Liontrust Special Situations – HOLD

This fund was downgraded to a Hold in summer 2025, and no longer appears in the Selection

Introduction to the fund

The fund has been managed since launch in November 2005 by Anthony Cross. He was joined by co-managers Victoria Stevens and Matt Tonge in 2023. Previous co-manager Julian Fosh retired in January 2025. This fund has a very clearly-defined investment process, based on intangible strengths. Every stock in the portfolio must have: intellectual property; a strong distribution network; or recurring revenues. The managers also prefer to invest in stocks where management has a significant personal equity stake. The fund is multi-cap and has an overweight to mid and small-cap stocks. We have downgraded this fund to a Hold rating following weaker performance caused by its overweight positions in quality stocks and mid-caps, as well as the recent change in management.

Fund manager

Anthony Cross, Matthew Tonge, Victoria Stevens

Anthony Cross has managed the Liontrust Special Situations fund since inception in 2005. Anthony has honed his investment process over a number of years and, in 1997, he published the Cross Report, which forms the blueprint of the fund’s investment strategy. The fund has won numerous awards.

In May 2023, Victoria Stevens and Matthew Tonge joined Anthony as fund managers. Victoria and Matthew have managed the £160m Liontrust UK Micro Cap fund since its launch in March 2016. They have also worked as fund managers of the £1.1bn Liontrust UK Smaller Companies fund since 2016, alongside Anthony.

Fund performance

Documents

Key facts

  • Chelsea rating

    HOLD – please note that this was downgraded in summer 2025

  • Core Selection

    No

  • Chelsea Risk Rating

    6

  • AMC

    0.75%

  • OCF

    0.81%

  • Unit Type

    Acc and Inc

  • FundCalibre rating

    Elite Rated

How to invest

Once you know where you want to invest, there are a number of ways you can invest:

  • Log in here and process your instruction
  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
Find out more
Information icon

Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.