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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.
"The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest."
The Liontrust Special Situations Fund returned 6.7% in Q2 2026, outperforming the FTSE All-Share Index which returned 4.7%. The quarter saw progress towards a US-Iran ceasefire, allowing equity markets to rally with notable outperformance from the Quality style factor and small and mid-cap stocks in April and May. Small and mid-caps showed signs of reversing their multi-year underperformance, with the FTSE 250 returning 9.8%, FTSE Small Cap 11.1%, and FTSE AIM All-Share 8.3%, versus 4.0% for the FTSE 100. The Fund benefited from strong performance in holdings like Intertek, Renishaw, TP ICAP, and Auction Technology Group. Energy holdings BP and Shell declined following the Iran ceasefire and a 20% drop in oil prices in June. The managers view the extreme valuation compression for small and mid-caps since late 2021 as a compelling opportunity. For the first time in its 20-year history, the Fund trades at a discount to the wider UK market on price/earnings despite superior Quality characteristics, with a free cash flow yield of 8.4% versus 7.1% for the FTSE All-Share.
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