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Assessment of Value

“We strive for excellence in our products, service and people so we can have a positive impact on our investors and stakeholders. This approach and commitment to our investors is reflected in this second annual Assessment of Value of Liontrust’s UK-domiciled funds.” John Ions, Chief Executive of Liontrust

If you would like copies of previous Reports, please email us at info@liontrust.co.uk or download below:
Download 2020 Liontrust report >
Download 2020 Liontrust Multi-Asset Fund report >

As part of a move to strengthen fund governance, our regulator, the Financial Conduct Authority (FCA), has required asset managers to conduct an annual review of UK-domiciled funds to evaluate the value provided to investors. We welcome this as a positive development for asset managers and investors.

This Assessment of Value Report provides the results of our evaluation into the value delivered by our funds, and any actions that have been taken for the benefit of investors. The assessment will be conducted annually, and the Report will be available on this dedicated web page.

How have we assessed value?

The assessment of whether each of our funds is providing value for money to investors has been evaluated through seven criteria. These criteria are: Quality of service, Performance, AFM costs, Economies of scale, Comparable market rates, Comparable services, and Classes of units.

We have evaluated the criteria for each fund and provided an overall assessment for every fund for the 12 months to 31 August 2021.

FCA Value Criteria FCA Value Criteria Description
1 Performance The performance of the scheme, after deduction of all payments out of scheme property as set out in the prospectus. Performance should be considered over an appropriate timescale having regard to the scheme’s investment objectives, policy and strategy
2 Quality of service
The range and quality of services provided to unitholders
3 AFM costs – general
In relation to each charge, the cost of providing the service to which the charge relates, and when money is paid directly to associates or external parties, the cost is the amount paid to that person.
Comparable market rates
In relation to each service, the market rate for any comparable service provided: (a) by the AFM; or (b) to the AFM or on its behalf, including by a person to which any aspect of the scheme’s management has been delegated
5 Economies of scale
Whether the AFM is able to achieve savings and benefits from economies of scale, relating to the direct and indirect costs of managing the scheme property and taking into account the value of the scheme property and whether it has grown or contracted in size as a result of the sale and redemption of units
6 Comparable services
In relation to each separate charge, the AFM’s charges and those of its associates for comparable services provided to clients, including for institutional mandates of a comparable size and having similar investment objectives and policies
7 Classes of units
Whether it is appropriate for unitholders to hold units in classes subject to higher charges than those applying to other classes of the same scheme with substantially similar rights