Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
One of the key themes underpinning our investment approach is Improving safety and resilience. As our economies and societies advance, we continually develop ways to reduce the likelihood of accidents – whether in daily life or at work. The degree of improvement achieved is remarkable and deserves to be celebrated. Sustainable investors also have an important role to play in encouraging further progress.
Progress in the workplace
Consider workplace accidents here in the UK. RoSPA (the Royal Society for the Prevention of Accidents) records that in 2000 there were 292 workforce fatalities and 1.1 million non-fatal injuries. In 2025 those figures stood at 124 and 680,000 respectively. When we factor in the expansion of the workforce – from 28 million to 33.5 million – the rate of improvement is even more striking. Put another way, had accident rates remained at their 2000 levels, there would have been 211 additional fatalities and 660,000 additional injuries every year. Over 25 years, this represents a remarkable 5,000 lives saved and 15 million injuries prevented.
The construction sector has perhaps seen the most dramatic turnaround. In 2000, it accounted for around 100 deaths per year; now that figure is approximately 40. This has been achieved through integrating safety considerations at the early design stage, expanding off-site construction, and training workers to identify risks and empowering them to act before accidents occur.
We view worker safety as a key indicator of overall business quality. Companies that manage safety well tend to manage their broader operations well too. One example is Berkeley Group, the UK housebuilder. Through its partnership with RoSPA, Berkeley has consistently maintained an AIIR (Annual Injury Incidence Rate) one third below the industry average. We see a strong connection between this and the quality of its buildings, as reflected in a net promoter score of +81.6 from its customers.
Advanced Drainage Systems (ADS) has delivered meaningful and sustained improvements in workplace safety over the past three years, reflecting both the effectiveness of its operational strategy and a deepening safety culture. The company’s Total Recordable Injury Rate (TRIR) has steadily improved from 2.6 → 2.1 → 1.96 between FY2023 and FY2025, representing a 25% reduction over the period. This positions ADS well ahead of industry benchmarks, outperforming both the plastic pipe manufacturing industry average of 3.2 and the broader US manufacturing average of 2.8 in the most recent comparable year.
A significant driver of this improvement is ADS’ continued investment in safety‑related operational enhancements. In the past year alone, the company invested $13.3 million in environmental, health, and safety (EHS) projects across its manufacturing and logistics network, with a particular emphasis on automating downstream manufacturing tasks, a high-risk area for safety incidents. The company has also implemented a comprehensive safety and health management system aimed at preventing, identifying, and correcting hazards before injuries occur, underpinned by strengthened training, hazard‑reporting processes, and employee empowerment.
We have engaged with ADS on its health and safety performance each year since taking a position in the Funds, and it is reassuring to see such clear, evidence‑based improvement in outcomes. This progress reflects a credible long‑term commitment to maintaining a safe working environment across the organisation.
Progress on the roads
Progress beyond the workplace has been equally significant. Road fatalities in the EU fell from 50,000 per year in 2000 to 19,800 by 2024. It remains striking that figures of this magnitude do not command daily headlines – even the improved numbers are comparable with casualties in a major armed conflict. The FIA Foundation has campaigned consistently for a Vision Zero target, advocating for higher safety standards, better road infrastructure and lower speed limits as practical, proven solutions. More recently, advances in vehicle safety technology have added further tools to that effort.
With this in mind, we hold an investment in D'Ieteren, whose brands include Autoglass and Belron. In addition to repairing and replacing damaged windscreens, Belron recalibrates the sensors essential to collision avoidance and autonomous driving technologies. We also invest in Alphabet, which is transforming urban transport through its Waymo self-driving taxi service. Swiss Re estimates that bodily injury accident rates for Waymo are an extraordinary 92% lower than those of conventional taxis.
The case for long-term commitment
None of this happens by accident, if you will excuse the pun. It is instructive that road fatality rates in the US have stagnated, with 39,000 deaths recorded in 2024, at a rate two to three times that of the UK. Sustained progress requires long-term planning and the determination to deliver incremental improvements year after year. UK workplace safety gains, for instance, trace back to the Health and Safety at Work Act 1974, and have demanded decades of education, technological application and the sharing of best practice. Equally important has been helping businesses understand that worker wellbeing is not merely a moral obligation, but a long-term driver of commercial success – a message that sustainable investors have long brought to company management.
To that end, we continue to engage with our portfolio companies to promote best practice and, crucially, to encourage robust monitoring, reporting and target-setting. There remains a long way to go, but there is also much progress worth celebrating.
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KEY RISKS
Past performance does not predict future returns. You may get back less than you originally invested.
We recommend this fund is held long term (minimum period of 5 years). We recommend that you hold this fund as part of a diversified portfolio of investments.
The Funds managed by the Sustainable Investment team:
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Are expected to conform to our social and environmental criteria.
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May hold overseas investments that may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of a Fund.
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May hold Bonds. Bonds are affected by changes in interest rates and their value and the income they generate can rise or fall as a result; The creditworthiness of a bond issuer may also affect that bond's value. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The value of a bond would be significantly affected if the issuer either refused to pay or was unable to pay.
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May encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings.
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May invest in smaller companies and may invest a small proportion (less than 10%) of the Fund in unlisted securities. There may be liquidity constraints in these securities from time to time, i.e. in certain circumstances, the fund may not be able to sell a position for full value or at all in the short term. This may affect performance and could cause the fund to defer or suspend redemptions of its shares. May invest in companies listed on the Alternative Investment Market (AIM) which is primarily for emerging or smaller companies. The rules are less demanding than those of the official List of the London Stock Exchange and therefore companies listed on AIM may carry a greater risk than a company with a full listing.
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May, in certain circumstances, invest in derivatives but it is not intended that their use will materially affect volatility. Derivatives are used to protect against currencies, credit and interest rate moves or for investment purposes. The use of derivatives may create leverage or gearing resulting in potentially greater volatility or fluctuations in the net asset value of the Fund. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.
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Do not guarantee a level of income.
The risks detailed above are reflective of the full range of Funds managed by the Sustainable Investment team and not all of the risks listed are applicable to each individual Fund. For the risks associated with an individual Fund, please refer to its Key Investor Information Document (KIID)/PRIIP KID.
The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.
DISCLAIMER
This material is issued by Liontrust Investment Partners LLP (2 Savoy Court, London WC2R 0EZ), authorised and regulated in the UK by the Financial Conduct Authority (FRN 518552) to undertake regulated investment business.
It should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets.
This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.
This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.com or direct from Liontrust. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.
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