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Latin America Fund

Single Price 109.680p as of 12/12/2024
Fund launch date 03/12/2007
Fund size £25,060,368.81
Number of holdings 40

The Fund

The Fund is managed by Thomas Smith and Ewan Thompson. It aims to generate capital growth over the long term (5 years or more). The Fund invests at least 80% in shares of Latin American companies. These are companies in countries which, at the time of purchase, appear anywhere in the MSCI EM Latin America index.

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

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
01/07/2011
Managed by Current Team for
13 years
Class Launch Date
03/12/2007
ISIN code
GB00B909HH53
Comparator Benchmark 1
MSCI Emerging Markets Latin America
Comparator Benchmark 2
IA Latin America

Meet the team

Ewan and Thomas moved to Liontrust as part of the acquisition of Neptune Investment Management in October 2019. Prior to joining Neptune in 2006, Ewan worked as an editor for Yale University Press. Ewan graduated from Oxford University in 2003 with a degree in English. Thomas has a Master’s degree in Chemistry from Oxford University and is a CFA Charterholder.

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 Latin America Fund focuses on Emerging Leaders – companies well positioned to prosper in a world of rapid change. Importantly, given many disruptive products and business models have arisen in developed markets, their introduction and adoption rates across emerging markets are driving considerable growth at a consumer and commercial level. 
Therefore, the team believe emerging leaders alone have the resources and capabilities to survive and prosper given the huge levels of disruption seen across the whole economy. 
A common feature is their ability to create value for customers (either via a lower price and/or higher quality product and management that are focused on driving continuous improvement) and capture value for itself and its shareholders via a sustaining moat (such as unique assets, efficient scale, technology leadership, R&D investment and customer switching costs).

The Fund is ‘focused’, containing relatively fewer holdings than those included in their benchmark indexes because the stocks are selected based on the high convictions of the investment team. Whether Fund outperforms or underperforms its benchmark depends on the investment team’s stock selections. While the Fund chooses stocks based on a long-term view of three to five years, they may underperform over the shorter periods because of short-term challenges.

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 fund launch date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 24 Sep 23 Sep 22 Sep 21 Sep 20
Liontrust Latin America -3.2 1.6 8.2 19.6 -31.5
IA Latin America -6.7 7.7 12.7 16.5 -28.4
MSCI Emerging Markets Latin America -6.4 9.2 21.1 22.1 -32.7
Quartile Ranking 2 4 2 3 3

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 Latin America 0.8 0.5 0.7 -13.5 -8.2 16.2 -13.4 48.9 36.1
IA Latin America -2.3 -3.8 -3.2 -19.6 -14.3 14.3 -9.1 27.9 38.4
MSCI Emerging Markets Latin America -3.3 -5.0 -3.8 -20.4 -14.8 20.0 -2.4 44.1 39.0
Quartile Ranking 1 1 1 1 1 2 2 1 -

Source: FE fundinfo as at 12/12/2024. Performance figures are shown in GBX. 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 (%)

PETROLEO BRASILEIRO S A PETROBRAS
7.95
NU HOLDINGS LTD.
7.22
ITAU UNIBANCO HOLDING S.A.
5.84
LOMA NEGRA CORP
3.67
LAUREATE EDUCATION INC
3.58
CIA SANEAMENTO BASICO DO ESTADO DE SAO PAULO
3.39
JBS
3.35
CREDICORP
3.32
GENTERA SAB DE CV
3.31
GENOMMA LAB INTERNACIONAL SAB
3.27

Sector Breakdown (%)

Financials
28.41
Energy
13.06
Consumer Staples
12.89
Consumer Discretionary
11.87
Utilities
9.37
Industrials
9.27
Materials
8.83
Health Care
3.27
Information Technology
2.66
Financial Services
1.01
Communications
0.52
Others
0.00
Cash & Cash Equivalents
-1.22

Geographic Breakdown (%)

Brazil
49.90
Mexico
18.17
Cayman Islands
7.22
USA
6.81
Argentina
6.04
Chile
5.61
Peru
3.32
Luxembourg
2.04
Panama
1.05
Colombia
1.01
Cash & Cash Equivalents
-1.22
Source: FE fundinfo
Additional Information
Minimum initial investment
£250,000
Minimum additional investment
£0
Ex-dividend date
30 June, 31 December
Distribution date
31 August, 28 February
Sedol code
B909HH5
Charges
Initial charge
-
Ongoing Charges Figure
0.89%
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
Thomas Smith Thomas Smith
Brazil – a mid-year review After a tough first half, how will the market fare going forward?
icon 10 July 2024
Rio de janeiro
Thomas Smith Thomas Smith
Nearshoring offers golden opportunity for Mexican economy Fund manager Thomas Smith takes a look at the unique opportunity for the Mexican economy from nearshoring as a broad range of sectors and companies stand to benefit from supply chain reorganisation
icon 21 March 2024
Mexico
Thomas Smith Thomas Smith
Nearshoring offers golden opportunity for Mexican economy Fund manager Thomas Smith takes a look at the unique opportunity for the Mexican economy from nearshoring as a broad range of sectors and companies stand to benefit from supply chain reorganisation
icon 11 March 2024
Mexico
Thomas Smith Thomas Smith
Lula elected president of Brazil Following Lula’s victory in Brazil’s presidential election, Thomas Smith, Manager of the Liontrust Latin America Fund, comments on the outlook for Latin America’s largest equity market, where stocks are now trading at a significant discount to the broader emerging markets.
icon 2 November 2022
Insights 15
Thomas Smith Thomas Smith
The investment case for Latin America As one of the strongest performing markets in the first half of the year, Tom Smith highlights that global and domestic trends support the investment case for Latin American markets.
icon 1 July 2022
Insights 12

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Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of the Fund. This Fund may have a concentrated portfolio. If one of these investments or sectors / factors fall in value this can have a greater impact on the Fund's value than if it held a larger number of investments across a more diversified portfolio. 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. Investments in emerging markets may involve a higher element of risk due to less well-regulated markets and political and economic instability. This may result in higher volatility and larger drops in the value of the fund over the short term. 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. 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
Latin America Fund
View latest fund update