Liontrust

Anthony Cross joined Liontrust in 1997, spending his first three months researching and
documenting his approach to UK smaller companies investment, known as The Cross Report, before
launching The Liontrust Intellectual Capital Trust in January 1998.

Anthony graduated in 1990 from Exeter University with a degree in Politics. He then joined Schroder
Investment Management as a graduate trainee, spending his first three years as a research analyst
covering the support services and transport sectors. In 1994 he joined their highly regarded Smaller
Companies team, becoming number two on the desk in 1995. During this time Anthony identified a
number of characteristics common to successful small companies. This led to his determination to
spend more time researching the reasons for their success and developing his own investment
process, which he was able to do on joining Liontrust.

Anthony’s investment process
• The Cross Report – for UK smaller companies portfolios

An investment process for UK Smaller Companies portfolios
Applied to The Liontrust Intellectual Capital Trust and
Liontrust First Opportunities Fund

Intellectual Capital is the intangible asset base of a company. It
includes customer relationships, contracts and repeat business,
distribution networks, intellectual property and organisational
strengths like formats, procedures and culture. Intellectual
Capital is difficult to replicate.
Intellectual Capital, therefore, helps to maintain profitability in a
world where deregulation, the removal of trade barriers, easy
access to capital, quick distribution and shortening product life
cycles have combined to increase competition. Companies must
demonstrate that their Intellectual Capital will sustain their
competitive position.
Intellectual Capital is created and exploited by motivated employees.
The best method of motivating employees is through equity
ownership. Directors must own at least 3% of the listed equity.

Click here for a more
detailed explanation of
The Cross Report (PDF)

Applied to:

The Liontrust
Intellectual Capital Trust

Liontrust First
Opportunities Fund

An investment process for
UK smaller companies
portfolios.
The Cross Report

Applied to:
The Liontrust
Intellectual Capital Trust

Liontrust
First Opportunities Fund

Fund Strategy
'No fear for Liontrust's intellectual '

'The strength of owner-manager companies '

"There's power in the people" says Anthony Cross

Read the full article in

- the Liontrust magazine