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LF Liontrust UK Equity Class X - Income (GBP)

Sell:139.43p Buy:139.43p Change: 0.21p (0.15%)
Prices as at 24 June 2022
Sell:139.43p
Buy:139.43p
Change: 0.21p (0.15%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 24 June 2022
Sell:139.43p
Buy:139.43p
Change: 0.21p (0.15%)
Prices as at 24 June 2022
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Please note this fund currently holds shares in Hargreaves Lansdown PLC.

We rate the experienced Majedie UK Equity Team highly. The managers are incentivised to perform well - they invest their own money in their fund and own shares in the business they work for. They've got a long history of delivering strong performance by investing in companies with outstanding prospects.

This fund stands out from others in the sector. The managers are prepared to invest against the herd and tend to focus on large companies, although they also have the flexibility to invest in higher-risk small and medium-sized companies. Over the long term their balanced and diversified approach could result in attractive returns for investors. There are no guarantees though.

In April 2022, Liontrust Asset Management completed a takeover of Majedie. at which point all members of Majedie's investment team and the majority of other colleagues from across the business joined Liontrust. It's thought the merger allows the Majedie team to leverage Liontrust's sales and marketing expertise, and gives Liontrust greater access to the larger institutional clients that Majedie is focused on.

The investment philosophy and process that underpins this fund did not change as a result of the transaction. However the fund's name will change in due course to incorporate Liontrust branding.

Acquisitions and other corporate changes can unsettle investment teams, creating the potential for fund manager or product changes later down the line. We'll continue to monitor the situation and keep investors informed of any further developments, or if our views change.

Our view on the sector

The UK stock market is home to lots of world-class companies. From international giants to a diverse array of smaller businesses. This provides a rich hunting ground for fund managers in this sector. They all try to grow investors' money over the long term, but each goes about it in a different way. Some focus on larger companies in the FTSE 100 index, others invest in medium-sized or smaller companies, and some have the flexibility to invest in any company, regardless of size. Some aim to match or deliver a return similar to the broader UK stock market. Others have the freedom to try and make as much money as possible for investors and take more risks. That could mean investing in only a small number of companies, for instance. A fund that invests in UK shares is normally the first port of call for UK-based investors. But with such a variety on offer, investors should make sure a fund is right for their circumstances before investing.

Performance Analysis

The managers have an impressive long-term track record which has been boosted by their ability to select companies with outstanding prospects. Our analysis suggests their stock picking has been particularly strong amongst larger companies. They've also added value by investing in strongly performing areas, such as the industrials and technology sectors. You should remember that past performance is not a guide to the future.

Investment Philosophy

The four managers each have their own unique investment style intended to complement that of the other team members. This results in a balanced and diversified fund with exposure to both unloved, undervalued companies and those with the potential to consistently grow their earnings year after year.

Process and Portfolio Construction

The fund is managed by a team of four (James de Uphaugh, Chris Field, Imran Sattar and John King). Each is responsible for their own portion of the portfolio.

The managers all have their own strengths, styles and areas of focus. By combining each manager's best ideas, the aim is to generate a portfolio that could perform well in all sorts of economic and market conditions, although this isn't guaranteed. The fund also invests in higher-risk smaller companies and the managers use their flexibility to invest up to 20% of the fund overseas. This results in a diversified portfolio of around 170 companies.

question mark Manager Track Record Based on HL Quantitative Research

  • MAJEDIE ASSET UK EQTY-B-ACC
  • Majedie UK Equity A Acc
  • LF Majedie UK Equity X Acc
  • IA UK All Companies
FROM: TO:


Fund Track Record

24/06/17 to 24/06/18 24/06/18 to 24/06/19 24/06/19 to 24/06/20 24/06/20 to 24/06/21 24/06/21 to 24/06/22
Annual return 7.98% -7.11% -11.11% 24.90% -9.17%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Majedie Asset Management is an investment boutique founded in 2002. Traditionally they have focused on managing money for institutional investors, so are not well known to retail investors. However, they have grown steadily over the last decade and have an experienced and stable fund management team who have worked together for many years.

Majedie view each fund's capacity as scarce; they believe investment performance can rapidly suffer from diseconomies of scale if assets under management grow too large. They have limited the available capacity in each of their funds in order to remain nimble.

Information about the fund

Fund manager biography

manager photo
Manager Name: James De Uphaugh
Manager start date: 27 March 2003
Manager located in: London

James de Uphaugh is Chairman and Chief Investment Officer of Majedie Asset Management. He is a fund manager and analyst with 30 years' investment experience in UK and international equity markets. James is responsible for co-managing both the UK Equity and UK Focus funds. He also leads Majedie's efforts in Responsible Capitalism. Before co-founding Majedie in 2002, James had been a Managing Director at Mercury Asset Management (subsequently acquired by Merrill Lynch, now BlackRock), where he was also Chairman of the UK Investment Group and Alpha Team Leader. While at Mercury, he was responsible for managing institutional portfolios with combined UK equity assets of £1.4bn. James joined Mercury Asset Management in 1988. He holds a Master of Arts degree in Economics from Jesus College, Cambridge. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

Manager Name: John King
Manager start date: 31 December 2019
Manager located in: London

John King is a Fund Manager and Analyst with ten years' investment experience. John is responsible for lead managing the UK Smaller Companies Fund and the smaller companies sub-portfolio of the UK Equity Fund. Before joining Majedie in 2019 John was a Portfolio Manager at AXA, where he was Deputy Manager of the AXA UK Select Opportunities Fund and the five FE Crown rated AXA WF Framlington UK Fund, also successfully managing long-only institutional UK equity mandates on behalf of a UK university endowment. Prior to joining AXA in 2016, John worked on the sell side for Jefferies, UBS and N+1 Singer, where he specialised in mid and small cap analysis. John graduated in 2005 with a BA (Hons) in Economics and Management from the University of Leeds, before joining Ernst & Young where he qualified as an accountant and was a senior advisory consultant in the Internal Audit function, applying key accounting principles and assessing financial risk.

Manager Name: Imran Sattar
Manager start date: 1 November 2010
Manager located in: London

Imran Sattar is a fund manager and analyst with 22 years' investment experience in UK and international equity markets. Imran is responsible for co-managing the UK Focus Fund. Before joining Majedie in 2018, Imran was a Managing Director and fund manager at Blackrock, where he managed UK equity funds with combined UK equity assets of over £2bn. Imran joined Mercury Asset Management in 1997 (subsequently acquired by Merrill Lynch, now Blackrock). He holds a Bachelor of Sciences degree in Mathematics & Economics from the University of Warwick and is a CFA charter holder.

manager photo
Manager Name: Chris Field
Manager start date: 27 March 2003
Manager located in: London

Chris Field is an Executive Director of Majedie Asset Management. He is a fund manager and analyst with 31 years' investment experience in UK and international equity markets. Chris is responsible for co-managing both the UK Equity and UK Focus funds. Before co-founding Majedie in 2002, Chris had been a Director at Mercury Asset Management (subsequently acquired by Merrill Lynch, now BlackRock), where he was also a member of the UK Investment Group. While at Mercury, he was responsible for managing institutional portfolios with combined UK equity assets of £1.7bn. Chris joined Rowan Investment Managers (a predecessor firm to Mercury Asset Management) in 1980. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now