Liontrust Assessment of Value Report - Flipbook - Page 106
Liontrust MA Explorer 35 Fund
The Fund aims to generate capital growth and income over the
long term (5 years or more). The Fund typically has a lower
exposure to higher risk assets and a greater exposure to lower risk
assets than other funds in the Liontrust MA Explorer Funds range
that have a higher risk profile.
Overall value
assessment
We have evaluated the Fund
against all seven criteria in
our assessment of the value
it provides to investors.
While the Fund has received
Amber for Performance, we
understand why and have
explained the reasons for this
in the Performance section
on this page. Given that the
Performance was Amber last
year, we continue to keep
the Fund under close review.
The Fund has performed in
line with expectations for the
remaining criteria, and the
Fund charges are justified
given the overall value that has
been delivered to investors.
Go back to the Summary
of the Assessment of
Value table
This document is intended to be for
information purposes only. It is not
marketing material.
**Source: Financial Express, as at 30.06.24, total
return, bid-to-bid, net of fees, income reinvested.
106 - Liontrust Assessment of Value Report
Class A
Class R
Class S
Direct Retail
Legacy Retail
Wholesale*
Performance
Quality of service
AFM costs – general
Comparable market rates
Economies of scale
Comparable services
Classes of units
*This is the representative share class for Performance and Comparable market rates.
Performance
We have assessed the investment performance of the Fund against its stated
investment objective that is set out in its prospectus. We considered whether
the Fund has performed how we and investors would expect it to given the
market conditions it has been operating under and its investment philosophy,
strategy and process.
The Fund was renamed the MA Explorer 35 Fund in the first half of 2023,
having formerly been known as the MA Active Reserve Fund. The investment
objective of the funds in the Active range changed from a focus on staying
within certain risk (volatility) bands to prioritising investment returns. A new
Strategic Asset Allocation was also adopted for the Explorer range to reflect
the change in objective, investment policy and the addition of the IA Mixed
Investments sectors as comparator benchmarks. The funds’ primary objective
is now focused on generating capital growth and income over the long term
with the level of risk being a secondary consideration.
The Fund has delivered a net return of -4.6% over the last five years and
9.8% over the last year versus the IA Mixed Investment 40-85% Shares sector
average, which returned 7.6% over 12 months**.
Prior to the above changes, the Fund’s objective had been to target a specific
level of long-term (15 years) volatility while trying to maximise the total return,
which may be in the form of either income or capital growth. Prior to the
changes, the Fund stayed within its targeted risk band, and subsequent to
the change outperformed the sector average. However, since the Fund has
produced a negative return over five years, it has been scored as Amber.
