Liontrust Special Situations Fund I Inc
Rated Fund 2013-14, 2018-20. A great core holding for most types of investor
Liontrust Special Situations benefits from a simple but effective investment approach and very experienced management team. Its size - assets have grown by £1 billion to £5 billion in the past year - means it can't invest in smaller companies to the extent that it has in the past, but it remains a quality option for core UK equity exposure.
Managed by Anthony Cross and Julian Fosh using their "economic advantage" approach to investing, the fund was highly commended in the Best Larger UK Growth Fund category in Money Observer's 2013 awards and took the top spot for the first time in 2017.
Cross has managed the fund since its inception in 2005, with Fosh joining him in 2008. They favour businesses that can grow their earnings independently of the wider economy and look for businesses with intellectual property, which includes strong distribution networks, recurring revenue streams and products with no obvious substitutes. They also favour companies with strong brands and good customer relationships, in the belief that these attributes give a business the power to produce higher levels of profitability for longer than expected. They also have a preference for companies where the board of directors own shares in the company.
The portfolio is typically very different from the UK stockmarket, with a significant underweight to large companies and a slug of assets in medium and small companies. At the end of 2019 it had 58 holdings with 46% of assets in FTSE 100 stocks, 27% in FTSE 250 stocks and 18% in smaller companies.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|RELX PLC||4.19 %|
|GlaxoSmithKline PLC||3.82 %|
|Reckitt Benckiser Group PLC||3.80 %|
|Diageo PLC||3.71 %|
|Unilever PLC||3.62 %|
|Sage Group (The) PLC||3.53 %|
|BP PLC||3.50 %|
|Spirax-Sarco Engineering PLC||3.35 %|
|Royal Dutch Shell PLC B||3.11 %|
|TP ICap PLC||3.00 %|
|United Kingdom||99.05 %|
|Consumer Defensive||13.35 %|
|Communication Services||10.97 %|
|Financial Services||9.79 %|
|Consumer Cyclical||9.01 %|
Julian E C Fosh
Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers Ltd to co-manage the Liontrust UK Growth, Special Situations and UK Smaller Companies Funds with Anthony Cross and to develop the Liontrust Economic Advantage process. From 2004 to 2008, Julian was the co-manager of Saracen Growth Fund. Before this, Julian headed the investment department at Scottish Friendly Assurance Society Limited where he managed a range of funds including UK equity OEICs, life and pension funds. In a career that started in 1984, Julian has also worked at Britannia Investment Managers and Scottish Amicable. Julian graduated in 1984 from Merton College Oxford with an MA in Jurisprudence.
Anthony Cross joined Liontrust in 1997, forming the Liontrust Economic Advantage process. This process was applied to the Liontrust UK Smaller Companies Fund from the start of 1998, Liontrust Special Situations Fund in 2005, Liontrust UK Growth Fund in 2009 and Liontrust UK Micro Cap Fund in 2016. Before moving to Liontrust, Anthony joined Schroder Investment Management as a graduate trainee, later becoming an equity analyst before joining the Smaller Companies team in 1994. Anthony Cross graduated in 1990 from Exeter University with a degree in Politics.
Data provided by Morningstar.
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