LIO

Liontrust Asset Management PLC

Financial Services First-pass screen £162m

320/1000 Overall fit

AI beneficiary 35% 23

Operating leverage 25% 35

Valuation 25% 32

Downside protection 15% 48

First-pass take

Liontrust is a traditional active asset manager with zero AI exposure facing secular passive-fund headwinds. AuMA declined 19% to £22.6bn with negative flows of £4.9bn; dividend (72p) exceeds adjusted earnings (56.8p); operating margins compressed 600bps to 29.4% despite cost-cutting.

Flags

passive-headwindsnegative-flowsdividend-cut-riskimpairment-historyintangibles-heavymargin-compressionshrinking-aum