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Single Price 74.800p as of 23/05/2024
Fund launch date 31/12/2004
Fund size £66,504,239.57
Number of holdings 18

Suspension of dealing in the Liontrust Russia Fund

 

Liontrust suspended dealing in the Russia Fund on 25 February 2022 because it was decided this was in the best interests of investors following the Russian invasion of Ukraine and the sanctions imposed on and by Russia as a result. Since that date, investors have not been able to make purchases in or redemptions from the Fund. 

We appreciate the ongoing suspension of the Fund is incredibly frustrating for investors and we regularly explore whether there are any other options open to Liontrust and the Fund. We will continue to keep the suspension under regular review and ensure it only continues for as long as it is justified to meet the best interests of all investors in the Fund. The latest information can be found in our Russia Fund Suspension Q&A found here.

In the meantime, Liontrust is continuing to waive all charges that investors pay for the Russia Fund while it is suspended. This means that holders of the Russia Fund will not pay the Ongoing Charges Figure (OCF), which includes the Annual Management Charge (AMC) and Administration Fee, for any of the share classes in the Russia Fund until dealing is resumed. 

 

Please click here to check the fund price

Read the full statement and Q&A for investors >

The Fund

The Fund is managed by Thomas Smith and aims to generate capital growth over the long term (5 years or more). The Fund invests at least 80% in shares of Russian companies. These are companies which, at the time of purchase, are incorporated, domiciled, listed or conduct significant business in Russia.

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
Manager Inception Date of Fund
01/07/2011
Managed by Current Team for
19 years
Class Launch Date
31/12/2004
ISIN code
GB00B86WB793

Meet the team

Thomas Smith joined Liontrust as part of the acquisition of Neptune Investment Management in October 2019. He has a Master’s degree in Chemistry from the Oxford University and is a CFA Charterholder.

Meet the tea

Our Investment Process

The fund managers believe the key to generating outperformance is through high conviction, long-term, research-led company selection.
The Liontrust Russia Fund focuses on Emerging Leaders – companies well positioned to prosper in a world of rapid change.  Importantly, given many disruptive products and business models have arisen in developed markets, their introduction and adoption rates across emerging markets are driving considerable growth at a consumer and commercial level. 
Therefore, the team believe emerging leaders alone have the resources and capabilities to survive and prosper given the huge levels of disruption seen across the whole economy. 
A common feature is their ability to create value for customers (either via a lower price and/or higher quality product and management that are focused on driving continuous improvement) and capture value for itself and its shareholders via a sustaining moat (such as unique assets, efficient scale, technology leadership, R&D investment and customer switching costs).

The Fund is ‘focused’, containing relatively fewer holdings than those included in their benchmark indexes because the stocks are selected based on the high convictions of the investment team. Whether Fund outperforms or underperforms its benchmark depends on the investment team’s stock selections. While the Fund chooses stocks based on a long-term view of three to five years, they may underperform over the shorter periods because of short-term challenges.

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 fund launch date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust Russia 16.8 1.0 -57.2 34.7 -10.9

Current positioning

Top 10 Holdings (%)

YANDEX N.V.
10.31
SBERBANK OF RUSSIA
5.46
LUKOIL PJSC
5.39
NOVATEK PJSC
5.32
ROSNEFT OIL COMPANY
4.74
PHOSAGRO PJSC
4.58
SEVERSTAL` PAO
4.24
PUBLIC JOINT STOCK COMPANY GAZPROM
4.20
NOVOLIPETSK STEEL
3.99
MOSCOW EXCHANGE MICEX RTS
3.25

Sector Breakdown (%)

Money Market
34.42
Energy
22.77
Materials
20.45
Communications
10.31
Financials
10.04
Industrials
1.99

Geographic Breakdown (%)

Russia
65.57
Cash & Cash Equivalents
34.42
Additional Information
Minimum initial investment
£250,000
Minimum additional investment
£0
Ex-dividend date
31 December (Final)
Distribution date
28 February
Sedol code
B86WB79
Charges
Initial charge
-
Ongoing Charges Figure
0.94%
Included within the OCF is the Annual Management Charge
0.80%

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

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Nearshoring offers golden opportunity for Mexican economy Fund manager Thomas Smith takes a look at the unique opportunity for the Mexican economy from nearshoring as a broad range of sectors and companies stand to benefit from supply chain reorganisation
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2024: An election year for emerging markets More than 2 billion voters globally will go to the polls this year. What are the likely outcomes?
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Lula elected president of Brazil Following Lula’s victory in Brazil’s presidential election, Thomas Smith, Manager of the Liontrust Latin America Fund, comments on the outlook for Latin America’s largest equity market, where stocks are now trading at a significant discount to the broader emerging markets.
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The investment case for Latin America As one of the strongest performing markets in the first half of the year, Tom Smith highlights that global and domestic trends support the investment case for Latin American markets.
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Russia: generating growth drivers beyond energy The Russian economy has weathered the pandemic better than many other countries and is making good progress in its vaccination drive. Thomas Smith highlights how investors can benefit from the country’s stability and the broader growth across the economy, including the burgeoning technology sector.
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Airline

How to invest in Liontrust funds

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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. This Fund may have a concentrated portfolio. If one of these investments or sectors / factors fall in value this can have a greater impact on the Fund's value than if it held a larger number of investments across a more diversified portfolio. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. Investments in emerging markets may involve a higher element of risk due to less well-regulated markets and political and economic instability. This may result in higher volatility and larger drops in the value of the fund over the short term. Certain countries, including Russia, have a higher risk of the imposition of financial and economic sanctions on them which may have a significant economic impact on any company operating, or based, in these countries and their ability to trade as normal. Any such sanctions may cause the value of the investments in the fund to fall significantly and may result in liquidity issues which could prevent the fund from meeting redemptions. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG. There is no guarantee that an absolute return will be generated over a three year time period or within another time period.

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It 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. This information and analysis 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, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
Russia Fund
View latest fund update