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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.


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
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
Lionesses Alex Wedge & Natalie Bell
Following the smart money How do owner/managers assess the best time to call the market and trade in their own shares? Fund managers Alex Wedge and Natalie Bell discuss in our latest blog
icon 20 February 2023
Insights 12
Fund manager views
Liontrust Special Situations Fund: 2022 review and 2023 outlook The Economic Advantage team give an update on robust underlying trading for most of its companies and explain how this this resilience gives them confidence for 2023
icon 7 February 2023
line graph

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