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MA Explorer 100 Fund

Fund launch date 09/02/2004
Fund size £40,474,572.78
Number of holdings 24
Risk profile 7
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The Fund

The Fund aims to generate capital growth and income over the long term (5 years or more). The Fund typically has greater exposure to higher risk assets than other funds in the Liontrust MA Explorer Funds range that have a lower risk profile.

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

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
Comparator Benchmark 1
IA Flexible Investment
Price
Single Price
210.808p
Offer Price
-
Price Date
01/03/2024

Awards and Ratings

Defaqto Four Diamond Rating 2022 Risk Targeted Fund Family
Rayner Spencer Mills RSMR Rated Fund Range

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. 

The broad allocation of assets means that the Fund should perform well on a relative basis when diversification is rewarded by markets. The Fund will likely perform relatively less well when investment markets are being strongly driven by a particular asset class, theme, sector or region.

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: Dec 23 Dec 22 Dec 21 Dec 20 Dec 19
Liontrust MA Explorer 100 14.1 -11.6 12.7 10.5 19.1

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 Explorer 100 3.6 7.7 9.3 2.7 10.0 13.0 44.7 112.2 313.9

Source: FE fundinfo as at 29/02/2024. 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 (%)

OSSIAM LUX - SHILLER BARC. CAPE US SECT. VAL. TR UCITS ETF UCITS ETF 1C USD
15.28
JOHCM UK DYNAMIC K ACC GBP
9.25
LIONTRUST GLOBAL FUNDS PLC SUSTAINABLE FUTURE US GROWTH C10 GBP
7.51
NGAM SA
6.89
LIONTRUST UK EQUITY X ACC GBP
5.91
BLACKROCK EUROPEAN DYNAMIC FA ACC
5.83
LIONTRUST EUROPEAN DYNAMIC S ACC
5.82
BLACKROCK EMERGING MARKETS A ACC
5.35
FEDERATED HERMES ASIA EX-JAPAN EQUITY F ACC GBP
4.70
VONTOBEL MTX SUSTAINABLE EMERGING MARKETS LEADERS G USD
4.67

Geographic Breakdown (%)

North America
34.74
UK
23.86
Europe
12.93
Global Emerging Markets
10.02
Asia Pacific ex Japan
9.01
Japan
7.35
Cash & Cash Equivalents
1.32
International
0.74
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
BCZW684
ISIN code
GB00BCZW6844
Charges
Initial charge
-
Ongoing Charges Figure
1.26%
Included within the OCF is the Annual Management Charge
0.55%

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

Fund Manager Insights

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Central banks warn inflation still a risk to rates What will it mean for investors if interest rates have to stay high for longer than they might expect to tackle inflation?
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Cashing in on investment markets
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A real option to counter recession Real assets such as gold, infrastructure and energy grids hold intrinsic value and can deliver reliable income streams. Might these attributes offer investors a hedge against a potential recession?
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How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

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. Bonds are affected by changes in interest rates and their value and the income they generate can rise or fall as a result; the creditworthiness of a bond issuer may also affect that bond's value. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The value of a bond would be significantly affected if the issuer either refused to pay or was unable to pay. 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; 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.

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 Explorer 100 Fund
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