Trading Statement

Liontrust Asset Management Plc ("Liontrust" or the "Company"), the specialist independent fund management group, today issues its trading update for the three months ended 31 March 2025 (the "Period").

• Net outflows of £1.3 billion in the Period (2024: £1.2 billion).
• Assets under management and advice ("AuMA") were £22.6 billion as at 31 March 2025, a decrease over the Period of 8.1%.
• AuMA as at 10 April 2025 were £21.6 billion.
• Expanding investment capability and international distribution.
• Completing the enhanced operating model.

Commenting, John Ions, Chief Executive Officer, said:

"It feels that over the past few years, the only certainty has been uncertainty. The current day-to-day unpredictability and fluctuations in markets reinforces our belief in active management and the long-term power of robust and repeatable investment processes.

Our focus remains on what is within our control. We continue to develop the business and are confident we have been making the right changes to ensure it is in the best possible shape for the future.

Brand and client service

The Liontrust brand is very strong and we are continually engaging with our clients. We receive great feedback on our service and communications directly and through market research and these are more important than ever at times like this in helping clients to navigate volatile markets.

International expansion

We have strengthened our international distribution capability with the appointments of Òscar Andreu as Managing Director, Head of Distribution for Switzerland, and Phil Rosenberg as Head of Middle East and Asia. Both Òscar and Phil have extensive experience, knowledge and contacts in their respective territories. They are key additions as we seek to take advantage of the potential for growth of our client base outside the UK.

Active management

The extreme volatility and dislocations we have seen in markets over the past couple of weeks are demonstrating the importance of, and opportunities for, active management and stock picking.

Edinburgh Investment Trust is celebrating a successful five years under the management of the Global Fundamental team now led by Imran Sattar. The share price has risen by a cumulative 112.7% over the five years to 31 March 2025 compared to 76.5% for its benchmark index1. The net asset value of the Trust has risen 103.9% over the same period1.

Further recognition of our investment capability has come through three Liontrust funds being shortlisted for the Fund Manager of the Year Awards - European Dynamic, GF European Strategic Equity and Japan Equity.

All 10 of the UK-domiciled funds managed by the Sustainable Investment team have adopted the Sustainability Focus label under the Sustainability Disclosure Requirements (SDR). Liontrust's range - comprising equity, fixed income and managed funds - is the second largest of any asset manager to have SDR labels.

We continue to expand and enhance our investment capability. The GF Global Alpha Long Short Fund has been launched for Mark Hawtin's Global Equities team, and we are also adding the GF Global Alpha Fund (both of which are domiciled in Ireland). In January, the Economic Advantage team's Alex Wedge and Bobby Powar took on management of the Global Smaller Companies Fund, using the same investment process that has been applied to the UK Smaller Companies Fund since 1998.

The Global Fixed Income team has been integrated into the Multi-Asset team. This enhances the macroeconomic and fixed income expertise on the Multi-Asset team and provides greater scale for our fixed income funds.

Business transformation

We are completing our enhanced operating model. BlackRock's Aladdin platform was implemented in July 2024 and is working well. We now have a much more extensive relationship with BNY's front and middle office teams and the BNY Data Vault system is embedded in our operating model and is being used day to day.

We are continuing to work with BNY Buyside Trading Solutions ("BTS") on our trading capabilities and are now utilising BTS for North and Central American trading, with other markets going live by the end of June 2025. This collaboration extends our trading capabilities beyond UK trading hours and gives us access to more counterparties, with a solution that is scalable and with a partner that is investing heavily in its trading services.

The enhancements we have made to the business, our strong investment capability, brand and client service, and the robust operating model give us confidence we can emerge stronger from the current turbulent environment and help our clients to do so as well."

1 Source: FE fundinfo, 31.03.20 to 31.03.25 and Liontrust, bid-to-bid basis.

Cost reductions

In November 2024, we announced a proposed reduction of roles across our business, and this is now mostly complete, with good progress achieved on fully realising the further cost efficiencies we announced in January 2025. Annualised savings of employee-related, member-related and non-staff related expenses are expected to be around £6.0 million and implementation costs for the role reductions and non-staff related expenses are anticipated to be around £4.5 million.

Assets under management and advice

On 31 March 2025 our AuMA stood at £22,590 million and were broken down by type and investment process as follows:

AuMA as at 10 April 2025 were £21,641 million.

Flows

The net outflows over the Period were £1,284 million (2024: £1,206 million). A reconciliation of net flows and AuMA over the Period is as follows:

Source: Financial Express to 31 March 2025 as at 7 April 2025, bid-bid, total return, net of fees, based on primary share class.

Global Fixed Income team moved to the Multi-Asset team on 1 January 2025, the funds managed by the Global Fixed Income team now appear under Multi-Asset funds.

MA Explorer funds had an objective change on 05/04/2023 and rankings are shown from then.

Notice of Full Year Results Announcement

Liontrust confirms that it will be announcing its full year results for the financial year ended 31 March 2025 on Wednesday, 25 June 2025.

Other information