Liontrust Assessment of Value Report - Flipbook - Page 103
The Fund has always explicitly targeted the risk appetite
of European and institutional investors, which is lower
than that of the sector in general, and therefore the Fund
may underperform those funds taking more risk. Despite
this, the sector remains the most appropriate one for
comparison purposes. Given the above, the Fund has
been scored as Green for performance.
Quality of service
Our assessment has considered the range and quality of
services experienced by investors. We have concluded
that the quality of services provided to our investors by
Liontrust or the companies we work with is in line with
expectations. This has been assessed through a detailed
review of the services we provide, our engagement
with investors, communications and governance, and
has been confirmed through our investor survey. We
continue to focus on elements of our services that can
be enhanced.
AFM costs – general
We have reviewed the costs that investors pay for the
operation and management of the Fund. Our assessment
has concluded that the costs of services provided to the
Fund remain appropriate. We will continue to review
the costs and charges of the Fund at least annually.
Comparable market rates
We have assessed the charges of this Fund against
comparable funds in its peer group. Our assessment has
concluded that the ongoing charges figure (OCF) of the
Fund is less than, or in line with, other comparable funds
in its peer group.
Economies of scale
Our assessment has considered whether we are able
to generate efficiencies to achieve economies of scale
and if benefits have been passed onto our investors. The
Fund benefits from a model which provides clarity of
Fund costs to investors and enables a potential reduction
in fees as the Fund increases in size. Our investors have
been able to benefit from an improvement in service as
a result of re-investment in the business.
Comparable services
We have assessed the charges of this Fund against
other Liontrust Funds and dedicated accounts set up for
large institutional investors (such as pension funds) with
a similar investment objective, strategy and policy. Any
fee differences between Liontrust funds and comparable
services have been evaluated to determine whether they
are reasonable. Our assessment has concluded that
investors in this Fund are charged appropriately relative
to investors in other similar Liontrust funds and for the
services provided to institutional investors.
Classes of shares or units
Our assessment has considered whether investors are
invested in the most appropriate share class that is
available to them. Based on the information available
to us, our review concluded that investors are invested in
the most appropriate share classes for the Fund. We will
continue to monitor the charges of the share classes to
ensure they meet the needs of our investors.
We have assessed the OCF of all the share classes of
the Fund, and the outcome of each class can be found
in the table on the previous page. We will continue to
monitor the charges of the Fund to ensure these remain
appropriate on an ongoing basis.
Liontrust Assessment of Value Report - 103
