The funds managed by the team have a variety of approaches. The core of the team’s investment approach is deep, fundamental research driven by original thinking to find share price inflection points that can drive long-term performance. The managers look for distinct inflection points and drivers of returns for the different funds.
Meet the team
The team is headed by Imran Sattar, who joined Liontrust in 2022. Before joining Majedie in 2018, Imran was a managing director and fund manager at Blackrock. The team manages UK equity funds, global strategies and Edinburgh Investment Trust.
Our investment process
The Global Fundamental team takes a deep analytical approach to identify mispriced investment opportunities across the style spectrum within a long term flexible investment approach. The objective is to build an all-weather portfolio spanning multiple sectors, with the aim of outperforming in all market conditions.
The team identifies companies they think are underappreciated by the market through in-depth fundamental research. These companies can be across the style spectrum, broadly in three buckets. Generally the team has a slight bias to the first bucket – businesses with durable economic moats and exposure to structural growth.
- Growing profit pools – companies operating in industries with growing profit pools where the business has sustainable competitive advantages that will support compounding returns to shareholders, and where we believe the market underestimates the longevity of growth and returns. The primary driver of shareholder returns here will be compounding earnings.
- Stable profit pools – companies operating in industries with static profit pools. Here there could be both market share opportunities and self-help strategies which could drive earnings growth and valuation improvements. The primary drivers of shareholder returns here will be earnings growth, shareholder distributions (dividends, share buybacks), and valuation improvement.
- Declining profit pools – companies operating in struggling industries but where there is a catalyst to see a significant improvement in operational and financial delivery. The primary drivers of shareholder returns here will be an inflection in earnings and valuation multiple rerating.
Through extensive bottom-up research across a wide range of sectors, the team gains valuable micro-level insights that help shape a perspective of the macro environment. This Macro from the Micro perspective is complemented with a top-down overlay to help inform a well-rounded view of the market. This enables the fund managers to identify attractive opportunities across the market and tilt the portfolio's positioning towards a modest bias for growth or value, depending on the prevailing environment.
