The Liontrust Cashflow Solution MONTHLY FACTSHEET 30 SEPTEMBER 2014 GF Pan European Fund Fund Managers James Inglis-Jones Samantha Gleave Following a review of the Fund’s operations, a decision has been made by the Directors to close the Liontrust GF Pan European Fund on 15 October 2014. For more information please contact our Broker Sales Desk. For regular Fund Manager updates please visit the Liontrust Fund Managers’ blog: www.liontrust.co.uk/fundmanagerblog James joined Liontrust in March 2006 and has managed the Liontrust GF Pan European Fund since 4 October 2011. Samantha joined Liontrust in 2012. James Inglis-Jones Overview The Fund: The Liontrust GF Pan European Fund seeks long-term capital appreciation in excess of the MSCI Pan Euro Index (net income reinvested). Objective: The Fund will seek to achieve its investment objective by investing in a focused portfolio of quoted • Investment experience since 1997 • Previously worked at Fleming Investment Management, JP Morgan Fleming and Polar Capital Samantha Gleave • Investment experience since 1996 • Previously worked for Sutherlands Ltd, Fleming Investment Management, Credit Suisse First Boston and Bank of America Merrill Lynch equity investments and derivatives of companies incorporated in any pan European country, or in companies which have a significant proportion of their assets or interests in Europe. Investment will not be constrained to a specific industry or country specific focus. Process: The Fund is managed in accordance with a proprietary, tried and tested investment process, The Liontrust Cashflow Solution, researched and documented by the managers at Liontrust. The Fund only buys lowly valued stocks with unusually strong cash flows where investors have low profit expectations. Strong company cash flows (after investment spending) are a good indicator of strong growth in future reported profits. Discrete Years’ Performance (%) To previous quarter, 12 months ending: EUR Class MSCI Pan-Euro (EUR) USD Class GBP Class Sep-10 9.2 8.9 Sep-11 -8.1 -9.9 Sep-12 19.5 22.4 Sep-13 13.3 17.2 Sep-14 14.5 14.0 1.8 4.9 -9.6 -8.1 14.5 10.5 19.4 19.1 6.9 7.1 Cumulative Performance as at 30.09.2014 (%) EUR Class MSCI Pan-Euro (EUR) USD Class GBP Class 1 Month -0.5 0.7 -4.5 -1.8 Fund Manager Since 3 Months 6 Months 1 year 3 years 5 years YTD Inception* Launch** 0.6 5.1 14.5 55.0 55.6 9.6 61.0 55.8 1.4 5.9 14.0 63.4 60.3 7.6 69.5 43.1 Source: Financial Express. *The Cashflow Team took over management of the Fund on 04.10.2011. **Launch date: 08.09.2008. -7.1 -1.7 -3.6 -0.5 6.9 7.1 46.1 40.9 34.5 35.9 0.6 3.1 53.3 46.2 38.1 55.0 *The Cashflow Team took over management of the Fund on 04.10.2011. **Launch date 08.09.2008. Past performance is not a guide to future performance. Investment in the Fund carries the risk of potential total loss of capital. Investment in the Fund involves a foreign currency and may be subject to fluctuations in value due to movements in exchange rates. MONTHLY 30 SEPTEMBER 2014 GF Pan European Fund Fund Information Top 10 Holdings Shire Actelion 3.4% Boliden 2.6% Man Group 2.5% Delhaize 2.5% Melexis 2.5% Yara 2.5% ITV 2.4% Novo Nordisk 2.4% Playtech 2.4% 2.6% Sector Breakdown Basic Materials Consumer Goods Consumer Services Financials Healthcare Industrials Oil & Gas Technology Telecommunications Utilities 8.8% 11.7% 29.1% 13.1% 14.5% 7.8% 1.8% 5.4% 2.0% 4.6% 08.09.08 04.10.11 Europe incl. UK MSCI Pan-Euro Index €1m 48 Charges Initial Charge Ongoing Charges Figure* Included within the OCF is the Annual Management Charge** 5% 2.50% (as at 31.03.2014) 1.50% *The OCF covers all aspects of operating a fund during the course of its financial year. These include the annual charge for managing the fund, administration and independent oversight functions, such as trustee, depository, custody, legal and audit fees. The OCF excludes portfolio transaction costs except for an entry/exit charge paid by the Fund when buying or selling units in another fund. **These are the annual costs of running and managing the Fund. Key Information Minimum Initial Investment EUR35,000, USD35,000, GBP25,000 Minimum Additional Investment EUR5,000, USD5,000, GBP5,000 Performance Fee None Annual Accounting Date 31 December Sedol Code EUR B3C9942, USD B3C9953, GBP B3C9975 Bloomberg Code EUR OCCEURE, USD OCCEURU, GBP OCCEURG EUR IE00B3C99424, USD IE00B3C99531, ISIN Code GBP IE00B3C99754 Risk Ratios Geographic Breakdown Austria Belgium Denmark France Germany Greece Ireland Netherlands Norway Spain Sweden Switzerland United Kingdom Cash Launch Date Manager Inception Peer Group Benchmark Index Fund Size Number of Holdings 1.9% 5.0% 2.4% 5.7% 4.2% 1.9% 1.9% 1.3% 8.1% 8.3% 8.4% 6.6% 43.1% 1.3% (Annualised over 36 months) Alpha Beta Information Ratio 3.47% 0.74 -0.11 (Annualised over 260 weeks) Volatility Benchmark Volatility 15.85% 16.14% ALPHA: A measure of the portfolio’s expected return when the benchmark produces no movement. BETA: The amount the Fund is expected to gain or lose when the benchmark moves by one unit. It takes account of the relative risk of the Fund as well as the correlation of movements between the Fund and the benchmark. INFORMATION RATIO: The overall Fund returns minus the benchmarked returns and divided by the tracking error. Shows the value added, in units of assumed risk, of the fund manager’s decisions in excess of what the market would have delivered. VOLATILITY: Demonstrates how widely the range of returns from the Fund or Benchmark differed from its average return during the last five years period using weekly data: the smaller the volatility value the lesser the degree of fluctuation around its eventual average movement over the period. This document provides information about the Liontrust GF Pan European Fund (‘the Fund’) and Liontrust Investment Partners LLP. Liontrust Investment Partners LLP is authorised and regulated in the UK by the Financial Conduct Authority to undertake regulated investment business. The Fund qualifies as an undertaking for collective investment in transferable securities (‘UCITS’) and has obtained recognition under the European Communities Directive for marketing in certain member states in the European Economic Area, including the United Kingdom. This document does not constitute or form part of, and should not be construed as, an invitation to buy or sell shares and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The value of shares and the income generated from them can fall as well as rise and are not guaranteed; investors may not get back the amount originally subscribed. This document is for professional advisers and existing investors only. Any other person receiving this document should not rely upon its content. Investors should not purchase the Fund referred to in this document except on the basis of information contained in the Fund’s Prospectus. We recommend that investors who are not professional investors should contact their professional adviser. Past performance should not be viewed as a guide to future performance. Investment in the Fund carries the risk of potential total loss of capital. Investment in the Fund involves a foreign currency and may be subject to fluctuations in value due to movements in exchange rates. The information and analysis contained in this document is believed to be accurate at the date of this document but is subject to change without notice. The source of the data is provided by the Fund’s administrator and Liontrust Investment Partners LLP, unless otherwise noted. The Fund’s Prospectus and Key Investor Information Document (KIID) are available from www.liontrust.co.uk or direct from Liontrust. Liontrust Investment Partners LLP 2 Savoy Court, London WC2R 0EZ Broker Sales +44(0)20 7412 1777 Administration and Dealing 00 353 1434 5150 Email [email protected] Website www.liontrust.co.uk Authorised and regulated by the Financial Conduct Authority