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Anthony Cross, Economic Advantage: RWS Holdings – Intellectual Property case study

When identifying economic advantage in the companies we invest in, we look for possession of distinctive and hard to replicate intangible assets in one of three categories: intellectual property, distribution channels and recurring income. RWS describes itself as a provider of intellectual property (IP) support services. So while it facilitates the acquisition of intangible assets for its clients, as investors we are interested in the IP economic advantage that RWS itself possesses.

Mark Williams, Asia: Two significant events coincide with Fund’s two year anniversary

The Asia Income Fund’s two year anniversary (5 March 2014) has coincided with two significant events in China: the first day of this year’s annual National People’s Congress (NPC) and the announcement of potentially China’s first ever domestic bond default.

Over the next week, newsflow from the NPC should indicate the conviction of China’s politicians to implement reforms first announced last November in the third plenum. We do not anticipate any policy announcements from Premier Li Keqiang or President Xi Jinping which would alter our positive view on Chinese equities, but we would welcome further confirmation that progress is being made to drive economic reform.

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.