Morningstar Fund Report  | 07/04/2025Print

Liontrust Special Situations Fund A Inc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Liontrust Special Situations Fund A Inc
Fund20.2-11.56.02.6-5.0
+/-Cat3.90.2-2.0-5.2-4.4
+/-B’mrk---1.6-7.2-10.1
 
Category: UK Flex-Cap Equity
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
07/04/2025		 GBX 418.31
Day Change -4.17%
Morningstar Category™ UK Flex-Cap Equity
IA (formerly IMA) Sector UK All Companies
ISIN GB00B87GRQ11
Fund Size (Mil)
28/02/2025		 GBP 2454.76
Share Class Size (Mil)
04/04/2025		 GBP 3.42
Max Initial Charge -
Ongoing Charge
11/02/2025		  1.06%
Morningstar Research
Analyst Report07/01/2025
Henry Ince, Analyst
Morningstar, Inc

A stable, experienced team applying a consistent, proven approach means that Liontrust Special Situations remains a strong proposition in the UK equities space. The sizeable level of assets across the team, however, is an area to keep an eye on....

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process23
Performance
Price
Investment Objective: Liontrust Special Situations Fund A Inc
The Fund aims to deliver capital growth over the long term (5 years or more). The Fund will invest at least 90% in companies which are incorporated, domiciled or conduct significant business in the United Kingdom (UK). The Fund will typically invest 90% (minimum 80%) in equities or equity related derivatives but may also invest in collective investment schemes (up to 10% of Fund assets), corporate debt securities, other transferable securities, money market instruments, warrants, cash and deposits.
Returns
Trailing Returns (GBP)07/04/2025
YTD-13.73
3 Years Annualised-3.02
5 Years Annualised4.08
10 Years Annualised4.99
12 Month Yield 1.97
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Anthony Cross
10/11/2005
Matthew Tonge
19/05/2023
Click here to see others
Inception Date
17/12/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE AllSh TR GBPMorningstar UK All Cap TME NR GBP
Portfolio Profile for  Liontrust Special Situations Fund A Inc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock95.200.0095.20
Bond0.000.000.00
Property0.000.000.00
Cash4.800.004.80
Other0.000.000.00
Top 5 Regions%
United Kingdom100.00
United States0.00
Canada0.00
Latin America0.00
Eurozone0.00
Top 5 Sectors%
Industrials21.68
Technology14.67
Financial Services14.47
Healthcare12.11
Consumer Cyclical10.72
Top 5 HoldingsSector%
AstraZeneca PLCHealthcareHealthcare3.72
BP PLCEnergyEnergy3.60
Shell PLCEnergyEnergy3.56
Unilever PLCConsumer DefensiveConsumer Defensive3.34
Compass Group PLCConsumer CyclicalConsumer Cyclical3.29
Increase Decrease New since last portfolio
Liontrust Special Situations Fund A Inc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Liontrust Special Situations Fund A Inc
Category:  UK Flex-Cap Equity
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-2.3621.30-1.4620.22-11.456.032.65-4.98
+/- Category9.82-2.443.553.880.23-1.96-5.21-4.40
+/- Category Index------1.59-7.18-10.13
% Rank in Category471342551678594
Trailing Returns (GBP)07/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-4.17   -0.040.75
1 Week-9.21   -2.53-2.27
1 Month-11.79   -3.62-4.39
3 Months-14.03   -8.34-12.36
6 Months-14.71   -9.69-13.02
YTD-13.73   -8.34-12.56
1 Year-11.16   -10.84-15.84
3 Years Annualised-3.02   -4.78-8.14
5 Years Annualised4.08   -5.88-7.67
10 Years Annualised4.99   0.72-0.32
 
Category: UK Flex-Cap Equity
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-4.98---
20240.924.10-0.23-2.07
20232.84-3.800.606.54
2022-8.78-9.82-1.128.86
20214.626.474.753.03
2020-21.1512.002.309.07
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAverage2 star
5-YearBelow AverageBelow Average2 star
10-YearAbove AverageLow5 star
Overall*AverageBelow Average4 star
 
Category :  UK Flex-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.22 %
3-Yr Mean Return0.98 %
 
3-Yr Sharpe Ratio-0.23
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  Morningstar UK Small Cap TME NR GBP
3-Yr Beta1.000.72
3-Yr Alpha-6.960.01
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 4703-
Market Capitalisation% of Equity
Giant21.26
Large7.84
Medium22.29
Small36.49
Micro12.12
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings14.751.22
Price/Book2.241.35
Price/Sales1.331.38
Price/Cash Flow11.021.36
Dividend-Yield Factor2.930.83
 
Long-Term Projected Earnings Growth9.150.98
Historical Earnings Growth-3.0012.85
Sales Growth4.741.06
Cash-Flow Growth0.400.29
Book-Value Growth6.512.18
 
Category: UK Flex-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock95.200.0095.20
Bond0.000.000.00
Property0.000.000.00
Cash4.800.004.80
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America0.000.00
United Kingdom100.001.07
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed0.000.00
Asia - Emerging0.000.00
 
Category: UK Flex-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical10.720.82
Financial ServicesFinancial Services14.470.62
Real EstateReal Estate2.010.84
Consumer DefensiveConsumer Defensive9.060.81
HealthcareHealthcare12.111.49
Communication ServicesCommunication Services7.761.54
EnergyEnergy7.521.12
IndustrialsIndustrials21.681.24
TechnologyTechnology14.673.15
 
Category: UK Flex-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings52
Total Number of Bond Holdings0
Assets in Top 10 Holdings32.56
NameSectorCountry% of Assets
AstraZeneca PLC206United Kingdom3.72
BP PLC309United Kingdom3.60
Shell PLC309United Kingdom3.56
Unilever PLC205United Kingdom3.34
Compass Group PLC102United Kingdom3.29
GlobalData PLC310United Kingdom3.17
GSK PLC206United Kingdom3.10
TP ICAP GROUP PLC103United Kingdom2.99
RELX PLC310United Kingdom2.91
Sage Group (The) PLC311United Kingdom2.87
 
Increase Decrease New since last portfolio
Category: UK Flex-Cap Equity
 
Management
Name of CompanyLiontrust Fund Partners LLP
Phone+352 464010600
Websitewww.liontrust.co.uk
AddressLiontrust Fund Partners LLP
 London   NULL
 United Kingdom
DomicileUnited Kingdom
Legal StructureUnit Trust
UCITSYes
Inception Date17/12/2012
Fund Advisor(s)
Liontrust Investment Partners LLP
Fund ManagerAnthony Cross
Manager Start Date10/11/2005
Career Start Year1990
Education
1990, Exeter University, B.A.
 
Biography
Anthony Cross joined Liontrust in 1997 and launched the Liontrust UK Smaller Companies Fund in 1998. 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.
Fund ManagerMatthew Tonge
Manager Start Date19/05/2023
Career Start Year1994
Education
2000, University of Birmingham, B.A./B.S.
 
Biography
Matthew Tonge joined the Liontrust trading desk in 2003 from Barclays Capital Asset Management, becoming a partner in 2011. Responsible for execution across all the firm’s assets, in 2014 he was voted Mid-Tier trader of the year by The Trade magazine for his work in mid and small cap stocks, the inaugural year of the award. Having worked closely with Anthony and Julian for many years, in September 2015 he joined the Economic Advantage team to help research and analyse companies across the small cap universe. Matt graduated from the University of Birmingham in 2000, with First Class Batchelor degrees in Manufacturing Engineering (BENG) & Commerce (BCOM), winning the Gilbert Walker Prize in Engineering and Economics as top student in his year.
Fund ManagerVictoria Stevens
Manager Start Date19/05/2023
Career Start Year2010
Education
University of Oxford, B.A.
 
Biography
Victoria Stevens joined the Economic Advantage team at Liontrust in June 2015 as a partner and fund manager to help research and analyse investment opportunities primarily across the small cap universe. She previously worked for almost 5 years at the growth company specialist broking and advisory firm finnCap Ltd, latterly as deputy head of corporate broking. Prior to joining finnCap, Victoria was a senior reporter and diary editor at the financial newspaper City AM, having studied Modern Languages at Oxford University.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.00%
Ongoing Charge1.06%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes