Liontrust Global Smaller Companies Fund November 2025 review | Insights

Past 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

Global small caps eked out a gain in November, driven by the US and Japan.
Technology stocks fared worst as despite strong Nvidia results, markets worry about high valuations and potential AI overspending.
The Fund saw good performance in its healthcare and industrial holdings, whilst energy, technology and consumer stocks detracted.

Performance

The Liontrust Global Smaller Companies Fund returned -0.4% in November, compared with the 0.4% return of the MSCI ACWI Small Cap Index and an average return of -1.0% in the IA Global sector, its comparator benchmarks.

Commentary

Global small cap equities were up slightly in November, driven by the US and Japan. Despite the longest US government shutdown (43 days), stocks recovered once it ended in the middle of the month. Technology was the worst performing sector over the month, as although Nvidia delivered a good set of quarterly results, they were not strong enough to soothe fears of AI overspending and high valuations. More broadly, US consumer confidence remains at a 10-year low, whilst unemployment continues to rise.

In Japan, a weaker yen supported the export-oriented equity market. Currency weakness, as well as higher bond yields, have been catalysed by new Prime Minister Takaichi’s plans to deliver a large fiscal stimulus package to support growth and household finances. This comes in the context of sticky inflation (3%) in Japan, but negative real wage growth.

Top contributors:

Asahi Intecc (+17% in sterling terms) – The shares rallied on a strong set of quarterly results, as the company continues to gain market share and delivered significantly higher profits as margins expanded.
UFP Technologies (+17%) – Delivered strong quarterly numbers, driven by medical technology and robotic surgery, and announced it is in negotiations with its largest robotic drapes customer to extend and expand their collaboration.
Advanced Drainage Systems (+7.9%) - Quarterly results beat expectations, driven by its holistic drainage solutions, and maintained strong pricing power.

Largest detractors:

Atlas Energy Solutions (-31% in sterling terms) – Quarterly numbers were difficult. Atlas sells proppant to oil and gas customers in the USA. The proppant it sells is sand, which is used to seal cracks and fractures in a drilled well so the oil or gas can flow efficiently during extraction. Over the past year, the oil price has dropped given tariff-driven industrial production weakness and higher supply from OPEC. As a result, the number of new wells drilled has fallen, impacted demand and pricing for proppant. Atlas is the lowest cost proppant provider, with the best-placed logistics network, is highly free cash flow generative and continues to gain share through the current downturn.
Bentley Systems (-18%) –. Sold off with the broader technology sector in the absence of any significant corporate news. There are some investor concerns on AI disruption, which we see as misplaced. Bentley is the leading computer-aided design software for the infrastructure industry, and has an embedded ‘platform’ position so is likely to benefit from AI product introductions (into the broadest installed customer base) – many of which it has already developed (e.g. OpenSite+ and Substation+).
Interparfums Inc (-9.6%) – The shares fell on 2026 guidance. Management expects only modest revenue growth and lower earnings vs 2025. A weak consumer backdrop, tariff impacts, and some portfolio consolidation drove this. Over the long term, Interparfums has proven its ability to scale multiple fragrance brands profitably and sustainably. We retain our high conviction in the quality of the business despite short-term weakness.

Discrete years' performance* (%) to previous quarter-end:

	Sep-25	Sep-24	Sep-23	Sep-22	Sep-21
Liontrust Global Smaller Companies C Acc	-3.1%	14.7%	7.4%	-24.9%	25.0%
MSCI ACWI Small Cap	12.4%	13.4%	5.4%	-9.2%	34.8%
IA Global	12.1%	16.2%	7.8%	-8.9%	23.2%
Quartile Ranking	4	3	3	4	2

* Source: FE Analytics, as at 30.09.25, total return, net of fees and income reinvested. The current fund managers’ inception date is 14.01.25.

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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.
Liquidity Risk: as the Fund is primarily exposed to smaller companies there may be liquidity constraints 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. In addition the spread between the price you buy and sell units will reflect the less liquid nature of the underlying holdings.
Emerging Markets Risk: the Fund may invest in emerging markets which carries a higher risk than investment in more developed countries. This may result in higher volatility and larger drops in the value of the fund over the short term.
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.

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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.

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