Liontrust UK Micro Cap

Introduction to the fund

This fund employs the proven ‘economic advantage’ investment process to micro-caps – a part of the market that tends to be under-researched. The same process is used very successfully in other funds run by the same team. Focus is on profitable companies with a strong distribution network, high recurring revenues and a strong brand and the team places an emphasis on company meetings. With around 60 holdings, the fund is well-diversified which may help to lower volatility.

Fund manager

Anthony Cross, Julian Fosh, Matthew Tonge, Victoria Stevens, Alex Wedge

This fund is run by a team of five. Anthony Cross designed the process and has been running the Liontrust UK Smaller Companies fund since 1998. Julian Fosh is very experienced and has been working with Anthony since 2008. The team has been strengthened by the hires of Victoria Stevens, who joined in 2015 from small cap broker FinnCap, and Matthew Tonge. He worked at Liontrust as a trader for many years and joined the economic advantage team in 2015. Finally, Alex Wedge was added to the team in 2020 as a further co-manager.

Opinion on fund

The Liontrust UK Micro Cap fund employs a proven investment process. It’s rare for a smaller companies fund to have such a well-defined and disciplined framework. The alignment with management, focus on capital-light businesses which can scale quickly, and emphasis on company meetings are all very sensible. The team’s track record with other funds that use this process is outstanding.

Fund performance

Documents

Key facts

  • Fund size

    £55.1m

  • Chelsea rating

    Buy

  • Core Selection

    Yes

  • Chelsea Risk Rating

    8

  • AMC

    1.25%

  • OCF

    1.34%

  • Unit Type

    Acc and Inc

  • Yield

    1.19%

  • 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.