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Income Fund

Fund launch date 31/12/2002
Fund size £377,726,472.28
Number of holdings 33
Managed by current team for 19 years
Currently viewing:

The Fund

The Fund has been managed by Robin Geffen since 2002, with Clare Pleydell-Bouverie and James O’Connor becoming Deputy Managers in November 2021. The Fund aims to deliver a net target yield of at least the net yield of the FTSE All Share index every year, with the potential for long term (5 years or more) capital growth. The Fund, which has the ability to invest up to 20% in income opportunities outside the UK, seeks companies that offer the most attractive dividend growth potential by focusing on those with strong free cash flow, balance sheets and earnings. The portfolio is dividend into three distinct silos to negate any major style bias: steady eddies, hidden fruits and economic recovery. 

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
31/12/2002
Class Launch Date
31/12/2002
Comparator Benchmark 1
FTSE All Share
Comparator Benchmark 2
IA UK Equity Income
Price
Single Price
197.850p
Offer Price
-
Price Date
27/05/2022

Awards and Ratings

Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4
Rayner Spencer Mills RSMR Rated Fund

Meet the team

Robin Geffen has 40 years of investment experience and prior to joining Liontrust in October 2019, Robin was a fund manager and the CEO of Neptune Investment Management, which he founded in 2002. He has previously worked at Charterhouse J Rothschild, Eagle Star, York Trust plc, Scottish Equitable and Orbitex Investments. Clare Pleydell-Bouverie and James O’Connor also joined Liontrust as part of the acquisition of Neptune, and are both CFA Charterholders. Prior to joining Neptune, Clare undertook third party research for private equity firms across a variety of industries. Clare graduated from Christ Church College, Oxford University with a first-class degree in history. Before joining Neptune, James completed his MSc in Education Research at Oxford University. James also holds the equivalent of a first-class degree in Psychology and Economics from Harvard University.

More about the team
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 Income Fund invests in ‘dependable income stocks’ – these are companies that exhibit three distinct characteristics: a structural growth proposition, competitive advantage, and a dividend growth runway. 
In order to negate style bias and ensure stock selection is the primary driver of the Fund’s active risk, the portfolio is spilt across 33 evenly weighted stocks and three silos: Steady Eddies, Hidden Fruits and Economic Recovery stocks. Each of these silos also evenly weighted and have their own distinctive characteristics, playing a particular role within the portfolio.
It is this diversification that we believe can help the portfolio perform across the market cycle; protecting capital more effectively than peers in down markets, yet participating in cyclical recovery. 
The Fund has a large-cap bias and, thanks to the team’s global sector research process, the manager can invest a maximum of 20% of the portfolio to invest in overseas stocks to bolster future income and capital growth.
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

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception

Current positioning

Top 10 Holdings (%)

GSK PLC 3.27
ASTRAZENECA PLC 3.26
SHELL PLC 3.20
BP 3.19
JOHNSON MATTHEY 3.16
SMITH(DS) PLC 3.12
DIAGEO PLC 3.12
RELX PLC 3.09
RECKITT BENCKISER GROUP PLC 3.07
UNILEVER PLC 3.06

Sector Breakdown (%)

Financials 26.63
Information Technology 17.25
Materials 14.93
Consumer Staples 9.25
Industrials 8.97
Consumer Discretionary 8.61
Health Care 6.53
Energy 6.40
Money Market 1.39

Geographic Breakdown (%)

UK
81.31
USA
17.29
Money Market
1.39

Source: Liontrust as at 29/04/2022.

Source: FE fundinfo
Additional Information
Minimum initial investment
£250,000
Minimum additional investment
£0
Ex-dividend date
1 January, 1 April, 1 July, 1 October
Distribution date
28 February, 31 May, 31 August, 30 November
Sedol code
B8JCR45
ISIN code
GB00B8JCR452
Charges
Initial charge
-
Ongoing Charges Figure
0.85%
Included within the OCF is the Annual Management Charge
0.75%
Fund insights

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.

 

Investment in the Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Fund may invest in emerging markets/soft currencies or in financial derivative instruments, both of which may have the effect of increasing volatility.

 

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
Income Fund
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