Full Year Results presentation

Liontrust Asset Management PLC Full Year Results Presentation

25 June 2025

Order

1. Liontrust's Purpose and Values
2. Financial headlines
3. Business backdrop
4. Market outlook
5. Building for growth

   • Distribution

   • Brand

   • Investment offering

   • Platform

6. Financial Results
7. Capital Allocation Policy
8. Outlook

OUR PURPOSE

To help clients enjoy a better financial future through the power of active management and distinct investment processes

COURAGE

Liontrust does not follow the herd and has the courage to have independence of thought

The business has the courage to do the right thing, make decisions and be nimble

Investment teams have the courage of their convictions through their differentiated and rigorous investment processes.

Liontrust has the courage to take an active and engaged approach to investing, clients, staff and society

POWER

The power of investment processes are key to long-term performance and effective risk control

Liontrust believes in the power of promoting diversity and inclusion across the business, bringing diverse and inclusive thinking and approaches to our purpose

We seek to empower our staff to fulfil their potential and foster an environment in which everyone is engaged and encouraged to actively participate in the business

PRIDE

We take pride in seeking to act in the best interests of clients and delivering good customer outcomes at all times

Our staff are responsible for upholding the highest standards of integrity, taking pride in being trustworthy and transparent while making decisions with a clear sense of fairness

Everyone takes pride in being responsible for supporting each other, collaborating, treating each other with dignity and respect, and being open-minded to new ideas, challenge and debate

AuMA

£22.6bn

As at 31 March 2025

Net flows

£(4.9)bn

12 months to

31 March 2025

Adjusted profit

before tax

£48.3m

12 months to

31 March 2025

Full Year

Dividend maintained

72.0p

Second interim dividend of 50p payable on

8 August 2025

Business

Transformation Programme

£6.0m

Annualised costs savings achieved

New Capital

Allocation Policy

Minimum 50% payout

ratio of adjusted diluted EPS and returning incremental excess capital to shareholders via share buybacks

Source: Liontrust Asset Management, March 2025. This slide includes Alternative Performance Measures (APMs) - see Appendix 6 for the definition of these APMs.

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 and retention

Emphasis on maintaining investment discipline

2023 Risk-off and investor caution

Investment in digital marketing, commitment to improving the client experience and operational resilience

2024 Confidence in teams despite headwinds

Expansion into global equities and positioning for growth with scalable infrastructure

Source: Liontrust, June 2025

US Equity and GDP shares versus the World

80%

World Equities have returned 13% per annum over the last 10 years providing an easy passive investing environment.

The US equity market has driven much of that taking US share of the world index up from 47% to 68%.

At the same time the US share of global GDP has remained constant.

70%

60%

50%

40%

30%

20%

10%

0%

2008 2010 2012 2014 2016 2018 2020 2022 2024 2026

US weight in index (%) US share of global GDP

Source: Bloomberg, June 2025. US Equity weight is share of US equities in the MSCI Global ACWI Index.

Weight of largest 7 companies in the S&P 500

29%

35%

Performance of the M7 has driven concentration to levels not seen over the last 100 years.

Passive inflows have further driven that concentration.

The narrow focus of investment comes at the expense of many tens of thousands of other equities globally.

30%

25%

20%

15%

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

10%

Source: BofA US Equity & Quant Strategy, Factset, 31.12.24

Market backdrop | US equities outperformed the MSCI World index in 12 of the last 15 years

MSCI AC World Index performance

20%

Has the US outperformed for long enough? If so, don't be Passive.

In the years where US equities underperformed, often the US$ was weaker.

15%

10%

5%

0%

-5%

-10%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

-15%

US index weight contribution (%) US alpha contribution (%)

Source: Bloomberg, June 2025. US index weight contribution is calculated as the absolute percentage point contribution to the MSCI Global ACWI Index. The US Alpha contribution is calculated as the excess percentage points in index performance derived from US equities over the expected contribution if US equities had moved in line with the index.

Market backdrop | The correlation between US equity outperformance and the US$ is clear

The US$ has been a good indicator of US equity out and under performance.

Geo-political events together with ballooning public debt in the US make the US$ a less certain bet.

In a weaker US$ world, non-US equities will likely do better, again supporting active management.

Source: Bloomberg, Crescat Capital LLC, 27.11.24

Percentile since 1930 Goldman Sachs forecast for 10-year CAGR = 3%

Market concentration

Profitability

Valuation

Interest rates

Fundamentals

99%

46%

33%

99%

97%

£3,395

£1,345

£1,000

£1,000

£345

£2,395

Concentration risk, profit margins and valuations are at multi decade highs in the US market.

US$ weakness may be more pervasive.

GS expected US equity market returns to be lower in the next 10 years.

However, there is still significant alpha to be generated in equities overlooked by the rush to passive and concentration.

Active management as well as alternative equity strategies are set to move back into favour.

13% CAGR 3% CAGR

Source: Goldman Sachs Global Investment Research, December 2024. GDP contraction frequency represents the percentage of quarters with a contraction in real GDP during the next 10 years (40 quarters). Market concentration is measured as the ratio between the market cap of the largest stock in the market relative to the market cap of the 75th percentile stock. CAGR: Compound annual growth rate

Investment case

Source: Liontrust, June 2025

• Building a distribution plan based on a combination of business and market intelligence

• Execute the plan via a data-driven approach

• Client interaction to be guided by robust analytics that pinpoints the firms and individuals most relevant to our product offerings. This maximises our coverage of the respective marketplaces

  The team collectively prides itself on three pillars:
  
  

  1. Relentless activity - we are in the market every day, creating touch-points that drive inflows and retention of assets

  2. Precise coverage - we focus on the most relevant firms and, crucially, the key decision-makers within them

  3. Deep product knowledge - we translate sophisticated strategies into clear, actionable ideas for clients

By executing flawlessly on the above, we deliver for clients and prospects

UK sales team

Team Target: 960

1,082

Firm level - 85% of these meetings were with our key top tier firms

Individual level - 70% were with a tier 1 or 2 client

47 client events and webinars; 682 clients attended these events and webinars

Investment conference at the Science Museum with over 300 clients

Sustainable Conference

Economic Advantage conference at the Mansion House

Investment case

Distribution

Source: Liontrust, June 2025

Past performance does not predict future returns

Brand | Distinctive and high profile

Liontrust ranks 2nd according to professional intermediaries for UK equities and Sustainable Investments and 3rd for European equities and Multi-Asset solutions (Source: Research in Finance, February 2025)

Liontrust is the 4th best for communications according to UK intermediaries (Source: Research in Finance, February 2025)

Liontrust is second highest asset manager for unprompted advertising recall According to retail investors (Source: Research in Finance, February 2025)

Liontrust is perceived as the best manager for UK for Sustainable Investment among retail investors (Source: Research in Finance, February 2025)

More than half a million views of Liontrust videos to February 2025 (Source: Liontrust)

Liontrust has the 5th highest brand familiarity according to professional intermediaries (Source: Research in Finance, February 2025)

Source: All use of company logos, images or trademarks in this presentation are for reference purposes only

Investment case

Distribution

Brand

Source: Liontrust, June 2025

SUSTAINABLE INVESTMENT

ECONOMIC ADVANTAGE

MULTI ASSET

GLOBAL INNOVATION

£8,137 £4,255 £3,829 £770 £2,770 £1,767 £1,062

Source: Liontrust Asset Management PLC, March 31, 2025. Data as at 31.03.25. AuMA: Assets under management and advice. Figures subject to rounding

Mark Hawtin

Head of Global Equities

David Goodman Investment Manager 37 years

Kevin Kruczynski Investment Manager 24 years

Pieran Maru Investment Manager 7 years

Ewan Thompson

Fund Manager

18 years

Thomas Smith Fund Manager 15 years

Vanessa Sinclair

Fund Manager

24 years

Team

40 years' experience

Global

Change

Distinctive

investment process

Our process

• Separate What to buy and When to buy

• Intrinsic valuation

• QQT - Quantitative, Qualitative, Technical

• Multiple face to face company meetings

Our focus

• Identifying companies on the right (and wrong) side of change

• Active risk management

• Process discipline

Our beliefs

• In today's world, change is exponential

• Markets dislocate from fundamentals

• Fundamentals always reassert

• Fund Management is both art and science

• Experience in good and bad markets is critical

Global Change investment process Team AUM: £1.0bn (31 Mar 2025) Experience and depth of talent Range of 10 funds

Liontrust Latin America Fund 1stquartile over 1 year Liontrust India Fund 1stquartile over 5 years

Liontrust Global Alpha Fund 1stquartile since inception

Liontrust Balanced Fund 1stquartile over 10, 15 years and since inception

Source: Liontrust, FE Analytics, as at 31.03.25. Liontrust Latin America Fund versus IA Latin America comparator benchmark. Liontrust India Fund versus IA India / Indian Subcontinent comparator benchmark. Liontrust Global Alpha Fund versus IA Global comparator benchmark. Liontrust Balanced Fund versus IA Mixed Investment 40-85% Shares comparator benchmark. Quartiles and rankings as at 31.03.25, generated on 03.04.25

Past performance does not predict future returns

Cashflow Solution

500%

400%

300%

200%

100%

0%

2006

-100%

432.8%

Liontrust European Dynamic Fund

212.4%

202.0%

200%

150%

100%

50%

0%

Apr-14

-50%

Liontrust GF European Strategic Equity Fund

141.6%

109.8%

19.0%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Feb-15

Dec-15

Oct-16

Aug-17

Jun-18

Apr-19

Feb-20

Dec-20

Oct-21

Aug-22

Jul-23

May-24

Mar-25

Liontrust European Dynamic I Inc MSCI Europe ex UK

IA Europe Excluding UK

Liontrust GF European Strategic Equity A4 Acc EUR MSCI Europe

HFRX Equity Hedge EUR

Cashflow Solution investment process

Managed by James Inglis-Jones and Samantha Gleave Team AUMA of £2.8bn (31 Mar 25)

Fund Manager of the Year Awards Winner; 2022, 2023, 2024

European Dynamic: 1stquartile over 5, 10, 15 years and since inception FY25 inflows of £650m

Growth of Cashflow Solution Team AuMA (£m)

3,000

2,500

2,000

1,500

1,000

500

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

Sep-24

Dec-24

Mar-25

0

Source: FE Analytics, Liontrust European Dynamic Fund, total return, (net of fees, income reinvested), primary share class (I Inc GBP) versus MSCI Europe ex UK and IA Europe ex UK comparator benchmarks, 15.11.06 to 31.03.25; Liontrust GF European Strategic Equity, total return, (net of fees, income reinvested), primary share class (A4 Acc EUR) versus MSCI Europe and HFRX Equity Hedge EUR comparator benchmarks, 25.04.14 to 31.03.25. AuMA (assets under management and advice), source Liontrust Asset Management PLC, 31.03.25

Source: Canaccord Genuity, 04.06.25. Liontrust Special Situations Fund statistics are a weighted average of holdings in the portfolio. 1. Equilibrium Growth is the real rate of capital growth which a company can generate from internally generated free cash flow, calculated after paying out interest, tax, dividends, buybacks and maintenance capex, data as at 20.05.25

Advisory committee

Tony Greenham is the ESG Director at the British Business Bank, the UK's economic development bank providing finance for start-ups, scale-ups and small and medium sized businesses to transition to a net zero economy

Ivana Gazibara is a futures and systems change expert with more than 15 years of experience in sustainability strategy and innovation

Mark Stevenson is a strategic advisor to governments,

investors, NGOs and corporates and co-founder of Carbon Removals company CUR8

Nicola Walton is a writer and broadcaster - the author of How to Report Economic News and the host of It's the Economy, the podcast mini-series for Intelligence Squared

Dr Mathew Hampshire-Waugh is the author of best-selling book CLIMATE CHANGE and the road to NET-ZERO, and the founder of Net-Zero Consulting Services

Peter Michaelis Head of Sustainable Investment team

Simon Clements Investment Manager

Chris Foster Investment Manager

Other members of the Liontrust Sustainable Investment team

Source: *Years in the Sustainable Investment team. See disclaimer for extensive ratings and awards details

Global Fundamental

140%

120%

100%

80%

60%

40%

20%

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

0%

Cumulative performance since manager inception

Edinburgh Investment Trust plc NAV^

Edinburgh Investment Trust plc FTSE All Share

112.7%

103.9%

76.5%

Emily Barnard

Established since 1889

£1.13bn market capitalisation Team AUM £18.bn

Managed by Imran Sattar and Emily Barnard Generating capital growth and income

40-50 stock portfolio Utilising gearing

Liontrust Fundamental Investment Process

• Fundamental bottom-up analysis

• Identify companies with a competitive advantage

• Understand the macro from the micro

• Implement macroeconomic overlay

• Risk management guardrails and Valuation overlay

Team also manage Income, UK Focus and UK Equity Funds

Deputy Portfolio Manager

Imran Sattar

Portfolio Manager

Source: Morningstar Direct, 31.03.20 to 31.03.25, GBP, total return. ^Cum Income Net Asset Value (debt at fair value). The return on investments may increase or decrease as a result of currency fluctuations

Liontrust Multi-Asset | Actively Different

Active Management

All stages of the MA Investment process are

actively managed;

• Bespoke Strategic Asset Allocation

• Tactical Asset Allocation

• Unfettered Fund Selection

• Diversification across managers, geography and asset classes

• Portfolio Construction - meeting client suitability

Active Enhancements

• Position funds and portfolios for the future of investment markets

• This has been enhanced by implementing a bespoke SAA in 2023 with key input from:

  • Hymans Robertson

  • Defaqto

Active Adviser Support

• Adviser support tailored for client needs

• Direct Fund manager access

• Market-leading, client facing literature

• White labelling opportunities

• UK-wide roundtable events

• Weekly educational content (videos, articles, insights)

The Liontrust Multi-Asset funds are meeting client outcomes in terms of risk and performance. For example, the Liontrust Explorer 85 Fund was the top performing Active fund over 10 years to 27 March 2025 in the IA Mixed Investment 40-85% Shares sector with a return of 92.7% (Source: FE Analytics. Total return in sterling).

OCF = Ongoing charges figure

Global Innovation | Differentiated approach to global equity investing

Past performance does not predict future returns

Liontrust Global Dividend Fund

Liontrust Global Innovation Fund

Liontrust Global Technology Fund

Fund AUM £346m £231m £175m

Comparator benchmark MSCI World MSCI AC World MSCI World Information Technology

Sector IA Global Equity Income IA Global IA Technology & Technology Innovation

Number of holdings 30-40 30-50 30-50

Relative Mag 7 weight (benchmark) -9.6% (20.8%) -11.1% (18.6%) -35.9% (53.9%)

Style Core/Mega cap Growth/Large Cap Growth/Large Cap

Active share 82.3% 85.8% 71.8%

Manager Inception 31 August 2017 30 June 2019 8 February 2023

Manager Inception performance 1st quartile 1st quartile 1st quartile

104.7% 104.0%

67.3% 64.9%

44.3% 44.8%

65.2%

47.8%

30.9%

Liontrust Global Dividend

MSCI World IA Global

Equity Income

Liontrust Global Innovation

MSCI AC

World

IA Global

Liontrust MSCI World Global IT

Technology

IA Tech & Tech

Innovation

Source: Liontrust, Factset, Bloomberg, as at 30.04.25

Investment case

Distribution

Brand

Disciplined process

Source: Liontrust, June 2025

Efficient & scalable platform to support strategic growth objectives

• Centralised operations supporting fund teams

• Single outsourced global fund administrator (BNY)

• Continual evolvement to maintain efficient operating platform

Further enhancements to operational infrastructure Platform to continue scaling effectively Operating platform

• Implementation of Aladdin's enterprise portfolio management system integrated with a new data ecosystem (BNY Data Vault) -strengthening data management, delivery and analysis

• BNY Buy-Side Trading Solutions - giving 24/6 global trading capability, with access to a global network of brokers and venues. Enables us to respond to market developments in real time

• Factsheets and regulatory reporting outsourced to Broadridge

• Operational gearing inherent in the business model, provides further margin expansion opportunities

Investment case

Distribution

Brand

Disciplined process

Platform

Source: Liontrust, June 2025

Financial results

Past performance does not predict future returns

Full Year Results | Year ended 31 March 2025

Strong capital position with surplus capital of £57.5m as at 31 March 2025 (2024: £79.0m)

Gross Profit £157.7m which includes £3.6m of performance fees (2024: £186.1m, which includes £10.4m of performance fees) down 15%. Excluding performance fees, Gross Profit was £154.1m (2024: £175.7m) down 12%

Adjusted PBT of £48.3m (2024: £67.4m) down 28%

Adjusted diluted EPS of 56.7p (2024: 79.16p) down 26%

Adjusted operating margin of 29.2% (2024: 35.9%)

Administration costs down 8% with Compensation costs down 13% and Other Administration Costs including Depreciation up 2%

Revenue margin (excluding performance fees) of 0.60% on Average AuMA of £25.7bn (2024: 0.62% on Average AuMA of £28.3bn).

Second interim dividend of 50.0p (2024: 50.0p) payable on 8 August 2025

This slide includes Alternative Performance Measures (APMs) - see Appendix 6 for the definition of these APMs.