TIDMLIO
RNS Number : 8061L
Liontrust Asset Management PLC
06 October 2016
Embargoed until 7am on 6 October 2016
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 2016.
Highlights
-- Assets under management ("AuM") were GBP5.7 billion as at
close of business on 30 September 2016 (31 March 2016: GBP4.8
billion), an increase of nearly GBP900 million or 19% over the 6
month period
-- Net inflows of GBP92 million in the six months to 30 September 2016
-- Acquisition of Argonaut Capital Partners LLP's European
Income business completed on 8 July 2016 adding GBP272 million of
AuM
-- AuM as at close of business on 4 October 2016 was GBP5.823 billion
Commenting, John Ions, Chief Executive, said:
"We have enjoyed a successful first half of our financial year
with our AuM increasing by nearly GBP900 million through a
combination of positive net flows, strong investment performance,
market movements and completing the acquisition of Argonaut's
European Income business.
"It has been very pleasing to deliver another quarter of
positive net flows of GBP26 million at a time of political and
economic uncertainty and a tough environment for selling UK equity
funds. UK All Companies was the worst selling sector by net retail
sales in February, March, April, May and July 2016, according to
the Investment Association. Equity funds in general have suffered
negative net retail sales in every one of the first eight months of
2016.
"We continue to benefit from having distinct and robust
investment processes, which means our fund managers do not get
distracted by market noise, strong fund performance and longevity
of our fund managers.
"In November, the European Growth fund will celebrate its 10
year anniversary. This will become the 6(th) Liontrust fund which
is more than 10 years old and for which at least one manager has
been running the fund since launch. The European Growth Fund is
ranked 5(th) out of 105 funds over one year to 3 October 2016.
"We have also enjoyed strong performance in our UK funds. UK
Growth and Special Situations are ranked 3(rd) and 4(th) out of 267
funds in the UK All Companies sector over one year while UK Smaller
Companies is ranked 4(th) out of 48 funds in the IA UK Smaller
Companies sector.
"The acquisition of Argonaut's European Income business has
further diversified our fund management capability and enhanced our
equity income franchise. The Asia Income and Macro Equity Income
funds offer historic yields of 4.45% and 4.47% respectively while
the European Income and European Enhanced Income funds have target
yields of 4.1% and 4.4% respectively.
"This broader range of fund management capability and strong
fund performance gives me confidence that we will continue to grow
the business over the rest of the financial year."
Funds under Management
On 30 September 2016, our AuM stood at GBP5,685 million and were
broken down by type and process as follows:-
Offshore
Process Total Institutional UK Retail MPS* Funds
(GBPm) (GBPm) (GBPm) (GBPm) (GBPm)
Cashflow Solution 747 491 227 - 29
Economic Advantage 3,192 215 2,930 - 47
Macro-Thematic 768 325 416 - 27
European Income 271 - 271 - -
Asia Income 81 - 80 - 1
Structural Opportunities 24 - - - 24
Multi-Asset 553 324 - 229 -
Indexed 49 - 49 - -
Total 5,685 1,355 3,973 229 128
* Managed Portfolio Services are where we act as discretionary
fund manager to a range of model portfolios which are marketed to
advisory intermediates in the UK.
On 4 October 2016, our AuM was GBP5.823 billion.
Funds Flows
Liontrust has recorded net inflows for the half year are GBP92
million (2015: GBP110 million). A reconciliation of fund flows and
AuM over the half year is as follows:-
Offshore
Total Institutional UK Retail MPS* Funds
GBPm GBPm GBPm GBPm GBPm
Opening AuM - 1 April
2016 4,791 1,138 3,330 204 119
Net flows 92 77 4 10 1
Acquisitions 272 - 272 - -
Market and Investment
performance 530 140 367 15 8
Closing AuM - 30 September
2016 5,685 1,355 3,973 229 128
The net inflows over the three months to 30 September 2016 are
GBP26 million (2015: GBP117 million). A reconciliation of fund
flows and AuM over the three months to 30 September 2016 is as
follows:-
Offshore
Total Institutional UK Retail MPS* Funds
GBPm GBPm GBPm GBPm GBPm
Opening AuM - 1 July
2016 4,847 1,168 3,344 213 122
Net flows 26 60 (33) 2 (3)
Acquisitions 272 - 272 - -
Market and Investment
performance 540 127 390 14 9
Closing AuM - 30 September
2016 5,685 1,355 3,973 229 128
* Managed Portfolio Services are where we act as discretionary
fund manager to a range of model portfolios which are marketed to
advisory intermediates in the UK.
Fund Performance (Quartile ranking)
Quartile Quartile Quartile Quartile Launch
ranking ranking ranking ranking Date/Manager
- Since - 5 year - 3 year - 1 year Appointed
Launch/Manager
Appointed
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust UK Growth
Fund 1 2 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 4 - - - 09/03/2016
Cap Fund
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust Macro Equity
Income Fund 1 4 3 4 31/10/2003
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust Macro UK
Growth Fund 1 4 3 4 01/08/2002
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust European
Income Fund 3 3 3 4 15/12/2005
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust European
Enhanced Income Fund 3 4 3 4 30/04/2010
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust European
Growth Fund 1 2 1 1 15/11/2006
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust Asia Income
Fund 1 - 2 1 05/03/2012
------------------------------ ---------------- ---------- ---------- ---------- --------------
Liontrust Global Income
Fund 3 - 4 3 03/07/2013
------------------------------ ---------------- ---------- ---------- ---------- --------------
Source: Financial Express, total return, bid to bid, net, to 30
September 2016 unless otherwise stated, data is accurate as at 1
July 2016. The above funds are all UK authorised unit trusts
(primary share class). Liontrust FTSE 100 Tracker Fund (index fund)
not included. The value of investments and the income from them can
fall as well as rise. Investors may not get back the amount
originally subscribed.
Notice of Half Year Results Announcement
Liontrust confirms that it will be announcing its half year
results for the six months ended 30 September 2016 on Tuesday, 15
November 2016.
For further information please contact:
Liontrust Asset Management Plc 020 7412 1700
John Ions www.liontrust.co.uk
Vinay Abrol
Simon Hildrey - Head of Marketing & Distribution
Strategy
Numis Securities Limited 020 7260 1000
Corporate Broking & Advisory - Charles Farquhar, Andrew
Holloway
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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