Liontrust
Liontrust UK Listed Smaller Companies Fund
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Liontrust for every strategy.
Performance
as of Sep 30, 2026 · net of fees · GBP
- 1Y+9.3%index +11.2%
Index: Deutsche Numis Smaller Companies plus AIM (excluding investment companies)
| 1Y | |
|---|---|
| Liontrust UK Listed Smaller Companies Fund | +9.3% |
| Deutsche Numis Smaller Companies plus AIM (excluding investment companies) | +11.2% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We sold Midwich Group, a specialist audiovisual, professional video, audio, lighting and document solutions distributor to the trade markets.
During the quarter we initiated a new position in Ashtead Technology following a downgrade due to Middle East disruption (8% sales FY25).
- AddedEverplay GroupSep 2026
Everplay Group (+95%, 149bps).
Also held
Its investment theses
- GB GroupSep 2026GB Group provides identity verification and fraud-prevention software with a structural growth opportunity, and trades cheaply at 6x EV/EBITDA with over 10% free cash flow yield.
- Elixirr InternationalSep 2026Elixirr International is a business management consultancy combining strong profitability with growing AI capabilities, trading at around 8x P/E and 6x EV/EBITDA after a sharp share price fall.
- CranewareSep 2026Craneware is an enterprise software company for US healthcare providers with sticky software economics, trading at 9x earnings versus a 15x EV/EBITDA comparator bid.
- Ashtead TechnologySep 2026Ashtead Technology provides subsea technology solutions with scale, an unrivalled service offering and proprietary technology, and was bought at a sensible valuation base before receiving a takeover offer.