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
834.2p
discount
Discount including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
7.2%
net yield
Annual dividend per share divided by share price. Source: BNYM Fund Services (Ireland) Limited
1.7%
gross assets
Total income net asset value excluding prior charges. Source: BNYM Fund Services (Ireland) Limited
£2,941.3
Portfolio allocation as at June 2018

 

Source: The Bank of New York Mellon (International) Ltd as at 30.06.18

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 30.06.18

By Sector

 

Source: The Bank of New York Mellon (International) Ltd as at 30.06.18

Quarterly market commentary

The view from our Investment Manager, 30 June 2018

Over the quarter, the Trust’s total shareholder return, Net Asset Value (NAV) total return and equity portfolio return were 7.5%, 7.2% and 6.9% respectively, against the MSCI All Country World Index (ACWI), which returned 7.1% over the same period. Despite the portfolio just slightly underperforming the MSCI ACWI during this period, the equity portfolio has outperformed the benchmark since the start of the year by 0.6%.

Following the market correction in the first quarter, the second quarter started with equity markets posting positive returns encouraged by higher-than-expected earnings. However, global equity markets were volatile, as geopolitical risks continued to dominate headlines throughout April. In May, US stocks led global equity markets despite persistent fears of a trade war, with the MSCI US index outperforming the ACWI by approximately 2.3% in sterling terms. The Trust’s underweight to the US was a detractor to performance during this period.

The Federal Reserve increased interest rates for the second time this year in June, putting increasing pressure on Emerging Market countries with large current account deficits. As a result, the portfolio’s underweight position to Asia and Emerging Markets was a contributor to the outperformance of the Trust in June.

From a sector perspective, technology stocks continued their run of healthy returns, generating significant positive contributions to the Trust’s returns over the quarter.

During this period, the biggest addition to the portfolio was a position in Equinix, a US-based data centre provider, whereas the biggest sales were positions in Booking Holdings and Sberbank.

Since our appointment on 1 April 2017, the Trust’s equity portfolio has returned 12.9%, outperforming the MSCI ACWI by 2.8%. It is pleasing to see that the majority of outperformance since our appointment and implementation of the new investment approach can be attributed to stock selection. Our approach to portfolio construction has allowed performance to be driven by the equity managers’ stock-picking capabilities, and not swayed by any individual factor or regional bets.

Going forward, we expect the increased levels of volatility and dispersion that we have witnessed over the recent months to persist, providing opportunities for active stock pickers like the managers within the Trust. There were no changes to the manager line-up or target allocations this quarter.

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 30 June 2018
Alphabet
£64.4
2.4%
2.4%
Charter Communications
£45.1
1.7%
4%
Microsoft
£42.9
1.6%
5.6%
Amazon
£42.7
1.6%
7.2%
UnitedHealth Group
£41
1.5%
8.7%
salesforce.com
£40.6
1.5%
10.2%
Facebook
£38.4
1.4%
11.6%
Western Union
£36.3
1.3%
12.9%
Sap Se - ADR
£33.6
1.2%
14.2%
Oracle
£31.4
1.2%
15.3%
Sub Total Equities
£2706.7m
99.7%
Show All
OEICS As at 30 June 2018
Luxcellence Liontrust Sustainable Future Pan-European Equity Fund
£0
0%
0%
Liontrust Sustainable Future Cautious Managed Fund
£0
0%
0%
Liontrust Sustainable Future Defensive Managed Fund
£0
0%
0%
Sub Total OEICS
£0m
0%
Show All
Other asset classes As at 30 June 2018
Cash
£95.8
3.5%
108.4%
Private Equity
£78.8
2.9%
102.6%
Operating Subsidiary
£38
1.4%
104%
Other Non-Core Assets
£22.1
0.8%
104.8%
Total Borrowings
-£227.2
-8.4%
100%
Net Total
£2714.2m
100%
Show All
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