Liontrust European Opportunities C

European equity fund managed in accordance with Neptune's high conviction macro views.

  • 133.40p
    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.

  • 177.88p
    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).

  • 0.87%
    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.

  • 0.70%
    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 data last updated 07 April 2014

The Fund targets capital growth by investing predominantly in a concentrated portfolio of equities selected from European markets, excluding the UK. The manager, Rob Burnett, manages the fund with a focus on top down macro-economic views. His management style can be quite aggressive when he judges that the situation warrants such action. The fund feeds off a large analyst team and research process developed by Robin Geffen, Neptune's founder and CEO.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched October, 2012
Size £83m
Yield 0.70%
Charging basis Capital
Dividends paid 28 Feb, 31 Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.87%

Allocation

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Investment process

The Neptune investment philosophy focuses on where we are in the business cycle and events that may have a significant effect on markets. Each member of the team, including fund managers, is responsible for a global sector. Burnett's management style utilises both the in house macro view and the stock specific views from the analyst team. When Burnett considers such action necessary he has historically been comfortable using the full scope of IA rules when managing his portfolio. This include investing up to 10% of the fund in a single stock, up to 20% of the fund invested in non-European equities , using cash for defensive purposes and hedging the currency out of Euros. Through such means he has produced good returns for investors over his career, but investors should be aware that this can lead to higher volatility and sharp periods of over and under performance relative to the index.

Manager research

Average monthly relative returns

  • 16/17 -0.26%
  • 17/18 0.39%
  • 18/19 -0.18%
  • 19/20 -0.06%
  • 20/21 -0.08%

Bestinvest MRI

  • 3 years -0.11%
  • 5 years -0.04%
  • Career 0.13%
  • 3 years 48.00%
  • 5 years 57.10%
  • Career 87.10%

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

Thomas Smith

Smith joined Neptune in July 2009 as an Investment Analyst, having graduated from Oxford University with a masters degree in Chemistry. He is a CFA charterholder.

Track record

Thomas Smith has 9.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.13%. During the worst period of relative performance (from April 2018 - March 2020) there was a decline of 11% relative to the index. The worst absolute loss has been 45%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 87%.

Periods of worst performance

Absolute -45.00% (February 2013 - January 2016)
Relative -11.00% (April 2018 - March 2020)

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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

4.9138% Bayer Ag
3.5996% Vestas Wind Systems
3.4606% Telefonaktiebolaget Lm Ericsson
3.3668% Nexans
3.3661% Sap Se
3.2416% Axa
3.2207% Prysmian Spa
3.0738% Rwe Ag(Neu)
2.9965% Lonza Group Ag
2.9732% Novartis Ag
Source: Trustnet

Sector breakdown

Industrials 21.00%
Information Technology 17.00%
Health Care 17.00%
Financials 14.00%
Consumer Discretionary 11.00%
Materials 8.00%
Utilities 5.00%
Consumer Staples 4.00%
Communications 2.00%
Money Market 1.00%

Portfolio

Portfolio is concentrated at 30-50 stocks. Typically, we would expect the top 10 stocks to account for 30-40% of the portfolio. Max 30% of the fund in any one sector.

Constraints

The fund is benchmarked to but not constrained by the MSCI Europe ex UK Index.

Key Investor Information - Income

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Key Investor Information - Accumulation

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