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ii Super 60 - Liontrust Special Situations

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ii Super 60 investments:
Liontrust Special Situations

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Asset Group Asset Sub-Group Investment Category
Equities UK equities Core

Selection rationale:
Liontrust Special Situations benefits from a simple but effective investment approach and very experienced management team. Its assets have grown by £1 billion to £5 billion in the past year meaning 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. At the end of 2019, it had 58 holdings with 46% of assets in FTSE 100 stocks, 27% in FTSE 250 stocks and 18% in FTSE Small Cap and Aim stocks.

January 2020

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Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.