REG - Liontrust Asset Mgmt - Trading Statement
19/07/2022 07:00
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RNS Number : 8802S Liontrust Asset Management PLC 19 July 2022
LEI: 549300XVXU6S7PLCL855
For immediate release
19 July 2022
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Trading Update
Liontrust Asset Management Plc ("Liontrust", or the "Company"), the specialist
independent fund management group, today issues its trading update for the
period 1 April to 30 June 2022.
Highlights
· Net outflows of £0.5 billion in the three months ended 30 June 2022.
· Assets under management and advice ("AuMA") were £34.2 billion as at
30 June 2022, an increase of 2.1% over the financial year.
· Majedie Asset Management Limited ("Majedie") acquisition completed on
1 April 2022 adding £5.1 billion(1) to AuMA.
· AuMA as at 13 July 2022 were £34.5 billion.
· Liontrust won the Award for Group of the Year for the second year
running at Incisive Media's Fund Manager of the Year Awards last week.
(1) As at close of business on 31 March 2022.
Commenting, John Ions, Chief Executive, said:
"This continues to be a challenging year for investors especially those who
have a bias towards growth stocks. Despite the ongoing war in Ukraine and
inflationary pressures, supply chain issues and strains on economic growth, we
remain confident about the long-term prospects for our investment teams and
their processes, along with the quality companies they hold within their
portfolios.
Liontrust has not been immune to this environment in terms of both performance
and net flows. We continue to focus on what we do well and what has made
Liontrust so successful. At the core of this are the rigorous investment
processes, along with the strength of our sales and marketing, client
communications and brand.
Our confidence in the investment teams and the business as a whole is
reflected in the awards we won at Incisive Media's Fund Manager of the Year
Awards last week. Liontrust won the Award for Group of the Year for the second
year running, the European Dynamic Fund won the Award for Best Europe Fund
while the UK Micro Cap and GF High Yield Bond funds were both highly commended
in their respective categories.
The investment processes are tried and tested over many years and economic
cycles. We are confident in their continued ability to deliver positive
outcomes for investors over the long term, as shown by the range of companies
they are finding which they believe are undervalued by the market and present
investment opportunities.
This is reflected in the other awards we have won over the last month: UK
Micro Cap won the UK Smaller Companies Fund Manager of the Year Award at the
Small Cap Awards, Liontrust won the Best Investment Trust Group Award at the
Online Money Awards, and Liontrust was voted the Best Active Investment
Solution Provider and the Best ESG Investment Solution Provider at the
Professional Paraplanner Awards.
We continue to invest in the fund management teams and Liontrust's expansion
over the last few years is giving us the opportunity to develop investment
talent. This includes the formation of the Global Innovation team that is
headed by James Dowey and Storm Uru and who have been joined by Clare
Pleydell-Bouverie.
The Liontrust Income and US Opportunities funds are moving from the Global
Equity team to the Global Fundamental team; the former to be managed by Chris
Field, supported by James O'Connor and Dan Ekstein, while George Boyd-Bowman
will continue to manage the US fund.
Client engagement is high, such as through the Multi-Asset team's World Market
Review roadshow and individual client meetings and group lunches. There is
also strong engagement from investors with our digital communications, notably
fund manager videos.
The excellence of our investment teams, their processes and client service
give me great confidence that we will get through the current macro-economic
and political environment in a strong position and continue to deliver for our
investors and stakeholders."
Assets under management and advice
On 30 June 2022, our AuMA stood at £34.245 million and were broken down by
type and investment process as follows:
Process Total Institutional Accounts & Funds Investment Trusts UK Retail Funds & MPS Alternative Funds International Funds & Accounts
(£m) (£m) (£m) (£m) (£m) (£m)
Sustainable Investment 11,698 317 - 10,625 - 756
Economic Advantage 7,971 426 - 7,251 - 294
Global Fundamental 4,337 1,855 1,146 710 455 171
Multi-Asset 6,162 - - 5,817 345 -
Global Equity 2,426 92 - 2,334 - -
Cashflow Solution 1,093 590 - 396 100 7
Global Fixed Income 558 - - 257 - 301
Total - 30 June 2022 34,245 3,280 1,146 27,390 900 1,529
AuMA as at 13 July 2022 were £34,452 million.
Note, Investment Trust AuMA was previously included in Institutional AuMA,
Alternative AuMA was previously reported in Offshore and Multi-Asset, and
Multi-Asset AuMA is now reported in UK Retail Funds & MPS AuMA.
Alternative Funds AuMA includes European and Global Long/Short funds and the
Liontrust MA Diversified Real Assets Fund.
Flows
The net outflows over the three months to 30 June 2022 were £541 million
(2022: net inflows £1,003 million). A reconciliation of fund flows and AuMA
over the three months to 30 June 2022 is as follows:
Total Institutional Accounts & Funds Investment Trusts UK Retail Funds & MPS Alternative Funds International Funds & Accounts
(£m) (£m) (£m) (£m) (£m) (£m)
Opening AuMA - 1 April 2022 33,548 1,408 - 30,113 370 1,657
Net flows (541) (57) - (337) 119 (266)
Market and Investment performance (3,910) (382) (93) (3,264) 16 (187)
Majedie acquisition 5,148 2,311 1,239 878 395 325
Closing AuMA - 30 June 2022 34,245 3,280 1,146 27,390 900 1,529
Note, Investment Trusts AuMA was previously included in Institutional AuMA,
Alternatives AuMA was previously reported in Offshore and Multi-Asset AuMA,
and Multi-Asset AuMA is now reported in UK Retail. Alternatives AuMA includes
European and Global Long/Short funds and the Liontrust MA Diversified Real
Assets Fund.
UK Retail Fund Performance (Quartile ranking)
Quartile ranking - Since Launch/Manager Appointed Quartile ranking - 5 year Quartile ranking - 3 year Quartile ranking - 1 year Launch Date/ Manager Appointed
Economic Advantage funds
Liontrust UK Growth Fund 1 1 1 1 25/03/2009
Liontrust Special Situations Fund 1 1 3 3 10/11/2005
Liontrust UK Smaller Companies Fund 1 1 1 2 08/01/1998
Liontrust UK Micro Cap Fund 1 1 1 1 09/03/2016
Sustainable Future funds
Liontrust SF Monthly Income Bond Fund 1 2 1 2 12/07/2010
Liontrust SF Managed Growth Fund 2 1 1 4 19/02/2001
Liontrust SF Corporate Bond Fund 2 4 4 4 20/08/2012
Liontrust SF Cautious Managed Fund 1 2 3 4 23/07/2014
Liontrust SF Defensive Managed Fund 1 1 3 4 23/07/2014
Liontrust SF European Growth Fund 2 3 3 4 19/02/2001
Liontrust SF Global Growth Fund 3 1 2 4 19/02/2001
Liontrust SF Managed Fund 1 1 2 4 19/02/2001
Liontrust UK Ethical Fund 2 1 3 4 01/12/2000
Liontrust SF UK Growth Fund 2 2 4 4 19/02/2001
Global Equity funds(2)
Liontrust Balanced Fund 1 1 1 4 31/12/1998
Liontrust China Fund 4 3 3 3 31/12/2004
Liontrust Emerging Market Fund 3 3 4 3 30/09/2008
Liontrust Global Smaller Companies Fund 1 1 3 4 01/07/2016
Liontrust Global Alpha Fund 1 1 1 4 31/12/2001
Liontrust Global Dividend Fund 2 1 1 4 20/12/2012
Liontrust Global Innovation Fund 1 3 4 4 31/12/2001
Liontrust Global Technology Fund 3 2 2 2 15/12/2015
Liontrust Income Fund 1 1 3 2 31/12/2002
Liontrust India Fund 4 3 1 1 29/12/2006
Liontrust Japan Equity Fund 2 2 1 1 22/06/2015
Liontrust Latin America Fund 2 1 3 4 03/12/2007
Liontrust US Opportunities Fund 1 1 2 3 31/12/2002
Cashflow Solution funds
Liontrust European Dynamic Fund(3) 1 1 1 1 15/11/2006
Global Fixed Income funds
Liontrust Strategic Bond Fund 3 - 4 3 08/05/2018
Global Fundamental Team funds(4)
LF Liontrust UK Equity Fund 1 4 3 3 27/03/2003
LF Liontrust UK Focus Fund 1 4 4 4 29/09/2003
LF Liontrust UK Equity Income Fund 2 4 4 4 19/12/2011
Edinburgh Investment Trust Plc 1 - - 1 27/03/2020
LF Liontrust Global Equity Fund 2 1 2 3 30/06/2014
LF Liontrust Global Focus Fund 2 2 2 2 30/06/2014
Liontrust GF US Equity Fund 3 2 3 3 26/06/2014
Liontrust GF UK Equity Fund 4 4 3 3 03/03/2014
Liontrust GF International Equity Fund 3 - - 4 17/12/2019
Source: Financial Express to 30 June 2022 as at 5 July 2022, bid-bid, total
return, net of fees, based on primary share classes. Past performance is not a
guide to future performance, investments can result in total loss of capital.
The above funds are all UK authorised unit trusts, OEICs, or Irish authorised
OEICs (primary share class).
(2) Liontrust Russia Fund is not included as it is currently suspended and in
an IA sector that is not rankable (e.g., Specialist) so it would not be a fair
comparison to make.
(3) Liontrust European Growth Fund changed its name to Liontrust European
Dynamic Fund on 11 July 2022.
(4) The onshore and offshore Tortoise funds are not included as they are not
in IA sectors.
Fund management changes
Liontrust announces the following fund manager moves and changes, which are
effective today:
1. Global Innovation team - new investment team headed by James Dowey
and Storm Uru and supported by Clare Pleydell-Bouverie. The Global Innovation
team will be responsible for managing the Liontrust Global Innovation Fund and
the Liontrust Global Dividend Fund.
2. Liontrust Income Fund moves from the Global Equity team to the Global
Fundamental team and will be managed by Chris Field as lead manager who will
be supported by James O'Connor, who moves with the Fund from the Global Equity
team, and Dan Ekstein. The LF Liontrust UK Equity Income Fund will be managed
by Chris Field supported by Dan Ekstein.
3. Liontrust US Opportunities Fund moves from the Global Equity team to
the Global Fundamental team, with George Boyd-Bowman continuing to manage the
fund.
If the above changes had been in effect as at 30 June 2022, AuMA would have
been broken down as:
Process Total as 30 June 2022 Changes Total as at 30 June 2022 including changes
(£m) (£m) (£m)
Sustainable Investment 11,698 - 11,698
Economic Advantage 7,971 - 7,971
Global Fundamental 4,337 627 4,964
Multi-Asset 6,162 - 6,162
Global Equity 2,426 (1,180) 1,246
Cashflow Solution 1,093 - 1,093
Global Innovation 0 553 553
Global Fixed Income 558 - 558
Total - 30 June 2022 34,245 - 34,245
For further information please contact:
Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)
John Ions: Chief Executive
Vinay Abrol: Chief Financial Officer & Chief Operating Officer
Simon Hildrey: Chief Marketing Officer
David Boyle: Head of Corporate Development
Singer Capital Markets (Tel: 020 7496 3000)
Corporate Broking: Tom Salvesen
Corporate Finance: Justin McKeegan
Panmure Gordon (Tel: 020 7886 2500)
Corporate Broking: Charles Leigh-Pemberton
Corporate Finance: Dominic Morley
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses and plans of
Liontrust. These statements and forecasts involve risk and uncertainty because
they relate to events and depend upon circumstances that have not yet
occurred. There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied by these
forward-looking statements and forecasts. As a result, the Liontrust's actual
future financial condition, results of operations and business and plans may
differ materially from the plans, goals and expectations expressed or implied
by these forward-looking statements. Liontrust undertakes no obligation
publicly to update or revise forward-looking statements, except as may be
required by applicable law and regulation (including the Listing Rules of the
Financial Conduct Authority). Nothing in this announcement should be
construed as a profit forecast or be relied upon as a guide to future
performance.
Other information
The release, publication, transmission or distribution of this announcement
in, into or from jurisdictions other than the United Kingdom may be restricted
by law and therefore persons in such jurisdictions into which this
announcement is released, published, transmitted or distributed should inform
themselves about and observe such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
ENDS
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