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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Liontrust GF Special Situations Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Fund underperformed due to Middle East conflict driving risk-off sentiment that disproportionately hit smaller companies despite strong fundamentals. Energy holdings BP and Shell surged on oil price spike."
The Liontrust GF Special Situations Fund returned -8.5% in Q1 2026 versus the FTSE All-Share's +2.4%, as Middle East conflict intensification drove market volatility. Energy holdings BP (+42%) and Shell (+32%) performed exceptionally as Brent crude doubled to $118/barrel due to Strait of Hormuz disruption. The manager owns these integrated oil companies for their essential infrastructure and capabilities, not as oil price bets. Conversely, smaller company holdings suffered from risk-off sentiment unrelated to fundamentals, with AI disruption fears affecting technology names like GlobalData (-35%) and Craneware (-30%). Despite this weakness, the manager maintains conviction in portfolio companies' competitive moats and notes the fund now trades at a significant P/E discount to the UK market (11.4x vs 12.7x) despite superior quality metrics. Healthcare holdings GSK and AstraZeneca delivered positive returns on strong results. M&A interest remains elevated, with Auction Technology Group rejecting opportunistic takeover approaches. The extreme valuation compression in quality smaller companies creates attractive long-term opportunities for patient investors.
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