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VIew NowPast performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key highlights
- Markets were supported by strong earnings, moderating inflation and expectations of lower interest rates.
- Top performers in October were Next 15, GSK and AstraZeneca. Big Technologies, GlobalData and YouGov were among the key detractors.
- A new position in Cohort, the provider of electronic and surveillance technology solutions, was added in October.
Performance
The Liontrust GF Special Situations Fund returned 2.3%* in October. The Fund’s comparator benchmark, the FTSE All-Share, returned 3.7%.
Commentary
Global equities rose, supported by strong earnings, moderating inflation and expectations of lower interest rates. Developed markets led, with the US and Japan buoyed by AI-related technology and improving trade and political prospects, while Eurozone and UK equities posted more modest gains.
In the UK, the FTSE All-Share rose 3.7% as investors responded positively to a dovish Bank of England (BoE) stance despite persistent inflation and a challenging fiscal outlook. Within the market, the FTSE 100 gained 4.1%, the FTSE 250 1.0% and the FTSE Small Cap ex Investment Companies 1.1%, while the FTSE AIM All-Share declined 1.2%.
Next15 Group (+28%) continued its strong performance into October after a rebound in September, when the growth consultancy business reported interim results confirming trading in line with full year expectations and demonstrated clear progress on simplifying its portfolio under new management.
Pharmaceutical giants GSK (+13%) and AstraZeneca (+12%) were among the portfolio’s top performers. GSK raised its 2025 sales and earnings guidance after strong double-digit growth from its specialty HIV and oncology drugs. The company now expects annual revenue to rise by 6-7% and core earnings per share by 10-12%, up from previous forecasts of 3-5% and 6-8%, respectively.
AstraZeneca’s shares gained initially on optimism that Pfizer’s US pricing agreement would open the door for similar deals across the sector – a view validated when President Trump later announced an agreement to lower consumer prices on certain AstraZeneca medicines in exchange for tariff relief. The company also reiterated its 2025 guidance of low double digit growth in core EPS.
Quilter (+9.4%) reported £2.2 billion in net inflows and a 7% rise in assets under management to £134.8 billion, signalling solid momentum. Investor optimism was further boosted by reports that Lloyds Banking Group could consider acquiring Quilter to strengthen its wealth-management offering.
Weir Group (+9.1%) gained due to strong positive momentum in the mining equipment sector, driven by peer companies Sandvik and Metso reporting robust order growth and aftermarket demand, which created favourable sector sentiment for Weir as a key player ahead of a Q3 update due early in November.
Shares in Big Technologies (-18%) retreated following the resignation of Chair Alexander Brennan, who was replaced Sangita Shah on an interim basis. Alexander had led the board as Chairman during the period of the investigations undertaken by the Company related to the removal of Sara Murray as CEO.
GlobalData (-12%) shares fell after the company cut its second-half adjusted EBITDA margin guidance. Management cited slower integration of recent acquisitions and ongoing investment in growth initiatives. GlobalData now expects a second-half margin of around 37%, resulting in a full-year 2025 adjusted EBITDA margin of approximately 35%. On the positive side, GlobalData delivered 4% growth in its contracted forward order book, accelerating from 3% in H1.
Shares in YouGov (-13%) dropped despite reporting higher annual profits, as cost savings and restructuring efforts began to take effect. The decline reflected cautious guidance for the new financial year, with management expecting only modest growth as the company increases investment in technology and data science.
Information and data analytics specialist RELX (-5.6%) declined despite reporting results in line with market expectations. Management reaffirmed its outlook for full-year underlying revenue and operating profit growth which should underpin strong growth in adjusted earnings per share.
Positive contributors included:
Next15 Group (+28%), GSK (+13%), AstraZeneca (+12%), Quilter (+9.4%) and Weir Group (+9.1%).
Negative contributors included:
Big Technologies (-18%), GlobalData (-12%), YouGov (-13%), Craneware (-5.9%) and RELX (-5.6%).
Discrete years' performance** (%) to previous quarter-end:
| Sep-25 | Sep-24 | Sep-23 | Sep-22 | Sep-21 |
Liontrust GF Special Situations C3 Inst Acc GBP | -4.3% | 11.5% | 8.0% | -16.7% | 25.2% |
FTSE All Share | 16.2% | 13.4% | 13.8% | -4.0% | 27.9% |
| Sep-20 | Sep-19 | Sep-18 | Sep-17 | Sep-16 |
Liontrust GF Special Situations C3 Inst Acc GBP | -3.4% | 3.1% | 13.4% | 12.6% | 22.8% |
FTSE All Share | -16.6% | 2.7% | 5.9% | 11.9% | 16.8% |
*Source: Financial Express, as at 31.10.25, total return (net of fees and income reinvested), sterling terms, C3 institutional class. Non fund-related return data sourced from Bloomberg. **Source: Financial Express, as at 30.09.25, total return (net of fees and income reinvested), primary class. Investment decisions should not be based on short-term performance.
Key Features of the Liontrust GF Special Situations Fund
The investment objective of the Fund is to provide long-term capital growth by investing in mainly UK equities using the Economic Advantage investment process. The Fund invests at least 80% in companies traded on the UK and Irish stock exchanges. The Fund is not restricted in choice of investment in terms of company size or sector. The Fund has both Hedged and Unhedged share classes available. The Hedged share classes use forward foreign exchange contracts to protect returns in the base currency of the Fund.
5 years or more.
4 (Please refer to the Fund KIID for further detail on how this is calculated)
Active
The Fund is considered to be actively managed in reference to the FTSE All Share Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes. The Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.
Understand common financial words and termsSee our glossary
KEY RISKS
Past performance does not predict future returns. You may get back less than you originally invested.
We recommend this fund is held long term (minimum period of 5 years). We recommend that you hold this fund as part of a diversified portfolio of investments.
- Overseas investments 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 the Fund.
- The Fund, may in certain circumstances, invest in derivatives but it is not intended that their use will materially affect volatility. Derivatives are used to protect against currencies, credit and interest rate moves or for investment purposes. The use of derivatives may create leverage or gearing resulting in potentially greater volatility or fluctuations in the net asset value of the Fund. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.
- Credit Counterparty Risk: outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash.
- Diversification Risk: the Fund is expected to invest in companies predominantly in a single country which maybe subject to greater political, social and economic risks which could result in greater volatility than investments in more broadly diversified funds.
- Liquidity Risk: the Fund will invest in smaller companies and may invest a small proportion (less than 10%) of the Fund in unlisted securities. There may be liquidity constraints in these securities from time to time, i.e. in certain circumstances, the fund may not be able to sell a position for full value or at all in the short term. This may affect performance and could cause the fund to defer or suspend redemptions of its shares.
- Smaller Companies Risk: the Fund may invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing.
- ESG Risk: there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG.
The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.
DISCLAIMER
This material 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.
It should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets.
This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.
This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.com or direct from Liontrust. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.
