

See all related
Ruth Chambers Ruth Chambers
Three themes for the Year of the Dragon Ruth Chambers considers investment themes for the Year of the Dragon.
icon 8 February 2024
Year of the Dragon
Ewan Thompson Ewan Thompson
The investment opportunity in India's healthcare sector Fund Manager Ewan Thompson looks at the exciting investment opportunities in India’s healthcare sector.
icon 5 July 2023
Medical
Ewan Thompson Ewan Thompson
India targets demographic dividend India targets 'demographic dividend' as most populous nation
icon 24 May 2023
Insights 7

How to invest in Liontrust funds

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Direct with Liontrust

Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of the Fund. This Fund may have a concentrated portfolio. If one of these investments or sectors / factors fall in value this can have a greater impact on the Fund's value than if it held a larger number of investments across a more diversified portfolio. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. Investments in emerging markets may involve a higher element of risk due to less well-regulated markets and political and economic instability. This may result in higher volatility and larger drops in the value of the fund over the short term. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG.

 

Disclaimer

This is a marketing communication.Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
China Fund
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