The Fund
The multi-award-winning Fund has been managed since launch in November 2005 by Anthony Cross, who was joined by his co-manager Julian Fosh in 2008. The Fund aims to deliver capital growth over the long term (5 years or more) through using the Economic Advantage investment process. The process seeks to identify companies with a durable competitive advantage that allows them to defy industry competition and sustain a higher than average level of profitability for longer than expected. The Fund invests at least 90% of the portfolio in companies incorporated, domiciled or which conduct significant business in the United Kingdom (UK).
Awards and ratings
Citywire Manager Rating: A
Morningstar Rating: 5
FE fundinfo Crown Rating: 5
Morningstar Analyst Rating: Bronze
Square Mile Rating: AA
RSMR Rated Fund
Fund Calibre Elite Rated Fund
Morningstar Sustainability Rating: 4
Meet the team
Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. Anthony joined Schroder Investment Management as a graduate trainee, later becoming an equity analyst before joining the Smaller Companies team in 1994. Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers to co-manage the Economic Advantage Funds, Julian has also previously headed the investment department at Scottish Friendly Assurance Society and worked at Britannia Investment Managers and Scottish Amicable.
Performance
Performance since manager inception date (%)
Discrete performance (%)
| As at previous quarter 12 months ending: | Mar 22 | Mar 21 | Mar 20 | Mar 19 | Mar 18 |
|---|---|---|---|---|---|
| Liontrust Special Situations | 5.1 | 31.1 | -11.0 | 8.9 | 7.2 |
| FTSE All Share | 13.0 | 26.7 | -18.5 | 6.4 | 1.2 |
| IA UK All Companies | 5.4 | 38.0 | -19.2 | 2.9 | 2.7 |
| Quartile Ranking | 3 | 3 | 1 | 1 | 1 |
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 Special Situations | -3.0 | -4.1 | -9.9 | -11.3 | -2.5 | 12.5 | 34.7 | 176.9 | 503.1 |
| FTSE All Share | -3.1 | -1.3 | 0.6 | -1.4 | 5.6 | 12.9 | 19.6 | 113.2 | 117.5 |
| IA UK All Companies | -3.5 | -3.1 | -7.0 | -8.3 | -3.1 | 11.3 | 14.5 | 111.8 | 158.4 |
| Quartile Ranking | 2 | 3 | 3 | 3 | 3 | 2 | 1 | 1 | - |
Current positioning
Top 10 Holdings (%)
| SHELL PLC | 4.11 |
|---|---|
| DIAGEO PLC | 4.01 |
| RELX PLC | 3.99 |
| BP | 3.98 |
| GSK PLC | 3.98 |
| SAGE GROUP | 3.63 |
| ASTRAZENECA PLC | 3.21 |
| COMPASS GROUP PLC | 3.16 |
| PAGEGROUP PLC | 2.72 |
| RECKITT BENCKISER GROUP PLC | 2.70 |
Sector Breakdown (%)
| Industrials | 24.48 | |
|---|---|---|
| Consumer Discretionary | 17.48 | |
| Energy | 9.88 | |
| Technology | 9.56 | |
| Health Care | 9.52 | |
| Financials | 9.34 | |
| Consumer Staples | 9.31 | |
| Money Market | 5.99 | |
| Real Estate | 2.79 | |
| Telecommunications | 1.62 |
Geographic Breakdown (%)
| UK |
94.01
|
|---|---|
| Money Market |
5.99
|
Capitalisation
How to invest in Liontrust funds
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.
A proportion of the portfolio is invested in smaller companies and companies traded on the Alternative Investment Market. These stocks may be less liquid and the price swings greater than those in, for example, larger companies.
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.