Liontrust Assessment of Value Report - Flipbook - Page 108
Liontrust MA Explorer Income 45 Fund
The Fund aims to generate income with the potential for capital
growth over the long term (5 years or more). The Fund typically
has a balanced exposure to higher risk assets and lower risk
assets compared to other funds in the Liontrust MA Explorer Funds
range that have a higher or lower risk profile.
Overall value
assessment
We have evaluated the Fund
against all seven criteria in
our assessment of the value
it provides to investors. We
have concluded that the
Fund has performed in line
with expectations, and the
Fund’s charges are justified
given the overall value
that has been delivered to
investors.
Go back to the Summary
of the Assessment of
Value table
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 Income 45 Fund in the first half of
2023, having formerly been known as the MA Active Moderate Income 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 positive net return of 3.4% over the last five years and
10.4% over the last year versus the IA Mixed Investment 20-60% Shares sector
average, which returned 9.4% over 12 months. The Fund has generated an
income yield of 1.7%**.
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 and delivered on its income objective.
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.
108 - Liontrust Assessment of Value Report
