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European Dynamic Fund

Single Price 364.730p as of 12/12/2024
Fund launch date 15/11/2006
Fund size £1,588,194,668.73
Number of holdings 32

The Fund

The Fund has been managed since launch in November 2006 by James Inglis-Jones, and he was joined by Samantha Gleave in 2012. The Fund aims to deliver capital growth over the long term (5 years or more) by using the Cashflow Solution process to identify and invest in equities incorporated, domiciled, listed or which conduct significant business in the EEA (European Economic Area) and Switzerland. 

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

Read latest fund update
Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
Manager Inception Date of Fund
15/11/2006
Managed by Current Team for
18 years
Class Launch Date
01/11/2010
ISIN code
GB00B4ZM1M76
Comparator Benchmark 1
MSCI Europe ex UK
Comparator Benchmark 2
IA Europe Excluding UK

Awards and Ratings

Asset Allocator 100 Club European Equities Asset Allocator 100 Club European Equity
Fund Manager of the Year Awards 2024 Europe ex UK Investment Week Fund Manager of the Year Awards 2023 Europe Ex-UK
Investment Week Fund Manager of the Year Awards 2023 Europe ex UK Investment Week Fund Manager of the Year Awards 2023 Europe Ex-UK
FOMYA Europe - Winner Investment Week Fund Manager of the Year Awards 2023 Europe Ex-UK
Citywire fund manager rating Citywire Manager Rating: AAA
FEfundinfo Crown Rating FE fundinfo Crown Rating: 5
Morningstar Fund Rating: 5 Morningstar Rating: 5
Rayner Spencer Mills Rayner Spencer Mills Rated Fund
Square Mile Rated A Square Mile Rating: A
Adviser Centre - Recommended Adviser Centre: R (Recommened)

Meet the team

James Inglis-Jones formed the Cashflow Solution team on joining Liontrust in March 2006 and was joined by Samantha Gleave in 2012. James and Samantha jointly manage the European Dynamic Fund having first worked together in 1998 and with an average industry experience of 25 years. James previously managed funds at Fleming Investment Management, JP Morgan Fleming and Polar Capital. Samantha began her career at Sutherlands and, among others, previously worked at Bank of America Merrill Lynch where she won awards for Top Stock Pick and Earnings Estimates. 

Meet the tea

"In the world of investment, it seems we should beware the wisdom of crowds, especially when levels of investor anxiety are elevated."

Our Investment Process

The fund managers focus on the historic cash flows generated and invested by companies to support their forecast profits growth. As forecasts are often unreliable, the scale of cash invested to support forecasts is key.
The fund managers seek to own companies that generate significantly more cash than they need to sustain their planned growth yet are lowly valued by investors on that measure and are run by managers committed to an intelligent use of capital. 
To identify companies’ annual cash flow, balance sheet development and valuation efficiently across all equity markets the fund managers have developed a simple screen as a starting point for further qualitative analysis. The investment screen consists of two cash flow ratios that are combined equally to highlight the process characteristics that they seek.

The two cash flow measures are:

  • Cash flow relative to operating assets
  • Cash flow relative to market value
 

The strongest relative performance of the Fund can be during episodes of stock market inflection – the point at which markets move from a bull market to a bear market, or vice versa. During periods when share prices are driven by investor excitement around speculative growth stocks rather than cash flow fundamentals, the process may perform relatively less well.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 24 Sep 23 Sep 22 Sep 21 Sep 20
Liontrust European Dynamic 12.9 26.8 -8.7 42.8 3.5
IA Europe Excluding UK 14.6 18.7 -16.1 22.4 3.1
MSCI Europe ex UK 14.5 19.0 -12.8 20.9 -0.5
Quartile Ranking 4 1 1 1 2

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Liontrust European Dynamic 2.5 1.2 -3.7 4.6 7.9 23.0 89.8 207.8 419.7
IA Europe Excluding UK 1.8 -1.2 -3.8 3.4 6.3 7.8 40.3 115.7 200.9
MSCI Europe ex UK 2.5 -1.2 -4.0 4.3 6.5 11.2 40.7 116.9 187.6
Quartile Ranking 2 1 3 2 2 1 1 1 -

Source: FE fundinfo as at 12/12/2024. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.

Current positioning

Top 10 Holdings (%)

PUBLICIS GROUPE SA
4.81
PANDORA A/S
4.64
COMPAGNIE DE SAINT-GOBAIN
4.21
UNICREDIT, SOCIETA` PER AZIONI
3.96
NOVARTIS AG
3.55
KONINKLIJKE AHOLD DELHAIZE N.V.
3.51
INDITEX
3.50
AMADEUS IT GROUP SA
3.50
WARTSILA OYJ ABP
3.45
NOVO NORDISK A/S
3.37

Sector Breakdown (%)

Financials
24.64
Consumer Discretionary
24.58
Industrials
23.51
Health Care
9.36
Communications
4.81
Consumer Staples
3.51
Information Technology
3.19
Cash & Cash Equivalents
2.86
Materials
2.07
Energy
1.42

Geographic Breakdown (%)

France
20.25
Switzerland
12.99
Spain
12.73
Denmark
11.06
Germany
8.05
Italy
6.77
Sweden
6.21
Netherlands
6.17
Finland
6.04
Cash & Cash Equivalents
2.86
Greece
2.46
Ireland
2.27
Belgium
2.07
Additional Information
Minimum initial investment
£5,000,000
Minimum additional investment
£100,000
Ex-dividend date
1 May (Final)
Distribution date
30 June (Final)
Sedol code
B4ZM1M7
Charges
Initial charge
-
Ongoing Charges Figure
0.85%
Included within the OCF is the Annual Management Charge
0.75%

For more information on the OCF, see our costs and charges page.

Fund Manager Insights

See all related
Lionesses Samantha Gleave & James Inglis-Jones
The European valuation opportunity
icon 26 November 2024
Lionesses Samantha Gleave & James Inglis-Jones
A stock for every season Four of the Cashflow Solution team’s top stock picks
icon 4 June 2024
Cashflow
Lionesses Samantha Gleave & James Inglis-Jones
Celebrating a decade of secondary scores The Cashflow Solution team look back to the 2013 introduction of core analytical tools which have been instrumental in providing style flexibility
icon 4 March 2024
Analytics 2 456x456
Lionesses Samantha Gleave and James Inglis-Jones
European market outlook – positive but finely poised The Cashflow Solution team assess the prospects for European shares in 2024
icon 30 January 2024
Europe
James Inglis-Jones James Inglis-Jones
Sharp sell-off in growth stocks – a good thing? Over-aggressive company spending has dropped this year.
icon 5 June 2023
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Key Risks 

Past performance does not predict future returns. You may get back less than you originally invested. All investments will be expected to conform to our social and environmental criteria. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of the Fund. Bonds are affected by changes in interest rates and their value and the income they generate can rise or fall as a result; the creditworthiness of a bond issuer may also affect that bond's value. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The value of a bond would be significantly affected if the issuer either refused to pay or was unable to pay. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG.

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It 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. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. This information and analysis is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
European Dynamic Fund
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