The Economic Advantage team | Who we are | Liontrust Asset Management PLC
Economic Advantage team

The Economic Advantage team

Anthony Cross, Julian Fosh, Victoria Stevens & Matt Tonge

The team

Anthony Cross and Julian Fosh have 55 years of combined investment experience. Anthony, who was previously at Schroders, has managed the Liontrust Special Situations and UK Smaller Companies Funds since launch and he started working with Julian at Liontrust in 2008. Julian has previously managed money at Scottish Amicable Investment Managers, Britannic Investment Managers, Scottish Friendly Assurance Society and Saracen Fund Managers.

Victoria Stevens and Matt Tonge joined the team in 2015 to research and analyse investment opportunities primarily across the small cap universe. In Victoria’s previous role as deputy head of corporate broking at FinnCap, she built up an extensive knowledge of the smaller company investment universe. Matt added trading and analytical expertise to the team, having spent the previous nine years on the Liontrust dealing desk, latterly winning an industry award for his work in mid and small cap stocks.

The Liontrust Economic Advantage team

The Economic Advantage Process

The process seeks to identify companies that possess intangible assets which produce barriers to competition and provide a durable competitive advantage that allows the companies to defy industry competition and sustain a higher than average level of profitability for longer than expected. In the fund managers’ experience, the hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business.

Read more

Tapping into the Digital Economy

Victoria Stevens

It’s hard to attach a value to ‘digital economy’ benefits for any given company, but... Read more

Awards and ratings

FE Alpha Manager 2017 - Best UK Smaller Companies Manager
Anthony Cross & Julian Fosh
FE Alpha Manager Awards 2017

Best UK Smaller Companies Manager

Portfolio Adviser Fund Awards 2017
Liontrust Special Situations Fund
Portfolio Adviser Fund Awards 2017
Gold UK Equity
Citywire rated AAA
Anthony Cross & Julian Fosh
Citywire Manager rating: AAA
FE Alpha Manager 2017 - Anthony Cross
Anthony Cross
FE Alpha Manager 2017
FE Alpha Manager 2017 - Julian Fosh
Julian Fosh
FE Alpha Manager 2017
Investment Adviser 100 Club - Liontrust UK Smaller Companies Fund
Liontrust UK Smaller Companies
Investment Adviser 100 Club
UK Smaller Companies Fund of the Year
Rayner Spencer Mills - Winner Best Risk Adjusted Return - Equity - Liontrust UK Smaller Companies Fund
Liontrust UK Smaller Companies fund
Rayner Spencer Mills - Winner
Best Risk Adjusted Return - Equity

Latest fund updates

The Economic Advantage team

Read the latest fund updates from the Economic Advantage team.
Read more

Fund Calibre Elite Provider - Equities
FundCalibre Elite Provider for equities
Special Situations & UK Smaller Companies funds
Rayner Spencer Mills - R Rated Fund
Liontrust Special Situations fund
RSM rated
Investors Chronicle - Top 100 Funds 2015 - Liontrust Special Situations
Liontrust Special Situations fund
Investors Chronicle - Top 100 Funds 2015
(Includes Liontrust GF Special Situations Fund)
Morningstar Awards 2015
Liontrust UK Smaller Companies fund
Morningstar - Best UK Small/Mid Cap Equity Fund 2015
FE Alpha Manager 2015 - Best in UK Equity - Anthony Cross
Anthony Cross & Julian Fosh
FE Alpha Manager Awards 2017

Best in UK Equity

Morningstar Awards 2016
Liontrust UK Smaller Companies fund
Morningstar - Best UK Small/Mid Cap Equity Fund 2016
What Investment 2016 - Best UK Smaller Companies Fund - Liontrust UK Smaller Companies Fund
Liontrust UK Smaller Companies fund
What Investment Awards 2016
Best UK Smaller Companies Fund

UK domiciled  

Special Situations Fund

The Fund can invest in any stocks in the FTSE All Share
Index regardless of their size or sector, enabling the Fund to find the best opportunities wherever they are across the UK stock market.

Managers Cross and Fosh…boast Citywire AA performance ratings and their fund ranks third out of 177 UK Equities funds over 10 years with a 217% total return to the end of February. The duo look for companies with intellectual property, strong distribution networks or a recurring income stream... I regard this as a strong long-term pick.

Jonathan Miller, Citywire Head of Research, Mar 2016

UK Growth Fund

The Fund predominantly invests in UK large and mid-cap stocks using the Economic Advantage process, which can lead to sector exposures being significantly different from those of the market and many of its sector's peers.

[Julian] Fosh’s Liontrust UK Growth fund, run with fellow FE Alpha Manager Anthony Cross, has been a remarkably consistent performer over many years. Indeed, it has been in the top quartile among its peers over one, three and 10 years and is in the second quartile over five years.

FE Trustnet, September 2016

UK Micro Cap Fund

The UK Micro Cap Fund invests primarily in profitable, UK headquartered companies with high managerial ownership and a market capitalisation of under £150m.

Liontrust’s UK Micro Cap fund launched last month. The managers have a process, used in other Liontrust funds, that focuses on intangible assets such as intellectual property, strong distribution channels and significant recurring revenue. We have tremendous confidence in the team and their process.

Darius McDermott, FundCalibre, April 2016

UK Smaller Companies Fund

The Fund invests in UK smaller companies, which must
all have a minimum 3% directors’ equity ownership. The fund managers believe this motivates key employees, helps to secure a company’s competitive edge and leads to better corporate performance.

Almost every adviser we asked to pick a manager with a proven track record in up and down periods named Anthony Cross & Julian Fosh, who run Liontrust UK Smaller Companies. “The duo have stayed ahead of the market 83 per cent of the time in months when the markets have declined, an incredibly high rate of success,” says Jason Hollands, managing director of Tilney Bestinvest.

David Prosser, The Times, July 2016

Non-UK domiciled  

GF Special Situations Fund

The Fund can invest in any stocks in the FTSE All
Share Index regardless of their size or sector, enabling the Fund to find the best opportunities wherever they are across the UK stock market.

We invest in good quality growth companies - those with good sales and earnings growth, strong profit margins and high return on equity - for the long term and therefore the portfolio has a low turnover of stocks.

Anthony Cross & Julian Fosh

GF UK Growth Fund

This is a feeder fund into the UK-domiciled Liontrust UK Growth Fund which predominantly invests in UK large and mid-cap stocks using the Economic Advantage process, which can lead to sector exposures being significantly different from those of the market and many of its sector's peers.

Julian Fosh is the star investor who runs the Liontrust UK Growth fund, which has returned 22 per cent over the past year compared to 11 per cent for the average fund in the sector in the same time period.

What Investment, August 2016

Disclaimer:
• Past performance is not a guide to future performance. • Do remember that the value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.  • Some of the Funds managed by the Economic Advantage Team invest in smaller companies and companies traded on the Alternative Investment Market.  These stocks may be less liquid and the price swings greater than those in, for example, larger companies. • The performance of the Liontrust GF UK Growth Fund may differ from the performance of the Liontrust UK Growth Fund and will be lower than its corresponding Master Fund due to additional fees and expenses. 

• The information and opinions provided should not be construed as advice for investment in any product or security mentioned.  • Always research your own investments and consult with a regulated investment adviser before investing.


Citywire information is proprietary and confidential to Citywire Financial Publishers Ltd ('Citywire'), may not be copied and Citywire excludes any liability arising out of its use. © 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of future results.

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