Liontrust (LIO) Trading Update summary

Financial highlights

• Net outflows reached £1.2 billion for the quarter, compared to £1.1 billion in the prior year.

• Assets under management and advice (AuMA) decreased by 2.7% to £22.0 billion as of 30 September 2025.

• AuMA slightly increased to £22.2 billion by 3 October 2025.

• Net outflows were spread across wealth manager, adviser, and retail clients in the UK.

• Market and investment performance contributed positively to AuMA, partially offsetting outflows.

Strategic and market outlook

• Growing client interest in active management and diversification away from US markets.

• Increased engagement and new mandates from institutional and international clients, including South America, Australia, South Africa, and the Middle East.

• Brand strength, rigorous investment processes, and broadening distribution underpin a positive outlook.

• Management expects greater dispersion of returns, highlighting the value of active management.

Fund performance

• Several UK and global funds ranked in the top quartile since inception, but many have underperformed over 1, 3, and 5 years.

• Notable funds with strong recent performance include Liontrust European Dynamic Fund and Liontrust GF High Yield Fund.

• Some funds, such as Liontrust Global Smaller Companies Fund, have recently changed management teams.