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
762.8p
discount
Discount including income with debt at fair value. Source: BNYM Fund Services (Ireland) Limited
5.9%
net yield
Annual dividend per share divided by share price. Source: BNYM Fund Services (Ireland) Limited
1.9%
gross assets
Total income net asset value excluding prior charges. Source: BNYM Fund Services (Ireland) Limited
£3,034.5
Portfolio allocation as at 31 October 2018

Total Trust Assets

Source: The Bank of New York Mellon (International) Ltd as at 31.10.18

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 31.10.18

By Sector

 

Source: The Bank of New York Mellon (International) Ltd as at 31.10.18

Quarterly market commentary

The view from our Investment Manager, 30 September 2018

Over the quarter, the Trust’s total shareholder return, Net Asset Value (NAV) total return and equity portfolio return were 3.9%, 4.8% and 4.6% respectively, against the MSCI ACWI which returned 5.7% over the same period. Since the beginning of 2018, the equity portfolio has returned -0.8% relative to the index. Whilst underperformance over any period is disappointing, the Trust’s performance relative to the index over the year-to-date is well within the range of outcomes we consider to be normal given the risk profile of the fund, and the need to take adequate risk to meet our long term objective of outperforming the index by 2.0% pa net of fees.

2018 has been a particularly challenging year for active managers. The median stock return was approximately 5.8% lower than the index, indicating that a lot of companies underperformed the index and only a small number outperformed. Furthermore, of that smaller proportion of outperforming stocks, we observe that many of the biggest contributors are in the very large cap (>$150bn) space.  It is unusual for the market to be so dominated by a relatively small number of very large cap stocks, making it difficult for active managers that have a natural tendency not to crowd into large caps, preferring to exploit a broader opportunity set by investing across the market cap spectrum in search of the greatest long-term winners. However this tendency has, over the short-term, created headwinds against our portfolio.

During the third quarter, notable additions to the portfolio include Sulzer, a Swiss industrial engineering and manufacturing firm and Grandvision, an optical retailer with a number of well-known international subsidiaries. Notable sales from the portfolio were Scout24 and ALS Ltd. Towards the end of the quarter we made some small adjustments to our target manager allocations in order to adjust the balance of investment styles in the portfolio; our high level of conviction in all of the Trust’s equity managers remains unchanged.

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 31 October 2018
Microsoft
£47.8
1.8%
1.8%
Alphabet
£47.8
1.8%
3.6%
HDFC Bank
£43.9
1.7%
5.3%
UnitedHealth Group
£42.7
1.6%
7%
HCA Healthcare
£36.3
1.4%
8.3%
Oracle
£36
1.4%
9.7%
Western Union
£35.4
1.4%
11.1%
Anthem
£33.2
1.3%
12.3%
Philip Morris International
£33.2
1.3%
13.6%
Cigna
£32.8
1.3%
14.8%
Sub Total Equities
£2620.6m
100%
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OEICS As at 31 October 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%
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Other asset classes As at 31 October 2018
Cash
£97.6
3.7%
108.7%
Private Equity
£68.8
2.6%
102.6%
Operating Subsidiary
£36.6
1.4%
104%
Other Non-Core Assets
£24.4
0.9%
104.9%
Total Borrowings
-£227
-8.7%
100%
Net Total
£2621m
100%
Show All
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