OUR PORTFOLIO

Stay up to date with the portfolio allocation, latest equity holdings and our quarterly market commentary.

Latest available values
share price
Share price information throughout the site is provided by Investis. Updated every 15 minutes
nav per share
Net Asset Value (NAV) per share including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
760.4p
discount
Discount including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
5.7%
net yield
Annual dividend per share divided by share price. Source: BNYM Fund Services (Ireland) Limited
1.8%
gross assets
Total income net asset value excluding prior charges. Source: BNYM Fund Services (Ireland) Limited
£2,552.0
Portfolio allocation as at March 2018

Source: The Bank of New York Mellon (International) Ltd as at 31.03.18

9. Includes private equity, mineral rights, funds, Liontrust Asset Management plc shares and other non-operating subsidiaries.
10. Cash quoted is centrally held cash. The equity portfolio may also hold cash as a result of trading by the underlying managers.

By Geography

Source: The Bank of New York Mellon (International) Ltd and MSCI Inc as at 31.03.18

By Sector

Source: The Bank of New York Mellon (International) as at 31.03.18

Quarterly market commentary

The view from our Investment Manager, 31 December 2017

Over the final quarter of 2017, higher inflation figures in the UK led the Bank of England to implement its first interest rate rise in over a decade and, as was widely expected, rising growth and falling unemployment figures in the US led the Federal Reserve to raise interest rates for the third time in 2017 whilst simultaneously upgrading growth and inflation outlooks for the year ahead. Global equity markets continued to perform strongly, as the MSCI All Country World Index (ACWI) returned 5.0% in Pounds Sterling terms.

The Trust’s total shareholder return, Net Asset Value (NAV) total return and equity portfolio return over the quarter were 4.7%, 4.3% and 3.8% respectively, underperforming the MSCI ACWI over the same period. The portfolio has slight overweight exposure to the Eurozone and UK which has detracted from performance as other economies, in particular Asia-Pacific and the US, outperformed when measured in Pounds Sterling. From a sector perspective, managers’ stock selection decisions in Utilities, Industrials and Consumer Discretionary also detracted. Since 1 April 2017, the Trust’s equity portfolio has returned 9.8% and outperformed the MSCI ACWI by approximately 2.2%, with stock selection remaining the main driver of performance.

Read our Investment Manager’s report for more on our portfolio’s performance over the past month.

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Equity holdings As at 28 February 2018
Alphabet
£52.6
2%
2%
Microsoft
£47.3
1.8%
3.7%
Amazon
£46.3
1.7%
5.4%
Comcast
£42
1.6%
7%
Charter Communications
£41.3
1.5%
8.5%
Baidu - ADR
£39.8
1.5%
10%
UnitedHealth Group
£36.4
1.4%
11.3%
Oracle
£33.4
1.2%
12.6%
Western Union
£31.8
1.2%
13.8%
Page Group
£28.8
1.1%
14.8%
Sub Total Equities
£2606.9m
96.8%
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OEICs As at 28 February 2018
Luxcellence Liontrust Sustainable Future Pan-European Equity Fund
£81.5
3%
99.8%
Liontrust Sustainable Future Cautious Managed Fund
£12.9
0.5%
100.3%
Liontrust Sustainable Future Defensive Managed Fund
£12.6
0.5%
100.7%
Sub Total OEICS
£107m
100.7%
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Other asset classes As at 28 February 2018
Cash
£83.4
3.1%
108.6%
Private Equity
£71.2
2.6%
103.4%
Operating Subsidiary
£38
1.4%
104.8%
Other Non-Core Assets
£20.7
0.8%
105.6%
Total Borrowings
-£233
-8.6%
100%
Net Total
£2694.2m
100%
Show All
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