Liontrust Assessment of Value Report - Flipbook - Page 147
Quality of service
Economies of scale
Our assessment has considered the range and quality of
services experienced by investors. We have concluded
that the quality of services provided by Liontrust or by
a third party is in line with expectations. 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.
Our assessment has considered whether we are able to
generate efficiencies to achieve economies of scale and
if benefits 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 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 also benefited from the growth
in Liontrust’s assets under management over the past few
years. Overall, our investors have been able to benefit
from the savings created and an improvement in service
as a result of re-investment in the business.
General costs of authorised fund manager
We have reviewed the breakdown of the charges of the
Fund’s Ongoing Charges Figure (OCF), including the
Annual Management Charge (AMC), and Administration
Fee. We have also reviewed our transaction costs. Our
assessment has concluded that the costs of services
provided to the Fund remain appropriate. The annual
review of the fixed Administration Fee for this Fund
completed as part of our normal governance processes
has concluded that the Administration Fee is appropriate.
We will continue to review the cost and charges of the
Fund at least annually.
Comparable market rates
We have assessed the charges of this Fund against
comparable funds in its peer group. Our assessment has
concluded that the charges of this Fund are less than, or in
line with, other comparable funds available in the market.
Comparable services
There are no Comparable Services provided for this
Fund.
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.
Liontrust Assessment of Value Report - 147