Liontrust Assessment of Value Report - Flipbook - Page 156
Liontrust Institutional Small Cap Fund
The Liontrust Institutional UK Small Cap Fund invested primarily
in UK Smaller companies and was managed by the Global
Fundamental team.
Class B
Overall value
assessment
We have evaluated the Fund
against all seven criteria in
our assessment of the value
it provides to investors. The
Fund has received a Red for
Performance, we understand
why and have explained the
reasons for this. Following a
review of the Fund’s viability,
the Fund closed on 21 July
2023.
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 30.06.23, total
return.
156 - Liontrust Assessment of Value Report
Internal
Performance
Quality of service
AFM costs
Comparable market rates
Economies of scale
Comparable services
Classes of units
Performance
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 -12.1% over the last five years. The Fund’s
benchmark is the Numis Smaller Companies plus AIM (ex-Investment
Companies) Index, which returned -0.7% over the same period.*
Due to the relative underperformance versus the index and sector over the
period, the Fund was identified as Amber in the last assessment process and was
reviewed. The Global Fundamental team that manages this Fund also took the
investment decision to reallocate away from UK small companies and therefore a
strategic decision was taken by Liontrust to close the Fund. During the first half of
2023, the Fund’s holdings were sold and it closed on 21 July 2023.