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LIONTRUST UK GROWTH R

LIONTRUST UK GROWTH R - Overview

Overview of LIONTRUST UK GROWTH R Buy in ISA Buy in Investment Account

The fund targets long-term capital growth through investment mainly in UK equities. The focus is on FTSE 100 and FTSE 250 companies, but some overseas stocks and smaller companies may also be included. Managers Julian Fosh and Anthony Cross look for companies with what they call Economic Advantage - durable competitive advantages such as intellectual property that enable them to sustain above average profitability. As a result banks, miners and retailers are typically excluded from the portfolio.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched March, 1993
Size £320m
Yield 1.4%
Charging basis Income
Dividends paid 28 Feb

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.85%
Annual management charge 1.50%
Ongoing charges figure 1.65%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Star fund manager Jeremy Lang rocked Liontrust when he departed the group in 2009, but his replacements Fosh and Cross have stepped admirably into his shoes on this fund. The fund’s focus on larger companies distinguishes it from their other mandates, the multi cap Liontrust Special Situations and the small cap Liontrust UK Smaller Companies. The focus on resilient business models typically provides a degree of protection in falling markets.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 91
Europe 9
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 48
Mid Caps 31
Small Caps 21
View all performance data for this fund

Investment process

Both managers work from home but meet regularly to discuss the fund. They invest in companies with what they describe as “Economic Advantage” - competitive strengths that allow them to sustain a higher than average level of profitability for longer than expected. The managers believe Economic Advantage is most durable in businesses with three categories of intangible assets: (1)Intellectual property; (2)Strong distribution channels; (3)Significant recurring business. Typically these are more defensive stocks, but some cyclical businesses may also be included. Companies with durable Economic Advantage are also screened for the market’s appreciation of their potential earnings growth – the managers believe under-appreciated companies have the strongest potential for share price growth.

Live feed

Bid price(inc) 433.70p 120.45p
Accum units 433.70p
Fund commentary 27/07/12
Fund data updated on 20/09/18

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 91
Europe 9
North America 0
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 48
Mid Caps 31
Small Caps 21

Top 10 holdings

As at: 31/07/2018
7.4502%Royal Dutch Shell
4.8977%Bp
4.6199%Diageo
4.0664%British American Tobacco
3.9299%Astrazeneca Plc
3.7322%Glaxosmithkline
3.4946%Unilever
3.0472%Reckitt Benckiser Group Plc
2.9338%Compass Group Plc
2.8815%Bae Systems
Source: Trustnet

Sector breakdown

Industrials 27%
Consumer Services 16%
Consumer Goods 15%
Oil & Gas 15%
Health Care 10%
Financials 7%
Money Market 5%
Technology 5%

Portfolio details

Around 50 stocks, with approximately 90% from the FTSE 100 and Mid 250 Indices.

Constraints

Maximum 10% in smaller companies including AiM.
There are some limits placed on the portfolio but these could result in significant divergences from the Index from time to time.

Average monthly relative returns Bestinvest MRI
13/14 14/15 15/16 16/17 17/18   3 years 5 years Career 3 years 5 years Career
-0.06% 0.49% 0.64% -0.11% 0.52%   0.35% 0.29% 0.45% 99.30% 99.80% 100.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Anthony Cross / Julian Fosh

Manager. •Cross graduated in 1990 with a degree in politics from Exeter University and began his investment career at Schroders. In 1994 he became a member of their smaller companies team where he assisted Andy Brough with the Schroder UK Smaller Companies fund. In September 1997 he joined Liontrust. •Fosh has an MA in Jurisprudence from Merton College Oxford and began his career with Scottish Amicable Investment Managers in 1984. In 1997 he briefly joined Britannia Investment Managers, moving onto the Scottish Friendly Assurance Society Ltd in the same year where he managed a range of funds including UK equity OEICs, life and pension funds. In 2004 he joined Saracen to aid in the management of their Growth fund. In June 2008 he moved to Liontrust.

Track record

Anthony Cross / Julian Fosh has 10.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.45%. During the worst period of relative performance (from September 2008 - December 2008) there was a decline of 6% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -29% (June 2008 - February 2009)
Relative -6% (September 2008 - December 2008)

Sector record since June 2008 (10 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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