Liontrust European Income - CLOSED Institutional Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
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Top 10 Holdings
| Stock | % Weight |
|---|---|
| BANK OF IRELAND GROUP | 5.08 |
| ASML HOLDING NV | 4.82 |
| ATLAS COPCO AB | 4.79 |
| STELLANTIS NV | 4.55 |
| PANDORA AS | 3.94 |
| BNP PARIBAS SA | 3.81 |
| PUBLICIS GROUPE SA | 3.72 |
| AP MOLLER-MAERSK A/S | 3.68 |
| RANDSTAD NV | 3.52 |
| BOLIDEN AB | 3.35 |
| Total | 41.26 |
Fund Aims
The Fund aims to deliver a high level of income with potential for capital growth over the long term (5 years or more). Income Target Benchmark - The Fund aims to deliver a net target yield of at least the net yield of the MSCI Europe ex UK Index each year.
Fund Manager
James Inglis-Jones joined Liontrust in March 2006 to develop the Cashflow Solution investment process. James began his career at Fleming Investment Management in 1997, assuming responsibility for the management of UK equity portfolios in 1999. Between 1999 and 2002, he worked on JP Morgan Fleming’s institutional investment process and managed a wide range of retail and institutional funds as a senior portfolio manager within their European equity group. In 2003, he joined Polar Capital to manage a European market neutral fund. James graduated in 1990 with a First Class Honours Degree in Modern History from York University. He went on to gain a D.Phil in Modern History from Christ Church, Oxford.
Samantha Gleave joined Liontrust in 2012 as a fund manager to work with James in managing the Cashflow Solution investment process. She began her career at Sutherlands Ltd as a Consumer Analyst before moving on to Fleming Investment Management as senior Investment Analyst covering Pan Europe where she worked with James Inglis-Jones. Samantha moved to Credit Suisse First Boston (Europe) Ltd in 2000 and was in a No 1 ranked equity research sector team (Extel & Institutional Investor Surveys). In 2005, she moved to Bank of America Merrill Lynch and became a Senior Equity Analyst and Director and won awards for Top Stock Pick and Earnings Estimates. Samantha graduated from Aberdeen University in 1995 with an MA Honours degree in Economics & Management.
Fund Overview
| Bid (09/04/2021) | 140.62p |
| Offer (09/04/2021) | 141.13p |
| Historic yield | - |
| Fund size (31/03/2021) | £71.12m |
| Number of holdings | 41 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.91% |
| Launch date | 15/12/2005 |
Asset Allocation
| International Equities | 96.10% | |
| Cash and Equivalents | 3.90% |
Commentary
The investment objective of the Liontrust European Income Fund is to provide a high level of income, in order to meet this objective, it is intended that the yield of the Fund (the sum of all net distributions in an accounting period divided by the unit price at the end of said period) will be in excess of the net yield of the MSCI Europe ex UK Index each year but this cannot be guaranteed and the yield may also be adjusted in the light of market conditions although it is not expected that this will be a regular occurrence.
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 96.10% | |
| Cash and Equivalents | 3.90% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Industrials | 27.74% | - | - | - | |
| Industrial Goods & Services | - | 25.94% | - | - | |
| Industrial Engineering | - | - | 8.13% | - | |
| Machinery: Construction & Handling | - | - | - | 8.13% | |
| Industrial Support Services | - | - | 6.92% | - | |
| Business Training & Employment Agencies | - | - | - | 3.52% | |
| Security Services | - | - | - | 3.40% | |
| Electronic & Electrical Equipment | - | - | 6.00% | - | |
| Electrical Components | - | - | - | 6.00% | |
| Industrial Transportation | - | - | 4.88% | - | |
| Marine Transportation | - | - | - | 3.68% | |
| Trucking | - | - | - | 1.21% | |
| Construction & Materials | - | 1.80% | - | - | |
| Construction & Materials | - | - | 1.80% | - | |
| Building Materials: Other | - | - | - | 1.80% | |
| Consumer Discretionary | 19.37% | - | - | - | |
| Consumer Products & Services | - | 8.00% | - | - | |
| Personal Goods | - | - | 6.69% | - | |
| Luxury Items | - | - | - | 3.94% | |
| Clothing & Accessories | - | - | - | 2.75% | |
| Household Goods & Home Construction | - | - | 0.86% | - | |
| Home Construction | - | - | - | 0.86% | |
| Leisure Goods | - | - | 0.45% | - | |
| Recreational Products | - | - | - | 0.45% | |
| Automobiles & Parts | - | 7.50% | - | - | |
| Automobiles & Parts | - | - | 7.50% | - | |
| Automobiles | - | - | - | 7.50% | |
| Media | - | 3.72% | - | - | |
| Media | - | - | 3.72% | - | |
| Media Agencies | - | - | - | 3.72% | |
| Retail | - | 0.16% | - | - | |
| Retailers | - | - | 0.16% | - | |
| Specialty Retailers | - | - | - | 0.16% | |
| Financials | 17.51% | - | - | - | |
| Banks | - | 12.78% | - | - | |
| Banks | - | - | 12.78% | - | |
| Banks | - | - | - | 12.78% | |
| Financial Services | - | 4.73% | - | - | |
| Investment Banking & Brokerage Services | - | - | 4.73% | - | |
| Diversified Financial Services | - | - | - | 4.73% | |
| Basic Materials | 11.21% | - | - | - | |
| Basic Resources | - | 7.82% | - | - | |
| Industrial Metals & Mining | - | - | 7.82% | - | |
| General Mining | - | - | - | 5.32% | |
| Iron & Steel | - | - | - | 2.50% | |
| Chemicals | - | 3.39% | - | - | |
| Chemicals | - | - | 3.39% | - | |
| Fertilizers | - | - | - | 3.39% | |
| Technology | 7.75% | - | - | - | |
| Technology | - | 7.75% | - | - | |
| Technology Hardware & Equipment | - | - | 4.82% | - | |
| Production Technology Equipment | - | - | - | 4.82% | |
| Software & Computer Services | - | - | 2.93% | - | |
| Software | - | - | - | 2.93% | |
| Energy | 5.51% | - | - | - | |
| Energy | - | 5.51% | - | - | |
| Non-Renewable Energy | - | - | 5.51% | - | |
| Integrated Oil & Gas | - | - | - | 1.84% | |
| Offshore Drilling & Other Services | - | - | - | 1.82% | |
| Oil Equipment & Services | - | - | - | 1.29% | |
| Oil: Crude Producers | - | - | - | 0.56% | |
| Cash and Equivalents | 3.90% | - | - | - | |
| Health Care | 3.57% | - | - | - | |
| Health Care | - | 3.57% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 2.13% | - | |
| Pharmaceuticals | - | - | - | 2.13% | |
| Medical Equipment & Services | - | - | 1.44% | - | |
| Medical Supplies | - | - | - | 1.44% | |
| Consumer Staples | 3.01% | - | - | - | |
| Food, Beverage & Tobacco | - | 3.01% | - | - | |
| Beverages | - | - | 2.64% | - | |
| Brewers | - | - | - | 2.64% | |
| Food Producers | - | - | 0.37% | - | |
| Food Products | - | - | - | 0.30% | |
| Farming, Fishing, Ranching & Plantations | - | - | - | 0.08% | |
| Telecommunications | 0.43% | - | - | - | |
| Telecommunications | - | 0.43% | - | - | |
| Telecommunications Service Providers | - | - | 0.43% | - | |
| Telecommunications Services | - | - | - | 0.43% | |
Regional Allocation
| Developed Europe - Excl UK | 96.03% | |
| Cash and Equivalents | 3.90% | |
| North America | 0.08% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 96.71% | |
| Swedish Krona | 2.58% | |
| Cash | 0.70% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Developed Europe - Excl UK | 96.03% | - | |
Denmark
|
- | 18.65% | |
Sweden
|
- | 17.18% | |
France
|
- | 16.95% | |
Netherlands
|
- | 12.89% | |
Italy
|
- | 7.47% | |
Germany
|
- | 7.19% | |
Ireland
|
- | 5.08% | |
Switzerland
|
- | 3.00% | |
Belgium
|
- | 2.50% | |
Norway
|
- | 2.00% | |
Finland
|
- | 1.80% | |
Luxembourg
|
- | 1.29% | |
| Cash and Equivalents | 3.90% | - | |
| North America | 0.08% | - | |
United States
|
- | 0.08% | |
Breakdown By Market Cap (%)
| Mega |
|
28.45% |
| Large |
|
29.18% |
| Medium |
|
27.81% |
| Small |
|
5.55% |
| Micro |
|
0.56% |
| Non-Classified |
|
4.55% |
| Cash |
|
3.90% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | BANK OF IRELAND GROUP | 5.08% | Banks | Ireland |
| 2 | ASML HOLDING NV | 4.82% | Technology Hardware & Equipment | Netherlands |
| 3 | ATLAS COPCO AB | 4.79% | Industrial Engineering | Sweden |
| 4 | STELLANTIS NV | 4.55% | Automobiles & Parts | Netherlands |
| 5 | PANDORA AS | 3.94% | Personal Goods | Denmark |
| 6 | BNP PARIBAS SA | 3.81% | Banks | France |
| 7 | PUBLICIS GROUPE SA | 3.72% | Media | France |
| 8 | AP MOLLER-MAERSK A/S | 3.68% | Industrial Transportation | Denmark |
| 9 | RANDSTAD NV | 3.52% | Industrial Support Services | Netherlands |
| 10 | BOLIDEN AB | 3.35% | Industrial Metals & Mining | Sweden |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 7.75% | - | - | - | - | - | - | 7.75% |
| Telecommunications | - | 0.43% | - | - | - | - | - | - | 0.43% |
| Financials | - | 17.51% | - | - | - | - | - | - | 17.51% |
| Consumer Discretionary | - | 19.37% | - | - | - | - | - | - | 19.37% |
| Consumer Staples | - | 3.01% | - | - | - | - | - | - | 3.01% |
| Energy | - | 5.51% | - | - | - | - | - | - | 5.51% |
| Health Care | - | 3.57% | - | - | - | - | - | - | 3.57% |
| Industrials | - | 27.74% | - | - | - | - | - | - | 27.74% |
| Basic Materials | - | 11.21% | - | - | - | - | - | - | 11.21% |
| Cash and Equivalents | - | - | - | - | - | - | - | 3.90% | 3.90% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | BD2WZ32 |
| Mex Code | Q5XZC |
| Isin Code | GB00BD2WZ329 |
| Citi Code | QU80 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.91% |
Aims and Benchmark
| Aims | The Fund aims to deliver a high level of income with potential for capital growth over the long term (5 years or more). Income Target Benchmark - The Fund aims to deliver a net target yield of at least the net yield of the MSCI Europe ex UK Index each year. |
| Benchmark | MSCI Europe ex-UK |
| Benchmark Category | Comparator |
| IA Sector | Europe Excluding UK |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | Unit Trust |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Dividend |
| Distribution Payment Basis | Gross |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 December | 31 January |
| 01 March | 30 April |
| 01 June | 31 July |
| 01 September | 31 October |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | BNY Mellon Trust & Depositary (UK) Ltd |
| Fund Administrator | Bank of New York Mellon (International) Limited |
| Fund Registrar | Bank of New York Mellon SA/NV |
| Fund Custodian | Bank of New York Mellon (International) Limited |
Group Details
| Group name | Liontrust Fund Partners LLP |
| Group address | 2 Savoy Court London WC2R 0EZ |
| Group telephone | 020 7412 1766 |
| Dealing telephone | 020 7964 4774 |
| info@liontrust.co.uk | |
| Homepage | www.liontrust.co.uk |
| Fax number | 020 7412 1779 |
Dealing
| Minimum Investment | £5000000 |
| Minimum Top Up | £100000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 3 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -1.28 |
| Beta | 0.99 |
| Sharpe | 0.17 |
| Standard Deviation | 16.83 |
| Info Ratio | -0.34 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | No |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund Performance is based upon the movement of the daily price and is shown as total return in GBP with net income reinvested. The value of your client's investment may go down as well as up and the fund value may be less than the payments your client has made. Please also note that our charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. You should refer to your client's policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.