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Multi-Asset Blended Funds

About the MA Blended Funds

The five funds are designed to target the outcome expected by investors in terms of their level of risk, as measured by volatility, and maximise the return for each fund within the appropriate risk band. These funds are for investors seeking a cost-effective investment solution that combines passive with good quality active investment managers who we expect to outperform the relevant indices over the medium to long term. The funds use passive funds where it is appropriate to do so and they are available and use actively managed funds where we believe the opportunity to deliver higher returns is greatest or where passive funds are not an option.
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.

Reasons to invest

  • Experience: One of the most experienced and highly regarded multi-asset multi-manager investment teams in the UK market, headed by John Husselbee
  • Diversification: Each portfolio provides diversification across a range of different funds, fund managers, geographical regions and asset classes
  • Long-term flexibility: Investors can switch between the range of funds as their risk profile and objectives change during the accumulation and decumulation phases of their lives
  • Rigorous process: The investment process is designed to deliver the outcome expected by investors and aims to generate maximum returns for each target risk fund within the pre-determined volatility ranges
  • Added value: We seek to add value through each of strategic and quarterly asset allocation, fund selection and portfolio construction
  • Costs: We aim to keep costs to a minimum and are often able to invest in underlying funds on better terms than those commonly available

Our Investment Process

Strategic asset allocation
Among the factors they analyse, the fund managers collate and study historical returns and volatilities of a range of asset classes, as well as their correlations with each other, and the pathway of future interest rates to determine the SAA that should meet the volatility target of the fund or portfolio over the long-term. The SAA is essentially the default asset allocation should the fund managers have no views about the relative attractiveness of different asset classes.
Tactical asset allocation
The primary aim of the tactical asset allocation (TAA) is to increase exposure to an asset class when it looks cheap and reduce exposure when it appears expensive; the fund managers’ focus is on valuations rather than market timing. They believe it is important to supplement the long-term benefits of the SAA with the flexibility to take advantage of valuation opportunities in the shorter term.
Fund selection
We hold a range of funds and fund managers, including active, passive and alternative investment strategies. The fund managers believe the key elements that should underpin fund selection are: investment process, fund manager experience, fund manager knowledge and fund manager incentive (including remuneration).
Portfolio construction
The fund managers want to ensure the underlying funds are exposed to the segment of the market they feel has the most potential for outperformance while reducing unintended risk. Therefore, they consider how each holding interacts with each other in terms of correlation, risk and return to ensure the benefits identified at the holding and sector levels are not diversified away when grouped together at the fund level.
Monitoring, review and risk management
The Liontrust Multi-Asset team is given regular updates, including in-depth data, on the underlying funds to ensure they are being managed according to their stated objectives and investment processes. This includes attribution analysis to show the underlying funds do not experience style drift and remain within their stated risk parameters. We gain access to the underlying fund managers to probe their thinking and evaluate their continued commitment.

Performance of the Liontrust MA Blended fund range

Performance of the MA Blended fund range
Source: FE Analytics, as at 31.12.21. Since inception data runs 10.04.07 to 31.12.21. Primary share class, total return figures are calculated on a single pricing basis with net income (dividends) reinvested. Performance figures are shown in sterling. Transaction costs are included for the period shown but may differ in the future as these costs cannot be determined with precision in advance. 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. 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".
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Our Multi-Asset Blended Funds

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"A key objective in terms of performance is to strive to 'win over the long term by not losing.' We aim to achieve this by seeking to manage risk and limit losses in falling markets to enhance long-term returns in each risk target."

Meet the team

Headed by John Husselbee since joining Liontrust in 2013, the team comprises of five investment managers and has combined experience of more than 100 years. Deputy Head James Klempster joined from Momentum Global Investment Management while Mayank Markanday and Jen Causton were previously at Architas. Paul Kim was at Investment Manager Selection (IMS Ltd) before joining Liontrust in 2013.

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Meet the tea

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust