Earnings Release • Oct 11, 2018
Earnings Release
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RNS Number : 6029D
Liontrust Asset Management PLC
11 October 2018
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Half Year End Trading Update
Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund management group, today issues its half year end trading update for the six months ended 30 September 2018.
Highlights
· Assets under management ("AuM") were £12.0 billion as at close of business on 30 September 2018 (31 March 2018: £10.5 billion), an increase of 15% over the six months period
· Net inflows of £403 million in the three months ended 30 September 2018 and £723 million for the six months ended 30 September 2018
Commenting, John Ions, Chief Executive, said:
"This has been another strong six months of sales with net inflows of £723 million over this period and £403 million over the past three months alone.
Particularly pleasing is the fact that the flows into Liontrust funds are coming from a broader spread of clients and into an expanding number of strategies. There has been strong client demand over the past five months for the launch of the funds managed by the Global Fixed Income ("GFI") team and this has resulted in David Roberts, Phil Milburn and Donald Phillips now managing nearly £300 million across the Strategic Bond, High Yield Bond and Absolute Return Bond strategies.
Demand for sustainable investment continues to rise and is reflected in the increase in our team's AuM from £2.5 billion when they joined Liontrust on 1 April 2017 to £3.4 billion. We believe our team's positive and thematic investment approach will continue to drive demand.
We are beginning to see a long anticipated increase in volatility in global bond markets and both our GFI and Sustainable Fixed Income teams are well positioned to manage our investors' money in this environment. They are very experienced teams, have strong long-term track records and have flexible investment mandates, and therefore we are confident they will continue to attract inflows into their funds.
The Economic Advantage funds have continued to deliver impressive performance against a weak market backdrop and have also enjoyed strong inflows despite the UK being overshadowed by Brexit uncertainty. This reiterates the desire of clients for strong investment processes as well as excellent long-term track records.
We are well positioned for the second half of our financial year given our strong fund management capability and our broader distribution reach. "
Funds under Management
On 30 September 2018, our AuM stood at £12,045 million and were broken down by type and process as follows:-
| Process | Total | Institutional | UK Retail | Multi-Asset | Offshore Funds |
| (£m) | (£m) | (£m) | (£m) | (£m) | |
| Cashflow Solution | 1,008 | 553 | 334 | - | 121 |
| Economic Advantage | 5,962 | 397 | 5,467 | - | 98 |
| Macro Thematic | 261 | 84 | 165 | - | 12 |
| European Income | 199 | - | 199 | - | - |
| Asia | 122 | - | 112 | - | 10 |
| Sustainable Investment | 3,390 | 30 | 3,203 | - | 157 |
| Global Fixed Income | 272 | - | 126 | - | 146 |
| Multi-Asset | 786 | - | - | 786 | - |
| Indexed | 45 | - | 45 | - | - |
| Total | 12,045 | 1,064 | 9,651 | 786 | 544 |
Funds Flows
The net inflows over the three months to 30 September 2018 are £403 million (2017: £156 million). A reconciliation of fund flows and AuM over the three months to 30 September 2018 is as follows:-
| Total | Institutional | UK Retail | Multi-Asset | Offshore Funds | |
| £m | £m | £m | £m | £m | |
| Opening AuM - 1 July 2018 | 11,424 | 1,177 | 8,982 | 756 | 509 |
| Net flows | 403 | (143) | 492 | 27 | 27 |
| Market and Investment performance | 218 | 30 | 177 | 3 | 8 |
| Closing AuM - 30 September 2018 | 12,045 | 1,064 | 9,651 | 786 | 544 |
Liontrust has recorded net inflows for the half year are £723 million (2017: £178 million). A reconciliation of fund flows and AuM over the half year is as follows:-
| Total | Institutional | UK Retail | Multi-Asset | Offshore Funds | |
| £m | £m | £m | £m | £m | |
| Opening AuM - 1 April 2018 | 10,475 | 1,144 | 8,201 | 700 | 430 |
| Net flows | 723 | (134) | 707 | 61 | 89 |
| Market and Investment performance | 847 | 54 | 743 | 25 | 25 |
| Closing AuM - 30 September 2018 | 12,045 | 1,064 | 9,651 | 786 | 544 |
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 | |
| Liontrust UK Growth Fund | 1 | 1 | 1 | 1 | 25/03/2009 |
| Liontrust Special Situations Fund | 1 | 1 | 1 | 1 | 10/11/2005 |
| Liontrust UK Smaller Companies Fund | 1 | 1 | 1 | 1 | 08/01/1998 |
| Liontrust UK Micro Cap Fund | 1 | 1 | 09/03/2016 | ||
| Liontrust Macro Equity Income Fund | 1 | 3 | 4 | 4 | 31/10/2003 |
| Liontrust Macro UK Growth Fund | 2 | 4 | 4 | 4 | 01/08/2002 |
| Liontrust European Growth Fund | 1 | 1 | 1 | 1 | 15/11/2006 |
| Liontrust Asia Income Fund | 2 | 3 | 3 | 4 | 05/03/2012 |
| Liontrust European Income Fund | 4 | 4 | 4 | 4 | 15/12/2005 |
| Liontrust European Enhanced Income Fund (Hedged) | 4 | 4 | 4 | 4 | 30/04/2010 |
| Liontrust Global Income Fund | 4 | 4 | 3 | 3 | 03/07/2013 |
| Liontrust Monthly Income Bond Fund | 1 | 1 | 1 | 1 | 12/07/2010 |
| Liontrust SF Absolute Growth Fund | 3 | 1 | 1 | 1 | 19/02/2001 |
| Liontrust SF Corporate Bond Fund | 1 | 1 | 1 | 2 | 20/08/2012 |
| Liontrust SF Cautious Managed Fund | 1 | 2 | 1 | 23/07/2014 | |
| Liontrust SF Defensive Managed Fund | 1 | 1 | 1 | 23/07/2014 | |
| Liontrust SF European Growth Fund | 2 | 2 | 3 | 4 | 19/02/2001 |
| Liontrust SF Global Growth Fund | 4 | 2 | 1 | 1 | 19/02/2001 |
| Liontrust SF Managed Fund | 2 | 1 | 1 | 1 | 19/02/2001 |
| Liontrust UK Ethical Fund | 2 | 1 | 1 | 1 | 01/12/2000 |
| Liontrust SF UK Growth Fund | 2 | 1 | 1 | 1 | 19/02/2001 |
Source: Financial Express, total return (income reinvested and net of fees), to 30 September 2018 unless otherwise stated, based on primary share classes. The above funds are all UK authorised unit trusts or UK authorised ICVCs (primary share class). Liontrust FTSE 100 Tracker Fund (index fund) not included. Past performance is not a guide to the future; the value of investments and the income from them can fall as well as rise. Investors may not get back the amount originally subscribed. Quartile rankings correct as at 2 October 2018.
Notice of Half Year Results Announcement
Liontrust confirms that it will be announcing its half year results for the six months ended 30 September 2018 on Wednesday, 21 November 2018.
For further information please contact:
Liontrust Asset Management Plc 020 7412 1700
John Ions www.liontrust.co.uk
Vinay Abrol
Simon Hildrey - Chief Marketing Officer
Numis Securities Limited 020 7260 1000
Corporate Broking & Advisory - Charles Farquhar
Macquarie Capital (Europe) Limited 020 3037 2000
Advisory - Jonny Allison, Kavita Choitram
Corporate Broking - Alex Reynolds, Nicholas Harland
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 Services 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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