Liontrust Asset Management Plc · LSE:LIO
Liontrust Asset Management — FY2026 Earnings Presentation
48 slides from Liontrust Asset Management's earnings presentation, Jun 24, 2026
Slide 1: Full Year Results Presentation
Liontrust Asset Management PLC Full Year Results Presentation 24 June 2026
Slide 2: Contents
Contents 1. Headlines 2. Financials 3. Market environment 4. Progress 5. Outlook: How Liontrust will win 6. Appendices 1
Slide 3: Financial headlines
Financial headlines AuMA Quarter to 19 Adjusted profit Strong capital Full Year Share Buyback £19.6bn June 2026 before tax position Dividend programme AuMA £21.4bn £30.5m £29.0m 19.0p up to £10m Net outflows Net outflows £4.2bn £276m 12 months to Surplus capital after Second interim To be completed
Slide 4: Improving performance
Improving performance £800 million in institutional mandate wins over past nine months Reduction in net outflows to £276 million for this quarter to date1 Enhanced engagement with Multi-Asset clients leading to increasing demand Strong fund performance across European and global equities, fixed inco
Slide 5: Financials
» LIONTRUST COURAGE - POWER: PRIDE Financials
Slide 6: Full Year Results for the financial year ended 31 March 2026
Past performance does not predict future returns Full Year Results | For the financial year ended 31 March 2026 • Average AuMA of £21.9bn (2025: £25.7bn) down 15% YoY with a Revenue Margin 31 Mar 2026 31 Mar 2025 (excluding performance fee revenues) of 0.55% (2025: 0.60%) reducing YoY mostly on £’00
Slide 7: Financials of RGH acquisition
Financials of RGH acquisition | Delivering material EPS accretion Through initiatives undertaken and following a successful period of cost rationalisation over the last 18 months, RGH is close to breakeven on a run rate basis • As a result of those initiatives, the timing of the acquisition is also
Slide 8: Market environment
» LIONTRUST COURAGE - POWER: PRIDE Market environment
Slide 9: Today: investors continue to seek active diversification
Today: investors continue to seek active diversification …that have Globalisation Technological unprecedented continues to fragment transformation concentration risk The international world Passive vehicles bring order is being increased momentum challenged to markets… 8
Slide 10: Concentration is global
Concentration is global UK: top 50% = 15 stocks US top 50% = 28 stocks Europe top 50% = 40 stocks 521 15 483 28 522 40 Japan top 50% = 38 stocks Pacific ex Japan top 50% = 19 EM top 50% = 72 stocks 462 38 606 19 2029 72 Source: Morningstar, 31.12.25 9
Slide 11: Market concentration is not new
Past performance does not predict future returns Market concentration is not new S&P 500: equal weighted TR vs market cap weighted TR 25% Broad Market is underperforming 2000 20% 15% 10% 2026 5% 0% -5% 2025 -10% -15% 1998 Narrow Market is outperforming -20% 1 5 9 13 17 21 25 29 33 37 41 45 49 53 57
Slide 12: Funds in focus: Liontrust Global Technology Fund
Past performance does not predict future returns Funds in focus | Liontrust Global Technology Fund Liontrust Global Technology Fund performance since manager inception 1 260% st Liontrust Global Technology C Acc GBP MSCI ACWI Information Technology 10/40 215.4% 210% IA Technology & Technology Innova
Slide 13: Seasons change for active managers
0 50 100 150 200 250 300 29/12/2000 29/12/2001 29/12/2002 Value era 29/12/2003 29/12/2004 29/12/2005 29/12/2006 29/12/2007 US 29/12/2008 29/12/2009 Source: Morningstar as at 30 April 2026 29/12/2010 UK 29/12/2011 29/12/2012 Growth era 29/12/2013 29/12/2014 EU x UK 29/12/2015 29/12/2016 29/12/2017 Se
Slide 14: Investor demand for Value
Investor demand for Value 1 Year Active Net Flows by Active Style IA Global IA North America £bn £bn -£20 -£10 £0 £10 -£10 -£5 £0 £5 Large Value VALUE Large Value VALUE Mid Value Mid Value Small Value Large Blend Large Blend Mid Blend Mid Blend Small Blend Small Blend Large Growth Large Growth Mid G
Slide 15: Funds in focus: Liontrust European Dynamic Fund
Past performance does not predict future returns Funds in focus | Liontrust European Dynamic Fund Liontrust European Dynamic Fund performance since inception 1 700% st Liontrust European Dynamic I Inc 634.6% 600% MSCI Europe ex UK IA Europe Excluding UK 500% 400% 300% 287.3% 277.9% quartile 200% 100
Slide 16: Broadening our active investment capabilities
Broadening our active investment capabilities Global Equity UK Equity Giant Giant Large Large Liontrust Funds RGI Funds Mid Mid Liontrust Funds RGI Funds Small Small Micro Micro Deep-Val Core-Val Core Core-Grth High-Grth Deep-Val Core-Val Core Core-Grth High-Grth Liontrust Global Alpha C Acc GBP RGI
Slide 17: The Great Fixed Income Reset
The Great Fixed Income Reset 10 year government bond yields 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 US UK Germany France Japan Source: Morningstar as at 30 Apr
Slide 18: Funds in focus: Liontrust GF High Yield Bond Fund
Past performance does not predict future returns Funds in focus | Liontrust GF High Yield Bond Fund Liontrust GF High Yield Bond Fund since inception 1 50% st Liontrust GF High Yield Bond Fund C5 Acc 44.7% ICE BofAML Global High Yield Index - Hedge GBP 39.4% 40% 38.2% Leading Global High Yield ETF 3
Slide 19: Investor demand for active diversification
Investor demand for active diversification Top 15 Active IA Sector Net Flows £bn £0 £5 £10 £15 £20 £25 £30 Sterling Strategic Bond Short Term Money Market Global Mixed Bond Specialist Targeted Absolute Return Global Emerging Markets Bonds Hard Currency Mixed Investment 20-60% Shares Global Emerging
Slide 20: Solutions in focus: Liontrust Multi-Asset fund ranges
Solutions in focus | Liontrust Multi-Asset fund ranges Defaqto returns – Blended & Dynamic Passive vs refined and wider peers Liontrust Blended and Dynamic Passive average returns against two peers benchmarks – the refined group (named competitors) and the wider Defaqto-rated universe. Basis: Mornin
Slide 21: Summary
Summary Clients seeking active diversification in increasingly concentrated markets Liontrust is broadening investment talent, styles and capabilities Growth strategy is driven by expansion and enhancements, not waiting for market rotation 20
Slide 22: Progress
» LIONTRUST COURAGE - POWER: PRIDE Progress
Slide 23: Progress
Progress Expanding High-profile and Acquiring River international and resilient brand, Global Holdings to institutional scoring highly broaden talent and distribution, for familiarity, investment styles adding presence in service and Middle East communications Merging and Stronger pipeline Diversify
Slide 24: River Global acquisition broadens talent and investment styles
Progress | River Global acquisition broadens Liontrust’s talent and investment styles RGH adds strong performing funds and complementary Strategy by Style investment styles to Liontrust’s existing product set Value Quality Momentum Growth Small Mid Large Small Mid Large Small Mid Large Small Mid Lar
Slide 25: Strong performance of River Global funds
Past performance does not predict future returns Progress | Strong performance of River Global funds 1 Year 3 Year 5 Year Fund IA Sector AUM (£m) Return Quartile Return Quartile Return Quartile RGI Global Income & Growth Global Equity Income 187 39.9% Q1 78.3% Q1 108.1% Q1 RGI Global Recovery Global
Slide 26: Investment Capability post-River Global acquisition
Investment Capability | Post-River Global acquisition FIXED EQUITIES INCOME ALTERNATIVES Adding UK multi-style and INVESTMENT Merged and SUSTAINABLE global recovery COMPANIES MULTI-ASSET Further enhanced strategies alternatives fixed income through the planned unit acquisition of RGH Recent Expandin
Slide 27: Institutional mandate wins, reducing redemptions, expanding distribution
Progress | Institutional mandate wins, reducing redemptions, expanding distribution Strong institutional flows with a growing pipeline Strong client engagement (FY26) £3.5bn Institutional AUM (£bn) 4,641 Institutional AUM (£bn) £3.0bn UK and International meetings: £2.5bn £2.0bn £1.5bn 84% £2.56bn1
Slide 28: Brand: Distinctive and high profile
Past performance does not predict future returns Brand | Distinctive and high profile Liontrust has the 2nd highest unprompted advertising recall and Campaigns planned for MA 1st for attribution among Monthly High Income, Global professional Technology, GF High Yield Bond intermediaries (Source: Res
Slide 29: Delivering on each stage of the Capital Allocation Policy
Past performance does not predict future returns Progress | Delivering on each stage of the Capital Allocation Policy Cash Maintain appropriate net cash Net cash of £50.6m balance and regulatory capital Dividend Minimum of 50% payout ratio of Total dividend of 19pps Adjusted Diluted EPS Organic inve
Slide 30: Outlook: How Liontrust will win
Outlook: How Liontrust will win
Slide 31: Outlook: How Liontrust will win
Outlook: How Liontrust will win Differentiated investment High-profile capabilities to exploit and resilient active opportunities brand Taking advantage of Expanding client base and industry consolidation Broadening investment type globally by identifying attractive talent and styles opportunities a
Slide 32: Appendices
Appendices 1. Discrete performance tables 2. Board biographies 3. Company information 4. Alternative Performance Measures (“APMs”)
Slide 33: Liontrust European Dynamic Fund: Discrete performance
Liontrust European Dynamic Fund | Discrete performance Past performance does not predict future returns 12 months to previous quarter ending (%) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Liontrust European Dynamic I Inc 21.6 -0.9 18.7 8.2 15.9 MSCI Europe ex UK 14.8 2.5 12.7 8.6 5.5 IA Europe ex UK 12.1 0.
Slide 34: Liontrust GF High Yield Bond Fund: Discrete performance
Liontrust GF High Yield Bond Fund | Discrete performance Past performance does not predict future returns To previous quarter 12 months ending (%) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Liontrust GF High Yield Bond Fund C5 Acc GBP 5.9 9.1 12.9 -6.4 -1.7 24.0 -9.1 ICE BofAML Global High Yie
Slide 35: Liontrust Global Technology Fund: Discrete performance
Liontrust Global Technology Fund | Discrete performance Past performance does not predict future returns 12 months to previous quarter ending (%) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Liontrust Global Technology Strategy +34.3 -8.0 +51.9 -11.4 +18.0 MSCI ACWI Information Technology 10/40 Index +34.7 -0
Slide 36: 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 37: 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 38: Company information and shareholders
Appendix 2 | Company information and shareholders Established 30 years. Headquartered in London Established and Seven distinct active £148.4 million market Listed on the London with offices in experienced management investment teams capitalisation Stock Exchange for over Luxembourg and team (31 Marc
Slide 39: Alternative Performance Measures
Appendix 3 | 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 40: APMs (continued)
Appendix 3 | 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 41: APMs (continued)
Appendix 3 | 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 42: 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 43: 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 44: 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 45: 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 46: Key risks (continued)
Key risks (continued) The Funds managed by the Sustainable Future Fixed Income Team: • Are expected to conform to our social and environmental criteria. • 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 do
Slide 47: 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
Slide 48: Key risks and disclaimer
Key risks and disclaimer Important notice This document is issued by Liontrust Investment Partners LLP (2 Savoy Court, London WC2R 0EZ), authorised and regulated in the UK by the Financial Conduct Authority (FRN 518552) to undertake regulated investment business. The Funds: • May consider environmen
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