Liontrust reported positive Q4 net inflows yesterday. Fund performance was not entirely immune from volatility but a small negative impact, better than the market, is creditable. Group AuM was in line with our year end forecast. The acquisition of Argonaut Capital Partners European Income funds will bring £298m AuM and be earnings accretive. We make a small reduction our FY17e/FY18e forecasts, with upside from the acquisition offset by a moderated view on flows. We retain our 312p 12m Target Price (13.0x cal’16 PER) and BUY recommendation
