Liontrust

Gary West & James Inglis-Jones joined Liontrust in March 2006, researching and documenting The Cashflow Solution for eight months before launching Liontrust Continental Europe Fund in November 2006.

Gary graduated in 1985 with a First Class Honours Degree in German Studies from Portsmouth Polytechnic. He went on to take an M.Phil in International Relations at Cambridge University.

After 7 years at Touche Remnant and Henderson Investors, Gary joined Fleming Investment Management in 1994, working alongside William Pattisson. Between 1999 and 2002 he was co-head of the European equities department at JP Morgan Fleming with responsibility for the development of their European investment process and the management of Fleming Claverhouse Investment Trust.

James graduated in 1990 with a First Class Honours Degree in Modern History from York University. He went on to gain a D.Phil in Modern History from Christ Church, Oxford.

James joined Fleming Investment Management in 1997, assuming responsibility for the management of UK equity portfolios in 1999. Between 1999 and 2002 he worked closely with Gary West on JP Morgan Fleming’s institutional investment process and managed a wide range of retail and institutional funds as a senior portfolio manager within their European equity group.

Both Gary and James joined Polar Capital in 2003 to manage a European market neutral fund before joining Liontrust Asset Management in March 2006 to develop a European investment process.

Gary & James’ investment process
• The Cashflow Solution – an investment process for European equity growth portfolios

An investment process for European equity growth portfolios.
Applied to Liontrust Continental Europe Fund

Investment decisions taken by company managers to support their forecasts often create profit expectations in the stock market that are unsustainable.
Errors in company profit forecasts are magnified in stock markets as investors adopt unreliable company forecasts to value future profits. These errors are predictable and identifiable and create our investment opportunities – particularly at key stages of a company’s development.
The best way to exploit these investment opportunities is to focus on company cash flow.
We buy companies with strong cash flows which are likely to beat investors’ low profit expectations.

Click here for a more
detailed explanation on
The Cashflow Solution (PDF)

Applied to:

Liontrust
Continental Europe Fund

An investment process for
European equity growth portfolios.
The Cashflow Solution

Applied to:
Liontrust
Continental Europe Fund

‘New double act goes
with the flow’

Read the full article in

- the Liontrust magazine