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GF UK Growth Fund

Single Price £19.466 as of 12/12/2024
Fund launch date 02/09/2014
Fund size £21,449,122.20
Number of holdings 44

The Fund

The Ireland-domiciled Fund has been managed since launch in September 2014 by Anthony Cross and Julian Fosh*, who were joined by Victoria Stevens and Matt Tonge in 2023. The Fund aims to deliver capital growth over the long term (5 years or more) by applying the Economic Advantage process to investing in UK equities. The process seeks to identify companies with a durable competitive advantage. All smaller companies in the Fund must have a minimum 3% equity ownership by senior management.

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

*Julian Fosh is on a leave of absence. The Economic Advantage funds continue to be managed by the other members of the team in Julian’s absence.

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
03/09/2014
Managed by Current Team for
10 years
Class Launch Date
03/09/2014
ISIN code
IE00BP4KB298
Comparator Benchmark 1
FTSE All Share

Ratings and awards

Morningstar Fund Rating: 5 Morningstar Rating: 5

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, and became managers of the GF UK Growth Fund in 2023. 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. 
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 24 Sep 23 Sep 22 Sep 21 Sep 20
Liontrust GF UK Growth 7.2 11.2 -5.2 25.7 -10.2
FTSE All Share 13.4 13.8 -4.0 27.9 -16.6

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 UK Growth 3.1 -0.4 -0.4 6.3 9.5 13.2 27.9 106.8 94.7
FTSE All Share 3.7 1.5 3.0 11.2 14.7 22.3 33.8 92.7 79.3

Source: FE fundinfo as at 12/12/2024. 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
8.31
ASTRAZENECA PLC
8.30
UNILEVER PLC
6.05
BP
4.65
REED ELSEVIER
3.97
GSK PLC
3.75
BAE SYSTEMS
3.57
COMPASS GROUP PLC
3.15
DIAGEO PLC
3.01
SAGE GROUP
3.00

Sector Breakdown (%)

Industrials
25.08
Consumer Discretionary
19.11
Health Care
15.57
Energy
12.97
Consumer Staples
11.08
Financials
4.15
Technology
3.85
Cash & Cash Equivalents
3.22
Real Estate
2.44
Telecommunications
1.91
Basic Materials
0.57

Geographic Breakdown (%)

UK
96.77
Cash & Cash Equivalents
3.22

Capitalisation (%)

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.
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
£5,000,000
Minimum additional investment
£1,000
Ex-dividend date
1 January
Distribution date
Sedol code
BP4KB29
Charges
Initial charge
-
Ongoing Charges Figure
0.92%
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
Victoria Steven Victoria Stevens
Focusrite - Phil Dudderidge OBE Having started with just a van and a band and then working as Led Zeppelin’s touring soundman in 1970, Phil Dudderidge OBE has successfully built two companies – Soundcraft Electronics and Focusrite. Using its equipment to record this second episode of the Stock Exchange series, Phil, who is now Non-executive Chairman, tells Victoria Stevens how Focusrite’s growth has been achieved and the challenges of being an entrepreneur.
icon 3 December 2024
Stock Exchanges podcast
Lionesses Anthony Cross, Victoria Stevens & Natalie Bell
The UK market: IP-rich and undervalued
icon 15 November 2024
r&d
Victoria Steven Victoria Stevens
Domino's - Andrew Rennie For the first conversation in the Stock Exchanges series, Victoria tucks into Domino’s, which is the largest pizza delivery operator in the world. She discovers the secrets of its success from Andrew Rennie, the Chief Executive of Domino’s Pizza Group, the London listed company that holds the master franchise agreement for the UK and Ireland and has over 1,300 mostly franchised stores under its banner.
icon 14 November 2024
Stock Exchanges podcast

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Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. 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. The Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing. 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. There is no guarantee that an absolute return will be generated over a three year time period or within another time period.

 

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. It 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. The decision to invest in a fund should take into account all the characteristics and objectives of the fund (inclusive of sustainability features) as described in the prospectus. Further information can be found here: https://www.liontrust.eu/sfdr. 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
GF UK Growth Fund
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