Liontrust Asset Management Share Discussion Threads

[gsbmba99] 11/4/2018 08:39

Quarterly AuM update out. 31 Mar AuM is £10.475bn, -£81m on 31 Dec consisting of +£255m of net inflows and -£336m of market performance. UK retail net inflows of £109m also seems encouraging in the circumstances. First fund launch from new fixed income team - GF Strategic Bond - this week.

[rp] 29/3/2018 09:37

Thanks for these updates, they are appreciated

[gsbmba99] 29/3/2018 08:55

I make 28 Feb sum of fund factsheets at £8,442.3m as compared to £8,287.0m as at 31 Jan which is +£155.3m or +1.87%. 22/28 funds gained AuM in February and 2/28 were unchanged. MSCI UK was -4.75% in Feb and is -5.31% calendar YTD. LIO.L is -£257.1m or -2.96% calendar YTD. Unclear what caused the gain in AuM in an otherwise pretty terrible month. The sum of fund factsheets doesn't distinguish between market performance and net new money.

[rcturner2] 23/2/2018 18:46

That looks like very astute profit taking by some investors.

[riverman77] 23/2/2018 18:40

You've done your homework and I stand corrected. Perhaps one large client or platform taking money out, although very hard to say. Performance still looks OK, which ultimately will drive flows over the medium to long term.

[gsbmba99] 23/2/2018 18:12

I disagree. The AuM performance is way off market movements in Jan. Euro Stoxx 50 +3.09%, MSCI World +5.28%, MSCI UK -1.98%, LIO.L AuM -4.74%, PAM.L AuM +0.61%. LIO European Funds (about 10% retail AuM): European Growth -6.32%, SF European Growth -5.64%, European Enhanced Income -4.30%, European Income -3.89%. A few UK focused: Special Situations -7.13%, UK Growth -6.16%, UK Smaller Companies -3.33%. And the most obvious, LIO FTSE 100 tracker fund -8.92%. There must have been some very sizable outflows in January.

[riverman77] 23/2/2018 16:42

I'm very impressed you go through all the fact sheets, I just check the special situations fund which is around a third of AUM. It was actually quite a poor month for UK equities where Lion is heavily biased. PAM is mainly multi asset and absolute return so would have held up better. I think most of fall would be explained by market movements.

[gsbmba99] 23/2/2018 15:52

I make 31 Jan sum of fund factsheets at £8,287.0m as compared to £8,699.4m as at 31 Dec which is -£412.4m or -4.74%. 5/28 funds gained AuM in January and 3/28 were unchanged. The AuM decline seems quite large relative to an only modestly down market. PAM.L, for example, gained AuM in January. The real turbulence didn't hit til February. The sum of fund factsheets doesn't distinguish between market performance and net new money.

[rp] 09/2/2018 16:22

Thanks gsbmba99, that was useful

[gsbmba99] 09/2/2018 14:48

rp - you might want to check the VLG thread as I think this was discussed in the last couple of days.

[rp] 09/2/2018 12:39

Can anyone please cast any light on today's price monitoring extensions?

[gsbmba99] 26/1/2018 18:19

A couple of interesting bits from the below article. Recent hire, Don Phillips, used to work with Roberts and Milburn at Kames from 2005-08. Phillips was co-manager of Baillie Gifford High Yield Bond (£460m AuM according to Trustnet). It would appear that the newly formed Fixed income team are preparing to "launch three funds, a Strategic Bond, High Yield Bond and Absolute Return Bond Fund."

[rcturner2] 25/1/2018 12:52

Nice director purchase today.

[gsbmba99] 24/1/2018 11:23

We've already had a corporate update but the fund factsheets have also been updated to 31 Dec. I make 31 Dec sum of fund factsheets at £8,699.4m as compared to £8,374.4m as at 30 Nov which is +£325.0m or +3.9%. Since 30 Sep, +£410.9m or 5.2%. 27/28 funds gained AuM in December, led by Special Situations at +£145.8m (+4.2%), UK Smaller Companies at +£35.6m (+4.3%) and Sustainable Future Managed at +£31.3m (+4.3%). The sum of fund factsheets doesn't distinguish between market performance and net new money.

[rcturner2] 24/1/2018 08:24

Does anyone have any broker forecasts for the current year?

[petewy] 24/1/2018 08:06

Liontrust Asset Management Plc announces that it has released Alliance Trust PLC ("AT") from lock-up arrangements in respect of 4,060,792 shares in order to allow AT to dispose of all of such shares. That disposal has now completed.
The fifth biggest holding and 8% of shares.

Will this send the price down?

[gsbmba99] 10/1/2018 13:00

Probably worth pointing out that the AuM for Sustainable Future "approaching" £3bn is quite encouraging. It was £2.518bn on acquisition so up more than the rest of the business at around 19%. Impax have seen exceptionally strong growth in a not dissimilar area focusing on institutional shareholders while LIO have a retail focus. Don't appear to be directly competing with IPX.

[gsbmba99] 10/1/2018 07:42

Q3FY18 AuM is £10.556bn. I make that +16.8% since the beginning of the fiscal year pro forma for acquisition of the Sustainable Future funds. Net flows of £571m in the quarter look extremely strong (Q1FY18 £22m, Q2FY18 £156m). The announcement praises the SF funds and their asset gathering capability. The SF fund performance is strong though a cynic would point out that the recent weak short-term performance of most other LIO funds leaves them with little else to talk about. Special mention of Anthony Cross who remains responsible for a disproportionately large part of LIO AuM.

[tightfist] 09/1/2018 14:44

Thanks gsbm, looks like some anticipation in the market today of good numbers tomorrow?

[gsbmba99] 05/1/2018 08:00

Looks like quarterly AuM update scheduled for 10 Jan ( )

[lemonjar] 27/12/2017 04:49

Cool, thanks for the insight gsbmba99, much appreciated!

[gsbmba99] 26/12/2017 06:28

PAM is also retail focused and, for comparison, were up 0.82% in Nov and 4% since 30 Sep. So LIO a shade ahead. I don't think it necessarily represents a slowdown. Probably just reflects the fact Oct was a much better month than Nov in terms of market performance. We'll find out progress to Dec in early Jan and the new fixed income manager and strategist start in Jan so maybe a little bit of a tailwind in AuM from that in Feb/Mar.

[lemonjar] 24/12/2017 11:16

Is your sense that its slowed down a bit? Sp has dipped a little, maybe to be expected after a strong rise earlier in the year, by but maybe also reflecting a slow down in fund growth?

[gsbmba99] 23/12/2017 10:56

I've been tracking the sum of the fund factsheets as a proxy for AuM. As at 30 Sep, the sum of fund factsheets was 82.6% of total AuM. I make 30 Nov sum of fund factsheets at £8,374.4m as compared to £8,273.9m as at 31 Oct which is +£100.5m or +1.2%. Numbers slightly off as GF Macro Equity Income is missing from Oct numbers since I don't think they published an updated factsheet. Real gain in AuM probably about £75m (when factoring in exclusion of GF Macro Equity Income from prior month). Since 30 Sep, +£410.9m or 5.2%. Only 10/28 funds gained AuM in November, led by Special Situations at +£92.3m. Special Situations is about 40% of the sum of fund factsheets. AuM quite skewed toward Anthony Cross and team (who run other funds in addition to Special Situations). The sum of fund factsheets doesn't distinguish between market performance and net new money.