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GF International Equity Fund

Single Price $1.263 as of 29/05/2024
Fund launch date 17/12/2019
Fund size $3,549,848.88
Number of holdings 38

The Fund

The Liontrust GF International Equity Fund is a global ex-US fund managed by Tom Hosking. The Fund aims to deliver a total return after costs and charges in excess of its benchmark over any five-year period, investing in developed and emerging market equities.

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

Read latest fund update
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
17/12/2019
Managed by Current Team for
4 years
Class Launch Date
17/12/2019
ISIN code
IE00BKY5B078
Comparator Benchmark 1
MSCI ACWI ex USA

Meet the team

Tom Hosking joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management and is a member of the Global Fundamental team. Tom became a Manager on the Fund in 2021 having joined Majedie as an Analyst on the graduate programme in 2014.

Meet the tea

Our Investment Process

The fund managers' process is based on the philosophy that change creates investment opportunities. 
The approach accepts the uncertainty associated with change and seeks to identify, through deep analysis of a company’s fundamentals, when change has created an asymmetry of potential returns to the upside. The changes that the companies within the fund seek to exploit sit along a range.
At one end is External Change. These changes originate outside of a company and can result in significant beneficial tailwinds. The catalysts for External Change are wide ranging and may include the arrival of a new technology that is transforming an industry, environmental change or demographic change that may take years to work through.
At the other end of the range is Internal Change. These changes originate from within a company and enable it to re-engineer itself so that its future is very different from its past. The catalysts for Internal Change may include new management teams, restructuring or pivoting to new business models and products.

The team seeks to identify companies that can exploit multiple change catalysts because this is often when change is most pronounced and the potential opportunity most advantageous.

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

Performance since fund launch date

Discrete performance (%)

As at previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust GF International Equity 4.9 -8.5 -9.2 71.3 -
Quartile Ranking 4 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 GF International Equity 5.3 4.1 9.3 4.1 8.4 -12.9 - - 27.8
Quartile Ranking 2 3 4 4 4 4 - - -

Source: FE fundinfo as at 28/05/2024. Performance figures are shown in USD. 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
5.98
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
5.60
MERCADOLIBRE, INC.
5.13
PROSUS N.V.
4.97
SAMSUNG ELECTRONICS CO., LTD
4.39
KEYENCE CORPORATION
3.83
TRIP.COM GROUP LIMITED
3.81
THALES
3.72
ANGLO AMERICAN
3.31
COPA HOLDINGS SA
3.20

Sector Breakdown (%)

Consumer Discretionary
21.70
Information Technology
21.15
Health Care
17.72
Industrials
11.60
Materials
9.17
Communications
8.07
Financials
4.87
Consumer Staples
2.89
Money Market
2.78

Geographic Breakdown (%)

Japan
13.00
Denmark
10.30
Korea
9.11
France
7.25
UK
6.85
USA
6.48
China
5.99
Taiwan
5.60
Argentina
5.13
Netherlands
4.97
Canada
4.77
Panama
3.20
India
3.05
Cash & Cash Equivalents
2.78
Hong Kong
2.56
Switzerland
2.53
Peru
2.31
Chile
1.68
Norway
1.31
Singapore
1.03

Key features of the Fund

The Fund aims to produce a total return in excess of the MSCI All Country World Index (ex US) (“Index”) over any period of five years after all costs and charges have been deducted. It is intended that the investment objective of the Fund will be achieved primarily through investment in a diversified portfolio of equity securities of companies which are listed or traded on one or more markets listed in Appendix I to the Prospectus. Such investment may include constituents of the Index. However, the Index is used as a target benchmark and the Fund is not constrained in how far its holdings can deviate from the weightings of the Index. Diversification will be achieved through investments in securities of several countries or regions and sectors. 

The Investment Manager will construct the Fund's portfolio taking into consideration macroeconomic factors (such as interest rates, GDP, monetary and fiscal trends), the outlook for different economic sectors and market capitalisations, and stock-specific factors (such as valuation, market position, investment potential, management quality and financial strength). There is no policy to restrict investment to any particular economic sector or industry. 

The Investment Manager takes a long-term high conviction view of investment opportunities and will target a relatively concentrated portfolio of companies that meet the criteria set out above, with the Fund likely to hold securities in the order of 35-55 companies at any one time (though this is not a hard cap or a floor). The Fund will be actively managed. The Fund is managed in reference to a benchmark in that it has a target to outperform the MSCI All World (ex-US) Index but is not constrained by the index in any way. 

The Fund may invest up to 10% of its Net Asset Value in US equities and up to 40% of its Net Asset Value in emerging market securities, with the balance in other international equities, cash or money market instruments (treasury bills, commercial paper, certificates of deposit or money market funds). The Fund may invest up to 10% of its Net Asset Value in other collective investment schemes. Other collective investment schemes could include money market funds invested in for cash management purposes. The Fund is not expected to generate significant amounts of income. 

There can be no guarantee that the investment objective of the Fund will be achieved.

This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
6 (Please refer to the Fund KIID for further detail on how this is calculated)

Active.
MSCI All Country World Index (ex US)
 

Additional Information
Minimum initial investment
$160,000
Minimum additional investment
$8,000
Ex-dividend date
Distribution date
Sedol code
BKY5B07
Charges
Initial charge
-
Ongoing Charges Figure
0.25%
Included within the OCF is the Annual Management Charge
0.25%

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

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Key Risks

Past performance does not predict future returns. You may get back less than you originally invested. Overseas investments may carry a higher currency risk. They are valued by reference to their local currency which may move up or down when compared to the currency of the Fund. The Fund may encounter liquidity constraints from time to time. The spread between the price you buy and sell shares will reflect the less liquid nature of the underlying holdings. Outside of normal conditions, the Fund may hold higher levels of cash which may be deposited with several credit counterparties (e.g. international banks). A credit risk arises should one or more of these counterparties be unable to return the deposited cash. Counterparty Risk: any derivative contract, including FX hedging, may be at risk if the counterparty fails. ESG Risk: In reference to any component (where applicable) of a fund's investment process that uses external ESG data, there may be limitations to the availability, completeness or accuracy of ESG information from third-party providers, or inconsistencies in the consideration of ESG factors across different third party data providers, given the evolving nature of ESG. There is no guarantee that an absolute return will be generated over a three year time period or within another time period.

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID) and/or PRIIP/KID, which provide full product details including investment charges and risks. It 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. The decision to invest in a fund should take into account all the characteristics and objectives of the fund (inclusive of sustainability features) as described in the prospectus. Further information can be found here: https://www.liontrust.eu/sfdr. 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. This information and analysis 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, no representation or warranty is given, whether express or implied, by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Fund literature
GF International Equity Fund
View latest fund update