LEI: 549300XVXU6S7PLCL855

For immediate release

7 October 2025

Stock Exchange Announcement

LIONTRUST ASSET MANAGEMENT PLC

Trading Update

Liontrust Asset Management Plc ("Liontrust" or the "Company"), the specialist independent fund management group, today issues its trading update for the three months ended 30 September 2025 (the "Period").  

·    Net outflows of £1.2 billion in the Period (2024: £1.1 billion).

·    Assets under management and advice ("AuMA") were £22.0 billion as at 30 September 2025, a decrease over the Period of 2.7%.

·    AuMA as at 3 October 2025 were £22.2 billion.

Commenting, John Ions, Chief Executive Officer, said:

"Over the past few quarters, we have written about our belief that the market environment going forward will be more favourable for active managers. We are now seeing clients seeking to diversify away from the US and towards active management, and this is shown in an acceleration of interest in Liontrust strategies.

We are having success among institutional investors and wealth managers, notably internationally. This includes new mandates as yet unfunded and being added to clients' buy lists. This progress has been slower than as we had hoped, however, leading to £1.2 billion of net outflows in the last quarter, which were spread across wealth manager, adviser and retail clients in the UK.

In spite of this challenging period for flows, the outlook is becoming more positive for active management and Liontrust.

Active management

The Magnificent 7 are still heavily influencing market performance; their earnings and valuations dominate the S&P, exposing the market to volatility. But, at the same time, we have seen increased dispersion among these mega cap stocks and currency movements have been a positive tailwind this year for investors in non-US markets such as the DAX, Nikkei and FTSE 100.

Geographical diversification, therefore, is becoming more important, as is stock selection outside the very biggest companies in the world. We expect to see greater dispersion of returns generally going forward highlighting the value that active management brings to client portfolios.

Broadening demand

We are confident we are making progress in distribution, both in the UK and internationally, which is reflected in greater client engagement and the potential pipeline of flows. This is shown by the fact that we now have clients in South America, Australia, South Africa and the Middle East, in addition to the UK and Europe.

The increased interest in Liontrust strategies, notably European and global equities, also reflects our differentiated, rigorous and repeatable investment processes and long-term performance. 

With strong adherence to investment process and active management, along with broadening distribution, the power of the brand and strengthening infrastructure, we are confident about the outlook for Liontrust."

Assets under management and advice

On 30 September 2025, our AuMA stood at £22,010 million and were broken down by type and investment process as follows:

AuMA as at 3 October 2025 were £22,245 million.

Flows

The net outflows over the Period were £1,235 million (2024: £1,144 million). A reconciliation of fund flows and AuMA over the Period is as follows:

Key Fund Performance (Quartile ranking)

UK domiciled funds-

Irish domiciled funds-

Source: Financial Express to 30 September 2025 as at 3 October 2025, bid-bid, total return, net of fees, based on primary share class.

Past performance is not a guide to future performance, investments can result in total loss of capital. The above funds are all UK authorised unit trusts, OEICs, Irish authorised OEICs (primary share class) or UK listed investment trusts. Onshore funds use the Financial Express Investment Association sectors. Offshore funds use the FCA Recognised offshore sectors. Edinburgh Investment Trust Plc uses the AIC Investment Trust UK Equity Income sector.

Liontrust Global Smaller Companies Fund moved from the Global Equities team to the Economic Advantage team on 14 January 2025.

MA Explorer funds had an objective change on 05/04/2023 and rankings are shown from then.

MA Dynamic Passive fund range, MA Blended fund range, Diversified Real Assets Fund and Russia Fund (suspended) are not included as are in an IA sector that is not rankable. GF Global Technology, GF Global Innovation and GF Global Dividend funds are excluded because they were recently launched.

Notice of Half Year Results Announcement

Liontrust confirms that it will be announcing its half year results for the six months ended 30 September 2025 on Thursday, 20 November 2025.

For further information please contact:

Liontrust Asset Management Plc (Tel: 020 7412 1700, Website: liontrust.co.uk)

Stephen Corbett: Head of Investor Relations

Simon Hildrey: Chief Marketing Officer

Singer Capital Markets (Tel: 020 7496 3000)

Corporate Broking: Charles Leigh-Pemberton

Corporate Advisory: James Moat

Panmure Liberum (Tel: 020 7886 2500)

Corporate Broking: David Watkins

Corporate Advisory: Atholl Tweedie

Forward Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses and plans of Liontrust. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that have not yet occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Liontrust's actual future financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements.  Liontrust undertakes no obligation publicly to update or revise forward-looking statements, except as may be required by applicable law and regulation (including the Listing Rules of the Financial Conduct Authority).  Nothing in this announcement should be construed as a profit forecast or be relied upon as a guide to future performance.

Other information

The release, publication, transmission or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, transmitted or distributed should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

ENDS