Updates

Liontrust

July 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

It wasn’t much of a surprise to see Liontrust report AUM of £22.6bn as of March, a 19% year-on-year decline, driven by net outflows of £4.9bn and negative market movements of £0.3bn. Net management fee income was £154.1m, down 12% year-on-year, reflecting a 9% reduction in average assets under management and a 2bps decline in fee margin to 60bps, largely due to redemption and the resilience of lower-margin strategies. Helped by reduced staff costs (down 13% to £69m driven by a partial-year benefit of the £6m cost restructuring) pretax profit was £48.3m, down 29% year-on-year, with EPS down 28% at 56.7p. The company maintained its full-year dividend at 72p, which includes a second interim dividend of 50p to be paid on 8 August (ex- ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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