Suspension of dealing in the Liontrust Russia Fund
Dealing in the Liontrust Russia Fund continues to be suspended and we are unable to say for how long this will be the case. This means investors cannot make purchases in or redemptions from the Fund. We appreciate the ongoing suspension of the Fund, which began on 25 February 2022, is incredibly frustrating for investors and we keep it under continual review.
We are also closely watching political developments and the attempts by the US to agree a ceasefire between Russia and Ukraine. To unsuspend the Fund, we will need the Stock Exchange to be fully reopened to all investors and for the removal of sanctions and capital controls, although these may not be the only factors required.
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.
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.
Meet the manager
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.
Discrete performance (%)
| As at previous quarter 12 months ending: | Jun 25 | Jun 24 | Jun 23 | Jun 22 | Jun 21 |
|---|---|---|---|---|---|
| Liontrust Russia | 11.1 | 2.8 | -22.2 | -50.0 | 20.3 |
Current positioning
Top 10 Holdings (%)
For more information on the OCF, see our costs and charges page.
Fund Manager Insights
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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.
