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Liontrust Global Equity Team

The Global Equity team

Robin Geffen and James Dowey

The team

The Liontrust Global Equity team manages 19 active funds and has an average of 12 years’ investment experience between them. Led by Robin Geffen (right), who is the architect of the investment process, supported by James Dowey (left), the team manages a range of actively managed global, regional and emerging markets funds. The funds are all managed according to the same investment process, which is founded on collaborative idea generation, a culture of investing with conviction and three silo portfolio construction. The team transferred to Liontrust in October 2019 as part of the acquisition of Neptune Investment Management.

Global Equity Team

The Global Equity Process

The Liontrust Global Equity team believes that the key to replicable long-term investment outperformance is generating ‘idiosyncratic alpha’: returns that are independent of market returns and largely uncorrelated to the successes and failures of popular investment styles like growth and value. The team seeks to achieve idiosyncratic alpha through: collaborative idea generation and each member of the team having research responsibility for an industry sector or structural economic trends; conviction, with each stock in a portfolio having a meaningful weighting and being retained for the long term; and having three silos of stocks to provide low correlation with each other and to mitigate against the transitory fortunes of investment styles. The philosophy and process is implemented through a four-step workflow: stock idea generation, stock selection, portfolio construction and continual monitoring.

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Latest fund updates

Global Equity team

Read the latest fund updates from the Global Equity team.

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UK domiciled  

Balanced Fund

The Fund combines the Global Equity Team's best investment ideas to address the needs of long-term savers. Actively managed, with the ability to invest across different asset classes, sectors and countries, the Fund is designed for long-term investors who want a diversified portfolio. Robin Geffen has managed the Fund since its launch in December 1998 using the same process, which is founded on team-based research, a culture of investing with conviction and three silo portfolio construction.

China Fund

The Fund invests in a mix of companies from one of the world's leading economies, which may provide growth opportunities, attractive valuations or ‘special situations’. Special situations can exist where companies are out of favour, misunderstood or where management changes or takeovers are expected. Ruth Chambers manages the Fund using the Global Equity Team's process, which is founded on collaborative research, a culture of investing with conviction and three silo portfolio construction.

Emerging Markets Fund

The Fund offers investors exposure to the fast growth potential of the world’s emerging economies by investing in a mix of companies that may provide growth opportunities, attractive valuations or ‘special situations’. Special situations can exist where companies are out of favour, misunderstood or where management changes or takeovers are expected. Ewan Thompson has managed the Fund since launch in September 2008, using the Global Equity Team’s process to select the best investment opportunities from across the emerging markets.

European Opportunities Fund

A high conviction, actively managed Fund providing exposure to world-class companies based in Europe, excluding the UK. The Fund invests in a mix of companies that can be classified into one of the three silos of growth opportunities, attractive valuations, or ‘special situations’. Special situations can exist where companies are out of favour, misunderstood or where management changes or takeovers are expected. Thomas Smith identifies portfolio holdings using the Global Equity Team’s process, which is based on collaborative research, a culture of investing with conviction and three silo portfolio construction.

Global Alpha Fund

The Fund takes a high conviction approach to global investing, resulting in a focused portfolio of the Global Equity team’s very best ideas. The Fund has the ability to invest in companies’ shares and bonds from across the developed and emerging markets, unconstrained by region or sector as it seeks to deliver long-term growth. Robin Geffen has managed the Fund since inception in December 2001 using the same process, which is founded on team-based research process, a culture of investing with conviction and three silo portfolio construction.

Global Dividend Fund

The Fund is designed for investors seeking regular equity income and long-term growth from a global portfolio. The portfolio consists of 20-40 companies, identified using the Global Equity Team’s process, which are able to grow its dividends significantly. The Fund could be held as a more cautious alternative to traditional global growth funds, or by investors who want to diversify their income sources outside the UK while retaining the potential for capital growth.

Global Equity Fund

The Fund takes a truly global view of stock selection, investing in the best opportunities from around the world regardless of where they are based. James Dowey draws on the Global Equity Team’s process to identify companies at the forefront of industry disruption, enabling him to target those stocks that provide maximum potential for long-term growth.

Global Smaller Companies Fund

The Fund focuses on finding small and medium sized companies with strong growth prospects from around the world. Robin Geffen uses the Global Equity Team’s process to target those stocks with the ability to flourish in their specific political and economic environments. This typically means these companies are able to grow faster and deliver higher returns than their larger peers.

Global Technology Fund

The Fund offers exposure to the hugely innovative sector of global technology stocks, taking advantage of the growth potential from areas that we believe will be at the forefront of future economic and business growth trends, disrupting every industry. From mega caps to niche players, Fund Manager Robin Geffen selects companies using the Global Equity Team’s process, which is founded on collaborative research, a culture of investing with conviction and three silo portfolio construction.

Income Fund

The Fund is designed for investors seeking regular income and long-term capital growth from UK equities, with the aim of generating a yield in excess of the FTSE All Share Index. Robin Geffen has managed the Fund since its launch in December 2002 and has always maintained a 33 equally-weighted stock portfolio using the same process, which is founded on team-based research, a culture of investing with conviction and three silo portfolio construction. Whilst the Fund invests predominately in UK companies, it also has the ability to invest up to 20% in income opportunities overseas.

India Fund

The Fund gives investors access to one of the world’s most exciting, fastest growing markets. A nimble portfolio, Ewan Thompson has worked on the Fund for the last decade and targets investment opportunities across the market cap spectrum, investing in a mix of companies that may provide growth opportunities, attractive valuations or ‘special situations’. Special situations can exist where companies are out of favour, misunderstood or where management changes or takeovers are expected.

Japan Equity Fund

The Fund offers investors exposure to Japan’s multinational companies, many of which dominate their global industries and derive the majority of their revenues from overseas. As a result, they are able to take advantage from the translation benefits of a weak yen, enabling faster revenue growth. The Japan Equity Fund is a mirror portfolio of the Liontrust Japan Opportunities Fund’s holdings but without the portfolio-wide yen hedge, allowing investors to manage their currency exposure according to their own investment views via different currency share classes.

Japan Opportunities Fund

The Liontrust Japan Opportunities Fund offers investors exposure to Japan’s multinational companies, many of which dominate their industries globally and derive most of their revenues from overseas. As a result, they are able to take advantage from the translation benefits when the yen weakens, enabling faster revenue growth. The portfolio has a long-held currency hedge in place to protect potential gains should the yen weaken. Chris Taylor has managed the Fund since May 2005 using the Global Equity Team’s process to select the best investment opportunities across sectors in Japan.

Latin America Fund

The Fund aims to provide investors with capital growth by investing in equities in Latin America as the region goes through a period of rapid transformation, with market-friendly governments being elected and substantial reforms being undertaken. Tom Smith has managed the Fund since July 2011 using the Global Equity Team’s process of collaborative research, a culture of investing with conviction and three silo portfolio construction.

Russia Fund

The Fund was the first UK onshore portfolio investing solely in Russian equities and combines Robin Geffen’s extensive experience of investing in Russia with the Global Equity Team’s process. Robin, who has managed the Fund since launch in December 2004, seeks to create a concentrated portfolio of 20-40 stocks that he believes are most likely to outperform, including those best placed to benefit from Russia’s broadening economy in sectors not typically represented in the benchmark. The Fund has a bias towards large, liquid stocks.

UK Mid Cap Fund

The Fund invests in medium and small sized companies in the UK with the potential for high growth. Fund Manager Mark Martin, who has managed the Fund since December 2008, has a strong focus on minimising volatility and protecting capital during down markets. Mark uses the Global Equity Team's disciplined investment process which is founded on collaborative research, a culture of investing with conviction and three silo portfolio construction to build a concentrated portfolio of 20-40 stocks which is highly differentiated from the market.

UK Opportunities Fund

The Fund invests across the market cap spectrum in the UK with the aim to provide capital growth for investors. Mark Martin takes a style-agnostic approach, investing in a mix of companies that may provide growth opportunities, attractive valuations or ‘special situations’. Special situations can exist where companies are out of favour, misunderstood or where management changes or takeovers are expected.

US Income Fund

The Fund is designed for investors seeking regular income and long-term capital growth from the worlds largest market, North America, and focuses heavily on the income opportunities arising from digital disruption. It offers investors the option to diversify their income sources outside the UK, while retaining the potential for capital growth. George Boyd-Bowman, who has managed the Fund since September 2016, uses the Global Equity Team’s investment process to ensure a disciplined stockpicking approach in this concentrated portfolio of our best US income ideas.

US Opportunities Fund

The Fund is a concentrated portfolio of US equity stocks that provides exposure to the world’s largest and most diverse stockmarket, home to pioneering corporations that lead their industries globally. George Boyd-Bowman the Global Equity Team process to select the companies he believes provide the greatest potential for capital growth, investing in a broad spectrum of sectors and industries.

Key Risks 


Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. Investment in funds managed by the Global Equity (GE) team may involve investment in smaller companies - these stocks may be less liquid and the price swings greater than those in, for example, larger companies. Investment in funds managed by the GE team may involve foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The team may invest in emerging markets/soft currencies or in financial derivative instruments, both of which may have the effect of increasing volatility. Some of the funds managed by the GE team hold a concentrated portfolio of stocks, meaning that if the price of one of these stocks should move significantly, this may have a notable effect on the value of that portfolio.

Disclaimer

The information and opinions provided should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing. 

Source: Financial Express. Total return, bid-to-bid. This page is showing performance data and information for an income producing share class. Please go to our Interactive Fund Centre for performance data and information on the Fund’s other share classes.

© 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of future results.

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