The Fund
The Liontrust GF International Equity Fund is a global ex-US fund managed by Tom Record with support from Co-Fund Manager 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.
Meet the team
Tom Record and Tom Hosking joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management and are members of the Global Fundamental team. Tom Record has managed the Fund since its inception in 2019 and joined Majedie in 2014 from Baillie Gifford where he spent 12 years managing institutional portfolios with combined international equity assets of $30 billion. Tom Hosking became Co-Fund Manager of the Fund in 2021 having joined Majedie as an Analyst on the graduate programme in 2014.
Performance
Performance since fund launch date
Discrete performance (%)
| As at previous quarter 12 months ending: | Jun 22 | Jun 21 | Jun 20 | Jun 19 | Jun 18 |
|---|---|---|---|---|---|
| Liontrust GF International Equity | -27.5 | 41.4 | - | - | - |
| IA Global | -19.8 | 40.8 | - | - | - |
| Quartile Ranking | 4 | 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 International Equity | 3.7 | 7.1 | -15.5 | -20.2 | -22.4 | - | - | - | 14.4 |
| IA Global | 8.3 | 5.3 | -10.3 | -16.4 | -14.6 | - | - | - | 18.2 |
| Quartile Ranking | 4 | 2 | 4 | 4 | 4 | - | - | - | - |
Current positioning
Top 10 Holdings (%)
| NOVO NORDISK A/S | 5.13 |
|---|---|
| PROSUS N.V. | 4.62 |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. | 4.37 |
| SOCIEDAD QUIMICA Y MINERA DE CHILE SA | 4.13 |
| SAMSUNG SDI | 4.04 |
| ANGLO AMERICAN | 3.78 |
| SAMSUNG ELECTRONICS CO., LTD | 3.74 |
| MERCADOLIBRE INC | 3.68 |
| WUXI BIOLOGICS (CAYMAN) INC | 3.51 |
| SOFTBANK GROUP CORP | 3.29 |
Sector Breakdown (%)
| Health Care | 22.94 | |
|---|---|---|
| Information Technology | 18.14 | |
| Consumer Discretionary | 15.65 | |
| Communications | 12.46 | |
| Materials | 11.86 | |
| Industrials | 8.03 | |
| Financials | 7.76 | |
| Money Market | 2.22 | |
| Consumer Staples | 0.90 |
Geographic Breakdown (%)
| Japan |
12.86
|
|---|---|
| Korea |
11.44
|
| Denmark |
8.80
|
| China |
7.64
|
| Netherlands |
7.58
|
| France |
7.12
|
| USA |
7.11
|
| UK |
5.98
|
| Taiwan |
4.37
|
| Chile |
4.13
|
| Argentina |
3.68
|
| Peru |
3.25
|
| Canada |
3.20
|
| Panama |
3.02
|
| Hong Kong |
2.76
|
| Money Market |
2.22
|
| Switzerland |
1.55
|
| Singapore |
1.33
|
| India |
1.15
|
| Spain |
0.73
|
George Boyd-Bowman
James de Uphaugh
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.
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 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. The Fund may invest in emerging markets/soft currencies or in financial derivative instruments, both of which may have the effect of increasing volatility.
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.