Trading Statement

RNS Number : 0263N
Liontrust Asset Management PLC
18 January 2023
 

LEI: 549300XVXU6S7PLCL855

For immediate release

18 January 2023

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Trading Update

 

Liontrust Asset Management Plc ("Liontrust", or the "Company"), the specialist independent fund management group, today issues its trading update for the three months ended 31 December 2022 (the "Period").  

 

Highlights

 

· Net outflows of £0.6 billion in the three months ended 31 December 2022 and £2.8 billion for the nine months ended 31 December 2022.

 

· Assets under management and advice ("AuMA") were £32.6 billion as at 31 December 2022, an increase of 3% over the Period.

 

· AuMA as at 16 January 2023 were £33.8 billion.

 

Commenting, John Ions, Chief Executive, said:

 

"We are focused on achieving our strategic objective of broadening distribution by channel, geography and fund and engaging with and providing a first-class service for clients. Along with delivering strong long-term performance by applying robust investment processes, these are key to ensuring the future growth of the business.

 

"The last quarter of 2022 continued a year of negative investor sentiment, weighed down by the ongoing macroeconomic and geopolitical concerns. Liontrust was not immune to the continued volatility in stock markets, leading to net outflows of £632 million in the last three months of the year.

 

"Our brand and the financial, investment and distribution strengths of Liontrust will enable us to take advantage of the growth potential ahead of us.

 

"We are focused on what we can control including extensive and continuous communication and engagement with our clients, both face-to-face and through our growing digital activity.

 

"We are starting a months-long roadshow in early February for our Multi-Asset team that will be attended by financial advisers across the UK. We have been opening up new distribution channels internationally, including through our Cashflow Solution and Global Fundamental teams, that will help us to continue to diversify our client base. And our growing digital presence is enabling us to expand our engagement with investors.

 

"The challenges of the past year have created further opportunities for financially robust asset managers with strong distribution and brands. The quality of Liontrust's fund management processes and teams, client service, sales and marketing gives me great confidence that we can take advantage of these opportunities."

 

Assets under management and advice

 

On 31 December 2022, our AuMA stood at £32,614 million and were broken down by type and investment process as follows:

 

Process

Total

Institutional Accounts & Funds

Investment Trusts

UK Retail Funds & MPS

Alternative Funds

International Funds & Accounts

 

(£m)

(£m)

(£m)

(£m)

(£m)

(£m)

Sustainable Investment

11,227

330

-

10,309

-

588

Economic Advantage

8,110

443

-

7,428

-

239

Multi-Asset

5,760

-

-

5,467

293

-

Global Equity

1,103

45

-

1,058

-

-

Global Innovation

524

-

-

524

-

-

Cashflow Solution

1,248

526

-

584

131

7

Global Fundamental

4,250

1,329

1,163

1,110

535

113

Global Fixed Income

392

-

-

159

-

233

Total

32,614

2,673

1,163

26,639

959

1,180

 

AuMA as at 16 January 2023 were £33,789 million.

 

Flows

 

The net outflows over the three months to 31 December 2022 were £632 million (2021: net inflows £832 million). A reconciliation of fund flows and AuMA over the three months to 31 December 2022 is as follows:

 


Total

Institutional Accounts & Funds

Investment Trusts

UK Retail Funds & MPS

Alternative Funds

International Funds & Accounts


(£m)

(£m)

(£m)

(£m)

(£m)

(£m)








Opening AuMA - 1 October 2022

31,695

2,666

1,059

25,746

910

1,314








Net flows

(632)

(188)

(10)

(236)

3

(201)


 






Market and Investment performance

1,551

195

114

1,129

46

67


 






Closing AuMA - 31 December 2022

32,614

2,673

1,163

26,639

959

1,180

 

The net outflows over the nine months to 31 December 2022 were £2,818 million (2021: net inflows £2,920 million). A reconciliation of fund flows and AuMA over the nine months to 31 December 2022 is as follows:

 


Total

Institutional Accounts & Funds

Investment Trusts

UK Retail Funds & MPS

Alternative Funds

International Funds & Accounts


(£m)

(£m)

(£m)

(£m)

(£m)

(£m)


 

 

 

 

 

 

Opening AuMA - 1 April 2022

33,548

1,408

-

30,113

370

1,657








Net flows

(2,818)

(767)

(10)

(1,575)

175

(641)


 






Market and Investment performance

(3,264)

(279)

(66)

(2,777)

19

(161)


 






Majedie acquisition

5,148

2,311

1,239

878

395

325


 






Closing AuMA - 31 December 2022

32,614

2,673

1,163

26,639

959

1,180

 

UK Retail Fund Performance (Quartile ranking)

 

 

Quartile ranking - Since Launch/Manager Appointed

Quartile ranking - 5 year

Quartile ranking - 3 year

Quartile ranking - 1 year

Launch Date/ Manager Appointed

Economic Advantage funds

Liontrust UK Growth Fund

1

1

1

2

25/03/2009

Liontrust Special Situations Fund

1

1

2

3

10/11/2005

Liontrust UK Smaller Companies Fund

1

1

1

2

08/01/1998

Liontrust UK Micro Cap Fund

1

1

1

1

09/03/2016

Sustainable Future funds

Liontrust SF Monthly Income Bond Fund

1

2

2

2

12/07/2010

Liontrust SF Managed Growth Fund

2

1

1

4

19/02/2001

Liontrust SF Corporate Bond Fund

2

4

4

4

20/08/2012

Liontrust SF Cautious Managed Fund

1

2

4

4

23/07/2014

Liontrust SF Defensive Managed Fund

1

1

4

4

23/07/2014

Liontrust SF European Growth Fund

2

4

4

4

19/02/2001

Liontrust SF Global Growth Fund

3

1

3

4

19/02/2001

Liontrust SF Managed Fund

1

1

2

4

19/02/2001

Liontrust UK Ethical Fund

3

3

4

4

01/12/2000

Liontrust SF UK Growth Fund

3

3

4

4

19/02/2001

Global Innovation funds

Liontrust Global Dividend Fund

2

1

2

4

20/12/2012

Liontrust Global Innovation Fund

1

4

4

4

31/12/2001

Global Equity funds1






Liontrust Balanced Fund

1

1

2

4

31/12/1998

Liontrust China Fund

4

3

3

2

31/12/2004

Liontrust Emerging Market Fund

2

4

4

3

30/09/2008

Liontrust Global Smaller Companies Fund

1

2

3

4

01/07/2016

Liontrust Global Alpha Fund

1

1

1

4

31/12/2001

Liontrust Global Technology Fund

3

2

2

4

15/12/2015

Liontrust India Fund

4

3

1

2

29/12/2006

Liontrust Japan Equity Fund

2

3

1

1

22/06/2015

Liontrust Latin America Fund

3

2

4

4

03/12/2007

Cashflow Solution funds



Liontrust European Dynamic Fund2

1

1

1

1

15/11/2006

Global Fixed Income funds






Liontrust Strategic Bond Fund

3

-

3

3

08/05/2018

Global Fundamental Team funds3






Liontrust UK Equity Fund

1

3

3

3

27/03/2003

 

Liontrust UK Focus Fund

1

4

4

4

29/09/2003

 

Liontrust Income Fund

1

1

1

2

31/12/2002

 

Liontrust UK Equity Income Fund

2

4

4

4

19/12/2011

 

Liontrust US Opportunities Fund

2

2

3

4

31/12/2002

 

Edinburgh Investment Trust Plc4

2

-

-

1

27/03/2020

 

Liontrust Global Equity Fund

2

2

2

3

30/06/2014

 

Liontrust Global Focus Fund

2

2

2

1

30/06/2014

 

Liontrust GF US Equity Fund

3

2

3

3

26/06/2014

 

Liontrust GF UK Equity Fund

4

4

3

3

03/03/2014

 

Liontrust GF International Equity Fund

3

-

3

3

17/12/2019

 

 

Source: Financial Express to 31 December 2022 as at 5 January 2023, bid-bid, total return, net of fees , based on primary share classes. Edinburgh Investment Trust Plc NAV source: Morningstar. Past performance is not a guide to future performance, investments can result in total loss of capital. The above funds are all UK authorised unit trusts, OEICs, or Irish authorised OEICs (primary share class).

 

1 Liontrust Russia Fund is not included as it is currently suspended and in an IA sector that is not rankable (e.g., Specialist) so it would not be a fair comparison to make.

 

2 Liontrust European Growth Fund changed its name to Liontrust European Dynamic Fund on 11 July 2022.

 

3 The onshore and offshore Tortoise funds are not included as they are not in IA sectors.

 

4 Edinburgh Investment Trust Plc uses the IT UK Equity Income sector.

 

For further information please contact:

 

Tulchan Communications (Tel: 020 7353 4200, Email: liontrust@tulchangroup.com)

Tom Murray or Stephanie Mackrell

 

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)

John Ions: Chief Executive

Vinay Abrol: Chief Financial Officer & Chief Operating Officer

Simon Hildrey: Chief Marketing Officer

David Boyle: Head of Corporate Development

 

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Tom Salvesen

Corporate Finance: Justin McKeegan

 

Panmure Gordon (Tel: 020 7886 2500)

Corporate Broking: Stephen Jones

Corporate Advisory: Dominic Morley

 

Forward Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of Liontrust. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Liontrust's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

 

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

ENDS

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