Liontrust Assessment of Value Report - Flipbook - Page 134
Liontrust MA Dynamic Passive Moderate Fund
The Fund seeks to achieve capital growth and income with a below
median level of volatility. The Fund invests in fixed income, UK and
equities globally, including a small exposure to emerging markets and
UK property. The underlying funds will, where practicably possible, be
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.
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of the Assessment of
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passive. The Fund typically has a lower exposure to higher risk assets
and a greater exposure to lower risk assets compared to other funds in
the Liontrust MA Dynamic Passive range that have a higher risk profile.
Class A
Class D
Class R
Class S
Class Z
Direct Retail
Wholesale
Legacy
Retail
Wholesale*
Internal
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’s objective is 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. In March 2023, the Liontrust Multi-Asset
team adopted new bespoke Strategic Asset Allocations and a new provider
for oversight of the Liontrust risk profiles.
The Fund has delivered a return of 11.0% over the last five years**.
All the Fund’s equity holdings produced positive returns. This was led by the
US, which was followed by the UK, Japan, Europe ex-UK, emerging markets
and Developed Asia.
The exposure to fixed income has delivered mixed results, however. Mediumterm gilts were the single largest detractor to performance, while global
government bonds also weighed. But corporate bonds and high yield both
performed positively.
We can confirm that the Fund stayed within its targeted risk band and is on
track to meet the expected level of volatility over the long term.
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.
134 - Liontrust Assessment of Value Report
