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Liontrust fund managers’ “Reasons to be Cheerful”

Having given us their Halloween “Reasons to be Fearful”, we asked the same Liontrust fund managers to highlight aspects of their research which point to a more optimistic outlook for 2017

Mark Williams: What prospects for China in the Year of the Rooster?

The Liontrust Asia Income Fund had slightly over 40% exposure to Hong Kong and China at the start of the year. All of this is via companies listed in Hong Kong (not A-shares, listed in the Chinese mainland markets), but they are companies with exposure to the mainland Chinese market, rather than the Hong Kong economy, which we think will struggle in a world of rising United State interest rates.

Jamie Clark: Taking the edge off our pharma exposure

We are longstanding investors in the pharmaceutical sector, but think investors should be more critical in evaluating the chance of drug pipeline failure and risks to capital.

Mark Williams: Five stocks to crow about in the Year of the Rooster

This article was first published by Citywire Wealth Manager on 16 February 2017

• Lite-0n Technology CorpGiving you the dual-camera you never knew you wanted

Lite-On manufactures power supplies, components for consumer electronics, and optoelectronics.

James Inglis-Jones: Beware over-paying for forecast growth

We hold an upbeat assessment of the outlook for European equities this year but we are very cognisant of the need to limit exposure to some extreme valuations being afforded to stocks meeting certain investment characteristics. 

Samantha Gleave: Five European small cap picks

In this blog, I am taking the opportunity to look at five of the stocks we have included in the GF European Smaller Companies Fund, which we launched at the start of February.

Mark Williams: Should investors in Asia worry about Trump?

In the run-up to the US Presidential election, Donald Trump loudly lambasted the Chinese, threatening to attack what he seemed to see as iniquitous trade policies. Before the vote he threatened to retaliate for China ‘raping’ America on trade, to impose massive tariffs on Chinese imports and on his first day in the White House labelled China a currency manipulator. 

Great Expectations?

Financial markets are often said to be driven by investor expectations, the so-called fear and greed. This is perhaps best summarised by the frequently quoted father of value investing, Benjamin Graham: "In the short run, the market is a voting machine but, in the long run, it is a weighing machine.”

Olly Russ: It’s the economy (not politics)

Today’s Dutch election result saw the incumbent centre-right VVD party beat populist anti-immigration candidate Geert Wilder’s eurosceptic PVV party. Will this mark a turning point in the growth of populism and the associated undercurrent of anti-euro feeling? And what impact does the political outlook have on the European companies we invest in?  

Victoria Stevens: Tapping into the Digital Economy

It’s hard to attach a value to ‘digital economy’ benefits for any given company, but earlier this year the US mega-deal between Verizon and Yahoo gave us an example of how much it can cost to get your digital strategy wrong: $350m. This is the amount by which Verizon dropped its original $4.8bn bid due to the cyber data breaches in 2016 which hit over 1bn Yahoo users.

Disclaimer

Any opinions expressed should not be construed as advice for investment in any [product or] security mentioned or which may form the underlying content of any topics discussed in this blog.  The information and opinions provided in this blog take no account of the investors’ individual circumstances and should not be taken as specific advice on the merits of any investment decision.   Any opinions or information provided has been based on sources we believe to be reliable at the time of this blog’s preparation: no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of such information.  Neither Liontrust, nor any of its partners, employees, representatives or agents accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of our research or its contents.

Liontrust, its partners and/or employees may have had, have or will have positions in the securities (or related financial instruments) which are those referred to, or those underlying the content discussed in this blog.

Any individual who chooses to invest in any securities should do so with caution. Investing in securities is speculative and carries a high degree of risk; you may lose some or all of the money that is invested.  Always research your own investments and consult with a regulated investment advisor or licensed stock broker before investing.

Shares in companies referred to may be relatively illiquid and hard to trade, therefore riskier than other investments and there could be a large bid/offer spread, so if you need to sell soon after you’ve bought, you might get less back than you paid. This can make them riskier than other investments.