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European Dynamic Fund

Fund launch date 15/11/2006
Fund size £395,519,183.79
Number of holdings 32
Managed by current team for 15 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.

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.
Key Information
Manager Inception Date of Fund
15/11/2006
Class Launch Date
01/11/2010
Comparator Benchmark 1
MSCI Europe ex UK
Comparator Benchmark 2
IA Europe Excluding UK
Price
Single Price
286.229p
Offer Price
-
Price Date
10/08/2022

Awards and Ratings

FOMYA Europe - Winner Investment Week Fund Manager of the Year Awards 2022 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. 

More about the team
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
 
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.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Jun 22 Jun 21 Jun 20 Jun 19 Jun 18
Liontrust European Dynamic -5.9 43.8 2.2 -1.7 5.0
MSCI Europe ex UK -10.6 21.8 0.0 7.3 1.8
IA Europe Excluding UK -12.6 23.7 0.9 3.3 3.1
Quartile Ranking 1 1 2 4 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 6.1 -1.5 -9.6 -7.4 -3.9 45.4 48.5 204.1 290.4
MSCI Europe ex UK 5.4 3.8 -6.2 -10.0 -7.6 14.8 23.3 142.1 134.0
IA Europe Excluding UK 5.6 1.5 -6.6 -11.9 -10.3 15.1 21.4 145.3 147.1
Quartile Ranking 1 4 3 1 1 1 1 1 -

Source: FE fundinfo as at 10/08/2022. 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 (%)

BANK OF IRELAND GROUP PLC 4.92
ASML HOLDING N.V. 4.85
NOVO NORDISK A/S 4.58
AP MOLLER-MAERSK A/S 4.20
Atlas Copco AB Namn-Aktier A SK-,052125 4.15
K&S AG 3.94
PUBLICIS GROUPE SA 3.94
SWEDISH MATCH AB 3.91
JERONIMO MARTINS SGPS SA 3.91
PANDORA AS 3.82

Sector Breakdown (%)

Industrials 21.31
Financials 17.80
Materials 13.89
Health Care 11.61
Consumer Staples 10.45
Energy 9.66
Consumer Discretionary 5.95
Information Technology 4.85
Communications 3.94
Money Market 0.38
Utilities 0.11
Others 0.00

Geographic Breakdown (%)

France
21.63
Sweden
15.64
Denmark
15.23
Germany
8.52
Switzerland
6.50
Norway
6.32
Ireland
4.92
Netherlands
4.85
Portugal
3.91
Belgium
3.79
Italy
2.95
Luxembourg
2.83
Spain
2.46
Money Market
0.38

Source: Liontrust as at 29/07/2022.

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
ISIN code
GB00B4ZM1M76
Charges
Initial charge
-
Ongoing Charges Figure
0.88%
Included within the OCF is the Annual Management Charge
0.75%
Fund insights

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.

 

Disclaimer

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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