Liontrust GF Absolute Return Bond Fund | What we offer | Liontrust Asset Management PLC
Liontrust - Macro

GF Absolute Return Bond Fund

David Roberts, Phil Milburn & Donald Phillips

The Fund

The Fund has been managed since launch in June 2018 by David Roberts, Phil Milburn and Donald Phillips. The Fund aims to generate positive absolute returns over a rolling 12-month period irrespective of market conditions through a combination of capital growth and income. The fund managers seek to achieve this objective by investing in bond and credit markets worldwide (including developed and emerging markets).

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The Global Fixed Income team

The Global Fixed Income team - David Roberts, Phil Milburn & Donald Phillips

Before joining Liontrust in early 2018, David Roberts (left) and Phil Milburn (right) worked together at Kames Capital for 14 years, where David was Head of the Fixed income team and Phil was Head of Investment Strategy. They launched one of the first strategic bond funds in 2003 and have been investing in high yield on a global basis since 2003. Donald Phillips (centre) was previously an investment manager in the Credit team at Baillie Gifford and worked with David and Phil at Kames Capital for three years.

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The Global Fixed Income process

The fund managers believe fixed income markets are inefficient and there are myriad ways of adding value to investors’ portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies need to raise debt finance and price accordingly. The Liontrust Global Fixed Income investment process is designed to take advantage of these inefficiencies through a thorough understanding of the economic environment and detailed bottom up stock analysis. The process uses the same framework to garner a thorough understanding of the economic environment and for bottom up stock analysis: fundamentals, valuations and technicals (FVT). These three factors are examined regardless of whether the managers are considering a duration position or an investment in a speculative grade rated company.

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Is the spike in US inflation just a blip?

David Roberts

The latest US inflation numbers have been largely dismissed as transitory by both the market and the Federal Reserve. David... Read more


David Roberts Gold Medal
David Roberts
Sauren Fund Manager Rating: Double Gold

Latest fund updates

The Global Fixed Income team

Read the latest fund updates from the Global Fixed Income team.

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Discrete performance

31-03-2020 -
31-03-2019 -
31-03-2018 -
31-03-2017 -
31-03-2016 -
Liontrust GF Absolute Return Bond 6.92% -0.81% N/A N/A N/A
Absolute Return 11.15% -3.61% N/A N/A N/A
Liontrust GF Absolute Return Bond
Absolute Return
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust GF Absolute Return Bond 0.10% 1.85% N/A N/A N/A 9.31%
Absolute Return 2.34% 7.28% N/A N/A N/A 7.17%
To previous working day
Liontrust GF Absolute Return Bond
Absolute Return
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 Fixed Income team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Funds may invest in emerging markets/soft currencies and in financial derivative instruments, both of which may have the effect of increasing volatility.
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.

Explore in detail

For more information (including prices) and to explore all of the Fund's share classes in more detail please visit our interactive fund centre.


Key fund information

  • Launch date6/25/2018
  • IA sectorAbsolute Return
  • Fund size$147,619,148.80
  • Number of holdings82

Fund size and number of holdings data is as at previous month end. Performance data is as at previous working day.

Active Share: The fraction of a portfolio invested differently to its benchmark. A 100% active share is a portfolio with no holdings in the benchmark, a 0% active share is a portfolio identical to the benchmark.

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