Earnings Release • Jan 9, 2019
Earnings Release
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RNS Number : 5423M
Liontrust Asset Management PLC
09 January 2019
Embargoed until 7am on 9 January 2019
Stock Exchange Announcement
LIONTRUST ASSET MANAGEMENT PLC
Trading Update
Liontrust Asset Management Plc ("Liontrust"), the specialist independent fund management group, today issues a trading update for the period from 1 October to 31 December 2018 (the "Period").
Highlights
· Assets under management ("AuM") were £11.2 billion as at close of business on 31 December 2018 (30 September 2018: £12.0 billion).
· Net inflows of £471 million in the three months ended 31 December 2018 and £1,194 million for the nine months ended 31 December 2018.
Commenting, John Ions, Chief Executive, said:
"Liontrust has continued to generate strong sales, with a successful last three months of 2018 delivering £471 million of net inflows. Liontrust has now recorded net inflows of £1.19 billion since the start of the financial year on 1 April 2018.
This has been achieved despite the challenging environment for equities and bonds in the latter part of 2018. The level of positive sales is testament to our broader fund management capability, robust investment processes, the ongoing attraction of truly active fund management and the power of our distribution.
Through the addition of the Global Fixed Income team of David Roberts and Phil Milburn from Kames Capital and Donald Phillips from Baillie Gifford last year and the Sustainable Investment team from Alliance Trust Investments in 2017, we have further diversified both the asset classes we manage and our client base. This diversification has helped to increase sales in the current financial year and is providing greater stability during volatile markets.
The Liontrust UK Micro Cap Fund, which is managed by the Economic Advantage team and will celebrate its three-year anniversary in March, demonstrates the added value that active management can provide investors. The Fund was the top performer in the IA UK Smaller Companies sector in 2018, delivering a positive return of 3.05%. In comparison, the return of the average fund in the sector was -11.70%.*
The experience, track record and robust investment processes of our fund management teams, along with the strength of our distribution, service and administration, give me great confidence that Liontrust is well positioned for the future, however challenging and unpredictable it may be."
*Source: Financial Express, total return (income reinvested and net of fees), to 31 December 2018
Funds under Management
On 31 December 2018, our AuM stood at £11.239 billion 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 | 870 | 477 | 297 | - | 96 |
| Economic Advantage | 5,508 | 220 | 5,194 | - | 94 |
| Macro Thematic | 147 | - | 137 | - | 10 |
| European Income | 176 | - | 176 | - | - |
| Asia | 109 | - | 99 | - | 10 |
| Sustainable Investment | 3,332 | 27 | 3,111 | - | 194 |
| Global Fixed Income | 328 | - | 162 | - | 166 |
| Multi-Asset | 769 | - | - | 769 | - |
| Total | 11,239 | 724 | 9,176 | 769 | 570 |
Funds Flows
The net inflows over the three months to 31 December 2018 are £471 million (2017: £571 million). A reconciliation of fund flows and AuM over the three months to 31 December 2018 is as follows:-
| Total | Institutional | UK Retail | Multi-Asset | Offshore Funds | |
| (£m) | (£m) | (£m) | (£m) | (£m) | |
| Opening AuM - 1 October 2018 | 12,045 | 1,064 | 9,651 | 786 | 544 |
| Net flows | 471 | (184) | 547 | 33 | 75 |
| Market and Investment performance | (1,277) | (156) | (1,022) | (50) | (49) |
| Closing AuM - 31 December 2018 | 11,239 | 724 | 9,176 | 769 | 570 |
Liontrust has recorded net inflows over the nine months to 31 December 2018 of £1,194 million (2017: £749 million). A reconciliation of fund flows and AuM over the nine months to 31 December 2018 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 | 1,194 | (318) | 1,254 | 94 | 164 |
| Market and Investment performance | (430) | (102) | (279) | (25) | (24) |
| Closing AuM - 31 December 2018 | 11,239 | 724 | 9,176 | 769 | 570 |
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 | 4 | 3 | 3 | 31/10/2003 |
| Liontrust Macro UK Growth Fund | 2 | 4 | 4 | 3 | 01/08/2002 |
| Liontrust European Growth Fund | 1 | 1 | 2 | 3 | 15/11/2006 |
| Liontrust Asia Income Fund | 2 | 3 | 3 | 2 | 05/03/2012 |
| Liontrust European Income Fund | 3 | 3 | 4 | 2 | 15/12/2005 |
| Liontrust European Enhanced Income Fund (Hedged) | 4 | 4 | 4 | 3 | 30/04/2010 |
| Liontrust Global Income Fund | 4 | 4 | 2 | 3 | 03/07/2013 |
| Liontrust Monthly Income Bond Fund | 2 | 2 | 1 | 4 | 12/07/2010 |
| Liontrust SF Absolute Growth Fund | 3 | 1 | 1 | 1 | 19/02/2001 |
| Liontrust SF Corporate Bond Fund | 2 | 2 | 1 | 4 | 20/08/2012 |
| Liontrust SF Cautious Managed Fund | 1 | 1 | 1 | 23/07/2014 | |
| Liontrust SF Defensive Managed Fund | 1 | 1 | 1 | 23/07/2014 | |
| Liontrust SF European Growth Fund | 2 | 3 | 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 31 December 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). 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 3 January 2019.
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 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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