UK Growth Fund | Liontrust Asset Management PLC

Fund launch date 08/03/1993

Fund size £798,044,733.61

Number of holdings 45

Managed by current team for 13 years

The Fund

The Fund has been managed by Anthony Cross and Julian Fosh since March 2009 and 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).

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Key Information

Manager Inception Date of Fund

25/03/2009

Class Launch Date

01/11/2010

Comparator Benchmark 1

FTSE All Share

Comparator Benchmark 2

IA UK All Companies

Price

Single Price

464.140p

Offer Price

467.040p

Price Date

04/07/2022

Awards and ratings

FE fundinfo Crown Rating: 4

FE Investments Approved

Morningstar Analyst Rating: Bronze

Morningstar Rating: 4

Square Mile Rating: A

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

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.

Performance

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Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending:	Jun 22	Jun 21	Jun 20	Jun 19	Jun 18
Liontrust UK Growth	1.7	18.0	-10.2	2.9	11.4
FTSE All Share	1.6	21.5	-13.0	0.6	9.0
IA UK All Companies	-8.5	27.7	-11.0	-2.2	9.1
Quartile Ranking	1	4	2	1	2

Cumulative performance (%)

Source: FE fundinfo as at 04/07/2022. 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.
As at previous day end	1 month	3 months	6 months	YTD	1 year	3 years	5 years	10 years	Since Inception
Liontrust UK Growth	-4.3	-3.1	-6.0	-5.1	1.4	6.7	25.7	125.1	1024.2
FTSE All Share	-4.6	-5.0	-5.5	-3.9	1.0	5.7	18.0	92.0	582.2
IA UK All Companies	-6.2	-7.9	-13.3	-12.2	-9.2	2.4	11.8	91.4	494.2
Quartile Ranking	1	1	2	2	1	1	1	1	-

Current positioning

Top 10 Holdings (%)

SHELL PLC	8.48
ASTRAZENECA PLC	7.42
BP	4.67
UNILEVER PLC	4.54
DIAGEO PLC	4.53
BRITISH AMERICAN TOBACCO	4.40
GSK PLC	4.23
INDIVIOR PLC	2.91
BAE SYSTEMS	2.71
ULTRA ELECTRONICS HLDGS	2.41

Sector Breakdown (%)

Industrials	24.02
Consumer Staples	15.82
Energy	15.11
Health Care	14.57
Consumer Discretionary	12.93
Money Market	7.02
Financials	3.27
Real Estate	2.64
Technology	2.59
Basic Materials	1.33
Telecommunications	0.68

Geographic Breakdown (%)

Source: Liontrust as at 31/05/2022.
UK	92.98
Money Market	7.02

Capitalisation (%)

Additional Information

Minimum initial investment

£5,000,000

Minimum additional investment

£100,000

Ex-dividend date

1 January (Final)

Distribution date

28 February (Final)

Sedol code

B56BDS0

ISIN code

GB00B56BDS09

Charges

Initial charge

Ongoing Charges Figure

0.84%

Included within the OCF is the Annual Management Charge

0.75%

Key fund literature

Factsheet I KIID I Inc Liontrust Unit Trust Funds - Prospectus

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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.

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.