This is an updated version of the report published on February 05, 2026, at 08:49 AM GMT

Liontrust Asset Management PLC (LSE: LIO)

Liontrust Asset Management PLC (LSE: LIO) is an FTSE All-Share listed UK-based holding company specializing in fund management. Through its subsidiaries, Liontrust Fund Partners LLP manages unit trusts, while Liontrust Investment Partners LLP and Liontrust Portfolio Management Limited offer investment management services to professional investors, either directly, via investment consultants, or through other advisers.

This Report covers the Investment Highlights, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 247.50

• Persistent Net Outflows Undermine Earnings Visibility: Liontrust reported net outflows of £1.0bn in the quarter, extending a multi-period trend of asset attrition despite an improvement versus the prior year. Continued outflows in the wholesale and retail channels weigh on revenue growth and make earnings recovery increasingly dependent on market performance rather than organic client demand.
• Institutional Wins Insufficient to Offset Structural Weakness: While two institutional mandate wins delivered £330m of inflows, these were insufficient to counterbalance broader outflows across the group. Institutional mandates also tend to be lower-margin and more volatile, limiting their ability to materially improve profitability or stabilise longer-term AuMA.
• Capital Returns Mask Underlying Growth Challenges: Share buybacks support short-term earnings per share but do not address the core issue of declining assets. Continued reliance on capital returns risks eroding balance-sheet flexibility while masking the lack of structural growth catalysts. 

Valuation Methodology: Price/ Earnings Approach

Share Price Chart  

One Year Technical Price Chart (as of February 05, 2026). Source: REFINITIV 

Conclusion

LIO is expected to trade at a discount, considering valuation downside and persistent net outflows. For conducting the valuation, the following peers have been considered – Finseta PLC (LSE: FIN), XPS Pensions Group PLC (LSE: XPS) and others.

Given its current trading levels, reduced scale, limited operating leverage, valuation risk, recent rally in the share price, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of GBX 247.50 on 05 February 2026, 08:15 AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 05 February 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.