Macro equity income fund | Funds | Liontrust Asset Management PLC
Liontrust - Macro

Macro Equity Income Fund

Stephen Bailey & Jamie Clark

The Fund

The Fund has been managed since launch in October 2003 by Stephen Bailey and since 2007 by co-manager Jamie Clark. The fund managers invest in UK-listed and, up to 20%, in overseas companies to provide a rising level of income along with capital growth. They believe the identification and interpretation of major economic, political and social developments offer scope to add long-term investment value. The fund managers’ conviction is shown by the fact they may have 0% weightings in major sectors.

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The Macro-Thematic team

The Macro-Thematic team
Stephen Bailey & Jamie Clark

Stephen Bailey and Jamie Clark have over 45 years of combined investment experience and moved to Liontrust in 2012. Stephen started his career in the mid-1980s and joined Walker Crips in 1987 as investment director. Jamie joined Walker Crips in 2003 and prior to that was a Junior Proprietary Trader at First New York Securities.

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The Macro-Thematic Process

The process is based on the analysis of economic, political, social and cultural developments to identify Macro-Themes. The fund managers define a Macro-Theme as an undiscounted, structural change in the process of realisation; and the related passage to theme-maturity, as the macro-trend. The fund managers believe this investment process equips them to locate unappreciated investment ideas and capture the full, long-term potential of each portfolio holding. There are four stages to the process: theme discovery; identification of theme-assisted and theme-impaired companies; bottom-up analysis of prospective investments; portfolio construction and management.

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Annuity trends boost life insurers – largest component of ‘Population Ageing’ theme

Jamie Clark

UK life insurers represent the bulk of the Macro-Thematic team’s Population Ageing theme. In this blog, Jamie... Read more

Latest fund update

Macro Equity Income Fund

Read the latest update for the Liontrust Macro Equity Income Fund.
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Performance

Discrete performance

30-06-2017 -
30-06-2018
30-06-2016 -
30-06-2017
30-06-2015 -
30-06-2016
30-06-2014 -
30-06-2015
30-06-2013 -
30-06-2014
Liontrust Macro Equity Income 3.25% 17.81% -6.70% 8.20% 17.10%
IA UK Equity Income 6.04% 19.34% -1.82% 7.02% 14.39%
FTSE All Share 9.02% 18.12% 2.21% 2.60% 13.12%
Liontrust Macro Equity Income
IA UK Equity Income
FTSE All Share
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust Macro Equity Income 4.35% 3.36% 17.62% 36.07% 133.18% 277.93%
IA UK Equity Income 6.74% 4.68% 25.65% 39.30% 123.51% 212.85%
FTSE All Share 8.43% 7.61% 37.25% 40.87% 118.77% 228.48%
To previous working day
Liontrust Macro Equity Income
IA UK Equity Income
FTSE All Share

Key Risks

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. Investment in Funds managed by the Macro Thematic team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The Fund’s expenses are charged to capital. This has the effect of increasing dividends while constraining capital appreciation. The performance of the Liontrust GF Macro Equity Income Fund may differ from the performance of the Liontrust Macro Equity Income Fund and is likely to be lower than its corresponding Master Fund due to additional fees and expenses.


Disclaimer

The information and opinions provided 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. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing.

Source: Financial Express. Total return, bid-to-bid. This page is showing performance data and information for an income producing share class. Please go to our Interactive Fund Centre for performance data and information on the Fund’s other share classes.

Explore in detail

For more information (including prices) and to explore all of the Fund's share classes in more detail please visit our interactive fund centre.

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Key fund information

  • Launch date31/10/2003
  • IA sectorIA UK Equity Income
  • BenchmarkFTSE All Share
  • Fund size£138,036,100.00
  • Number of holdings47
  • Active Share73.66%
  • Historic yield4.50%

Fund size, number of holdings and active share data is as at previous month end. Historic yield and performance data is as at previous working day.

Historic yield: Reflects distributions declared over the past 12 months as a percentage of the mid-market unit price. It does not include any preliminary charge and investors may be subject to tax on their distributions.

Active Share: The percentage of a portfolio invested differently to its benchmark. A 100% active share is a portfolio with no weightings in the benchmark, a 0% active share is a portfolio identical to the benchmark.

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