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Liontrust Special Situations Inclusive - Class R - Income (GBP)

Sell:516.27p Buy:521.22p Change: 2.44p (0.48%)
Prices as at 17 September 2021
Change: 2.44p (0.48%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 17 September 2021
Change: 2.44p (0.48%)
Prices as at 17 September 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
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 does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

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

The managers have a clear process for finding exceptional companies and have used it to generate strong returns over the long term. They'll invest in companies of any size - from the juggernauts of the FTSE 100 through to higher-risk smaller companies with the potential to be tomorrow's market leaders.

We rate Julian Fosh and Anthony Cross highly but there are a lot of talented fund managers investing in the UK. And many of their funds are available at lower cost than this one.

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 fund has performed much better than the broader UK stock market since launch. A focus on high quality companies means we'd expect it to hold up better than others when markets are falling but it could struggle to keep up when markets are rising quickly.

Our analysis suggests the fund's long term performance has been boosted by the managers' ability to invest in companies with outstanding prospects, although there's no guarantee this will continue.

Investment Philosophy

The managers look for companies with a set of advantages that their rivals can't copy. They think these companies have the potential to perform better than other businesses over the long term.

Process and Portfolio Construction

The managers think intellectual property (like brands, trademarks and patents), a good distribution network, and recurring business are the three most important factors behind a company's competitive advantage. Other factors include franchises and licenses, good customer databases and strong company culture. They also like to see senior managers own significant stakes in the companies they work for. This helps to make sure their interests are aligned with those of shareholders.

question mark Manager Track Record Based on HL Quantitative Research

  • Liontrust UK Smaller Companies...
  • Liontrust Special Situations R Inc
  • IA UK All Companies

Fund Track Record

17/09/16 to 17/09/17 17/09/17 to 17/09/18 17/09/18 to 17/09/19 17/09/19 to 17/09/20 17/09/20 to 17/09/21
Annual return 10.48% 14.57% 1.93% -2.57% 26.13%

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

Liontrust is probably best described as a boutique fund management operation. The company was founded in 1994 and was floated on the London Stock Exchange in 1999. Liontrust manages UK, European, and Asian equities for professional and private investors.

Liontrust aims to give all fund managers the freedom to manage their portfolios according to their own investment processes and market views. The fund managers are also required to invest their own money in their funds, and therefore success for them is success for their investors. We feel this is a great incentive for them to continue to strive for good performance.

Information about the fund

Fund manager biography

manager photo
Manager Name: Anthony Cross
Manager start date: 10 November 2005
Manager located in: London

Anthony 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 and the management of the Liontrust UK Growth Fund in 2009. 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.

manager photo
Manager Name: Julian Fosh
Manager start date: 2 June 2008
Manager located in: London

Julian 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.

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