Trading Statement
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Liontrust Asset Management Plc ("Liontrust" or the "Company"), the specialist independent fund management group, today issues its trading update for the three months ended 30 June 2024 (the "Period").
- Net outflows of £0.9 billion in the Period (2023: £1.6 billion).
- Assets under management and advice ("AuMA") were £27.0 billion as at 30 June 2024, a decrease over the Period of 2.8%.
Commenting, John Ions, Chief Executive Officer, said:
"Labour's large majority in last week's General Election should herald a period of stability that will be positive for financial markets. It is encouraging that the new government has a pro-growth agenda and is committed to the simplification of pensions.
Along with falling inflation and the expectation of a reduction in interest rates, this should encourage international investors to return to the UK and boost capital flows to the stock market. Given the ever-increasing need for individuals to save more for their retirement as well, this will significantly improve the outlook for asset managers.
Liontrust is well placed for this improving environment as we have a strong brand, distribution, robust investment processes and a leading reputation for managing UK equities. Liontrust will also benefit from the progress we have been making in positioning the Group for the future, including further expanding our investment and distribution capability, increasing client engagement and enhancing operations."
Assets under management and advice
On 30 June 2024, our AuMA stood at £27,038 million and were broken down by type and investment process as follows:
| Process | Total | Institutional Accounts & Funds | Investment Trusts | UK Retail Funds & MPS | Alternative Funds | International Funds & Accounts |
|---|---|---|---|---|---|---|
| (£m) | (£m) | (£m) | (£m) | (£m) | (£m) | |
| Sustainable Investment | 9,868 | 313 | 0 | 9,079 | 0 | 476 |
| Economic Advantage | 6,310 | 407 | 0 | 5,785 | 0 | 118 |
| Multi-Asset | 4,198 | 0 | 0 | 4,089 | 109 | 0 |
| Global Equities | 1,171 | 0 | 0 | 1,136 | 26 | 9 |
| Global Innovation | 875 | 0 | 0 | 875 | 0 | 0 |
| Cashflow Solution | 2,440 | 533 | 0 | 1,582 | 140 | 185 |
| Global Fundamental | 2,044 | 342 | 1,153 | 543 | 0 | 6 |
| Global Fixed Income | 132 | 0 | 0 | 29 | 0 | 103 |
| Total | 27,038 | 1,595 | 1,153 | 23,118 | 275 | 897 |
Flows
The net outflows over the Period were £923 million (2023: £1,629 million). A reconciliation of fund flows and AuMA over the Period is as follows:
| Total | Institutional Accounts & Funds | Investment Trusts | UK Retail Funds & MPS | Alternative Funds | International Funds & Accounts | |
|---|---|---|---|---|---|---|
| (£m) | (£m) | (£m) | (£m) | (£m) | (£m) | |
| Opening AuMA - 1 April 2024 | 27,822 | 1,741 | 1,135 | 23,815 | 236 | 895 |
| Net flows | (923) | (145) | (10) | (772) | 13 | (9) |
| Market & Investment performance | 139 | (1) | 28 | 75 | 26 | 11 |
| Closing AuMA - 30 June 2024 | 27,038 | 1,595 | 1,153 | 23,118 | 275 | 897 |
| Fund Performance (Quartile ranking) | ||||||
| Quartile ranking - Since Launch / Manager Appointed | Quartile ranking - 5 year | Quartile ranking - 3 year | Quartile ranking - 1 year | Launch Date | ||
| Economic Advantage funds | ||||||
| Liontrust UK Growth Fund | 1 | 3 | 2 | 3 | 25/03/2009 | |
| Liontrust Special Situations Fund | 1 | 3 | 3 | 3 | 10/11/2005 | |
| Liontrust UK Smaller Companies Fund | 1 | 2 | 2 | 4 | 08/01/1998 | |
| Liontrust UK Micro Cap Fund | 1 | 1 | 1 | 2 | 09/03/2016 | |
| Sustainable Future funds | ||||||
| Liontrust SF Monthly Income Bond Fund | 1 | 1 | 2 | 1 | 12/07/2010 | |
| Liontrust SF Managed Growth Fund | 2 | 1 | 3 | 3 | 19/02/2001 | |
| Liontrust SF Corporate Bond Fund | 1 | 2 | 3 | 1 | 20/08/2012 | |
| Liontrust SF Cautious Managed Fund | 2 | 4 | 4 | 4 | 23/07/2014 | |
| Liontrust SF Defensive Managed Fund | 1 | 4 | 4 | 3 | 23/07/2014 | |
| Liontrust SF European Growth Fund | 3 | 4 | 4 | 4 | 19/02/2001 | |
| Liontrust SF Global Growth Fund | 3 | 3 | 4 | 3 | 19/02/2001 | |
| Liontrust SF Managed Fund | 2 | 1 | 4 | 3 | 19/02/2001 | |
| Liontrust UK Ethical Fund | 3 | 4 | 4 | 4 | 01/12/2000 | |
| Liontrust SF UK Growth Fund | 3 | 4 | 4 | 3 | 19/02/2001 | |
| Liontrust GF SF US Growth Fund | 3 | - | - | - | 07/07/2023 | |
| Global Innovation funds | ||||||
| Liontrust Global Dividend Fund | 2 | 1 | 1 | 1 | 20/12/2012 | |
| Liontrust Global Innovation Fund | 1 | 2 | 3 | 1 | 31/12/2001 | |
| Liontrust Global Technology Fund | 2 | 2 | 1 | 1 | 15/12/2015 | |
| Global Equity funds | ||||||
| Liontrust Balanced Fund | 1 | 1 | 2 | 1 | 31/12/1998 | |
| Liontrust Global Alpha Fund | 1 | 2 | 4 | 2 | 31/12/2001 | |
| Liontrust Global Smaller Companies Fund | 2 | 3 | 4 | 4 | 01/07/2016 | |
| Liontrust US Opportunities Fund | 2 | 3 | 4 | 2 | 31/12/2002 | |
| Liontrust GF US Equity Fund | 3 | 2 | 3 | 3 | 26/06/2014 | |
| Liontrust GF International Equity Fund | 4 | - | 4 | 4 | 17/12/2019 | |
| Liontrust China Fund | 4 | 3 | 3 | 3 | 31/12/2004 | |
| Liontrust Emerging Market Fund | 3 | 4 | 2 | 1 | 30/09/2008 | |
| Liontrust India Fund | 4 | 2 | 1 | 1 | 29/12/2006 | |
| Liontrust Japan Equity Fund | 2 | 1 | 1 | 1 | 22/06/2015 | |
| Liontrust Latin America Fund | 3 | 4 | 3 | 1 | 03/12/2007 | |
| Cashflow Solution funds | ||||||
| Liontrust European Dynamic Fund | 1 | 1 | 1 | 1 | 15/11/2006 | |
| Global Fixed Income funds | ||||||
| Liontrust Strategic Bond Fund | 3 | 3 | 3 | 2 | 08/05/2018 | |
| Global Fundamental funds | ||||||
| Liontrust UK Equity Fund | 1 | 2 | 2 | 1 | 27/03/2003 | |
| Liontrust UK Focus Fund | 1 | 3 | 3 | 1 | 29/09/2003 | |
| Liontrust Income Fund | 1 | 3 | 2 | 3 | 31/12/2002 | |
| Liontrust GF UK Equity Fund | 4 | 3 | 2 | 2 | 03/03/2014 | |
| Edinburgh Investment Trust Plc | 1 | - | 1 | 1 | 27/03/2020 | |
Source: Financial Express to 30 June 2024 as at 4 April 2024, bid-bid, total return, net of fees, based on primary share classes.
Past performance is not a guide to future performance, investments can result in total loss of capital. The above funds are all UK authorised unit trusts, OEICs, Irish authorised OEICs (primary share class) or UK listed investment trusts. Liontrust Russia Fund is not included as it is currently suspended and in an IA sector that is not rankable (e.g., Specialist) so it would not be a fair comparison to make. Edinburgh Investment Trust Plc uses the IT UK Equity Income sector.
Other information
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