Liontrust UK Growth R

  • 384.33p
    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.

  • -
    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?

  • 5.00% 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!

  • 1.50%
    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).

  • 1.65%
    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.

  • 1.70%
    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 23 October 2020, fund data last updated 27 July 2012

The fund targets long-term capital growth through investment mainly in UK equities. The focus is on FTSE 100 and FTSE 250 companies, but some overseas stocks and smaller companies may also be included. Managers Julian Fosh and Anthony Cross look for companies with what they call Economic Advantage - durable competitive advantages such as intellectual property that enable them to sustain above average profitability. As a result banks, miners and retailers are typically excluded from the portfolio.

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched
Size £484m
Yield 1.70%
Charging basis Income
Dividends paid 28 Feb

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.65%

Allocation

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Investment process

Both managers work from home but meet regularly to discuss the fund. They invest in companies with what they describe as “Economic Advantage” - competitive strengths that allow them to sustain a higher than average level of profitability for longer than expected. The managers believe Economic Advantage is most durable in businesses with three categories of intangible assets: (1)Intellectual property; (2)Strong distribution channels; (3)Significant recurring business. Typically these are more defensive stocks, but some cyclical businesses may also be included. Companies with durable Economic Advantage are also screened for the market’s appreciation of their potential earnings growth – the managers believe under-appreciated companies have the strongest potential for share price growth.

Star fund manager Jeremy Lang rocked Liontrust when he departed the group in 2009, but his replacements Fosh and Cross have stepped admirably into his shoes on this fund. The fund’s focus on larger companies distinguishes it from their other mandates, the multi cap Liontrust Special Situations and the small cap Liontrust UK Smaller Companies. The focus on resilient business models typically provides a degree of protection in falling markets.

Manager research

Average monthly relative returns

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  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

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  • 5 years 0.00%
  • Career 0.00%
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Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

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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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Sector breakdown

Industrials 30.00%
Consumer Goods 18.00%
Health Care 13.00%
Consumer Services 12.00%
Oil & Gas 9.00%
Financials 6.00%
Money Market 6.00%
Technology 3.00%
Basic Materials 1.00%

Portfolio

Around 50 stocks, with approximately 90% from the FTSE 100 and Mid 250 Indices.

Key Investor Information

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