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MA Dynamic Passive Reserve Fund

Single Price 152.090p as of 23/05/2024
Fund launch date 08/03/2011
Fund size £118,623,938.44
Number of holdings 31

The Fund

The Fund, which was launched in 2011 and is in the IA Volatility Managed sector, seeks to achieve capital growth and income with a low level of volatility, having a risk profile of 2 in a range from 1 (lowest) to 7 (highest). The fund aims to generate these returns with relatively low volatility by investing a significant proportion of its assets in a variety of fixed income trackers. The fund also allocates to growth assets, such as UK and overseas equities – including a small exposure to emerging markets – and UK property. The underlying funds will, where practicably possible, be passive. The Fund typically has a lower exposure to higher risk assets and a greater exposure to lower risk assets than other funds in the Liontrust MA Dynamic Passive 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.

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
Managed by Current Team for
10 years
Class Launch Date
03/12/2013
ISIN code
GB00BCZW4S08

Awards and Ratings

Defaqto Five Diamond Rating 2022 Risk Targeted Fund Family
Morningstar Fund Rating: 5 Morningstar Rating: 5 Liontrust MA Passive Reserve Fund

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.

Meet the tea

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.

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 launch

Discrete performance (%)

As at previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust MA Dynamic Passive Reserve 7.2 -9.5 0.3 8.2 1.7

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 Dynamic Passive Reserve 2.4 3.3 6.4 2.8 8.6 -2.0 7.5 48.6 68.0

Source: FE fundinfo as at 22/05/2024. 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
10.79
VANGUARD UK INVESTMENT GRADE BOND INDEX INC GBP
10.69
MULTI UNITS LUXEMBOURG - AMUNDI UK GOVERNMENT BOND 0-5Y D GBP DIS
6.11
HSBC GLOBAL AGGREGATE BOND INDEX S2CH GBP
6.04
SPDR I PLC - BLOOM. 1-5 Y GILT UCITS ETF
5.90
L&G US INDEX TRUST C ACC
5.45
ISHARES EMERGING MARKETS EQUITY INDEX (UK) L ACC
4.55
L&G CASH TRUST I ACC
4.23
BLACKROCK ICS STERLING LIQUIDITY PREMIER GBP
3.92
HSBC AMERICAN INDEX RET ACC
3.70

Geographic Breakdown (%)

UK
52.72
International
23.08
North America
9.16
Global Emerging Markets
5.91
Asia Pacific ex Japan
3.19
Europe
2.70
Japan
2.12
Cash & Cash Equivalents
1.08
Additional Information
Minimum initial investment
£1m
Minimum additional investment
£500
Ex-dividend date
31 December, 30 June
Distribution date
28/29 February, 31 August
Sedol code
BCZW4S0
Charges
Initial charge
-
Ongoing Charges Figure
0.42%
Included within the OCF is the Annual Management Charge
0.25%

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

Fund Manager Insights

See all related
John Husselbee John Husselbee
Looking forward with optimism John Husselbee explains why equities are generally offering attractive value and why they favour the UK, Japan, Asia, emerging markets and US small caps.
icon 16 May 2024
Clocks

How to invest in Liontrust funds

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Direct with Liontrust

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. 

Fund literature
MA Dynamic Passive Reserve Fund
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