GF UK Growth Fund | Liontrust Asset Management PLC

Fund launch date 02/09/2014

Fund size £54,130,592.48

Number of holdings 46

Managed by current team for 7 years

The Fund

The Fund has been managed since launch in September 2014 by Anthony Cross and Julian Fosh and predominantly invests in UK large and mid-cap stocks using the Economic Advantage investment process. The process seeks to identify companies with a durable competitive advantage that allows companies to defy industry competition and sustain a higher than average level of profitability for longer than expected. This can lead to sector exposures being significantly different from those of the market and many of the Fund’s sector peers.

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Key Information

Manager Inception Date of Fund

03/09/2014

Class Launch Date

03/09/2014

Comparator Benchmark 1

FTSE All Share

Price

Single Price

£17.408

Offer Price

Price Date

20/05/2022

Ratings and awards

Citywire Manager Rating: A

Morningstar 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

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.

Performance

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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 UK Growth	13.1	23.5	-13.5	6.4	2.0
FTSE All Share	13.0	26.7	-18.5	6.4	1.2

Cumulative performance (%)

Source: FE fundinfo as at 20/05/2022. 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.
As at previous day end	1 month	3 months	6 months	YTD	1 year	3 years	5 years	10 years	Since Inception
Liontrust GF UK Growth	-0.3	2.4	0.7	-1.0	10.3	17.3	28.4	-	74.1
FTSE All Share	-3.1	-1.3	0.6	-1.4	5.6	12.9	19.6	-	46.8

Current positioning

Top 10 Holdings (%)

ASTRAZENECA PLC	8.06
SHELL PLC	7.96
BP	4.90
DIAGEO PLC	4.82
GSK PLC	4.72
UNILEVER PLC	4.57
BRITISH AMERICAN TOBACCO	4.43
INDIVIOR PLC	3.26
BAE SYSTEMS	2.82
RELX PLC	2.72

Sector Breakdown (%)

Industrials	26.05
Consumer Staples	16.21
Health Care	16.04
Energy	14.38
Consumer Discretionary	13.59
Financials	3.47
Money Market	3.03
Technology	2.90
Real Estate	2.82
Basic Materials	0.77
Telecommunications	0.70

Geographic Breakdown (%)

Source: Liontrust as at 29/04/2022.
UK	96.96
Money Market	3.03

Capitalisation (%)

Source: FE fundinfo

Additional Information

Minimum initial investment

£5,000,000

Minimum additional investment

£1,000

Ex-dividend date

1 January

Distribution date

Sedol code

BP4KB29

ISIN code

IE00BP4KB298

Charges

Initial charge

Ongoing Charges Figure

0.95%

Included within the OCF is the Annual Management Charge

0.75%

Key fund literature

Factsheet C3 KIID C3 Acc Liontrust Global Funds plc - Prospectus

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Fund insights

Key features of the Fund

The investment objective of the Fund is to provide long term capital growth by investing predominantly in UK equities. The Fund invests at least 80% in securities of companies traded on the UK and Irish stock exchanges. The Fund invests predominantly in UK large and mid-cap stocks.

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.

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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.

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.