18 January 2023
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 three months ended 31 December 2022 (the “Period“).
Highlights
· Net outflows of £0.6 billion in the three months ended 31 December 2022 and £2.8 billion for the nine months ended 31 December 2022.
· Assets under management and advice (“AuMA“) were £32.6 billion as at 31 December 2022, an increase of 3% over the Period.
· AuMA as at 16 January 2023 were £33.8 billion.
Commenting, John Ions, Chief Executive, said:
“We are focused on achieving our strategic objective of broadening distribution by channel, geography and fund and engaging with and providing a first-class service for clients. Along with delivering strong long-term performance by applying robust investment processes, these are key to ensuring the future growth of the business.
“The last quarter of 2022 continued a year of negative investor sentiment, weighed down by the ongoing macroeconomic and geopolitical concerns. Liontrust was not immune to the continued volatility in stock markets, leading to net outflows of £632 million in the last three months of the year.
“Our brand and the financial, investment and distribution strengths of Liontrust will enable us to take advantage of the growth potential ahead of us.
“We are focused on what we can control including extensive and continuous communication and engagement with our clients, both face-to-face and through our growing digital activity.
“We are starting a months-long roadshow in early February for our Multi-Asset team that will be attended by financial advisers across the UK. We have been opening up new distribution channels internationally, including through our Cashflow Solution and Global Fundamental teams, that will help us to continue to diversify our client base. And our growing digital presence is enabling us to expand our engagement with investors.
“The challenges of the past year have created further opportunities for financially robust asset managers with strong distribution and brands. The quality of Liontrust’s fund management processes and teams, client service, sales and marketing gives me great confidence that we can take advantage of these opportunities.”
Assets under management and advice
On 31 December 2022, our AuMA stood at £32,614 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 | 11,227 | 330 | – | 10,309 | – | 588 |
| Economic Advantage | 8,110 | 443 | – | 7,428 | – | 239 |
| Multi-Asset | 5,760 | – | – | 5,467 | 293 | – |
| Global Equity | 1,103 | 45 | – | 1,058 | – | – |
| Global Innovation | 524 | – | – | 524 | – | – |
| Cashflow Solution | 1,248 | 526 | – | 584 | 131 | 7 |
| Global Fundamental | 4,250 | 1,329 | 1,163 | 1,110 | 535 | 113 |
| Global Fixed Income | 392 | – | – | 159 | – | 233 |
| Total | 32,614 | 2,673 | 1,163 | 26,639 | 959 | 1,180 |
AuMA as at 16 January 2023 were £33,789 million.
Flows
The net outflows over the three months to 31 December 2022 were £632 million (2021: net inflows £832 million). A reconciliation of fund flows and AuMA over the three months to 31 December 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 October 2022 | 31,695 | 2,666 | 1,059 | 25,746 | 910 | 1,314 |
| Net flows | (632) | (188) | (10) | (236) | 3 | (201) |
| Market and Investment performance | 1,551 | 195 | 114 | 1,129 | 46 | 67 |
| Closing AuMA – 31 December 2022 | 32,614 | 2,673 | 1,163 | 26,639 | 959 | 1,180 |
The net outflows over the nine months to 31 December 2022 were £2,818 million (2021: net inflows £2,920 million). A reconciliation of fund flows and AuMA over the nine months to 31 December 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 | (2,818) | (767) | (10) | (1,575) | 175 | (641) |
| Market and Investment performance | (3,264) | (279) | (66) | (2,777) | 19 | (161) |
| Majedie acquisition | 5,148 | 2,311 | 1,239 | 878 | 395 | 325 |
| Closing AuMA – 31 December 2022 | 32,614 | 2,673 | 1,163 | 26,639 | 959 | 1,180 |
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 | 2 | 25/03/2009 | |
| Liontrust Special Situations Fund | 1 | 1 | 2 | 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 | 2 | 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 | 4 | 4 | 23/07/2014 | |
| Liontrust SF Defensive Managed Fund | 1 | 1 | 4 | 4 | 23/07/2014 | |
| Liontrust SF European Growth Fund | 2 | 4 | 4 | 4 | 19/02/2001 | |
| Liontrust SF Global Growth Fund | 3 | 1 | 3 | 4 | 19/02/2001 | |
| Liontrust SF Managed Fund | 1 | 1 | 2 | 4 | 19/02/2001 | |
| Liontrust UK Ethical Fund | 3 | 3 | 4 | 4 | 01/12/2000 | |
| Liontrust SF UK Growth Fund | 3 | 3 | 4 | 4 | 19/02/2001 | |
| Global Innovation funds | ||||||
| Liontrust Global Dividend Fund | 2 | 1 | 2 | 4 | 20/12/2012 | |
| Liontrust Global Innovation Fund | 1 | 4 | 4 | 4 | 31/12/2001 | |
| Global Equity funds1 | ||||||
| Liontrust Balanced Fund | 1 | 1 | 2 | 4 | 31/12/1998 | |
| Liontrust China Fund | 4 | 3 | 3 | 2 | 31/12/2004 | |
| Liontrust Emerging Market Fund | 2 | 4 | 4 | 3 | 30/09/2008 | |
| Liontrust Global Smaller Companies Fund | 1 | 2 | 3 | 4 | 01/07/2016 | |
| Liontrust Global Alpha Fund | 1 | 1 | 1 | 4 | 31/12/2001 | |
| Liontrust Global Technology Fund | 3 | 2 | 2 | 4 | 15/12/2015 | |
| Liontrust India Fund | 4 | 3 | 1 | 2 | 29/12/2006 | |
| Liontrust Japan Equity Fund | 2 | 3 | 1 | 1 | 22/06/2015 | |
| Liontrust Latin America Fund | 3 | 2 | 4 | 4 | 03/12/2007 | |
| Cashflow Solution funds | ||||||
| Liontrust European Dynamic Fund2 | 1 | 1 | 1 | 1 | 15/11/2006 | |
| Global Fixed Income funds | ||||||
| Liontrust Strategic Bond Fund | 3 | – | 3 | 3 | 08/05/2018 | |
| Global Fundamental Team funds3 | ||||||
| Liontrust UK Equity Fund | 1 | 3 | 3 | 3 | 27/03/2003 | |
| Liontrust UK Focus Fund | 1 | 4 | 4 | 4 | 29/09/2003 | |
| Liontrust Income Fund | 1 | 1 | 1 | 2 | 31/12/2002 | |
| Liontrust UK Equity Income Fund | 2 | 4 | 4 | 4 | 19/12/2011 | |
| Liontrust US Opportunities Fund | 2 | 2 | 3 | 4 | 31/12/2002 | |
| Edinburgh Investment Trust Plc4 | 2 | – | – | 1 | 27/03/2020 | |
| Liontrust Global Equity Fund | 2 | 2 | 2 | 3 | 30/06/2014 | |
| Liontrust Global Focus Fund | 2 | 2 | 2 | 1 | 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 | – | 3 | 3 | 17/12/2019 |
Source: Financial Express to 31 December 2022 as at 5 January 2023, bid-bid, total return, net of fees , based on primary share classes. Edinburgh Investment Trust Plc NAV source: Morningstar. 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).
1 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.
2 Liontrust European Growth Fund changed its name to Liontrust European Dynamic Fund on 11 July 2022.
3 The onshore and offshore Tortoise funds are not included as they are not in IA sectors.
4 Edinburgh Investment Trust Plc uses the IT UK Equity Income sector.
For further information please contact:
Tulchan Communications (Tel: 020 7353 4200, Email: liontrust@tulchangroup.com)
Tom Murray or Stephanie Mackrell
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: Stephen Jones
Corporate Advisory: Dominic Morley