Liontrust Asset Management Share Discussion Threads

[gsbmba99] 17/4/2019 12:22

I make 31 Mar sum of fund factsheets at £10,843.9m as compared to £10,444.1m as at 28 Feb which is +£399.7m or +3.8%. 24/34 funds gained AuM in Mar. SF series overall were up from £3,554.6m to £3,687.4m for +£132.9m MoM and +32% YoY. Cross & Co funds are £5,921.0m (approx. 50% corp AuM) and grew 31% YoY. About 3/4 of corporate AuM (SF + Cross & Co) growing at very attractive rates. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF (Global Fund) variant (eg Special Situations). It broadly corresponds to Retail plus Offshore.

[gsbmba99] 10/4/2019 11:27

N+1, a house broker, published a note today: "With only a few months of outperformance, we leave our FY19e earnings forecast all but unchanged (+2%). The annualised impact of higher than expected AuM drives upgrades in outer years. With strong growth in lower margin Global Fixed Income, we reduce our blended UK Retail fee margin by 3-4bps which dampens the impact of higher AuM." FY20E (EPS presumably) upgraded by 9% and FY21E by 5%.

[gsbmba99] 21/3/2019 12:44

I make 28 Feb sum of fund factsheets at £10,444.1m as compared to £10,140.3m as at 31 Jan which is +£303.8m or +3.00%. 25/34 funds gained AuM in Feb. Special Situations was +£157.5m. SF series overall were up from £3,437.2m to £3,554.6m for +£117.3m and +26.6% YoY. A couple bond funds also had a good month. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF (Global Fund) variant (eg Special Situations). It broadly corresponds to Retail plus Offshore.

[gsbmba99] 21/3/2019 12:40

I make 31 Jan sum of fund factsheets at £10,140.3m as compared to £9,627.6m as at 31 Dec which is +£512.7m or +5.33%. 28/34 funds gained AuM in Jan. Special Situations was +£252m with UK Smaller Cos +£52m. SF series overall were up from £3,280.1m to £3,437.2m for +£157.1m and +24.4% YoY. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF (Global Fund) variant (eg Special Situations). It broadly corresponds to Retail plus Offshore.

[lemonjar] 09/1/2019 13:50

Yeah but net inflows still positive, they can't be blamed for overall market performance, so I took it to be a pretty positive update

[petewy] 09/1/2019 10:10

Fund management group Liontrust Asset Management said fourth-quarter assets under management slipped as investment performance fell and institutional investors pulled funds.
didn't seem to affect the stock price

[petewy] 06/12/2018 17:10

Say that again

[rcturner2] 26/10/2018 16:43

Christ what has happened here?

[wjccghcc] 24/10/2018 09:48

Thanks gsb.

[gsbmba99] 24/10/2018 09:37

I make 30 Sep sum of fund factsheets at £10,075.6m as compared to £9,846.6m as at 31 Aug which is +£229.0m or +2.33%. 18/34 funds gained AuM in Sep. Special Situations was +£158m with UK Smaller Cos +£24m. European Enhanced Income and European Income led decliners (-4.3% and -2.9% respectively). SF series overall were up from £3,287.3m to £3,323.8m for +£36.5m or +1.1% for the month and +23.4% YoY. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF (Global Fund) variant (eg Special Situations).

[gsbmba99] 28/9/2018 08:47

I make 31 Aug sum of fund factsheets at £9,846.6m as compared to £9,633.3m as at 31 Jul which is +£213.2m or +2.21%. 19/34 funds gained AuM in Aug. Special Situations was +£134m with SF Managed +£28m. Macro Equity Income is still struggling (-6% AuM in month) and European Enhanced Income and European Income had very bad months (about -10% AuM). SF series overall were up from £3,202.6m to £3,287.3m for +£84.7m or +2.6% for the month and +26.6% YoY. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF variant (eg Special Situations).

[rp] 25/9/2018 12:04

Was anyone at the AGM, and if so, what was the content and tone on remuneration policy please?

[gsbmba99] 22/8/2018 18:37

I make 31 Jul sum of fund factsheets at £9,633.3m as compared to £9,360.8m as at 30 Jun which is +£272.5m or +2.91%. 27/34 funds gained AuM in Jul with 3 funds publishing factsheets for the first time (GF SF European Corporate Bond, GF High Yield Bond and GF Absolute Return Bond). Special Situations was +£109m with SF Managed +£25m. Macro Equity Income is struggling (-9.9% AuM). SF series overall were up from £3,100.5m to £3,202.6m for +£102.1 or +3.3%. The sum of fund factsheets doesn't distinguish between market performance and net new money. There could also be some double counting where the same fund has both a UK and a GF variant (eg Special Situations).

[petewy] 17/8/2018 08:43

Thanks Lemon good graph in it

[lemonjar] 17/8/2018 07:58

Liontrust continues to score well on measure of percentage of its funds in top quartile, per hxxps://www.trustnet.com/news/831363/the-fund-groups-with-the-highest-percentage-of-top-quartile-funds-this-year

[clanger66] 01/8/2018 12:21

Thanks for that gsb very informative. I sold out of my Impax position yesterday as felt the multiple had got too high and took a position in Liontrust as it now looks cheaper.

[gsbmba99] 01/8/2018 10:56

I make 30 Jun sum of fund factsheets at £9,360.8m as compared to £9,224.4m as at 31 May which is +£136.4m or +1.48%. I've adjusted the 31 May numbers for late publication of the GF Strategic Bond fund factsheet which added $130.8m to 31 May. 15/31 funds gained AuM in Jun. UK MicroCap was +18.9% AuM in May though it's only up to £30.9m AuM now. SF series overall were up from £3,077.8m to £3,100.5m for +£22.7 or +0.7%. The sum of fund factsheets doesn't distinguish between market performance and net new money.

[gsbmba99] 16/7/2018 10:16

For sake of completeness, I make 31 May sum of fund factsheets at £9,126.1m as compared to £8,824.9m as at 30 Apr which is +£301.2m or +3.41%. 22/29 funds gained AuM in Apr. Macro equity income AuM declined 14% in April and 19% in May. SF series overall were up from £2,916m to £3,077m for +£160.9 or +5.5%. A fund fact sheet was included for SF Pan Europe Equity which is an offshore fund but which I've included for the first time and it slightly flatters the AuM increase and the SF series AuM increase. The sum of fund factsheets doesn't distinguish between market performance and net new money.

[gsbmba99] 27/6/2018 10:24

N+1 Singer synopsis: "Liontrust has reported FY18e earnings in line with our expectations. The dividend beat our 18.0p forecast, coming in at 21.0p – however with no fixed guidance we have been consistently conservative. AuM has recovered YTD and stands at £11.3bn (25/6) benefiting from positive markets and the launch of Global Fixed Income funds (+c.£210m). We make no changes to earnings forecasts but adjust our DPS forecasts" ( )

[petewy] 27/6/2018 08:43

Agreed. Great results. Dividend up to 21p.

[gsbmba99] 27/6/2018 07:26

Results out and look very strong. Adj PBT high single digits ahead. Dividend way ahead. £214m of AuM in the recently launched fixed income funds looks very encouraging. Further strengthening of distribution with another new hire to focus on institutional. AuM of £11.347bn, +0.87bn or +8.3% on 31 Mar.

[gsbmba99] 07/6/2018 16:25

It's been suggested to me that we won't see fund factsheets on the new bond funds until August timeframe. However, Trustnet have Liontrust Strategic Bond as having £89.6m in assets ( ). Seems like a reasonable outcome in about 7 weeks.

[lemonjar] 06/6/2018 18:00

Good good :)

[petewy] 04/6/2018 23:39

Liontrust Asset Management (LON:LIO) had its price target raised by analysts at Numis Securities Ltd from GBX 6.65 ($8.85) to GBX 6.80 ($9.05). They now have an "add" rating on the stock.