Liontrust Assessment of Value Report - Flipbook - Page 28
Liontrust SF Global Growth Fund
The Fund aims to deliver capital growth over the long term (5 years
or more) using the Sustainable Future investment process to invest
in companies globally. This process uses a thematic approach to
identify the key structural growth trends that will shape the global
economy of the future and the fund managers then seek to invest in
well run companies whose products and operations capitalise on
these transformative changes.
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.
We have concluded that the Fund has met or exceeded performance expectations and has
met its sustainability objectives.
Quality of service
Our assessment has considered the range and quality of services experienced by investors.
We have concluded that the quality of services provided by Liontrust is better than or in
line with expectations across all the UK-domiciled funds. This has been evaluated through a
detailed review of the services we provide, our engagement with investors, communications
and governance, and confirmed through our investor survey.
General costs of authorised fund manager
We have reviewed the breakdown of the charges of the Fund’s Ongoing Charges Figure
(OCF) and our explicit transaction costs. Our assessment has concluded that the costs of
services provided to the Fund are being appropriately managed. The annual review of the fixed
Administration Fee for this Fund completed as part of our normal governance processes has led
to the reduction in its Administration Fee by 0.01%. Research costs have been absorbed by
Liontrust and are not charged to the Fund. We will continue to review the costs and charges of
the Fund at least annually.
Comparable market rates
We have assessed the charges of this Fund against comparable funds in the market. Our
assessment has concluded that the charges of this Fund are in line with other comparable
funds available in the market. Furthermore, as a result of our annual review of fund charges,
the Administration Fees of the Fund were recently reduced.
Economies of scale
Our assessment has considered whether we are able to generate efficiencies to achieve
economies of scale and if such cost savings have been passed onto our investors. The Fund
benefits from a fixed Administration Fee model, which, as well as providing clarity in relation
to fund costs to investors, allows cost savings achieved from an increase in the Fund’s size to
be directly passed to investors through the application of a discount. As the Fund grows in
assets above £500 million, the fixed Administration Fees are reduced by up to a maximum of
0.06% above £5 billion in assets. The Fund has benefited this year from a volume discount of
0.01%, passing on the available economies of scale to investors. Overall, with the growth in
Liontrust’s assets under management and advice over the past few years, our investors have
been able to benefit from the savings created.
Comparable services
We have assessed the charges of this fund against other Liontrust funds and segregated
mandates that have a similar investment objective, strategy and policy. Our assessment has
concluded that investors in this Fund are charged appropriately relative to investors in other,
similar Liontrust funds and segregated mandates.
Classes of shares or units
Our assessment has considered whether investors are invested in the most appropriate share
or unit class that is available to them. Based on the information available to us, our review
concluded that it is appropriate for investors in this Fund to be invested in the share class they
are currently invested in. We will continue to monitor the charges of our classes to ensure they
meet the needs of our investors.
28 - Liontrust Assessment of Value Report
Overall value
assessment
We have evaluated the Fund
against all seven criteria in
our assessment of the value
it provides to investors. We
have concluded that the Fund
has performed in line with
or exceeded expectations,
delivering overall value to
investors.