Liontrust UK Smaller Companies
Managed by the successful team behind Liontrust Special Situations fund of Anthony Cross and Julian Fosh, Liontrust UK Smaller Companies fund employs the same investment strategy but with a small-cap bias. The distinctive investment process focuses on firms with strong positions within their industries. The fund has a great track record and is particularly strong in down markets.
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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.
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.
Matthew Tonge joined Liontrust in 2003 from Barclays Capital Asset Management and became a partner in 2011. He initially focused on trading and was recognized as Mid-Tier Trader of the Year by The Trade magazine in 2014 for his work in mid and small-cap stocks. In September 2015, he transitioned to the Economic Advantage team to research and analyze small-cap companies. Matthew graduated from the University of Birmingham in 2000 with First Class degrees in Manufacturing Engineering (BEng) and Commerce (BCom), earning the Gilbert Walker Prize as the top student in his year.
Victoria Stevens joined Liontrust's Economic Advantage team in June 2015 as a partner and fund manager, focusing on research and analysis within the small-cap sector. Before this, she spent nearly five years at finnCap Ltd as 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.
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.
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Quote from the Fund Manager
We like smaller companies where the directors share our gain and occasional pain by owning at least 3% of their business. It proves to be a great motivator.
Anthony Cross
Co-Manager
Investment process
The managers of Liontrust UK Smaller Companies fund look for firms with intellectual capital, strong distribution networks, recurring revenue streams and products with no obvious substitutes - hidden intangible strengths that can protect a company’s competitive position over time. 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 small companies that can grow their earnings independently of the wider economy.
Risk
The quality bias and the managers' preference to avoid cyclical stocks mean this fund is one of the least volatile in the UK Smaller Companies sector. There are also maximum holding sizes and concentration rules to help manage risk levels in the portfolio.
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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