Liontrust Asset Management Plc · LSE:LIO
Liontrust Asset Management — H1 FY26 Earnings Presentation
44 slides from Liontrust Asset Management's earnings presentation, November 2025
Slide 1: Liontrust Asset Management PLC Half Year Results H1 FY26
Liontrust Asset Management PLC Half Year Results H1 FY26 November 2025
Slide 2: Financial headlines
Financial headlines Net flows AuMA Adjusted profit Strong capital First Interim Share Buyback before tax position Dividend programme £(2.3)bn £22.0bn £15.7m £30.3m 7p up to £10m As at 30 September Surplus capital after Payable on To be phased over 6 months to 6 months to 2025 foreseeable the period
Slide 3: Where we are
Where we are Easing headwinds Emerging tailwinds Extreme concentration risk in US and global Opportunities for active management equity markets End of global tightening cycle Persisting outflows from UK All Companies Increasing appetite for diversification UK Value over UK Quality Growth
Slide 4: UK factor/style long-term returns
UK factor/style long-term returns 40% 30% 20% 10% 0% -10% -20% Sep-15 Apr-20 Mar-21 Feb-22 Sep-04 Apr-09 Mar-10 Feb-11 Jul-17 Jan-23 Jul-06 Jan-12 Aug-16 Nov-24 Aug-05 Nov-13 Dec-23 Nov-02 Dec-12 May-19 Dec-01 May-08 Jun-18 Oct-25 Jun-07 Oct-14 Oct-03 MSCI United Kingdom NR EUR UK Growth Fund UK Qua
Slide 5: Outlook for quality and size in the UK
Outlook for quality and size in the UK Quality 6 month rolling returns (%) Mid Cap 6 month rolling returns (%) 8 25 20 6 15 4 10 5 2 0 -5 0 -10 -2 -15 -20 -4 -25 -6 -30 Feb-23 Feb-23 Feb-19 Feb-19 Feb-15 Feb-15 Feb-11 Feb-11 Feb-07 Feb-07 Feb-03 Feb-03 Jun-24 Oct-25 Jun-24 Oct-25 Jun-20 Oct-21 Jun-2
Slide 6: Market cap share of the largest S&P companies
Market cap share of the 10 largest S&P 500 companies 1980 to 2025 45% 40% 42% 35% 30% 25% 20% 15% 1980 1982 1983 1984 1985 1986 1987 1989 1990 1991 1992 1993 1994 1996 1997 1998 1999 2000 2001 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2017 2018 2019 2020 2021 2022 2024 2025 Source:
Slide 7: Lower index returns
Lower index returns Index/Passives will not provide the required rate of return Goldman Sachs forecast for 10-year CAGR = 3% £3,395 £2,395 £345 £1,345 £1,000 £1,000 13% 3% CAGR 13% CAGR CAGR 3% CAGR Source: Goldman Sachs Global Investment Research, 2024. GDP contraction frequency represents the perc
Slide 8: Following the money
Following the money Net monthly sales (£m) 1,200 1,036 1,005 1,000 849 800 751 600 414 400 329 200 0 -200 -194 -400 -600 -800 -692 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 IA North America IA Europe ex UK & IA Japan Source: The Investment Association as at 30.06.25. The sector flows a
Slide 9: Why Liontrust will win
Why Liontrust will win Brand 8
Slide 10: Brand | Distinctive and high profile
Past performance does not predict future returns Brand | Distinctive and high profile Liontrust has the 4th highest More than half a million views of unprompted advertising recall Liontrust videos in the 12 among professional months to October 2025 intermediaries (Source: Research (Source: Liontrust
Slide 11: Why Liontrust will win
Why Liontrust will win Brand Distribution 10
Slide 12: Distribution | Broadening client base
Distribution | Broadening client base A strategic and data-driven approach UK and International sales team meetings: Client interaction guided by robust analytics pinpointing firms 3,861 and individuals most relevant to our funds The team collectively prides itself on three pillars: Firm level: 83%
Slide 13: Why Liontrust will win
Why Liontrust will win Brand Distribution Investment capability 12
Slide 14: Investment capability | Multi-Strategy approach
Investment capability | Multi-Strategy approach SUSTAINABLE ECONOMIC MULTI GLOBAL INVESTMENT ADVANTAGE ASSET INNOVATION £7,604 £3,342 £3,882 £957 UK Retail 7,083 UK Retail 2,906 UK Retail 3,697 UK Retail 948 Institutional 338 Institutional 399 Alternative 64 International 9 Interna
Slide 15: Investment capability | Funds in Focus (1)
Past performance does not predict future returns Investment capability| Funds in Focus (1) European Dynamic Fund 600% 1st Fund Manager of the Year Awards Winner; 500% 528.2% 2022, 2023, 2024 400% 300% 2nd out of 51 funds since inception 256.7% 200% 244.3% 1st quartile over 5, 10, 15 years and since
Slide 16: Investment capability | Funds in Focus (2)
Past performance does not predict future returns Investment capability| Funds in Focus (2) 2nd 1st 1st 1st 1st 1st 1st 89.5% 81.2% SF Monthly Income Bond Fund SUSTAINABLE 65.2% 71.9% FUTURE FIXED Averaged 5.5% income yield INCOME TEAM 38.7% 30.5% 20.7% 17.7% 25.5% 22.2% Active focus on quality 7.7%
Slide 17: Investment capability | Funds in Focus (3)
Past performance does not predict future returns Investment capability | Funds in Focus (3) 150% 1st Global Technology Fund 131.0% 112.5% 100% 83.5% Global Technology Fund 50% 0% 2/31 since manager inception -50% Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 £287m AUM Liontrust Glob
Slide 18: Investment capability | Funds in Focus (4)
Past performance does not predict future returns Investment capability| Funds in Focus (4) GF Global Alpha Long Short Fund Managed by Mark Hawtin and team 160% 140% 145.8% 120% Mark Hawtin has run the fund since 100% inception 80% 60% 54.6% 40% 8% annualised returns since manager 20% inception. 0% -
Slide 19: Why Liontrust will win
Why Liontrust will win Brand Distribution Investment capability Operating model 18
Slide 20: Operating platform
Overhauled operating model Efficient & scalable Centralised operations supporting fund teams platform to support Single outsourced global fund administrator (BNY) strategic growth objectives Continual evolvement to maintain efficient operating platform Implementation of Aladdin’s enterprise
Slide 21: Financial review — H1 FY26
» LIONTRUST COURAGE - POWER: PRIDE Financial review — H1 FY26
Slide 22: Half Year Results | for the 6 months ended 30 September 2025
Past performance does not predict future returns Half Year Results | for the 6 months ended 30 September 2025 30 Sep 2025 30 Sep 2024 Change Average AuMA of £22.4bn (2024: £26.9bn) down 17% YoY with a Average AuMA (£m) 22,421 26,860 (17%) Revenue Margin (excluding performance fee revenues) of 0.56%
Slide 23: Group Capital and Capital Allocation Policy
Group Capital and Capital Allocation Policy Regulatory Capital position “Our CAP will support the Group’s continued profitability with surplus £m Sep-25 Mar-25 capital applied to organic investment and inorganic opportunities” Capital1 52.8 75.6 Regulatory Capital Requirement2 18.1 18.1 Surplus Capi
Slide 24: Summary
» LIONTRUST COURAGE - POWER: PRIDE Summary
Slide 25: Liontrust strengths
Liontrust strengths Brand Distribution Investment capability Operating model 24
Slide 26: Appendices
Appendices 1. Board biographies 2. Strategic objectives 3. Company information 4. Key metrics 5. Alternative Performance Measures (“APMs”)
Slide 27: Appendix 1 | Board biographies
Appendix 1 | Board biographies Luke Savage – Non-Executive Chair and Chair of the Nomination Committee Joined the Board in September 2024. Luke is an experienced Non-executive Director and Chair, as the Chair of Chesnara plc from February 2020 to date and a Non-executive Director of Deutsche Numis,
Slide 28: Appendix 1 | Board biographies
Appendix 1 | Board biographies Vinay Abrol – Chief Financial Officer Joined the Board in September 2004. Vinay is responsible for overseeing all finance, information technology, operations, risk and compliance of the Group. After obtaining a first-class degree in computing science from Imperial Coll
Slide 29: Appendix 2 | Strategic objectives
Appendix 2 | Strategic objectives The investment focus of Liontrust – long-term active management with distinctive processes – remains as relevant as ever and are the foundations for future growth Our four strategic objectives will also be drivers of future growth: Continue to enhance the Further br
Slide 30: Appendix 3 | Company information and shareholders
Appendix 3 | Company information and shareholders £22.0bn Established 30 years. Headquartered in London Established and Seven distinct active £22.0 billion AuMA as at £184 million market Listed on the London with offices in experienced management investment teams 30 September 2025 capitalisation Sto
Slide 31: Appendix 4 | Key financial metrics
Past performance does not predict future returns Appendix 4 | Key financial metrics £bn £m 40 320 35 33.5 280 30.9 31.4 30 27.8 240 25 22.6 200 20 160 16.1 15 12.7 120 10.5 10 6.5 80 4.5 4.8 5 3.6 40 3.0 0 0 -5 -40 1 3 8 12 15 21 27 33 47 72 72 72 72 -10 -80 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 F
Slide 32: Appendix | UK equity flows (industry)
Appendix 4 | UK equity flows (industry) 1,500 1,000 Includes UK All Companies, UK Equity 500 Income and UK Smaller Companies IA sector 0 funds £m 50 months of -500 consecutive outflows 100 months of outflows -1,000 out of the last 115 (since March 2016) -1,500 Average £900m of outflows each
Slide 33: Appendix | Key metrics
Appendix 4 | Key metrics Percentage of NAV by region 0.3% Equity NAV by region Bond NAV by region Funds of Funds NAV by region 21.4% 0.3% 9.0% 0.5% 28.9% 31.1% 40.5% £22bn 2.7% 32.7% 49.5% 4.0% 57.8% 68.9% 26.3% 26.1% North America Asia Europe ex UK UK LATAM Source: Liontrust, 31.10.25 32
Slide 34: Our purpose
OUR PURPOSE To help clients enjoy a better financial future through the power of active management and distinct investment processes
Slide 35: Liontrust's values
Liontrust’s values COURAGE POWER PRIDE Liontrust does not follow the herd and Liontrust believes in the power of We take pride in seeking to act in the has the courage to have independence of promoting diversity and inclusion across best interests of clients and delivering thought the business, brin
Slide 36: Business backdrop | Last five years
Business backdrop | Last five years 2021 Continued growth in AuMA from £16.1bn to £30.9bn Reinforcement of Liontrust’s brand and investment philosophy 2022 Market volatility and macroeconomic uncertainty, emphasis on investment discipline Investment in infrastructure and focus on client engagement a
Slide 37: Appendix 5 | Alternative Performance Measures (APMs)
Appendix 5 | Alternative Performance Measures (“APMs”) The Group uses the following APMs: Adjusted profit before tax* Definition: Profit before taxation, amortisation, impairment, and non-recurring items (which include: professional fees relating to acquisitions; restructuring and severance compensa
Slide 38: Appendix 5 | APMs (continued)
Appendix 5 | APMs (continued) Adjusted operating margin Definition: Adjusted operating profit divided by Gross profit. Reason for use: This is used to present a consistent year on year measure of adjusted operating profit compared to gross profits, identifying the operating gearing within the busine
Slide 39: Appendix 5 | APMs (continued)
Appendix 5 | APMs (continued) Dividend margin Definition: This is the dividends declared for the year divided by the Adjusted diluted earnings per share excluding performance fees. Reason for use: This is used to identify the dividend cover versus adjusted diluted earnings per share excluding perfor
Slide 40: Key risks
Key risks Past performance does not predict future returns. You may get back less than you originally invested. We recommend any fund is held long term (minimum period of 5 years). We recommend that you hold funds as part of a diversified portfolio of investments. The Funds managed by the Economic A
Slide 41: Key risks (continued)
Key risks (continued) • May encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. • Outside of normal conditions, may hold higher levels of cash which may be deposited with several credi
Slide 42: Key risks (continued)
Key risks (continued) The Funds managed by the Cashflow Solution Team: • May hold overseas investments that may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of a Fund. • May have a concentrated portfolio, i
Slide 43: Key risks (continued)
Key risks (continued) All Liontrust Funds carry some degree of risk which may have an adverse effect on the future value of your investment. Therefore, before making an investment decision, you should familiarise yourself with the different types of specific risks associated with the investment port
Slide 44: Disclaimer
Disclaimer Important notice This presentation is issued by Liontrust Asset Management PLC and Liontrust Investment Partners LLP (LIP) (both 2 Savoy Court, London WC2R 0EZ). LIP is authorised and regulated in the UK by the Financial Conduct Authority (FRN 518552) to undertake regulated investment bus
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