Actively different

Liontrust works in partnership with advisers for the benefit of their clients.

Our Multi-Asset investment proposition and service is designed to enable advisers to provide the highest quality advice and service to their clients. We seek to help advisers achieve their clients’ investment objectives and meet their suitability requirements over the long term. We also help advisers to fulfil their responsibilities under Consumer Duty.

Liontrust achieves these aims through the following distinct partnership and service offering, which we call Actively Different.

Active management Actively manages every stage of the process - SAA, TAA, fund selection and portfolio construction - and using funds from across the market

Value for money Competitive OCFs and benefit of resources from across Liontrust including six investment teams

Active enhancements Position funds and portfolios for the future of investment markets, including a bespoke SAA

Support for advisers Tailored support, fund manager access, market-leading literature, educational content, white label, digital tools and services

Suitability Broad ranges meet client risk profiles and suitability. Reporting supports advisers with Consumer Duty

Adviser resources

Liontrust produces a range of reporting and literature to help advisers and their clients. This includes MA Performance Review and Outlook, A Guide to Managing Volatility and Liontrust Views. Literature can be white labelled or co-branded for advisers.

Liontrust MA Performance Review & Outlook Liontrust Views Guide to managing volatility Understanding the Risks of Investing Liontrust MA Tactical Asset Allocation Quarterly Update Liontrust MA Funds Target Market Assessment

Meet the team

John Husselbee John Husselbee has 39 years’ experience managing multi-asset, multi-manager funds and portfolios. Before joining Liontrust in 2013, John was co-founder and CIO of North Investment Partners and Director of Multi-Manager Investments at Henderson Global Investors. Read more

James Klempster James Klempster has 20 years’ investment management experience. Before joining Liontrust in 2021, James was Director of Investment Management at Momentum Global Investment Management. He has also worked for Avebury Asset Management and NW Brown Investment Management. Read more

Phil Milburn Phil Milburn joined Liontrust in January 2018 from Kames Capital. Phil previously spent over 20 years at Kames Capital, launching one of the market’s first strategic bond funds and developing a leading high-yield franchise. Read more

Donald Phillips Donald Phillips joined Liontrust in February 2018 from Baillie Gifford. Donald had been co-managing the European high-yield strategy at Baillie Gifford since 2010 and previously worked at Kames Capital from 2005 to 2008. Read more

Anthony Chemla Anthony Chemla is an investment manager and analyst with 18 years’ experience in selecting funds, with the past eight focused on managing multi-manager risk-graded portfolios. Before joining Liontrust in April 2023, Anthony was at atomos (previously Sanlam Investments), where he was lead Portfolio Manager for the DFM portfolios and co-Portfolio Manager of the MPS. Read more

Sharmin Rahman Sharmin joined Liontrust in August 2022 from AXA Investment Managers where she had been a Senior Portfolio Manager and Analyst in the European High Yield team since July 2012. Read more

David Salisbury

Before joining Liontrust in 2022, David was an Investment Manager at 4 Shires Asset management where he looked after private client portfolios. David has an MSc in Finance, the Investment Management Certificate (IMC), the Private Client Investment Advice & Management qualification (PCIAM) and is a CFA Level II candidate. Outside of the office, he enjoys skiing, travelling, and is an avid golfer.

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Our investment process

Multi-Asset

The Liontrust Multi-Asset investment process is based on a number of core beliefs. These beliefs have been accumulated over the long combined careers of the Liontrust Muti-Asset team and have developed over many years.

Download the process document to read more:

MULTI-ASSET PROCESS DOCUMENT

Global Fixed Income

Strategic asset allocation Among the factors they analyse, the fund managers collate and study historical returns and volatilities of a range of asset classes, as well as their correlations with each other, and the pathway of future interest rates to determine the SAA that should meet the volatility target of the fund or portfolio over the long-term. The SAA is essentially the default asset allocation should the fund managers have no views about the relative attractiveness of different asset classes.

Tactical asset allocation The primary aim of the tactical asset allocation (TAA) is to increase exposure to an asset class when it looks cheap and reduce exposure when it appears expensive; the fund managers’ focus is on valuations rather than market timing. They believe it is important to supplement the long-term benefits of the SAA with the flexibility to take advantage of valuation opportunities in the shorter term.

Fund selection We hold a range of funds and fund managers, including active, passive and alternative investment strategies. The fund managers believe the key elements that should underpin fund selection are: investment process, fund manager experience, fund manager knowledge and fund manager incentive (including remuneration).

Portfolio construction The fund managers want to ensure the underlying funds are exposed to the segment of the market they feel has the most potential for outperformance while reducing unintended risk. Therefore, they consider how each holding interacts with each other in terms of correlation, risk and return to ensure the benefits identified at the holding and sector levels are not diversified away when grouped together at the fund level.

Monitoring, review and risk management The Liontrust Multi-Asset team is given regular updates, including in-depth data, on the underlying funds to ensure they are being managed according to their stated objectives and investment processes. This includes attribution analysis to show the underlying funds do not experience style drift and remain within their stated risk parameters. We gain access to the underlying fund managers to probe their thinking and evaluate their continued commitment.

Funds & portfolios managed by the team

The two ranges of target risk funds (Blended and Dynamic Passive) that are designed to target the outcome expected by investors in terms of their level of risk, as measured by volatility, and maximise the return for each fund within the appropriate risk band while MA Explorer aims to maximise capital growth and/or income over the long term.

Multi-Asset team

MA Explorer Fund Range

The Liontrust MA Explorer Funds are a range of six funds that aim to maximise capital growth and/or income over the long term.

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Multi-Asset team

MA Blended Fund Range

The Liontrust MA Blended Funds are a range of five target risk fund of funds aimed at those investors who are seeking a mix of active and passive underlying vehicles while taking advantage of active asset allocation and fund selection.

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Multi-Asset team

MA Dynamic Passive Fund Range

The Liontrust Multi-Asset Dynamic Passive range comprises seven target risk funds. While the underlying holdings are passive securities and vehicles, we actively manage the fund range.

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Multi-Asset team

MA Monthly High Income Fund

The Fund is an actively managed fund of funds that seeks to generate a monthly income. The underlying funds will primarily (at least 70%) invest in bonds and debt instruments.

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Multi-Asset team

MA Dynamic Passive Prudent Fund

The Fund seeks to achieve capital growth and income with a low level of volatility (risk), having a risk profile of 2 in a range from 1 to 7. The underlying funds will be passive where possible.

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Multi-Asset team

MA UK Equity Fund

The Fund is an actively managed fund of funds that seeks to achieve capital growth. The underlying funds will primarily (at least 70%) invest in shares listed on the UK stock market.

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The fund managers believe fixed income markets are inefficient and there are myriad ways of adding value to investors’ portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies need to raise debt finance and price accordingly.

Multi-Asset team

Strategic Bond Fund

The Strategic Bond Fund invests in credit securities and government bonds globally, seeking to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations.

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Multi-Asset team

GF Absolute Return Bond Fund

The Fund aims to generate positive absolute returns over a rolling 12-month period irrespective of market conditions through a combination of capital growth and income by investing in bond and credit markets worldwide.

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Multi-Asset team

GF High Yield Bond Fund

The Fund invests in high yield and selected investment grade bond and credit markets, seeking to take advantage of market inefficiencies through understanding the economic environment and detailed bottom up stock analysis.

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Multi-Asset team

GF Strategic Bond Fund

The Fund invests in credit securities and government bonds globally, seeking to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations.

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A broad range of 22 target risk model portfolios designed to meet most investors' risk and return objectives. They are designed for clients of financial advisers and are available on most major platforms.

Multi-Asset team

MPS Dynamic Passive Portfolios

The Liontrust MPS Dynamic Passive Portfolios are designed to deliver long-term capital growth at a competitive price, predominantly through the use of passive strategies.

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Multi-Asset team

MPS Blended Growth Portfolios

The Liontrust MPS Blended Growth Portfolios are designed to deliver long-term capital growth.

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Multi-Asset team

MPS Blended Income Portfolios

The Liontrust MPS Blended Income Portfolios are designed to deliver an attractive and rising level of income in addition to some long-term capital growth.

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Multi-Asset team and service