The Fund
The Fund has been managed since launch in November 2005 by Anthony Cross, who was joined by co-managers Julian Fosh* in 2008 and Victoria Stevens and Matt Tonge in 2023. The multi-cap Fund uses the Economic Advantage process to invest across the FTSE 100, FTSE 250 and the AIM indices to deliver capital growth over the long term (5 years or more). The process seeks to identify companies with a durable competitive advantage. All smaller companies in the Fund must have a minimum 3% equity ownership by senior management.
You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.
*Julian Fosh is on a leave of absence. The Economic Advantage funds continue to be managed by the other members of the team in Julian’s absence.
Awards and ratings
Morningstar Rating: 5
Morningstar Analyst Rating: Bronze
Square Mile Rating: AA
RSMR Rated Fund
Fund Calibre Elite Rated Fund
Meet the team
Anthony Cross joined Liontrust from Schroders in 1997 and launched the UK Smaller Companies Fund a year later. Anthony, who has managed the UK Smaller Companies and Special Situations funds since launch, was joined by Julian Fosh* in 2008. Julian had previously managed funds at Scottish Amicable Investment Managers, Britannic Investment Managers, Scottish Friendly Assurance Society and Saracen Fund Managers. Victoria Stevens and Matt Tonge joined the team in 2015, and became managers of the Special Situations Fund in 2023. Victoria was previously Deputy Head of Corporate Broking at FinnCap, while Matt had spent nine years on the Liontrust dealing desk, latterly winning an industry award for his work in mid and small cap stocks.
Discrete performance (%)
| As at previous quarter 12 months ending: | Sep 24 | Sep 23 | Sep 22 | Sep 21 | Sep 20 |
|---|---|---|---|---|---|
| Liontrust Special Situations | 12.0 | 8.6 | -16.0 | 27.6 | -3.7 |
| FTSE All Share | 13.4 | 13.8 | -4.0 | 27.9 | -16.6 |
| IA UK All Companies | 14.2 | 12.8 | -15.3 | 32.4 | -12.8 |
| Quartile Ranking | 4 | 4 | 3 | 3 | 1 |
Cumulative performance (%)
| As at previous day end | 1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years | 10 years | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| Liontrust Special Situations | -0.8 | -3.1 | -3.9 | 1.8 | 3.4 | 0.0 | 14.2 | 113.0 | 553.0 |
| FTSE All Share | 0.4 | -1.1 | -0.4 | 8.3 | 8.7 | 20.7 | 24.9 | 80.9 | 220.9 |
| IA UK All Companies | -0.4 | -2.8 | -0.7 | 6.4 | 7.4 | 7.6 | 15.0 | 66.8 | 192.9 |
| Quartile Ranking | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 1 | - |
Source: FE fundinfo as at 20/12/2024. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.
Current positioning
Top 10 Holdings (%)
Capitalisation (%)
For more information on the OCF, see our costs and charges page.
Fund Manager Insights
Victoria Stevens
Victoria Stevens
Victoria Stevens
How to invest in Liontrust funds
Key Risks
Past performance does not predict future returns. You may get back less than you originally invested. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. The Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing. The Fund will invest in smaller companies and may invest a small proportion (less than 10%) of the Fund in unlisted securities. There may be liquidity constraints in these securities from time to time, i.e. in certain circumstances, the fund may not be able to sell a position for full value or at all in the short term. This may affect performance and could cause the fund to defer or suspend redemptions of its shares. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG. There is no guarantee that an absolute return will be generated over a three year time period or within another time period.
Disclaimer
This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.
