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UK Ethical Fund

Fund launch date 10/05/1999
Fund size £493,709,878.24
Number of holdings 42
Managed by current team for 23 years
Currently viewing:

The Fund

The Fund aims to deliver capital growth over the long term (5 years or more) using the Sustainable Future investment process. This process uses a thematic approach to identify the key structural growth trends that will shape the global economy of the future and the fund managers then seek to invest in well run companies whose products and operations capitalise on these transformative changes. The Fund invests in companies incorporated, domiciled or which conduct significant business in the United Kingdom (UK). All investments will be expected to conform to our ESG criteria.

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

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
01/12/2000
Class Launch Date
10/05/1999
Comparator Benchmark 1
MSCI United Kingdom
Comparator Benchmark 2
IA UK All Companies
Price
Single Price
301.260p
Offer Price
-
Price Date
12/04/2024

Awards and Ratings

Citywire fund manager rating Citywire Manager Rating: +
Morningstar Rating Morningstar Rating: 4
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4
3D Investing 3D Investing Rating: A

Meet the team

Peter Michaelis, who is Head of the 18-strong Liontrust Sustainable Investment team, and Martyn Jones joined Liontrust in April 2017 as part of the acquisition of Alliance Trust Investments (ATI). Peter has been managing money in Sustainable and Responsible Investment for over 20 years when he was promoted to lead Portfolio Manager at Aviva Investors, before being made Head of Sustainable and Responsible Investment. Prior to Liontrust, Martyn spent five years at ATI, initially as a graduate trainee and then as an analyst with the Sustainable Investment team. Martyn has an MA (Hons) in Management from the University of Glasgow and a Masters in Sustainability Leadership at the University of Cambridge.

Meet the tea

"Over our first 20 years of managing the SF funds, our investments have been successful because they have provided something society needs and this will hold true for the next 20 and beyond."

Our Investment Process

The investment process seeks to generate strong returns from investing in companies aiming to deliver profits through positive social and environmental impacts. The fund managers look at the world through the prism of three mega trends – Better resource efficiency (cleaner), Improved health (healthier) and Greater safety and resilience (safer) – and then 20 themes within these.
If a company has significant exposure to one of the themes, the fund managers verify how sustainable the rest of its activities are. For each company, the fund managers determine the key ESG factors that are important indicators of future success and assess how well these are managed, via the proprietary Liontrust Sustainability Matrix.
Companies in which the fund managers invest will have robust business fundamentals with a proven ability to deliver high returns on equity (RoE) through sustaining margins and asset turnover. Typically, these companies have a maintainable competitive advantage through scale, technology or business model.
The fund managers invest in well-run companies whose products and operations capitalise on the transformative changes the Liontrust Sustainable Investment team has highlighted, may benefit financially from them and score well on ESG, business fundamentals and valuation. The managers believe identifying these powerful themes and investing in exposed companies can make for attractive and sustainable investments.
The Fund invests in quality businesses tackling the world’s most challenging problems with innovative solutions and these companies, with strong long-term growth prospects, are therefore often designated as ‘growth stocks’. Due to this focus, the Fund may underperform the market on a relative basis during periods of rising inflation and interest rates and when quality growth stocks are out of favour.
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 manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust UK Ethical 5.9 -14.5 -7.7 45.2 -7.6
IA UK All Companies 7.6 -1.9 5.4 38.0 -19.2
MSCI United Kingdom 8.5 5.6 19.1 20.0 -19.1
Quartile Ranking 3 4 4 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 UK Ethical 2.4 4.8 14.9 2.1 5.7 -18.9 7.7 71.8 301.7
IA UK All Companies 2.5 5.3 8.6 3.3 6.8 8.7 20.7 62.7 223.0
MSCI United Kingdom 3.6 6.1 6.6 4.9 6.4 34.0 30.5 77.6 200.6
Quartile Ranking 3 3 1 3 3 4 4 2 -

Source: FE fundinfo as at 12/04/2024. 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 (%)

NATWEST GROUP PLC
5.74
LEGAL & GENERAL GROUP
4.63
ASHTEAD GROUP
4.53
LONDON STOCK EXCHANGE GROUP PLC
4.23
ADMIRAL GROUP
4.23
WISE PLC
3.99
SOFTCAT PLC
3.85
PARAGON GROUP OF COMPANIES
3.77
TRAINLINE PLC
3.59
NATIONAL GRID PLC
3.50

Sector Breakdown (%)

Financials
32.55
Industrials
28.82
Consumer Discretionary
10.83
Information Technology
10.13
Utilities
5.41
Communications
5.02
Materials
4.19
Real Estate
2.22
Health Care
0.74
Money Market
0.04

Geographic Breakdown (%)

UK
94.80
Ireland
5.15
Cash & Cash Equivalents
0.04
Source: FE fundinfo
Additional Information
Minimum initial investment
£500,000
Minimum additional investment
£25,000
Ex-dividend date
1 February, 1 August (Final)
Distribution date
31 March, 30 September (Final)
Sedol code
B8HCSD3
ISIN code
GB00B8HCSD36
Charges
Initial charge
-
Ongoing Charges Figure
0.78%
Included within the OCF is the Annual Management Charge
0.70%

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

Additional resources

The Sustainable team’s Annual Review covers the Sustainable Future process, performance, and work across impact measurement and engagement during 2022

Download >

The Sustainable team’s latest Engagement and Voting Review covers the work done to drive improvement in the businesses held across the Sustainable Future funds and progress made on proactive engagement initiatives during 2021.

Download >

2021

Q2

Q3

Q4

2020

Q1

Q2

Q3

Q4

2019

Q1

Q2

Q3

Q4

2018

Q1

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Q3

Q4

2017

Q1

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Q3

Q4

2016

Q1

Q2

Q3

Q4

2015

Q1

Q2

Q3

Q4

Liontrust Sustainable Future Funds

Download >

 

Liontrust UK Ethical Fund

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Fund Manager Insights

See all related
Martyn Jones Martyn Jones
Alcon – Enabling healthier lifestyles One billion people live with a preventable vision impairment, a figure set to grow as the global population ages. This Stocktake from the Sustainable Investment team looks at Alcon, a market leader in ophthalmic surgery
icon 3 April 2024
Optometrist
Peter Michaelis Peter Michaelis
Investing in companies that will drive decarbonisation As the UK Climate Change Committee urges the government not to loosen decarbonisation targets, Peter Michaelis highlights the companies that could be key to maintaining a path to Net Zero.
icon 29 February 2024
Renewable wind farm
Peter Michaelis Peter Michaelis
A sustainable and prosperous 2024 2023 saw bleak headlines of war and climate change but there are reasons for optimism says Peter Michaelis, head of the Sustainable Investment team. He points to lower air pollution, reduced coal usage and the healing of the ozone layer.
icon 31 January 2024
Flower
Peter Michaelis Peter Michaelis
The future for sustainable investment Peter Michaelis discusses the prospects for the sustainable themes and stocks we invest in
icon 9 November 2023
Insights 13

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. All investments will be expected to conform to our social and environmental criteria. 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. The Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing. The Fund will invest in smaller companies and may invest a small proportion (less than 10%) of the Fund in unlisted securities. There may be liquidity constraints in these securities from time to time, i.e. in certain circumstances, the fund may not be able to sell a position for full value or at all in the short term. This may affect performance and could cause the fund to defer or suspend redemptions of its shares. 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
UK Ethical Fund
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Holdings Holdings
Thematic breakdowns Thematic breakdown