Where are you?
  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Guernsey
  • Ireland
  • Italy
  • Jersey
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Portugal
  • Spain
  • Singapore
  • Sweden
  • Switzerland
  • United Kingdom
  • Rest of World
It looks like you’re in
Not your location?
And finally, please confirm the following details
I’m {role} in {country} and I agree to comply with the terms of the website.

GF Special Situations Fund

Fund launch date 08/11/2012
Fund size £212,282,996.48
Number of holdings 56
Managed by current team for 9 years
Currently viewing:

The Fund

The Fund was launched in November 2012 and has been managed since launch by Anthony Cross and Julian Fosh. The Fund can invest in any companies in the FTSE All-Share Index regardless of their size or sector, enabling the managers to find the best opportunities wherever they are across the UK stock market. The fund managers use the Economic Advantage investment process 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.

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.
Key Information
Manager Inception Date of Fund
08/11/2012
Class Launch Date
08/11/2012
Comparator Benchmark 1
FTSE All Share
Price
Single Price
£20.343
Offer Price
-
Price Date
13/05/2022

Awards and ratings

Citywire fund manager rating Citywire Manager Rating: A
Morningstar Fund Rating: 5 Morningstar Rating: 5
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4

Meet the team

Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. Anthony joined Schroder Investment Management as a graduate trainee, later becoming an equity analyst before joining the Smaller Companies team in 1994. Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers to co-manage the Economic Advantage Funds, Julian has also previously headed the investment department at Scottish Friendly Assurance Society and worked at Britannia Investment Managers and Scottish Amicable. 

More about the team
Meet the tea

Our Investment 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.
Other less powerful but nonetheless important intangible strengths include franchises and licenses; good customer databases and relationships; effective procedures and formats; strong brands and company culture. 
These intangible assets produce barriers to competition, protect margins and are capable, in the opinion of the fund managers, of reaping a financial advantage in the form of cash flow returns in excess of the cost of capital. A company that consistently generates excess cash flow returns will benefit from compounding as it reinvests this excess return into the business.
Every smaller company held in the Economic Advantage funds has at least 3% of its equity held by senior management and main board directors. Companies are also assessed for employee ownership below the senior management and board and changes in equity ownership are monitored.
Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Liontrust GF Special Situations 3.2 28.2 -11.6 7.7 6.2
FTSE All Share 13.0 26.7 -18.5 6.4 1.2

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 GF Special Situations -3.0 -6.3 -11.9 -12.6 -3.4 8.5 24.8 - 103.4
FTSE All Share -2.4 -3.1 -0.6 -1.2 6.9 15.6 20.5 - 90.6

Source: FE fundinfo as at 13/05/2022. Performance figures are shown in GBP. 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 (%)

SHELL PLC 4.10
DIAGEO PLC 4.01
RELX PLC 3.99
BP 3.98
GLAXOSMITHKLINE 3.97
SAGE GROUP 3.63
ASTRAZENECA PLC 3.20
COMPASS GROUP PLC 3.16
PAGEGROUP PLC 2.85
RECKITT BENCKISER GROUP PLC 2.82

Sector Breakdown (%)

Industrials 25.83
Consumer Discretionary 18.10
Financials 10.09
Technology 10.07
Energy 9.96
Health Care 9.72
Consumer Staples 9.43
Real Estate 2.92
Money Market 2.11
Telecommunications 1.72

Geographic Breakdown (%)

UK
97.88
Money Market
2.11

Source: Liontrust as at 29/04/2022.

Additional Information
Minimum initial investment
£1,000
Minimum additional investment
£1,000
Ex-dividend date
1 January
Distribution date
Sedol code
B76P4R2
ISIN code
IE00B76P4R28
Charges
Initial charge
5.00%
Ongoing Charges Figure
1.95%
Included within the OCF is the Annual Management Charge
1.75%
Fund insights

Key features of the Fund

The investment objective of the Fund is to provide long-term capital growth by investing in mainly UK equities using the Economic Advantage investment process. The Fund invests at least 80% in companies traded on the UK and Irish stock exchanges. The Fund is not restricted in choice of investment in terms of company size or sector. The Fund has both Hedged and Unhedged share classes available. The Hedged share classes use forward foreign exchange contracts to protect returns in the base currency of the Fund.

5 years or more.
5 (Please refer to the Fund KIID for further detail on how this is calculated)

Active
The Fund is considered to be actively managed in reference to the FTSE All Share Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes. The Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.

 

A proportion of the portfolio is invested 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.

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.

 

This should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. 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. It contains information and analysis that 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 of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust.

Fund literature
GF Special Situations Fund
View latest fund update