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Cashflow Solution team

Meet the team

James Inglis-Jones formed the Cashflow Solution team on joining Liontrust in March 2006 and was joined by Samantha Gleave in 2012. James and Samantha jointly manage the Cashflow Solution range of funds having first worked together in 1998 and with an average industry experience of 25 years. James previously managed funds at Fleming Investment Management, JP Morgan Fleming and Polar Capital. Samantha formerly worked at Sutherlands Limited, Fleming Investment Management, Credit Suisse First Boston and Bank of America Merrill Lynch. Samantha was in a No 1 ranked equity research sector team (Extel & Institutional Investor Surveys) at Credit Suisse and won awards for Top Stock Pick and Earnings Estimates at Bank of America Merrill Lynch.

 

 

Cashflow Solution: review of 2023 and outlook for 2024

In this video, James Inglis-Jones and Samantha Gleave explain how the performance of investment styles were volatile in 2023, with both quality growth and value stocks contributing to the strong performance of the process. James and Samantha explain that equity markets look healthy for 2024 as they are trending upwards, valuations in the US and Europe are not concerning and corporate aggression is low. They also discuss their optimism about momentum generating returns across quality growth and value stocks in 2024.

Funds managed by the team

The fund managers believe stock prices are frequently mis-priced as they tend to reflect the often-unreliable forecasts of future profitability made by company managers.

Funds managed by the team

Our investment process

The fund managers focus on the historic cash flows generated and invested by companies to support their forecast profits growth. As forecasts are often unreliable, the scale of cash invested to support forecasts is key.

The fund managers seek to own companies that generate significantly more cash than they need to sustain their planned growth yet are lowly valued by investors on that measure and are run by managers committed to an intelligent use of capital.

To identify companies’ annual cash flow, balance sheet development and valuation efficiently across all equity markets the fund managers have developed a simple screen as a starting point for further qualitative analysis. The investment screen consists of two cash flow ratios that are combined equally to highlight the process characteristics that they seek.

The two cash flow measures are:

  • Cash flow relative to operating assets
  • Cash flow relative to market value

Latest insights

More insights
Lionesses Samantha Gleave and James Inglis-Jones
European market outlook – positive but finely poised The Cashflow Solution team assess the prospects for European shares in 2024
icon 30 January 2024
Europe
James Inglis-Jones James Inglis-Jones
Sharp sell-off in growth stocks – a good thing? Over-aggressive company spending has dropped this year.
icon 5 June 2023
Traffic lights
Lionesses Multiple authors
Cashflow – the key takeaways James Inglis-Jones and Samantha Gleave talk through the cashflow solution process and the performance of their portfolios against the recent market environment.
icon 23 May 2023
Samantha Gleave
Lionesses Samantha Gleave and James Inglis-Jones
Why we are repositioning to reflect a gloomy equity market outlook Samantha Gleave and James Inglis-Jone think the prospects for European equity market look fairly muted. They explain why they have responded by seeking inexpensive defensive and quality stocks for the Liontrust European Dynamic Fund that also rate highly on their recovering value and momentum cash flow scores.
icon 21 July 2022
Insights 9

"In the world of investment, it seems we should beware the wisdom of crowds, especially when levels of investor anxiety are elevated."

Awards and ratings

FOMYA Europe - Winner Investment Week Fund Manager of the Year Awards 2022 Europe ex-UK
Citywire fund manager rating Citywire Manager Rating: AA Samantha Gleave & James Inglis-Jones