Liontrust Special Situations Class I Inc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/04/19 to 30/04/20 |
30/04/20 to 30/04/21 |
30/04/21 to 30/04/22 |
30/04/22 to 30/04/23 |
30/04/23 to 30/04/24 |
|
|---|---|---|---|---|---|
| Fund | -7.6% | 25.7% | -0.4% | 1.3% | 4.1% |
| Sector | -14.6% | 30.3% | -0.1% | 1.8% | 6.9% |
| Rank | 29/213 | 117/218 | 129/222 | 143/228 | 174/230 |
| Quartile | 1 | 3 | 3 | 3 | 4 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/04/24 |
5 Years to 30/04/24 |
10 Years to 30/04/24 |
||
| Fund | 1.6% | 4.0% | 7.6% | |
| Sector | 2.8% | 3.9% | 5.0% | |
| Rank | 144/222 | 118/213 | 9/185 | |
| Quartile | 3 | 3 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| RELX | 3.49 |
| SHELL | 3.43 |
| COMPASS GROUP | 3.40 |
| GSK | 3.34 |
| ASTRAZENECA | 3.28 |
| BP | 3.28 |
| TP ICAP GROUP | 3.12 |
| UNILEVER | 3.10 |
| GAMMA COMMUNICATIONS | 2.92 |
| DIAGEO | 2.67 |
| Total | 32.04 |
Fund Aims
The Fund aims to deliver capital growth over the long term (5 years or more).
Fund Manager
Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. Before moving to Liontrust, Anthony joined Schroder Investment Management as a graduate trainee, later becoming an equity analyst before joining the Smaller Companies team in 1994. Anthony Cross graduated in 1990 from Exeter University with a degree in Politics.
Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers Ltd to co-manage the Liontrust UK Growth, Special Situations and UK Smaller Companies Funds with Anthony Cross and to develop the Liontrust Economic Advantage process. From 2004 to 2008, Julian was the co-manager of Saracen Growth Fund. Before this, Julian headed the investment department at Scottish Friendly Assurance Society Limited where he managed a range of funds including UK equity OEICs, life and pension funds. In a career that started in 1984, Julian has also worked at Britannia Investment Managers and Scottish Amicable. Julian graduated in 1984 from Merton College Oxford with an MA in Jurisprudence.
Victoria Stevens joined the Economic Advantage team at Liontrust in June 2015 as a partner and fund manager to help research and analyse investment opportunities primarily across the small cap universe. She previously worked for almost 5 years at the growth company specialist broking and advisory firm finnCap Ltd, latterly as deputy head of corporate broking. Prior to joining finnCap, Victoria was a senior reporter and diary editor at the financial newspaper City AM, having studied Modern Languages at Oxford University.
Matthew Tonge joined the Liontrust trading desk in 2003 from Barclays Capital Asset Management, becoming a partner in 2011. Responsible for execution across all the firm’s assets, in 2014 he was voted Mid-Tier trader of the year by The Trade magazine for his work in mid and small cap stocks, the inaugural year of the award. Having worked closely with Anthony and Julian for many years, in September 2015 he joined the Economic Advantage team to help research and analyse companies across the small cap universe. Matt graduated from the University of Birmingham in 2000, with First Class Batchelor degrees in Manufacturing Engineering (BENG) & Commerce (BCOM), winning the Gilbert Walker Prize in Engineering and Economics as top student in his year.
Fund Overview
| Bid (01/05/2024) | 488.66p |
| Offer (01/05/2024) | 492.20p |
| Historic yield | 1.87% |
| Fund size (31/03/2024) | £3722.51m |
| Number of holdings | 56 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.81% |
| Launch date | 01/11/2010 |
Asset Allocation
| UK Equities | 94.92% | |
| Cash and Equivalents | 3.56% | |
| Other Assets | 1.52% |
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. 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.
Asset Allocation
| UK Equities | 94.92% | |
| Cash and Equivalents | 3.56% | |
| Other Assets | 1.52% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Industrials | 24.69% | - | - | - | |
| Industrial Goods & Services | - | 24.69% | - | - | |
| Electronic & Electrical Equipment | - | - | 8.96% | - | |
| Electronic Equipment: Control & Filter | - | - | - | 4.54% | |
| Electronic Equipment: Gauges & Meters | - | - | - | 2.38% | |
| Electrical Components | - | - | - | 2.05% | |
| Industrial Support Services | - | - | 7.21% | - | |
| Professional Business Support Services | - | - | - | 4.49% | |
| Business Training & Employment Agencies | - | - | - | 2.72% | |
| Industrial Engineering | - | - | 4.33% | - | |
| Machinery: Construction & Handling | - | - | - | 2.35% | |
| Machinery: Industrial | - | - | - | 1.98% | |
| General Industrials | - | - | 4.18% | - | |
| Diversified Industrials | - | - | - | 4.18% | |
| Consumer Discretionary | 19.20% | - | - | - | |
| Media | - | 8.49% | - | - | |
| Media | - | - | 8.49% | - | |
| Publishing | - | - | - | 5.92% | |
| Media Agencies | - | - | - | 2.57% | |
| Consumer Products & Services | - | 5.90% | - | - | |
| Consumer Services | - | - | 3.40% | - | |
| Vending & Catering Service | - | - | - | 3.40% | |
| Leisure Goods | - | - | 2.50% | - | |
| Electronic Entertainment | - | - | - | 2.15% | |
| Consumer Electronics | - | - | - | 0.36% | |
| Travel & Leisure | - | 2.01% | - | - | |
| Travel & Leisure | - | - | 2.01% | - | |
| Restaurants & Bars | - | - | - | 2.01% | |
| Automobiles & Parts | - | 1.62% | - | - | |
| Automobiles & Parts | - | - | 1.62% | - | |
| Auto Parts | - | - | - | 1.62% | |
| Retail | - | 1.18% | - | - | |
| Retailers | - | - | 1.18% | - | |
| Specialty Retailers | - | - | - | 1.18% | |
| Financials | 13.56% | - | - | - | |
| Financial Services | - | 13.56% | - | - | |
| Investment Banking & Brokerage Services | - | - | 12.46% | - | |
| Asset Managers & Custodians | - | - | - | 6.84% | |
| Investment Services | - | - | - | 5.63% | |
| Finance & Credit Services | - | - | 1.09% | - | |
| Mortgage Finance | - | - | - | 1.09% | |
| Health Care | 9.24% | - | - | - | |
| Health Care | - | 9.24% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 7.57% | - | |
| Pharmaceuticals | - | - | - | 7.57% | |
| Health Care Providers | - | - | 1.67% | - | |
| Health Care Services | - | - | - | 1.67% | |
| Energy | 8.19% | - | - | - | |
| Energy | - | 8.19% | - | - | |
| Non-Renewable Energy | - | - | 8.19% | - | |
| Integrated Oil & Gas | - | - | - | 6.71% | |
| Oil Equipment & Services | - | - | - | 1.48% | |
| Consumer Staples | 7.26% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 4.59% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 4.59% | - | |
| Personal Products | - | - | - | 3.10% | |
| Nondurable Household Products | - | - | - | 1.49% | |
| Food, Beverage & Tobacco | - | 2.67% | - | - | |
| Beverages | - | - | 2.67% | - | |
| Distillers & Vintners | - | - | - | 2.67% | |
| Technology | 6.83% | - | - | - | |
| Technology | - | 6.83% | - | - | |
| Software & Computer Services | - | - | 6.83% | - | |
| Software | - | - | - | 5.01% | |
| Consumer Digital Services | - | - | - | 1.01% | |
| Computer Services | - | - | - | 0.81% | |
| Cash and Equivalents | 3.56% | - | - | - | |
| Real Estate | 3.02% | - | - | - | |
| Real Estate | - | 3.02% | - | - | |
| Real Estate Investment & Services | - | - | 3.02% | - | |
| Real Estate Services | - | - | - | 3.02% | |
| Telecommunications | 2.92% | - | - | - | |
| Telecommunications | - | 2.92% | - | - | |
| Telecommunications Service Providers | - | - | 2.92% | - | |
| Telecommunications Services | - | - | - | 2.92% | |
| Non-Classified | 1.52% | - | - | - | |
Regional Allocation
| UK | 94.92% | |
| Cash and Equivalents | 3.56% | |
| Non-Classified | 1.52% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 94.92% | - | |
United Kingdom
|
- | 94.92% | |
| Cash and Equivalents | 3.56% | - | |
| Non-Classified | 1.52% | - | |
Breakdown By Market Cap (%)
| Mega |
|
25.00% |
| Large |
|
8.95% |
| Medium |
|
42.92% |
| Small |
|
14.06% |
| Micro |
|
0.57% |
| Non-Classified |
|
4.95% |
| Cash |
|
3.56% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | RELX | 3.49% | Media | United Kingdom |
| 2 | SHELL | 3.43% | Non-Renewable Energy | United Kingdom |
| 3 | COMPASS GROUP | 3.40% | Consumer Services | United Kingdom |
| 4 | GSK | 3.34% | Pharmaceuticals & Biotechnology | United Kingdom |
| 5 | ASTRAZENECA | 3.28% | Pharmaceuticals & Biotechnology | United Kingdom |
| 6 | BP | 3.28% | Non-Renewable Energy | United Kingdom |
| 7 | TP ICAP GROUP | 3.12% | Investment Banking & Brokerage Services | United Kingdom |
| 8 | UNILEVER | 3.10% | Personal Care, Drug & Grocery Stores | United Kingdom |
| 9 | GAMMA COMMUNICATIONS | 2.92% | Telecommunications Service Providers | United Kingdom |
| 10 | DIAGEO | 2.67% | Beverages | United Kingdom |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | 6.83% | - | - | - | - | - | - | - | 6.83% |
| Telecommunications | 2.92% | - | - | - | - | - | - | - | 2.92% |
| Financials | 13.56% | - | - | - | - | - | - | - | 13.56% |
| Real Estate | 3.02% | - | - | - | - | - | - | - | 3.02% |
| Consumer Discretionary | 19.20% | - | - | - | - | - | 1.52% | - | 20.72% |
| Consumer Staples | 7.26% | - | - | - | - | - | - | - | 7.26% |
| Energy | 8.19% | - | - | - | - | - | - | - | 8.19% |
| Health Care | 9.24% | - | - | - | - | - | - | - | 9.24% |
| Industrials | 24.69% | - | - | - | - | - | - | - | 24.69% |
| Cash and Equivalents | - | - | - | - | - | - | - | 3.56% | 3.56% |
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 | B57H4F1 |
| Mex Code | Q5SPEC |
| Isin Code | GB00B57H4F11 |
| Citi Code | LIM5 |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.81% |
Aims and Benchmark
| Aims | The Fund aims to deliver capital growth over the long term (5 years or more). |
| Benchmark | FTSE All Share |
| Benchmark Category | Comparator |
| IA Sector | UK All Companies |
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 | Annually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 01 June | 31 July |
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 | The Bank of New York Mellon (International) Limited |
| Fund Administrator | The Bank of New York Mellon (International) Limited |
| Fund Registrar | The Bank of New York Mellon SA/NV |
| Fund Custodian | The 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 | -1.43 |
| Beta | 1.06 |
| Sharpe | 0.00 |
| Standard Deviation | 13.43 |
| Info Ratio | -0.31 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | No |
| Concentrated Portfolio | Yes |
| Smaller Companies | Yes |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| 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
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Smaller Companies
The fund invests in smaller companies. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.
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.
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. 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.
Important Information
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. 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. "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.