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European Dynamic Fund

Fund launch date 15/11/2006
Fund size £1,029,380,060.75
Number of holdings 33
Managed by current team for 17 years
Currently viewing:

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 companies incorporated, domiciled, listed or which conduct significant business in the EEA (European Economic Area) and Switzerland. The Fund has an equally weighted portfolio.

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

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
Class Launch Date
Comparator Benchmark 1
MSCI Europe ex UK
Comparator Benchmark 2
IA Europe Excluding UK
Single Price
Offer Price
Price Date

Cashflow Solution Q1 2023 Review

In this video Samantha Gleave and James Inglis-Jones discuss which stocks are their current Cashflow Champions, what their indicators are telling the managers about style positioning and what changes they have made to their portfolios. Samantha and James provide their market outlook, their view on valuations and the current state of corporate aggression. Samantha and James also discuss the momentum efficiency measure that they have developed and what this is currently indicating.

Watch Full Review

Awards and Ratings

Investment Week Fund Manager of the Year Awards 2023 Europe ex UK 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
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4
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 since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 23 Sep 22 Sep 21 Sep 20 Sep 19
Liontrust European Dynamic 26.8 -8.7 42.8 3.5 -3.0
IA Europe Excluding UK 18.7 -16.1 22.4 3.1 2.2
Quartile Ranking 1 1 1 2 4

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 5.0 4.4 4.9 12.2 15.3 44.1 104.0 204.3 376.4
IA Europe Excluding UK 5.5 4.1 2.4 10.1 11.5 18.0 49.9 107.3 181.0
Quartile Ranking 3 3 1 2 1 1 1 1 -

Source: FE fundinfo as at 08/12/2023. 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 (%)

Atlas Copco AB Namn-Aktier A SK-,052125 3.62

Sector Breakdown (%)

Financials 22.03
Consumer Discretionary 18.38
Industrials 17.93
Health Care 11.34
Information Technology 9.02
Consumer Staples 5.26
Materials 5.12
Money Market 4.53
Communications 4.40
Energy 1.96

Geographic Breakdown (%)

Cash & Cash Equivalents

Source: Liontrust as at 30/11/2023.

Additional Information
Minimum initial investment
Minimum additional investment
Ex-dividend date
1 May (Final)
Distribution date
30 June (Final)
Sedol code
ISIN code
Initial charge
Ongoing Charges Figure
Included within the OCF is the Annual Management Charge

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

Key fund literature

Fund Manager Insights

See all related
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
Traffic lights
Lionesses Multiple authors
Cashflow – the key takeaways James Inglis-Jones and Samantha Gleave talk through the cashflow solution process and the performance of their portfolios against the recent market environment.
icon 23 May 2023
Samantha Gleave
Lionesses Samantha Gleave and James Inglis-Jones
Why we are repositioning to reflect a gloomy equity market outlook Samantha Gleave and James Inglis-Jone think the prospects for European equity market look fairly muted. They explain why they have responded by seeking inexpensive defensive and quality stocks for the Liontrust European Dynamic Fund that also rate highly on their recovering value and momentum cash flow scores.
icon 21 July 2022
Insights 9
Lionesses Samantha Gleave and James Inglis-Jones
Anatomy of a value rally - dynamically shifting the Funds focus to target an emerging opportunity In early 2020, the Liontrust European Dynamic Fund swiftly reshaped the portfolio to focus on cash flow valuation rather than growth. Samantha Gleave and James Inglis-Jones explain why and what changes the Fund has made recently.
icon 20 July 2022
line graph
Samantha Gleave Samantha Gleave
Liontrust European Dynamic Fund - portfolio overview Fund manager Samantha Gleave explains how the Liontrust European Dynamic portfolio has been repositioned to target stocks with recovering value and momentum characteristics to respond to the latest signals from the Cashflow Solution investment process.
icon 11 July 2022
Insights 14

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

Key Risks 

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.


Investment in the Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The Fund holds a concentrated portfolio of stocks, if the price of one of these stocks should move significantly, this may have a notable effect on the value of the portfolio.



This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances. 


This 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. It contains information and analysis that 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 of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust.

Fund literature
European Dynamic Fund
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