The Fund
The Fund has been managed since launch in April 2014 by James Inglis-Jones and Samantha Gleave. The fund managers seek to deliver a positive absolute return over the long term by taking long and short positions, primarily in European companies. The Fund buys companies that can generate strong cash returns from their capital and appear cheap on these cash flows and shorts companies that are both expensive and struggling to generate cash.
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 Strategic Equity | 3.7 | 29.2 | 36.8 | -14.9 | 3.0 |
HFRX Equity Hedge | -2.9 | 15.6 | 19.1 | -7.4 | 5.1 |
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 Strategic Equity | 3.1 | 3.3 | 6.7 | 1.9 | 2.4 | 66.0 | 77.7 | - | 103.4 |
HFRX Equity Hedge | -0.1 | 0.4 | 1.2 | 2.7 | 0.6 | 29.1 | 32.3 | - | 65.1 |
Source: FE fundinfo as at 27/11/2023. 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 (%)
NOVO NORDISK A/S | 5.39 |
---|---|
PANDORA A/S | 5.06 |
INTERCONTINENTAL HOTELS GROUP PLC | 4.54 |
INDITEX | 4.52 |
Betsson AB OrdB | 4.43 |
4IMPRINT GROUP PLC | 4.12 |
HERMES INTERNATIONAL | 4.05 |
UNICREDIT, SOCIETA` PER AZIONI | 3.97 |
RELIANCE STEEL & ALUMINIUM | 3.77 |
SERCO GROUP PLC | 3.62 |
Sector Breakdown (%)
Consumer Discretionary | 39.54 | |
---|---|---|
Money Market | 29.29 | |
Financials | 15.90 | |
Communications | 7.60 | |
Information Technology | 6.45 | |
Consumer Staples | 5.88 | |
Health Care | 2.92 | |
Industrials | 1.63 | |
Materials | -0.96 | |
Utilities | -2.38 | |
Energy | -2.40 | |
Futures | -3.54 |
Geographic Breakdown (%)
Money Market |
29.29
|
---|---|
UK |
21.09
|
France |
16.76
|
Spain |
13.80
|
Denmark |
8.72
|
USA |
6.97
|
Ireland |
3.47
|
Sweden |
3.01
|
Portugal |
2.83
|
Italy |
2.34
|
Netherlands |
1.79
|
Norway |
1.24
|
Austria |
-0.16
|
Luxembourg |
-0.43
|
Canada |
-0.45
|
Belgium |
-1.29
|
Finland |
-1.37
|
Switzerland |
-3.41
|
Germany |
-4.29
|
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.
Investment in the Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The Fund may invest in emerging markets/soft currencies which may have the effect of increasing volatility.
The Fund may invest in derivatives. The use of derivatives may create leverage or gearing. A relatively small movement in the value of a derivative's underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.
A performance fee of 20% is calculated and accrued at each valuation point. Payment is subject to the Fund's net asset value exceeding an Adjusted Prior Net Asset Value which is a High Water Mark adjusted by any new subscriptions or redemptions and a 4% hurdle per calendar year. No Performance Fee will be payable with respect to a Fund class in any Performance Period unless such class has recovered any accumulated underperformance for previous Performance Periods. Any performance fees are only payable on the positive difference between the NAV and the Adjusted Prior Net Asset Value. 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.