Liontrust Balanced C

Invests in a concentrated portfolio of mainly large cap UK and overseas stocks

  • 207.23p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 217.73p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.85%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.10%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 January 2021

Fund manager Robin Geffen combines an astute view on the macroeconomic environment with a strong emphasis on fundamental stock research to provide a concentrated, actively managed portfolio of global equities. Strong sell disciplines, a high degree of risk monitoring and flair make this fund a strong contender for investors seeking an actively managed fund from what has historically been an exceptionally conservative and pedestrian peer group.

Fund summary

Sector Mixed Investment 40-85% Shares
Structure UNIT TRUST
Launched October, 2012
Size £488m
Yield 0.10%
Charging basis Income
Dividends paid Feb, Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.39%
Annual management charge 0.75%
Ongoing charges figure 0.85%

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Investment process

Neptune consider themselves "business cycle" investors (i.e. they aim to exploit any changes in the economic environment) so therefore take their view on the macroeconomic environment exceptionally seriously. Once this has been formed, the team of fund manager/analysts do a surprising amount of fundamental research on their investable universe, given the size of the company. The focus is upon large and mid cap stocks, with research carried out internally on a global sector basis. No particular style bias is followed, however due to their "business cycle" philosophy the fund's style will bend in the "prevailing wind". Strong cash-flow and a healthy balance sheet are a must.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 -0.24%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.16%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 35.90%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Robin Geffen

Geffen founded Neptune Investment Management in May 2002 and is their CEO. He graduated from Oxford in 1979 and began his investment career at Charterhouse J Rothschild before moving onto Eagle Star, York Trust plc and then Scottish Equitable, where he set up their pooled fund business. Geffen joined Orbitex Investments Limited as Chief Investment Officer in 1997 and was most recently Global CIO – Pensions, before founding Neptune.

Track record

Robin Geffen has 2.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.16%. During the worst period of relative performance (from September 2002 - October 2003) there was a decline of 15% relative to the index. The worst absolute loss has been 22%.

Periods of worst performance

Absolute -22.00% (July 2002 - January 2003)
Relative -15.00% (September 2002 - October 2003)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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Top 10 holdings

Data accurate as at 31 July 2020

6.171% Amazon.com Inc
4.7053% Microsoft Corp
4.3568% Liontrust Global Technology C Acc Gbp
4.0846% Apple Inc
4.0107% Alphabet Inc
3.106% Visa Inc
2.8855% Cme Group Inc
2.7741% Tencent Hldgs Ltd
2.4254% Alibaba Group Hldg Ltd
2.4248% Hm Treasury United Kingdom Dmo 0.625% Idx Lkd Gilt 22/11/42 Gbp0.01
Source: Trustnet

Sector breakdown

Information Technology 31.00%
Government Bonds 14.00%
Consumer Discretionary 13.00%
Financials 12.00%
Communications 10.00%
Mutual Funds 7.00%
Consumer Staples 7.00%
Health Care 3.00%
Money Market 3.00%

Portfolio

A tight portfolio of 30-50 stocks is preferred.

Constraints

The manager is only constrained by the IA guidelines.

Key Investor Information - Income

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Key Investor Information - Accumulation

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