Liontrust Assessment of Value Report - Flipbook - Page 92
Liontrust US Opportunities Fund
The Fund is managed by George Boyd-Bowman and aims to
generate capital growth over the long term (5 years or more).
The Fund invests at least 80% in shares of US companies. These
are companies which, at the time of purchase, are incorporated,
domiciled, listed or conduct significant business in the US.
Performance
Overall value
assessment
We have evaluated the
Fund against all seven
criteria in our assessment
of the value it provides to
investors. While the Fund
has received an Amber for
comparable market rates,
we have concluded that
the Fund has performed
in line with expectations
for the remaining criteria,
delivering overall value to
investors including through
the investment performance.
We have assessed the investment performance of the Fund against both its
stated investment objective, as well as against the benchmarks that are set out
in its prospectus. We considered whether the Fund has performed how we and
investors would expect it to, given the market conditions it has been operating
under, and its investment philosophy, strategy and process.
The Liontrust US Opportunities Fund returned 142.5% over the five years to
31 August 2021, outperforming the S&P 500 Index and IA North America
(comparator benchmark) respective returns of 111.8% and 106.0%.*
The Fund’s investment process leans upon the belief that technological disruption
will have a marked impact on global stock markets in the years ahead.
Understanding the pervasive role that technology is playing in every sector will
be key to distinguishing the winners and losers of the future.
The Fund aims to create a portfolio focused on the beneficiaries of digitalisation
but importantly doing so in a style conscious manner, building a ‘core’ portfolio.
The manager does this by investing across three different categories of
digitalisation beneficiaries: the disruptors, which tend to be growth orientated,
and embracers and enablers of digitalisation, which offer a mix of ‘growth’,
‘value’ and potentially more cyclical opportunities. The Fund also invests across
almost all sectors and does not look to take large sectors bets in keeping with
the ‘core’ and ‘balanced’ approach.
Due to the ‘bottom-up’ nature of the Fund’s investment process, the Fund’s
performance is best viewed in terms of stock selection. In this regard, the top
contributors to performance over the period include Microsoft, Apple, Horizon
Therapeutics and Apple.
Go back to the Summary
of the Assessment of
Value table
This document is intended to be for information purposes only. It is not
marketing material.
*Source: Financial Express, as at 31.08.21, total return, net of fees, income reinvested.
92 - Liontrust Assessment of Value Report