Liontrust’s Q3 update is in line: £21.5bn vs SCMe £21.6bn. Outflows in the retail/intermediary franchise persisted in the run up to the Budget. ~£300m of segregated mandates were funded, as trailed at the interims. The pipeline of interest is building aided by improving performance in certain funds. We make no material change to our estimates, noting that the current £21.7bn AuM (at 10/1) is already ahead of our prudently struck £21.4bn Q4e. We reiterate our BUY/550p 12m TP (14x PER) with the current 6x PER too deeply discounted, offering plenty of margin of safety ahead of a flow inflection, alongside a well covered 9% dividend yield.
