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GF Special Situations Fund

Fund launch date 08/11/2012
Fund size £116,144,874.08
Number of holdings 56
Managed by current team for 11 years
Currently viewing:

The Fund

The Fund has been managed since launch in November 2012 by Anthony Cross and Julian Fosh, who were joined by Victoria Stevens and Matt Tonge in 2023. 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.

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

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
08/11/2012
Class Launch Date
08/11/2012
Comparator Benchmark 1
FTSE All Share
Price
Single Price
£20.044
Offer Price
-
Price Date
08/12/2023

Awards and ratings

Morningstar Fund Rating: 5 Morningstar Rating: 5
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4

Meet the team

Anthony Cross joined Liontrust from Schroders in 1997 and launched the UK Smaller Companies Fund a year later. Anthony, who has managed the UK Smaller Companies and Special Situations funds since launch, was joined by Julian Fosh in 2008. Julian had previously managed funds at Scottish Amicable Investment Managers, Britannic Investment Managers, Scottish Friendly Assurance Society and Saracen Fund Managers. Victoria Stevens and Matt Tonge joined the team in 2015, with the UK Micro Cap fund launching a year later. Victoria was previously Deputy Head of Corporate Broking at FinnCap, while Matt had spent nine years on the Liontrust dealing desk, latterly winning an industry award for his work in mid and small cap stocks.

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.

The Fund has hallmarks of a ‘quality’ style of investing – companies generating high, consistent returns with strong solvency or balance sheets. Quality companies will often outperform in difficult economic conditions. There is a tilt away from companies characterised as ‘value’ – typically companies whose shares appear cheap when assessed on measures of tangible asset value. Value companies often perform well when interest rates rise.

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 manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 23 Sep 22 Sep 21 Sep 20 Sep 19
Liontrust GF Special Situations 7.0 -17.5 23.9 -4.4 2.0
FTSE All Share 13.8 -4.0 27.9 -16.6 2.7

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 3.3 0.5 -2.0 -0.9 -1.7 3.4 16.9 78.0 100.4
FTSE All Share 2.9 1.8 0.9 4.8 4.8 23.9 32.6 68.6 102.9

Source: FE fundinfo as at 08/12/2023. 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 3.30
RELX PLC 3.22
GSK PLC 3.18
BP 3.13
ASTRAZENECA PLC 3.08
RECKITT BENCKISER GROUP PLC 3.07
UNILEVER PLC 3.02
COMPASS GROUP PLC 3.01
TP ICAP GROUP PLC 2.88
SAGE GROUP 2.87

Sector Breakdown (%)

Industrials 25.91
Consumer Discretionary 19.84
Financials 12.34
Consumer Staples 8.91
Health Care 8.47
Energy 8.05
Technology 6.97
Money Market 4.59
Telecommunications 2.43
Real Estate 2.42

Geographic Breakdown (%)

UK
95.40
Cash & Cash Equivalents
4.59

Source: Liontrust as at 30/11/2023.

Capitalisation (%)

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.
4 (Please refer to the Fund PRIIP KID 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.
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
-
Ongoing Charges Figure
1.95%
Included within the OCF is the Annual Management Charge
1.75%

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

Fund Manager Insights

See all related
Fund updates
Liontrust GF Special Situations Fund October 2023 review
icon 14 November 2023
Commentaries Economic Advantage
Fund updates
Liontrust GF Special Situations Fund September 2023 review
icon 13 October 2023
Commentaries Economic Advantage
Fund updates
Liontrust GF Special Situations Fund August 2023 review
icon 18 September 2023
Commentaries Economic Advantage
Fund updates
Liontrust GF Special Situations Fund July 2023 review
icon 11 August 2023
Commentaries Economic Advantage
Fund updates
Liontrust GF Special Situations Fund June 2023 review
icon 11 July 2023
Commentaries Economic Advantage
Fund updates
Liontrust GF Special Situations Fund May 2023 review
icon 14 June 2023
Commentaries Economic Advantage

How to invest in Liontrust funds

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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
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