Anthony Cross joined Liontrust in 1997 and has managed the fund since inception in November 2012, previously working at Schroder Investment Management with a degree in Politics from Exeter University (1990). He launched the Liontrust UK Smaller Companies Fund in 1998 and has been instrumental in developing the Economic Advantage investment process. Victoria Stevens joined the Economic Advantage team in June 2015, focusing on small cap investment opportunities with experience in corporate broking and financial journalism. Matthew Tonge joined Liontrust's trading desk in 2003, became a partner in 2011, and was voted Mid-Tier trader of the year in 2014. The team was expanded in May 2023 with Stevens and Tonge joining Cross as co-managers.

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The fund applies the Economic Advantage investment process to identify companies that possess intangible assets which produce barriers to competition and provide a durable competitive advantage. The process seeks companies that can defy industry competition and sustain higher than average profitability for longer than expected. The hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business. All smaller companies in the fund must have minimum 3% equity ownership by senior management. The fund invests at least 80% in companies traded on UK and Irish stock exchanges and is not restricted by company size or sector.

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