Liontrust Assessment of Value Report - Flipbook - Page 130
Liontrust MA Passive Intermediate Fund
The Fund, which is managed by the Multi-Asset team, seeks to
achieve capital growth and income with a median level of volatility
(risk), having a risk profile of 4, in a range from 1 to 7 where 1 is
the lowest risk and 7 the highest. The underlying funds will, where
practicably possible, be passive funds, meaning they seek to track
investment indices.
Performance
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 expectations, delivering
overall value to investors.
Go back to the Summary
of the Assessment of
Value table
We have assessed the investment performance of the Fund against its stated
investment objective that is 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 Fund’s objective is to target a specific level of long-term volatility (15 years)
while trying to maximise the total return to the investor which may be in the form
of either income or capital growth.
We have reviewed the positioning of the portfolio and the expected future
volatility of the portfolio over the last year and can confirm that the Fund stayed
within its targeted risk band and is on track to meet the expected level of
volatility over the long term.
The Fund has delivered a return of 37.0% over the past five years.*
The Fund’s bond exposure provided both positive returns and crucial
diversification benefits during the period. UK gilts, global government bonds
and corporate bonds all helped boost performance as did the holdings in
UK property. The Fund also benefited significantly from its exposure to equity
markets, particularly the US, UK, Japan, and Europe. Overall, with more than
half invested in equities, the Fund benefited from this higher allocation compared
to those Multi-Asset Passive funds in the range at the lower end of the risk scale.
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.
130 - Liontrust Assessment of Value Report