In a period when retail investors pulled more cash from UK equity funds than they invested, Liontrust (LIO) continued to swim against the tide. The UK asset manager, which specialises in active strategies, recorded £1.4bn in net inflows during the first half, double the amount it gained in the corresponding period in 2018.
Together with £627m in market gains and October’s acquisition of Neptune Investment Management – which added £2.7bn in assets – funds under management had risen to £17.9bn by mid-November. Investors seem to be putting their money where their mouths are judging by the assets attracted by the group’s sustainable investment team, which was acquired just over two years ago. Funds managed by that strategy reached £4.6bn, up almost a quarter on the same time last year.
Broker Numis forecasts adjusted pre-tax profits of £38.8m and EPS of 56.9p for the year to March 2020, rising to £47.9m and 67p the following year.
| LIONTRUST ASSET MANAGEMENT (LIO) | ||||
| ORD PRICE: | 900p | MARKET VALUE: | £493m | |
| TOUCH: | 886-902p | 12-MONTH HIGH: | 940p | LOW: 530p |
| DIVIDEND YIELD: | 1.0% | PE RATIO: | 60 | |
| NET ASSET VALUE: | 97p* | NET CASH: | £28m** | |
| Half-year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2018 | 46.3 | 7.82 | 11.8 | 7.0 |
| 2019 | 53.1 | 9.30 | 15.0 | 9.0 |
| % change | +15 | +19 | +27 | +29 |
| Ex-div: | 28 Nov | |||
| Payment: | 03 Jan | |||
| *Includes intangible assets of £23m, or 42p a share | ||||
| **Excludes lease liabilities of £2.1m | ||||
