Fact sheet: Liontrust Special Situations

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK GROWTH
Sector
UT UK All Companies
Fund type
Unit Trust
Primary aim
GROWTH
Why Money Observer Rates Liontrust Special Situations

Rated Fund 2013-14, 2018. A great core holding for most types of investor

This year, we have swapped Liontrust UK Growth for the award-winning Liontrust Special Situations fund, which is run by the same managers, on account of it achieving better performance with lower volatility.

Managed by Anthony Cross and Julian Fosh using their 'economic advantage' approach to investing, Liontrust Special Situations was highly commended in the Best Larger UK Growth Fund category in our 2013 awards, and took the top spot for the first time in 2017.

Cross has managed the fund since its inception in 2005, with Fosh joining him in 2008, and its assets have now grown to more than ᆪ3.2 billion spread across 49 holdings in the portfolio.

The fund is typically very different from the UK stock market, with a significant underweight to large companies and a large part of the portfolio traditionally invested in small and medium companies.

The managers look for businesses that have intellectual property, which includes strong distribution networks, recurring revenue streams and products with no obvious substitutes. Cross and Fosh also favour companies with strong brands and good customer relationships in the belief that these attributes give a business the power to produce higher levels of profitability for longer than expected.

Another important factor is how key employees are motivated, with the managers' preference being for the board of directors to directly own shares in the company.

'The resulting portfolio consists of businesses that can grow their earnings independently of the wider economy, making this a great core holding for most types of investor,' says Darius McDermott, managing director of FundCalibre, the fund ratings and research provider.<\p>

3 Year Performance
Fund Performance40.3%
Average of Rated Funds Group43.6%
Sector Performance18.9%
Fund information
Fund name
Liontrust Special Situations I Inc
Fund manager company
Liontrust Fund Partners LLP
Fund type
Unit Trust
Fund managers
  • Julian Foshsince 02/06/2008
  • Anthony Crosssince 10/11/2005
Accolades
Highly Commended - Large Fund - UK Growth
Fund objective
The investment objective of Liontrust Special Situations Fund is to provide long-term capital growth.
Benchmark
  • FTSE All Share Index
Investment style
Concentrated,Growth
Investment method
Shares
Quick stats
1 Year return
10.9%
1 Year rank in sector
45/274
Sector
UT UK All Companies
Yield
1.7%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.86%
Fund size
£3,473m (£2,603m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
76
Bid price
405.01
Offer price
409.18
Top in this sector
Fund name1 Year
Stan Life Inv UKEqUncns21.9%
MI Chelverton UK Equ Grth21%
CFP SDL Free Spirit19.5%
MFM Bowland19.3%
CFP SDLUKBftolgy19%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK93.1%
    Money Market6.9%
  • Industrials26.2%
    Consumer Services14.7%
    Consumer Goods10.9%
    Financials10.7%
    Health Care10.1%
  • UK Equities93.1%
    Money Market6.9%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund6.2%1.7%3.9%10.9%40.3%78.1%
Sector6.3%-1.6%0.9%7%18.9%48.8%
Rank within sector171 / 28010 / 27828 / 27745 / 27412 / 25925 / 244
Quartile3rd1st1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund1.5%16.8%15.8%13.9%1.9%
Sector-1%13.8%11.2%3.7%0.6%
Rank within sector25 / 27757 / 27272 / 26227 / 25691 / 249
Quartile1st1st2nd1st2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
5.93
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.91
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.88
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
8.96
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
3.53
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.51
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.86
Price movement
52 week high405.63
52 week low366.39
Current bid price405.01
Current offer price409.18
Current mid price-
Region
1UK93.14%
2Money Market6.86%
Industry sector
1Industrials26.19%
2Consumer Services14.74%
3Consumer Goods10.92%
4Financials10.68%
5Health Care10.09%
6Technology9.36%
7Oil & Gas9.3%
8Money Market6.86%
9Telecommunications1.86%
Asset type
1UK Equities93.14%
2Money Market6.86%
Individual holdings
1GLAXOSMITHKLINE4.37%
2BP3.88%
3UNILEVER3.88%
4COMPASS GROUP PLC3.85%
5ROYAL DUTCH SHELL3.79%
6DIAGEO3.72%
7RELX PLC3.62%
8RECKITT BENCKISER GROUP PLC3.31%
9FIDESSA GROUP PLC3.19%
Management
Fund manager group
Liontrust
Fund manager company
Liontrust Fund Partners LLP
Fund type
Unit Trust
Fund objective
The investment objective of Liontrust Special Situations Fund is to provide long-term capital growth.
Benchmark
  • FTSE All Share Index
Investment style
Concentrated,Growth
Investment method
Shares
Fund managers
NameSinceBiography
Julian Fosh02/06/2008Julian 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. Julian has worked with Anthony to develop the Liontrust Economic Advantage process. Awards for the funds that Julian co-manages with Anthony Cross include Liontrust being named the Best Smaller Companies Group at the Professional Adviser Awards in 2009 and the Liontrust Special Situations Fund being named as the Best UK Growth fund at the Investment Week Fund Manager of the Year Awards in 2011 and 2012. From 2004 to 2008, Julian was the co-manager of Saracen Growth Fund, a top quartile performing UK equities portfolio. Before this, Julian headed up 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 his eight years at Scottish Friendly, six of Julian’s nine funds were in the top quartile of their respective sectors. In a career going back to 1984, Julian has also worked at Britannia Investment Managers and Scottish Amicable. Julian graduated in 1994 from Merton College Oxford with an MA in Jurisprudence.
Anthony Cross10/11/2005Anthony Cross joined Schroder Investment Management as a graduate trainee. He spent his first three years as an equity analyst before joining the Smaller Companies team in 1994. During this time, Anthony identified a number of characteristics common to successful companies and on joining Liontrust in 1997 he was able to develop his thoughts further and create a documented investment process. This process, called Liontrust Economic Advantage, was applied to the Liontrust UK Smaller Companies Fund from the start of 1998. Its success and relevance to the broader market led to the launch of the Liontrust Special Situations Fund in 2005, the management of the Liontrust UK Growth Fund in 2009, and the launch of the Liontrust UK Micro Cap Fund in 2016. Awards for the funds that Anthony co-manages with Julian Fosh include Liontrust being named Best UK Equity Group by Money Observer magazine, the Liontrust Special Situations Fund being named: Best UK Growth fund at the Investment Week Fund Manager of the Year Awards in 2011 and 2012; Best UK Growth Fund at What Investment magazine; Best Fund in the UK All Companies Sector at the Moneywise Fund Awards 2012; and won the UK Equity Gold Award 2012 from Portfolio Adviser. The fund is also member of the 2012 100 club. Anthony graduated in 1990 from Exeter University with a degree in politics.
Compliance
IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Liontrust Special Situations A Inc
Initial charge2%
Annual charge1%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.11%
Total expense ratio (TER)-
Bid price402.59
Offer price414.86
Mid price-
CurrencyGBX
Price updated24/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeGTUF
Liontrust Special Situations I Inc
Initial charge-
Annual charge0.75%
Min single investment£5,000,000
Min regular saving£100,000
Available in ISANo
Ongoing charge (OCF)0.86%
Total expense ratio (TER)-
Bid price405.01
Offer price409.18
Mid price-
CurrencyGBX
Price updated24/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeLIM5
Liontrust Special Situations R Inc
Initial charge5%
Annual charge1.75%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.86%
Total expense ratio (TER)-
Bid price398.41
Offer price422.63
Mid price-
CurrencyGBX
Price updated24/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeLQ82
Data provided by

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