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Fund manager

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Running the rule over Trump’s first 100 days

John Husselbee, Jamie Clark, Mark Williams, James Inglis-Jones & Olly Russ

As President Trump approaches his 100th day in office (29 April), Liontrust’s fund managers take a look at his impact on markets. Read more
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. Read more
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. Read more
John Husselbee

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.” Read more
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. Read more
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. Read more
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. Read more
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 Corp: Giving you the dual-camera you never knew you wanted Lite-On manufactures power supplies, components for consumer electronics, and optoelectronics. Read more
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. Read more
Shashank Savla

Why we remain underweight India despite reform progress

The approval of the Goods and Services Tax (GST) bill in August was an important step for India, and contributes to us holding a positive medium-term outlook for the country. Read more
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. Read more

Liontrust fund managers’ “Reasons to be Cheerful” in 2017

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. Read more
Olly Russ

Renzi loses Italian Job

As both betting markets and opinion polls predicted (for once), Italian PM Matteo Renzi lost his referendum for constitutional reform, and with it his job. Although the polls were correct in predicting the outcome, they understated the emphatic margin by which the proposals were defeated, which now look to be 59:41 in favour of a ‘No’. Renzi took the hint, and in a somewhat rambling speech eventually managed to announce his intention to tender his resignation later this afternoon. Read more

Liontrust fund managers’ scariest charts

As Halloween approaches, Liontrust’s fund managers highlight the most frightening data they’ve come across in their research Read more
Jamie Clark

Why Friedman is out and Keynes is back

Our Macro-Thematic investment process seeks to identify durable investment themes and associated opportunities to generate unit holder returns. Macro themes do not issue from a pre-populated Excel formula, or similarly linear process. Read more
Anthony Cross

Where investors should seek sanctuary from inflation

A key tenet of our investment process is the importance of barriers to competition. We have moulded our approach around the identification of characteristics which we believe allow companies to sustain profits in the face of competitive threats. It is this theoretical ability to generate a higher than average level of profitability for longer than expected which we refer to as Economic Advantage. Read more
Mark Williams

Stock selection or country allocation – what’s the key to investing in Asia?

Mark Williams looks at the importance of stock selection relative to country allocation when investing in Asian equities. Read more
Jamie Clark

Autumn Statement initial thoughts

Philip Hammond’s inaugural – and final – Autumn Statement confirms our view that fiscal activism has made an emphatic comeback. Read more
Hugo Rogers

A dispassionate look at 'Trumpflation'

Trump’s election is an emotive topic, but as investors we must make dispassionate assessments. The President-elect will wield executive and legislative power that Barack Obama could only dream of, so the consequences of his victory will be profound. Read more
John Husselbee

A desynchronising world

Are you still playing Pokémon Go? The online game was released to the world in early July this year and soon went viral over the summer. However the game today is seemingly unfashionable with its rapid decline in recent months clearly charted by Google Trends. And whilst gamers are abandoning Pokémon Go, it seems that investors are beginning to shy away from government bonds. Read more
Olly Russ

How will markets react to the Italian referendum result?

The key question in European investment at the moment is of course ‘Do you approve the text of the constitutional bill concerning "Dispositions for the surmounting of perfect bicameralism, the reduction of the number of Members of Parliament, the reduction of institutional operating costs, the abolition of CNEL and the revision of Title V of Part II of the Constitution," which was approved by Parliament and published in the Gazzetta Ufficiale n. 88, on April 15, 2016?’. Read more
Jamie Clark

What ‘Trump-priming’ of US economy means for our Macro-Themes

This week’s US election outcome presents a timely opportunity to revisit and update our prior blog entry. Read more
Samantha Gleave

Picking Quality and Value routes to cash flow growth

Having had a cautious outlook for much of this year, we recently moved to a more neutral view on the prospects for European markets. The investment environment should continue to be one in which high-quality cash-generative stocks are in demand, but there are also pockets of the stock-market offering contrarian value opportunities. Read more
James Inglis-Jones

Lessons from 10 years at the helm of Liontrust European Growth

1. Define and thoroughly research an investment process before you start implementing it An investment process can’t simply be theoretical, it also needs to be backed up by historical analysis to demonstrate that it works. Read more
John Husselbee

Do you hear the people sing?

In my experience of fund management over the past thirty years, political risk has traditionally been more associated with emerging market economies rather than those of the developed world. The simple rationale has been that emerging market governments are typically considered to be less stable, and so investors should in turn demand a risk premium in the form of a higher expected return. Read more