October, and the run into the Budget, proved difficult for Liontrust with elevated redemptions particularly in the UK-focused Economic Advantage strategy (£5.1bn). This improved markedly post-event with much lower redemptions. There are reasons to believe that sentiment is improving, supported by better fund performance, but this is not yet evident in flows. Modest additional (£1.5m) cost efficiencies have been identified. Higher than expected flows, buffered by cost savings, drives a modest 2-4 ....
