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MA UK Equity Fund

Fund launch date 11/11/2001
Fund size £105,537,017.20
Number of holdings 10
Combined manager industry experience 34
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The Fund

The Fund, which was launched in 2001, seeks to generate capital growth.

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 UK All Companies
Price
Single Price
164.160p
Offer Price
-
Price Date
12/04/2024

Meet the team

James Klempster, who is Deputy Head of Multi-Asset at Liontrust, has 17 years’ investment management experience. Before joining Liontrust, James was Director of Investment Management at Momentum Global Investment Management. Prior to that, James worked for Avebury Asset Management where he managed global bond portfolios for institutional clients.

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 UK Equity 7.4 1.4 6.7 29.9 -17.2
IA UK All Companies 7.6 -1.9 5.4 38.0 -19.2

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 UK Equity 1.9 3.5 7.4 2.2 5.8 11.9 20.3 58.3 168.7
IA UK All Companies 2.5 5.3 8.6 3.3 6.8 8.7 20.7 62.7 249.3

Source: FE fundinfo as at 12/04/2024. 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 (%)

WS EVENLODE INCOME C ACC
14.43
WS LINDSELL TRAIN UK EQUITY ACC
14.06
ARTEMIS INCOME I ACC
12.32
LIONTRUST UK EQUITY X ACC GBP
11.16
JOHCM UK DYNAMIC K ACC GBP
10.09
ISHARES UK EQUITY INDEX (UK) L ACC
8.17
ISHARES MID CAP UK EQUITY INDEX (UK) L ACC
8.12
JOHCM UK EQUITY INCOME Y ACC
7.39
ISHARES 100 UK EQUITY INDEX (UK) L ACC
7.10
ISHARES VII PLC - MSCI UK SM. CAP UCITS ETF GBP ACC
6.16

Geographic Breakdown (%)

UK
99.04
Cash & Cash Equivalents
0.95
Additional Information
Minimum initial investment
£1m
Minimum additional investment
£500
Ex-dividend date
31 December
Distribution date
28/29 February
Sedol code
BCZW5M1
ISIN code
GB00BCZW5M11
Charges
Initial charge
-
Ongoing Charges Figure
0.99%
Included within the OCF is the Annual Management Charge
0.40%

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

Fund Manager Insights

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US small caps are overlooked and undervalued
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Brooklyn

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. 
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.

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 UK Equity Fund
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