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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.
|Sector||UK All Companies|
|Dividends paid||28 Feb|
|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%|
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.
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.
|High yield bonds||0|
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.
|Fund data updated on||20/09/18|
|High yield bonds||0|
As at: 31/07/2018
7.4502%Royal Dutch Shell
4.0664%British American Tobacco
3.0472%Reckitt Benckiser Group Plc
2.9338%Compass Group Plc
|Oil & Gas||15%|
Around 50 stocks, with approximately 90% from the FTSE 100 and Mid 250 Indices.
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|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
•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.
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)|
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.