Liontrust Special Situations I Inc

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Trading AccountISAJISASIPP

Fund Info

  • Yield History1.58%
  • 3 Year sharpe0.18
  • 3 Year alpha6.52
  • Distribution Typeincome
  • BenchmarkFTSE AllSh TR GBP
  • Legal StructureUnit Trust
  • Fund Size (month end)Unit Trust
  • OCF0.83%
  • IA SectorUK All Companies
  • Manager GroupLiontrust
  • DomicileUnited Kingdom
  • ISINGB00B57H4F11

Investment Strategy

The investment objective of Liontrust Special Situations Fund is to provide long-term capital growth. To achieve this aim, the Fund will invest primarily in a concentrated portfolio of UK companies’ shares. The Fund will invest where the fund manager believes there are the greatest opportunities to provide long term capital growth. The Fund will not be restricted in choice of investment by either size or sector. The Fund may also invest in transferable securities, money market instruments, warrants, cash and near cash and deposits. The Fund may also invest up to 10% of its property in units or shares in collective investment schemes. The Fund is permitted to use derivatives for the purposes of efficient portfolio management and for investment purposes.

ii Super 60 selected

This Fund is a member of our ii Super 60 rated list

Liontrust Special Situations benefits from a simple but effective investment approach and very experienced management team. With assets of over £5 billion it cannot invest in smaller companies to the extent it has in the past, but it remains a quality option for core UK equity exposure. The fund is managed by Anthony Cross and Julian Fosh who use their ‘economic advantage’ model approach to investing.

Cross has managed the fund since its inception in 2005, with Fosh joining him in 2008. They favour businesses that can grow their earnings independently of the wider economy and look for those with intellectual property. This includes strong distribution networks, recurring revenue streams and products with no obvious substitutes. They 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 portfolio is typically very different from the UK stock market, with a significant underweight to large companies and a slug of assets in medium and small companies. The fund predominantly invests in small companies that are listed on the AIM market.

September 2020

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