For any previous investors in the Liontrust MA Strategic Bond Fund, please click here for further information on the merger and its completion.
The Fund
The Strategic Bond Fund has been managed by Phil Milburn and Donald Phillips since launch in May 2018. The aim of the Fund is to maximise its total return over the long term (5 years or more) through a combination of income and capital growth by investing in government bond and credit securities globally. The Fund may invest up to 40% of its net assets in emerging markets. The fund managers seek to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations. The managers only commit cash to the market when they believe investors will receive a return that justifies the risk they are taking. The ESG characteristics of securities will be considered when selecting investments for the Fund.
You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.
Awards and Ratings
Citywire Manager Rating: +
Morningstar Sustainability Rating: 4
Square Mile Rating: A
Meet the team
Before joining Liontrust in early 2018, Phil Milburn worked at Kames Capital for 14 years, where he was Head of Investment Strategy. Donald Phillips also joined Liontrust in 2018 and was previously an investment manager in the Credit team at Baillie Gifford and worked with Phil at Kames Capital for three years.
Performance
Performance since manager inception date (%)
Discrete performance (%)
| As at previous quarter 12 months ending: | Sep 23 | Sep 22 | Sep 21 | Sep 20 | Sep 19 |
|---|---|---|---|---|---|
| Liontrust Strategic Bond | 3.8 | -15.5 | 3.0 | 4.0 | 5.9 |
| IA Sterling Strategic Bond | 4.9 | -14.5 | 4.6 | 3.6 | 7.1 |
| Quartile Ranking | 3 | 3 | 3 | 2 | 3 |
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 Strategic Bond | 3.7 | 3.9 | 3.9 | 4.4 | 2.7 | -7.6 | 5.9 | - | 5.4 |
| IA Sterling Strategic Bond | 2.7 | 3.5 | 4.2 | 5.0 | 3.8 | -5.4 | 9.8 | - | 8.1 |
| Quartile Ranking | 1 | 2 | 3 | 3 | 3 | 3 | 3 | - | - |
Source: FE fundinfo as at 08/12/2023. 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 (%)
| NEW ZEALAND(GOVERNMENT OF) 2% BDS 15/05/32 NZD10000 | 6.02 |
|---|---|
| UNITED STATES DEPARTMENT OF THE TREASURY 3% TNT 31/07/24 USD100 BE-2024 (WI) | 5.18 |
| NEW ZEALAND(GOVERNMENT OF) 1.5% BDS 15/05/31 NZD1000 | 5.09 |
| UNITED STATES DEPARTMENT OF THE TREASURY 0% UNDATED NTS USD100 | 3.04 |
| US TREASURY N/B | 2.73 |
| GLOBAL SWITCH FINANCE 1.375% MTN 07/10/30 EUR100000 | 1.85 |
| STATE STREET CORPORATION 100TH OWNERSHIP INT PERP PFD SER H | 1.71 |
| CREDIT AGRICOLE SA 4.375% BDS 17/03/25 USD200000 REG S | 1.70 |
| LLOYDS BANKING GROUP PLC 4.65% NTS 24/03/26 USD2000 | 1.68 |
| ALLIANZ SE FRN 25/06/53 EUR100000REG S | 1.61 |
Sector Breakdown (%)
| Government Bonds | 22.08 | |
|---|---|---|
| Banks | 15.72 | |
| Health Care | 11.87 | |
| Telecommunications | 10.16 | |
| Insurance | 8.95 | |
| Financial Services | 5.76 | |
| Money Market | 4.17 | |
| Electronics | 3.50 | |
| Services | 3.38 | |
| Real Estate | 3.24 | |
| Automotive | 2.51 | |
| Media | 2.29 | |
| Transport | 1.39 | |
| Fixed Interest | 1.22 | |
| Basic Industries | 1.18 | |
| Capital Goods | 1.04 | |
| Utilities | 0.76 | |
| Consumer Goods | 0.68 |
Geographic Breakdown (%)
| USA |
31.51
|
|---|---|
| UK |
14.06
|
| New Zealand |
12.07
|
| Germany |
8.50
|
| Netherlands |
5.55
|
| France |
4.95
|
| Luxembourg |
4.71
|
| Australia |
4.68
|
| Cash & Cash Equivalents |
4.17
|
| Ireland |
1.68
|
| Sweden |
1.59
|
| Hong Kong |
1.26
|
| Venezuela |
1.22
|
| Spain |
1.13
|
| Switzerland |
1.01
|
| Japan |
0.92
|
| Italy |
0.92
|
Credit Rating *
Source: UBS Delta and Liontrust as at 28/02/2023
For more information on the OCF, see our costs and charges page.
Fund Manager Insights
Phil Milburn & Donald Phillips
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.
Investment in the Strategic Bond Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Fund may invest in derivatives. The use of derivatives may create leverage or gearing. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.
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.
