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Liontrust - Macro

GF Macro Equity Income Fund

Stephen Bailey & Jamie Clark

The Fund

The Fund was launched in April 2014 as the Irish-domiciled feeder fund into Liontrust Macro Equity Income, which has been managed since launch in October 2003 by Stephen Bailey and since 2007 by co-manager Jamie Clark. The fund managers invest in UK-listed companies, with up to 20% in overseas companies, and aim to provide a rising level of income along with capital growth. They believe the identification and interpretation of major economic, political and social developments offer scope to add long-term investment value. The fund managers’ conviction is shown by the fact they may have 0% weightings in major sectors.

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The Macro-Thematic team

The Liontrust Macro team
Stephen Bailey & Jamie Clark

Stephen Bailey and Jamie Clark have 46 years of combined investment experience. Stephen started his career in the mid-1980s, joining Walker Crips in 1987 as investment director. Jamie joined Walker Crips in 2003 and the team moved to Liontrust in 2012.

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The Macro-Thematic Process

The process is based on the analysis of economic, political, social and cultural developments to identify Macro-Themes. The fund managers define a Macro-Theme as an undiscounted, structural change in the process of realisation; and the related passage to theme-maturity, as the macro-trend. The fund managers believe this investment process equips them to locate unappreciated investment ideas and capture the full, long-term potential of each portfolio holding. There are four stages to the process: theme discovery; identification of theme-assisted and theme-impaired companies; bottom-up analysis of prospective investments; portfolio construction and management.

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Housebuilders’ prospects remain underpinned

Stephen Bailey

Housebuilders’ share prices suffered last week when the Chancellor announced a review into ‘land banking’ in the Budget. Stephen Bailey explains why he thinks ... Read more

Latest fund update

GF Macro Equity Income Fund

Read the latest update for the Liontrust GF Macro Equity Income Fund.
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FE Alpha Manager 2017 - Stephen Bailey
Stephen Bailey
FE Alpha Manager 2017
Morningstar Sustainability rated 4
Liontrust GF Macro Equity Income Fund
Morningstar Sustainability Rating: 4


Discrete performance

31-12-2016 -
31-12-2015 -
31-12-2014 -
31-12-2013 -
31-12-2012 -
Liontrust GF Macro Equity Income 9.16% 6.08% 4.87% N/A N/A
Equity - UK 11.56% 8.85% 4.85% N/A N/A
FTSE All Share 13.10% 16.75% 0.98% N/A N/A
Liontrust GF Macro Equity Income
Equity - UK
FTSE All Share
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust GF Macro Equity Income 4.87% 7.93% 20.13% N/A N/A 21.36%
Equity - UK 4.34% 10.79% 27.88% N/A N/A 28.87%
FTSE All Share 5.97% 12.55% 33.60% N/A N/A 35.94%
To previous working day
Liontrust GF Macro Equity Income
Equity - UK
FTSE All Share

Risk warning

• Past performance is not a guide to future performance. • Do remember that the value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.  Investment in Funds managed by the Macro-Thematic Team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. • The Funds' expenses are charged to capital. This has the effect of increasing dividends while constraining capital appreciation. • The performance of the Liontrust GF Macro Equity Income Fund may differ from the performance of the GF Macro Equity Income Fund and will be lower than its corresponding Master Fund due to additional fees and expenses.

• The information and opinions provided should not be construed as advice for investment in any product or security mentioned.  • Always research your own investments and consult with a regulated investment adviser before investing.

Source: Financial Express. Total return. The GF Macro Equity Income Fund C4 was launched on 01.07.14 and therefore discrete data is not available for more than two 12 month periods. Returns are in local currency.

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 date03/04/2014
  • IA sectorEquity - UK
  • BenchmarkFTSE All Share
  • Fund size£25,716,900.00
  • Number of holdings47
  • Active Share76.68%

Fund size, number of holdings and active share 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 weightings in the benchmark, a 0% active share is a portfolio identical to the benchmark.

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