Share class liquidation of Liontrust funds – including Liontrust Russia

The liquidation of share classes

In its decision to no longer support all non-Sterling denominated share classes, Liontrust will liquidate the USD and EUR share classes in its UK domiciled Global Equity fund range on 1 May 2020 ("the liquidation date") and will also close any Sterling share classes that are very small. The Liontrust shareholder notification opposite details the closing share classes and an alternative Sterling share class that is available. We feature the Liontrust Russia fund in our defined fund ranges in GBP and USD currencies. The GBP share class will continue to operate, but the USD share class will be closed. Below outlines what will happen with investors holdings.

Action to be taken for our open-architecture bond owners

Portfolio bond investors can remain invested in the liquidating fund(s) until the liquidation date, or can instruct a deal before this to transfer to an alternative fund. To instruct a deal, clients should submit a completed RL360 Dealing instruction form or, if registered with us for online dealing, complete a deal online before the liquidation date. If we do not receive instructions, investors' holdings will be liquidated and paid into the cash account on their bond following the liquidation date. Liontrust estimate that under normal market conditions, proceeds should be returned to shareholders within four business days from the liquidation date.

Action to be taken for our defined fund range plan owners

We have now closed the USD share class of the liquidating fund to new business and switches in. Existing investors can continue to invest in the USD share class, including regular payments, until 3pm (UK time) Wednesday 29 April 2020, at which point we will switch their holdings, and redirect any regular payment allocation, into an alternative fund in the range - the HSBC Russia Equity fund (“the receiving fund”). 

The fund already features in our defined fund range, is in the same currency as the liquidating share class and sits in the same investment category. 

We have written to our defined fund range plan owners, or their appointed investment adviser, who are impacted by the liquidation informing them of the action we will be taking and their option for switching to a different fund if they prefer. Servicing financial advisers will receive a sample of the letter for their information. Sample letters can be found opposite. 

_______________________________________________________________________ 

For more information about Liontrust visit www.liontrust.co.uk