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GF Pan-European Dynamic Fund

Fund launch date 27/02/2024
Fund size €150,713,661.74
Number of holdings 36
Managed by current team for < 1 year
Currently viewing:

The Fund

The Fund has been managed since launch in February 2024 by James Inglis-Jones and Samantha Gleave and uses the Cashflow Solution investment process that has been applied to European equity strategies at Liontrust since 2006. The Fund aims to deliver capital growth over the long term (5 years or more) by using the Cashflow Solution process to identify and invest in companies incorporated, domiciled, listed or which conduct significant business in Europe (the EEA, Switzerland and the UK). 

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

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
27/02/2024
Class Launch Date
27/02/2024
Comparator Benchmark 1
MSCI Europe
Price
Single Price
€10.141
Offer Price
-
Price Date
18/04/2024

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. 

Meet the tea

"In the world of investment, it seems we should beware the wisdom of crowds, especially when levels of investor anxiety are elevated."

Our Investment Process

The fund managers focus on the historic cash flows generated and invested by companies to support their forecast profits growth. As forecasts are often unreliable, the scale of cash invested to support forecasts is key.
The fund managers seek to own companies that generate significantly more cash than they need to sustain their planned growth yet are lowly valued by investors on that measure and are run by managers committed to an intelligent use of capital. 
They sell short stocks that are expensive, are struggling to generate any cash and are run by management investing heavily for future growth.
To identify companies’ annual cash flow, balance sheet development and valuation efficiently across all equity markets the fund managers have developed a simple screen as a starting point for further qualitative analysis. The investment screen consists of two cash flow ratios that are combined equally to highlight the process characteristics that they seek.
The two cash flow measures are:
  • Cash flow relative to operating assets
  • Cash flow relative to market value

The strongest relative performance of the Fund can be during episodes of stock market inflection – the point at which markets move from a bull market to a bear market, or vice versa. During periods when share prices are driven by investor excitement around speculative growth stocks rather than cash flow fundamentals, the process may perform relatively less well.

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

As the share class has been in existence for less than one discrete year as at the previous quarter end, there is insufficient data to provide an indication of past performance.

Current positioning

Top 10 Holdings (%)

NOVO NORDISK A/S
4.94
SAGE GROUP
4.43
DASSAULT AVIATION
3.80
ASML HOLDING N.V.
3.74
PANDORA A/S
3.59
Atlas Copco AB Namn-Aktier A SK-,052125
3.48
BANCO SANTANDER, S.A.
3.33
HERMES INTERNATIONAL
3.02
DEUTSCHE BANK AKTIENGESELLSCHAFT
2.98
3I GROUP
2.95

Sector Breakdown (%)

Financials
24.91
Consumer Discretionary
23.71
Industrials
17.12
Information Technology
9.80
Health Care
8.41
Communications
4.87
Money Market
3.81
Energy
3.40
Utilities
2.86
Consumer Staples
1.06

Geographic Breakdown (%)

UK
23.84
France
14.37
Germany
9.68
Denmark
8.53
Spain
8.49
Switzerland
7.61
Netherlands
6.46
Sweden
5.00
Italy
4.93
Cash & Cash Equivalents
3.81
Finland
2.57
Ireland
2.57
Portugal
1.06
Luxembourg
1.01

Key features of the Fund

The investment objective of the Fund is to achieve capital growth over the long-term by predominantly investing in a portfolio of European equities. The Investment Adviser will seek to achieve the investment objective of the Fund through investment of at least 80% of the Fund’s Net Asset Value in companies which are incorporated, domiciled, listed or conduct significant business in Europe (the EEA, Switzerland and the UK). The Fund will not be restricted in its choice of investment by either size or sector.

The Fund is considered to be actively managed in reference to MSCI Europe Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes and for certain Performance Fee Share Classes, to calculate performance fees. The Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.

The Fund is not expected to have any exposure to financial derivative instruments in normal circumstances, but the Investment Adviser may on occasion, where it deems it appropriate in seeking to achieve the investment objective of the Fund, use financial derivative instruments listed on a recognised exchange or traded on an organised market or financial derivative instruments traded over-the-counter for investment purposes, efficient portfolio management, and hedging purposes.

In addition, the Fund may invest in exchange traded funds and other eligible open-ended collective investment schemes. No more than 10% of the net assets of the Fund will be invested in aggregate in open-ended collective investment schemes. The Fund may invest in closed-ended funds that qualify as transferable securities. Investment in closed-ended funds is not expected to comprise a significant portion of the Fund’s net assets and will not typically exceed 10% of net assets.;

For liquidity or cash management purposes, a proportion of the Fund may also be invested in debt securities including government and corporate bonds, Money Market Instruments, cash and near cash and deposits. Any investment in bonds will be in investment grade corporate and government fixed or floating rate instruments.

5 years or more.
4 (Please refer to the Fund PRIIP KID for further detail on how this is calculated)

Active
The Fund is considered to be actively managed in reference to the MSCI Europe Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes and to calculate performance fees. The Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark.
Additional Information
Minimum initial investment
€5,000,000
Minimum additional investment
€1,000
Ex-dividend date
Distribution date
Sedol code
BQHNKC5
ISIN code
IE00084IKPN7
Charges
Initial charge
-
Ongoing Charges Figure
0.87%
Included within the OCF is the Annual Management Charge
0.75%

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

Fund Manager Insights

See all related
Lionesses Samantha Gleave & James Inglis-Jones
Celebrating a decade of secondary scores The Cashflow Solution team look back to the 2013 introduction of core analytical tools which have been instrumental in providing style flexibility
icon 4 March 2024
Analytics 2 456x456
Lionesses Samantha Gleave and James Inglis-Jones
European market outlook – positive but finely poised The Cashflow Solution team assess the prospects for European shares in 2024
icon 30 January 2024
Europe
James Inglis-Jones James Inglis-Jones
Sharp sell-off in growth stocks – a good thing? Over-aggressive company spending has dropped this year.
icon 5 June 2023
Traffic lights
Lionesses Multiple authors
Cashflow – the key takeaways James Inglis-Jones and Samantha Gleave talk through the cashflow solution process and the performance of their portfolios against the recent market environment.
icon 23 May 2023
Samantha Gleave

How to invest in Liontrust funds

Through a fund platform
Through a financial adviser
Direct with Liontrust

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. This Fund may have a concentrated portfolio. If one of these investments or sectors / factors fall in value this can have a greater impact on the Fund's value than if it held a larger number of investments across a more diversified portfolio. As the Fund is primarily exposed to smaller companies there may be liquidity constraints from time to time, i.e. in certain circumstances, the fund may not be able to sell a position for full value or at all in the short term. This may affect performance and could cause the fund to defer or suspend redemptions of its shares. In addition the spread between the price you buy and sell units 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.

 

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 Pan-European Dynamic Fund
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Application and transfer forms Liontrust Global Funds plc Application Form