The Fund
The Fund has been managed since launch on 1 February 2017 by James Inglis-Jones and Samantha Gleave. The Fund aims to achieve long-term capital growth (at least 5 years) by investing primarily in European smaller companies, with the majority having a market capitalisation of less than €5 billion at inception, and through having 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.
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 ReviewAwards and ratings
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 GF European Smaller Companies 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.

"In the world of investment, it seems we should beware the wisdom of crowds, especially when levels of investor anxiety are elevated."
Performance
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 GF European Smaller Companies | 14.2 | -20.7 | 59.1 | -1.9 | -6.7 |
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 GF European Smaller Companies | 8.6 | 0.1 | 0.5 | 2.7 | 3.7 | 21.4 | 56.6 | - | 43.7 |
Source: FE fundinfo as at 28/11/2023. Performance figures are shown in EUR. 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 (%)
4IMPRINT GROUP PLC | 6.93 |
---|---|
PANDORA A/S | 5.90 |
RINGKJOEBING LANDBOBANK | 5.87 |
BEKAERT SA | 4.99 |
SERCO GROUP PLC | 4.73 |
BANK OF IRELAND GROUP PLC | 4.51 |
BANKINTER SOCIEDAD ANONIMA | 4.15 |
REXEL | 4.04 |
IPSOS | 3.98 |
Betsson AB OrdB | 3.38 |
Sector Breakdown (%)
Industrials | 20.37 | |
---|---|---|
Communications | 19.36 | |
Consumer Discretionary | 19.35 | |
Financials | 17.86 | |
Materials | 13.28 | |
Information Technology | 4.87 | |
Money Market | 2.45 | |
Consumer Staples | 2.41 |
Geographic Breakdown (%)
UK |
29.51
|
---|---|
Denmark |
11.77
|
France |
10.28
|
Germany |
9.10
|
Sweden |
7.67
|
Italy |
6.69
|
Spain |
6.56
|
Belgium |
4.99
|
Ireland |
4.51
|
Austria |
2.66
|
Money Market |
2.45
|
Norway |
1.96
|
Switzerland |
1.79
|
Key features of the Fund
For more information on the OCF, see our costs and charges page.
Fund Manager Insights










How to invest in Liontrust funds
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.
The portfolio is invested in smaller companies - these stocks may be less liquid and the price swings greater than those in, for example, larger companies. Investment in the Fund involves a foreign currency and may be subject to fluctuations in value due to movements in exchange rates. A Performance Fee for each Performance Period shall be equal to 10% of the amount, if any, by which the Net Asset Value before Performance Fee accrual of the Fund exceeds the Indexed Net Asset Value of the Fund on the last Business Day of the Performance Period. The Performance Period of the Fund is every 12 months ending on the last business day of each calendar year. Details of the Fund's performance fee in the last financial year can be found in the Key Investor Information Document (KIID) which can be obtained free of charge from the Liontrust website.
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.