MA Blended Moderate Fund | Liontrust Asset Management PLC

Fund launch date 07/04/2003

Fund size £281,715,351.98

Number of holdings 42

Risk profile 3

The Fund

The Fund, which was launched in 2003 and is in the IA Volatility Managed sector, seeks to achieve capital growth and income with a below median level of volatility, having a risk profile of 3 in a range from 1 (lowest) to 7 (highest). The underlying funds in the portfolio invest globally (including in emerging markets) across asset classes and financial instruments. The underlying funds will be a blend of active and passive funds. Active funds will be selected over passive funds where the investment team believes the potential returns from active funds outweigh any additional cost. The Fund typically has a lower exposure to higher risk assets and a greater exposure to lower risk assets compared to other funds in the Liontrust MA Blended Funds range that have a higher risk profile.

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

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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

Class Launch Date

03/12/2013

Price

Single Price

147.430p

Offer Price

Price Date

17/04/2024

Awards and Ratings

Citywire

Defaqto Five Diamond Rating 2022 Risk Targeted Fund Family

Meet the team

Headed by John Husselbee since joining Liontrust in 2013, the team comprises three investment managers. Deputy Head James Klempster joined from Momentum Global Investment Management.

More about the team

Our Investment Process

Strategic asset allocation (SAA)

The SAA is the primary determinant of suitability and long-term risk and returns for investors. To determine the SAA, historical returns and volatilities of a range of asset classes, as well as their correlations with each other, and other market dynamics are collated and studied. The SAA is updated annually and have a 15-year time horizon.

Tactical asset allocation (TAA)

TAA determines the overweight or underweight exposure to asset classes compared to the SAA. Each asset class, sub-asset class and the overall market environment are given a score from 1 to 5. The quants data provide a quantitative perspective on, for example, the relative attractiveness of an equity market both against other markets and against its own history. The scorecard informs the over and underweights that the team expresses through portfolio construction.

Portfolio construction

We test the performance and interaction of factors, such as value, growth, quality or size, over the long term and identify a blend that will provide the most effective risk-adjusted exposure. The decision on the use of passive vehicles depends on availability and suitability. The combination of the target manager allocations and TAA weights provides a target holding size for every manager. The team ensures the new targets comply will portfolio rules and restrictions.

Manager selection

Managers are subjected to quantitative analysis of current and past positioning. We analyse the drivers of performance, particularly the stylistic exposure of managers. The team considers manager philosophy and process, team structure, business structure and incentivisation, stock selection process, portfolio construction, historical and current positioning as well as ESG considerations. We also ensure selected funds are suitable from an operational and compliance perspective.

Implementation

The team implements the process in a manner that treats customers fairly, creates consistency across the fund and portfolio ranges wherever possible, finding an optimal balance between trading and portfolio turnover, and ensuring the implemented holdings reflect the team’s views. Underpinning all of this is the need to remain suitable for investors from a risk and mandate perspective.

As the Fund is targeting the volatility expected by investors, then there will be short-term periods when the Fund may underperform relative to the market and other funds, especially those seeking to generate capital growth without a volatility target. The Fund typically performs well on a relative basis when diversification is rewarded by markets.

Performance

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Performance since launch

Discrete performance (%)

As at previous quarter 12 months ending:	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
Liontrust MA Blended Moderate	9.0	-8.2	1.3	14.0	-3.7

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 MA Blended Moderate	-0.4	2.4	7.3	1.2	6.9	-2.6	8.7	45.5	148.3

Source: FE fundinfo as at 17/04/2024. 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 (%)

ISHARES CORPORATE BOND INDEX (UK) L ACC

16.47

L&G US INDEX TRUST C ACC

6.50

HSBC GLOBAL AGGREGATE BOND INDEX S2CH GBP

6.06

MAN GLG STERLING CORPORATE BOND PROFESSIONAL C ACC

5.63

ROYAL LONDON CORPORATE BOND Z INC

5.36

L&G EMERGING MARKETS EQUITY INDEX C UNHEDGED GBP

4.80

BARINGS GLOBAL HIGH YIELD BOND B ACC GBP

4.05

AEGON HIGH YIELD BOND S ACC GBP

3.87

SPDR I PLC - BLOOM. 1-5 Y GILT UCITS ETF

3.69

MULTI UNITS LUXEMBOURG - AMUNDI UK GOVERNMENT BOND 0-5Y D GBP DIS

3.16

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Geographic Breakdown (%)

46.23

International

20.39

North America

12.83

Global Emerging Markets

8.10

Asia Pacific ex Japan

4.55

Europe

3.67

Japan

3.22

Cash & Cash Equivalents

0.96

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Additional Information

Minimum initial investment

£1m

Minimum additional investment

£500

Ex-dividend date

31 December

Distribution date

28/29 February

Sedol code

BCZW5B0

ISIN code

GB00BCZW5B06

Charges

Initial charge

Ongoing Charges Figure

0.69%

Included within the OCF is the Annual Management Charge

0.40%

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

Key fund literature

Factsheet S Acc KIID S Acc Liontrust Multi-Asset Investments ICVC II Prospectus

Fund Manager Insights

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Assessment of Value Read the report

Key Risks

Past performance does not predict future returns. You may get back less than you originally invested. Credit Risk: There is a risk that an investment will fail to make required payments and this may reduce the income paid to the fund, or its capital value; Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss; Liquidity Risk: If underlying funds suspend or defer the payment of redemption proceeds, the Fund's ability to meet redemption requests may also be affected; Interest Rate Risk: Fluctuations in interest rates may affect the value of the Fund and your investment; Derivatives Risk: Some of the underlying funds may invest in derivatives, which can, in some circumstances, create wider fluctuations in their prices over time; Emerging Markets: The Fund may invest in less economically developed markets (emerging markets) which can involve greater risks than well developed economies; Currency Risk: The Fund invests in overseas markets and the value of the Fund may fall or rise as a result of changes in exchange rates. Index Tracking Risk: The performance of any passive funds used may not exactly track that of their Indices.

Disclaimer

The issue of units/shares in the Liontrust Multi-Asset 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. For the Multi-Asset Model Portfolios, any performance shown represents model portfolios which are periodically restructured and/or rebalanced. Actual returns may vary from the model returns. There is no certainty the investment objectives of the portfolio will actually be achieved, and no warranty or representation is given to this effect, whether express or implied. The portfolios therefore should be considered as long-term investments.