'Funds are turned over far too much', Liontrust duo argue

Anthony Cross and Julian Fosh, Liontrust

Anthony Cross and Julian Fosh (pictured), managers of the £1.2bn Liontrust Special Situations fund, argue rival funds with only "skin-deep" knowledge of their holdings make too many short-term moves.

The duo have produced top quartile returns in the IMA UK All Companies sector over the five years to 18 July, but have had a tougher time of it in the shorter term. Over five years, the fund has produced a return of 167.6%, according to Morningstar, compared with an average return of 93%. Over one year, the fund’s return of 8.2% is below the sector average return of 8.5%, but the pair argue conditions have now shifted in their favour once more. The managers, who have also produced top quartile returns over all time periods for their Liontrust UK Smaller Companies fund, run portfolios ...