Terms & Conditions. Hide
 Liontrust Fund name Initial charge Annual Charge Miminum £
       
Liontrust FTSE 100 Tracker Fund (R) 0.00% 0.295% 1,000.00
Liontrust UK Smaller Companies Fund (R) 5.00% 1.50% 1,000.00
Liontrust UK Smaller Companies Fund (I) Inc 0.00% 1.25% 5,000,000.00
Liontrust UK Growth Fund (R) 5.00% 1.50% 1,000.00
Liontrust UK Growth Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust UK Growth Fund (A) 2.00% 1.00% 1,000.00
Liontrust Global Income Fund (R) 5.00% 1.50% 1,000.00
Liontrust Global Income Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust Global Income Fund (A) 2.00% 1.00% 1,000.00
Liontrust Special Situations Fund (R) 5.00% 1.75% 1,000.00
Liontrust Special Situations Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust Special Situations Fund (A) 2.00% 1.00% 1,000.00
Liontrust European Growth Fund (R) 5.00% 1.50% 1,000.00
Liontrust European Growth Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust European Growth Fund (A) 2.00% 1.00% 1,000.00
Liontrust Asia Income Fund (R) 5.00% 1.50% 1,000.00
Liontrust Asia Income Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust Asia Income Fund (A) 2.00% 1.00% 1,000.00
Liontrust Macro UK Growth Fund (R) 5.00% 1.50% 1,000.00
Liontrust Macro UK Growth Fund (R) 5.00% 1.50% 1,000.00
Liontrust Macro UK Growth Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust Macro UK Growth Fund (I) 0.00% 0.75% 5,000,000.00
Liontrust Macro UK Growth Fund (A) 2.00% 1.00% 1,000.00
Liontrust Macro UK Growth Fund (A) 2.00% 1.00% 1,000.00
Liontrust Macro Equity Income Fund (R)  5.00% 1.50% 1,000.00
Liontrust Macro Equity Income Fund (R)  5.00% 1.50% 1,000.00
Liontrust Macro Equity Income Fund (I)  0.00% 0.75% 5,000,000.00
Liontrust Macro Equity Income Fund (I)  0.00% 0.75% 5,000,000.00
Liontrust Macro Equity Income Fund (A)  2.00% 1.00% 1,000.00
Liontrust Macro Equity Income Fund (A)  2.00% 1.00% 1,000.00
 
Unit classes 
(A) = Advised class, (R) = Retail class, (I) = Institutional class.
 



 Liontrust Fund name NAV at last
Year End £
Portfolio Transaction Charges £
     
Liontrust FTSE 100 Tracker Fund 55,859,129.17 10493.06
Liontrust UK Growth Fund 206,294,729.18 236,150.73
Liontrust Global Income Fund 285,607,627.33 343019.19
Liontrust European Growth Fund 57,043,898.85 96071.04
Liontrust Macro UK Growth Fund
96,698,979.62
77901.31
Liontrust Asia Income Fund 9,356,591.85 26032.98
Liontrust Macro Equity Income Fund
Awaiting 974739.55
 

One-off charges

  1. Initial charge

This is the maximum amount that might be taken out of your investment before it is invested in one of our Funds (in some cases, it might be less than this figure) and covers the cost of setting up your investment. For example, if you invest £1,000, an entry charge of 5% means that £950 of your money will be used to buy units in a fund.

Our unit trust range comprises dual priced funds. For these, the initial charge is included in the price at which you buy into the funds, which is known as the bid/offer spread and is the difference between the quoted bid and offer prices.

The initial charge for our Funds can be found on each of the Key Investor Information Documents (KIIDs).

  1. Exit charge

There are no exit charges on the Liontrust range of unit trust funds.

Charges taken from the fund over the course of a year

  1. Annual charge

These are the annual costs of running and managing the Fund and are paid to the authorised fund manager.

  1. Ongoing charges figure (OCF)

The OCF covers all aspects of operating a fund during the course of its financial year. These include the annual charge for managing the fund, administration and independent oversight functions, such as trustee, depositary, custody, legal and audit fees.

The OCF excludes portfolio transaction costs except for an entry/exit charge paid by the Fund when buying or selling units in another fund.

The OCF for our Funds can be found in each of the Key Investor Information Documents (KIIDs) as well as the table above.

Pricing policies

  1. Dual priced funds

UK domiciled funds can operate one of three types of methodology for pricing their portfolios – dual priced, single swinging or single priced with dilution levy. Liontrust’s range of unit trust Funds is dual priced.

For dual priced Funds, net contributions take place at the issue price and net withdrawals take place at the cancellation price. The issue price is calculated by reference to the buying prices of the underlying investments, plus an allowance for broker commissions and stamp duty.

The cancellation price is calculated by reference to the selling prices of the underlying investments, less an allowance for broker commissions. This means that when investments are bought or sold as a result of other investors joining or leaving the Fund, your investment is fully protected from the costs of these transactions.

  1. Portfolio Transaction Charges

Portfolio transaction charges are a necessary part of buying and selling the Funds’ underlying investments to achieve their investment objective. A significant proportion of these costs is recovered directly from investors joining and leaving the Fund.

In the case of shares, broker commissions and stamp duty are paid by the Fund on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments. Unlike shares, other types of investments, such as bonds, money market instruments and derivatives, have no separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and market sentiment.

Comparing portfolio transaction costs for a range of funds may give a false impression of the relative costs of investing in them for the following reasons:

  • Transaction costs do not necessarily reduce returns. The net impact of dealing is the combination of the effectiveness of the fund manager’s decisions in improving returns and the associated costs of investment.

  • Historic transaction costs are not an effective indicator of the future impact on performance.

  • Transaction costs for buying and selling investments due to other investors joining or leaving the Fund may be recovered from those investors.

  • Transaction costs vary from country to country.

  • Transaction costs vary depending on the types of investment in which a Fund invests.

  • Transaction costs vary but are linked to portfolio activity.