Liontrust Special Situations
Liontrust Special Situations fund is a 'best ideas' portfolio that may encompass any UK company regardless of size or sector, but typically will have a bias towards smaller and medium-sized firms. The managers have a distinct investment process, which has been implemented with a high level of skill and consequently over many years. Subsequently, the fund has an impressive long-term track record.
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Fund Managers
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Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers Ltd to co-manage the Liontrust UK Growth, Special Situations, and UK Smaller Companies Funds with Anthony Cross and to develop the Liontrust Economic Advantage process. From 2004 to 2008, Julian co-managed the Saracen Growth Fund. Prior to this, he headed the investment department at Scottish Friendly Assurance Society Limited, managing various funds, including UK equity OEICs and life and pension funds. Julian's career, which began in 1984, also includes roles at Britannia Investment Managers and Scottish Amicable. He graduated from Merton College, Oxford, in 1984 with an MA in Jurisprudence.
Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. Before Liontrust, he began his career at Schroder Investment Management as a graduate trainee, later becoming an equity analyst and joining the Smaller Companies team in 1994. Anthony graduated from Exeter University in 1990 with a degree in Politics.
Victoria Stevens joined Liontrust’s Economic Advantage team in June 2015 as a partner and fund manager, focusing on small cap investment opportunities. Before this, she spent nearly five years at finnCap Ltd, where she was deputy head of corporate broking. Prior to finnCap, Victoria was a senior reporter and diary editor at City AM. She studied Modern Languages at Oxford University.
Matthew Tonge joined Liontrust's trading desk in 2003 from Barclays Capital Asset Management and became a partner in 2011. He is responsible for executing trades across all the firm’s assets and was named Mid-Tier Trader of the Year by The Trade magazine in 2014 for his work with mid and small cap stocks. In September 2015, after years of working closely with Anthony and Julian, he joined the Economic Advantage team to research and analyze small cap companies. Matt graduated with First Class degrees in Manufacturing Engineering and Commerce from the University of Birmingham in 2000, earning the Gilbert Walker Prize for top student.
Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers Ltd to co-manage the Liontrust UK Growth, Special Situations, and UK Smaller Companies Funds with Anthony Cross and to develop the Liontrust Economic Advantage process. From 2004 to 2008, Julian co-managed the Saracen Growth Fund. Prior to this, he headed the investment department at Scottish Friendly Assurance Society Limited, managing various funds, including UK equity OEICs and life and pension funds. Julian's career, which began in 1984, also includes roles at Britannia Investment Managers and Scottish Amicable. He graduated from Merton College, Oxford, in 1984 with an MA in Jurisprudence.
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Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. Before Liontrust, he began his career at Schroder Investment Management as a graduate trainee, later becoming an equity analyst and joining the Smaller Companies team in 1994. Anthony graduated from Exeter University in 1990 with a degree in Politics.
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Company Description
Liontrust Asset Management was founded in London in 1995 and prides itself on the freedom it allows its managers, who invest in their own portfolios. Listed on the Stock Exchange since 1999, the company's culture is at the forefront of its values. The firm was awarded the Elite Provider for Equities Rating in 2015, 2016, 2019 and 2021.
Fund Performance
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Quote from the Fund Manager
We are long-term holders of quality companies.
Julian Fosh
Co-Manager
Investment process
Liontrust Special Situations’s investment philosophy is based around finding companies with hidden intangible strengths. These are often difficult to quantify, but are very meaningful in protecting a company’s competitive position: every stock in the portfolio must have; intellectual property, a strong distribution network or recurring revenues. Another important factor is how key company employees are motivated, with the preference being for direct ownership of the firm's equity. The resulting portfolio consists of businesses that can grow their earnings, independently of the wider economy.
Risk
The fund is typically very different to the UK stock market, with a significant underweight to large companies. Instead, much of the portfolio has been traditionally invested in small and mid-caps. It may also have large sector underweight or overweight positions. Despite these factors, the fund has actually exhibited lower volatility than the UK stock market, due to Anthony's well-honed investment process.
ESG
ESG - Limited
The ‘Economic Advantage’ process employed by this fund looks for those businesses with distinctive, hard-to-replicate intangible assets. This does include the analysis of ESG factors, but more to identify the risks and use to help with position sizing, rather than as a screen. As such, the portfolio can invest in firms from all sectors and industries, though those with poor ESG credentials will be looked on less favourably than others, all other things being equal.
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