Where are you?
  • Austria
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Guernsey
  • Ireland
  • Italy
  • Jersey
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Portugal
  • Spain
  • Singapore
  • Sweden
  • Switzerland
  • United Kingdom
  • Rest of World
It looks like you’re in
Not your location?
And finally, please confirm the following details
I’m {role} in {country} and I agree to comply with the terms of the website.

 Economic Advantage team

Meet the team

The award-winning Economic Advantage team have an average industry experience of 21 years. Anthony Cross joined Liontrust from Schroders in 1997 and was joined by Julian Fosh in 2008. Julian had previously managed funds 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. Victoria was previously Deputy Head of Corporate Broking at FinnCap, while Matt had spent nine years on the Liontrust dealing desk, latterly winning an industry award for his work in mid and small cap stocks. Alex Wedge joined the team in March 2020 from N+1 Singer, where he had spent over seven years, latterly as a senior member of the equity sales team. 

 

Our investment 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.

Other less powerful but nonetheless important intangible strengths include franchises and licenses; good customer databases and relationships; effective procedures and formats; strong brands and company culture.

These intangible assets produce barriers to competition, protect margins and are capable, in the opinion of the fund managers, of reaping a financial advantage in the form of cash flow returns in excess of the cost of capital. A company that consistently generates excess cash flow returns will benefit from compounding as it reinvests this excess return into the business.

Every smaller company held in the Economic Advantage funds has at least 3% of its equity held by senior management and main board directors. Companies are also assessed for employee ownership below the senior management and board and changes in equity ownership are monitored.

Funds managed by the team

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.

Awards and ratings

Citywire fund manager rating Citywire Rating: A Anthony Cross & Julian Fosh
Citywire fund manager rating Citywire Rating: AA Victoria Stevens & Matt Tonge
FT Adviser 100 Club Awards 2019 FT Adviser 100 Club Awards 2019: UK Smaller Companies Fund of the Year Liontrust UK Smaller Companies Fund
Anthony Cross, Alpha Manager 2020 FE Alpha Manager 2020 Anthony Cross
Julian Fosh, Alpha Manager 2020 FE Alpha Manager 2020 Julian Fosh
Best Alpha Managers of the Year 2020 FE fundinfo AM Awards 2020: Alpha Managers of the Year Anthony Cross & Julian Fosh
Best Alpha Manager 2020, UK Equities FE fundinfo AM Awards 2020: UK Equities Managers of the Year Anthony Cross & Julian Fosh
Morningstar Awards 2019 Morningstar Awards 2019: Best UK Equity Fund Liontrust Special Situations Fund
AJ Bell 2020 UK Equity Special Situations 100x100 AJ Bell Fund & IT Awards 2020: UK Equity - Active Liontrust Special Situations Fund
FT Advisor 100 Club UK Smaller Companies FT Adviser 100 Club Awards 2020: UK Smaller Companies Fund of the Year Liontrust UK Smaller Companies Fund