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.
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. Natalie Bell joined the team in August 2022, having previously been a member of the Liontrust Responsible Capitalism team where she led engagement with investee companies. Alex Game joined the team in May 2024 from Unicorn Asset Management, where he had spent nearly 10 years and where he co-managed a range of funds including two UK equity funds and an AIM portfolio service.
*Julian Fosh is on a leave of absence. The Economic Advantage funds continue to be managed by the other members of the team in Julian’s absence.
*Julian Fosh is on a leave of absence. The Economic Advantage funds continue to be managed by the other members of the team in Julian’s absence.
Focusrite
In the second episode of the Stock Exchange series, Phil Dudderidge OBE, Chairman of Focusrite, tells Victoria Stevens how the company's growth has been achieved and the challenges of being an entrepreneur.
Funds managed by the team
Funds managed by the team
Victoria Stevens
Focusrite - Phil Dudderidge OBE
Having started with just a van and a band and then working as Led Zeppelin’s touring soundman in 1970, Phil Dudderidge OBE has successfully built two companies – Soundcraft Electronics and Focusrite. Using its equipment to record this second episode of the Stock Exchange series, Phil, who is now Non-executive Chairman, tells Victoria Stevens how Focusrite’s growth has been achieved and the challenges of being an entrepreneur.
Victoria Stevens
Domino's - Andrew Rennie
For the first conversation in the Stock Exchanges series, Victoria tucks into Domino’s, which is the largest pizza delivery operator in the world. She discovers the secrets of its success from Andrew Rennie, the Chief Executive of Domino’s Pizza Group, the London listed company that holds the master franchise agreement for the UK and Ireland and has over 1,300 mostly franchised stores under its banner.