Liontrust Assessment of Value Report - Flipbook - Page 144
Liontrust MA UK Equity Fund
The Fund, which is managed by the Multi-Asset team, seeks
to achieve capital growth. The underlying funds will primarily
(meaning at least 70%) invest in shares of companies which are
domiciled, incorporated, or have significant business operations in
the UK, and which are listed on the UK stock market (UK equities).
Performance
Overall value
assessment
We have evaluated the Fund
against all seven criteria in
our assessment of the value
it provides to investors. We
are keeping the Fund under
close review as a result of
the Amber for performance;
we have identified areas for
improvement, and we are
taking actions to address
these. Overall, we consider
the fund is delivering value.
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 delivered a return of 33.6% over the past five years, meeting its
stated investment objective of delivering capital growth in absolute terms.*
It has, however, lagged behind the average returns of its peers in the IA
UK All Companies sector which returned 41.8%. The sector has significantly
outperformed the general market, with the FTSE All-share returning 33.3%.
The Fund saw positive returns across nearly all underlying funds, with the UK
equity market performing strongly over the period. In particular, our holdings
in small and micro cap funds boosted performance. The main drag on
performance was a defensive style income fund, which is likely to lag its peers
in a rising market despite the value rally.
The other funds in the comparison sector take a direct investment approach
rather than be fund of funds and we believe further consideration needs to be
made to ensure that the Fund’s objective, strategy and policy remain feasible
and appropriate given the constraints of this approach and the extra costs.
We will continue to closely monitor the performance of the Fund until a review
is completed.
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.
144 - Liontrust Assessment of Value Report