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 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. 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.

 

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Stock Exchanges Podcast
Stock Exchanges Podcast Stock Exchanges Podcast
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.
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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.

Funds managed by the team

Latest insights

More insights
Victoria Steven 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.
icon 3 December 2024
Stock Exchanges podcast
Lionesses Anthony Cross, Victoria Stevens & Natalie Bell
The UK market: IP-rich and undervalued
icon 15 November 2024
r&d
Victoria Steven 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.
icon 14 November 2024
Stock Exchanges podcast
Natalie Bell Natalie Bell
Will the UK election provide the catalyst we have all been waiting for? Natalie Bell finds reasons for UK investor optimism.
icon 2 July 2024
UK Election

Awards and ratings

FOMYA UK Smaller Companies - Highly Commended Investment Week Fund Manager of the Year Awards 2022 UK Smaller Companies
Small Cap Awards 2022 UK Smaller Companies Fund Manager of the Year