Liontrust Asset Management (LIO) continues to defy the prevailing trend away from active management in favour of passive investment strategies. The popularity of its actively managed, and UK-biased, equity strategies helped pull in an extra £255m in cash from investors last year. While this compares with £667m of inflows last year, just under half of that figure came from just one institutional client. Overall, assets under management were up 7 per cent over 12 months to £4.8bn at the end of March.
The fund manager has beefed up its investment team, establishing a global equity team and doubling the size of the team covering its major strategy, which aims to invest in companies with a durable competitive advantage. Assets here increased 15 per cent to £2.6bn, although its cash flow and macro thematic strategies suffered declines.
Overall, the group generated a modestly positive investment performance, adding £42m to its assets. Of the group’s UK retail funds, six of its eight UK unit trusts are in the first quartile of their respective sectors since launch or manager appointment.
Analysts at Numis expect adjusted pre-tax profits of £14.6m, giving EPS of 25.8p (FY2016: £14.6m, 25.7p).
LIONTRUST ASSET MANAGEMENT (LIO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 284p | MARKET VALUE: | £129m | |
| TOUCH: | 275-284p | 12-MONTH HIGH: | 394p | LOW: 245p |
| DIVIDEND YIELD: | 4.2% | PE RATIO: | 17 | |
| NET ASSET VALUE: | 58p | NET CASH: | £19m | |
| Year to 31 March | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 13.7 | -1.6 | -0.7 | nil |
| 2013 | 20.4 | -3.9 | -11.2 | 1 |
| 2014 | 28.5 | 3.2 | 5.6 | 3 |
| 2015 | 36.8 | 7.3 | 14.6 | 8 |
| 2016 | 44.9 | 9.4 | 16.5 | 12 |
| % change | +22 | +29 | +13 | +50 |
Ex-div:23 Jun Payment:21 Jul | ||||
