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Special Situations Fund

Fund launch date 10/11/2005
Fund size £5,498,868,387.95
Number of holdings 56
Managed by current team for 16 years
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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).

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.
Key Information
Manager Inception Date of Fund
Class Launch Date
Comparator Benchmark 1
FTSE All Share
Comparator Benchmark 2
IA UK All Companies
Single Price
Offer Price
Price Date

Awards and ratings

Citywire fund manager rating Citywire Manager Rating: A
Morningstar Fund Rating: 5 Morningstar Rating: 5
FEfundinfo Crown Rating FE fundinfo Crown Rating: 5
Morningstar Analyst Rating Morningstar Analyst Rating: Bronze
Square Mile Rated AA Square Mile Rating: AA
Rayner Spencer Mills RSMR Rated Fund
Fund Calibre Elite Rated Fund Calibre Elite Rated Fund
Morningstar Sustainability rated 4 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. 

More about the team
Meet the tea

Our Investment Process

The process seeks to identify companies that possess intangible assets which produce barriers to competition and provide a durable competitive advantage that allows the companies to defy industry competition and sustain a higher than average level of profitability for longer than expected.

In the fund managers’ experience, the hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business.

Other less powerful but nonetheless important intangible strengths include franchises and licenses; good customer databases and relationships; effective procedures and formats; strong brands and company culture

These intangible assets produce barriers to competition, protect margins and are capable, in the opinion of the fund managers, of reaping a financial advantage in the form of cash flow returns in excess of the cost of capital. A company that consistently generates excess cash flow returns will benefit from compounding as it reinvests this excess return into the business.

Every smaller company held in the Economic Advantage funds has at least 3% of its equity held by senior management and main board directors. Companies are also assessed for employee ownership below the senior management and board and changes in equity ownership are monitored.

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.


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 -

Source: FE fundinfo as at 20/05/2022. 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 (%)

BP 3.98
GSK PLC 3.98

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 (%)

Money Market

Source: Liontrust as at 29/04/2022.


Source: FE fundinfo
Additional Information
Minimum initial investment
Minimum additional investment
Ex-dividend date
1 June (Final)
Distribution date
31 July (Final)
Sedol code
ISIN code
Initial charge
Ongoing Charges Figure
Included within the OCF is the Annual Management Charge
Fund insights

How to invest in Liontrust funds

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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. 



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.

Fund literature
Special Situations Fund
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