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MA Monthly High Income Fund

Fund launch date 11/11/2001
Fund size £57,211,750.08
Number of holdings 31
Combined manager industry experience 31
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The Fund

The Fund, which was launched in 2001, seeks to generate a monthly income. The Fund provides diversification across a global portfolio of funds, covering a wide range of countries and asset classes, including equities, corporate and government bonds, and property.

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
Class Launch Date
03/12/2013
Price
Single Price
87.610p
Offer Price
-
Price Date
23/05/2022

Awards and Ratings

Defaqto Five Diamond Rating 2021 Multi-Manager Return Focused

Meet the team

Jen Causton and Mayank Markanday joined Liontrust in 2020 as part of the acquisition of the Architas UK Investment Business. Jen is an investment manager and analyst with 15 years’ experience in the industry and is leading the Liontrust Multi-Asset team’s ESG implementation process. Before joining Liontrust, Jen was an analyst and investment manager at Architas. Mayank Markanday is a Senior Investment Manager with 15 years’ experience in managing multi-asset funds. Before Liontrust, Mayank was a Senior Investment Manager at Architas and a Portfolio Manager and Analyst at Russell Investments, which he joined in 2007. 

More about the team
Meet the tea

Our Investment Process

Strategic asset allocation
Among the factors they analyse, the fund managers collate and study historical returns and volatilities of a range of asset classes, as well as their correlations with each other, and the pathway of future interest rates to determine the SAA that should meet the volatility target of the fund or portfolio over the long-term. The SAA is essentially the default asset allocation should the fund managers have no views about the relative attractiveness of different asset classes.
Tactical asset allocation
The primary aim of the tactical asset allocation (TAA) is to increase exposure to an asset class when it looks cheap and reduce exposure when it appears expensive; the fund managers’ focus is on valuations rather than market timing. They believe it is important to supplement the long-term benefits of the SAA with the flexibility to take advantage of valuation opportunities in the shorter term.
Fund selection
We hold a range of funds and fund managers, including active, passive and alternative investment strategies. The fund managers believe the key elements that should underpin fund selection are: investment process, fund manager experience, fund manager knowledge and fund manager incentive (including remuneration).
Portfolio construction
The fund managers want to ensure the underlying funds are exposed to the segment of the market they feel has the most potential for outperformance while reducing unintended risk. Therefore, they consider how each holding interacts with each other in terms of correlation, risk and return to ensure the benefits identified at the holding and sector levels are not diversified away when grouped together at the fund level.
Monitoring, review and risk management
The Liontrust Multi-Asset team is given regular updates, including in-depth data, on the underlying funds to ensure they are being managed according to their stated objectives and investment processes. This includes attribution analysis to show the underlying funds do not experience style drift and remain within their stated risk parameters. We gain access to the underlying fund managers to probe their thinking and evaluate their continued commitment.
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 Fund of Funds approach used

Discrete performance (%)

As at previous quarter 12 months ending: Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Liontrust MA Monthly High Income -1.2 14.0 -9.3 1.9 0.9
IA Mixed Investment 0-35% Shares -0.2 12.1 -3.5 2.4 0.4

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 Monthly High Income -2.4 -4.8 -8.3 -8.7 -5.8 -2.8 -0.5 30.7 57.6
IA Mixed Investment 0-35% Shares -2.1 -3.5 -7.3 -7.3 -4.9 3.0 5.9 36.5 97.5

Source: FE fundinfo as at 20/05/2022. 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 (%)

SSGA SPDR S&P UK DIVIDEND ARISTOCRATS UCITS ETF 10.02
L&G STERLING CORPORATE BOND INDEX C INC 8.99
ROBECO GLOBAL CREDITS IBH GBP 7.90
SSGA SPDR S&P US DIVIDEND ARISTOCRATS UCITS ETF GBP 7.27
PIMCO GIS INCOME INST HEDGED INC GBP 6.95
BARING GLOBAL HIGH YIELD BOND B ACC GBP 5.84
BLACKROCK GLOBAL HIGH YIELD ESG AND CREDIT SCREENED Z HEDGED GBP 5.22
BARINGS EMERGING MARKETS SOVEREIGN DEBT B ACC GBP 4.89
TWENTYFOUR MONUMENT BOND L INC GBP 4.66
ISHARES UK GILTS ALL STOCKS INDEX (UK) L ACC 4.54

Geographic Breakdown (%)

UK
39.48
International
33.58
North America
10.23
Global Emerging Markets
9.02
Europe
7.02
Money Market
0.65

Source: Liontrust as at 29/04/2022.

Additional Information
Minimum initial investment
£1m
Minimum additional investment
£500
Ex-dividend date
Last day of each month
Distribution date
15th of each month
Sedol code
BCZW5V0
ISIN code
GB00BCZW5V02
Charges
Initial charge
-
Ongoing Charges Figure
0.77%
Included within the OCF is the Annual Management Charge
0.40%
Fund insights
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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 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.

Some of the Funds and Model Portfolios managed by the Multi-Asset Team have exposure to foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The majority of the Funds and Model Portfolios invest in Fixed Income securities indirectly through collective investment schemes. 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. Some Funds may have exposure to property via collective investment schemes. Property funds may be more difficult to value objectively so may be incorrectly priced, and may at times be harder to sell. This could lead to reduced liquidity in the Fund. Some Funds and Model Portfolios also invest in non-mainstream (alternative) assets indirectly through collective investment schemes. During periods of stressed market conditions non-mainstream (alternative) assets may be difficult to sell at a fair price, which may cause prices to fluctuate more sharply.

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
MA Monthly High Income Fund
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