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GF Tortoise Fund

The Liontrust GF Tortoise Fund is a long/short global equity fund, managed by James Inglis-Jones and Samantha Gleave.

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
01/08/2023
Managed by Current Team for
9 months
Class Launch Date
15/10/2008
ISIN code
IE00B3CQKZ16

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 Tortoise 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

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

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 Tortoise 5.1 18.0 3.7 59.9 -21.4

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 Tortoise -1.6 -0.1 2.5 0.5 4.1 22.8 71.3 55.3 223.8

Source: FE fundinfo as at 28/05/2024. Performance figures are shown in GBX. 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.

Awards and ratings

Morningstar Rating Morningstar Rating: 4

Key features of the Fund

The Fund aims to achieve positive absolute returns in all market conditions through investment primarily in long and synthetic short positions in equities over rolling three-year periods with less volatility than a conventional long-only equity fund. 

The Fund is actively managed. The Fund is managed with reference to a benchmark in the context of performance fees only. The Fund will hold a maximum of 60 long positions, representing an overall net position of up to 100% of NAV.  No more than 10% of the NAV will be invested in any one security. The long positions will be achieved by direct purchases of equities using the assets of the Fund. 

The Fund will hold a maximum of 60 short positions, which may represent up to 100% of the NAV, and each synthetic short position held will not exceed 10% of the NAV. The synthetic short positions will ordinarily be achieved by the use of contracts for differences placed with approved counterparties and will be financed out of the assets of the Fund.

Investments will primarily be in equity securities listed on eligible markets or exchanges located in EEA Member States, Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland or the United States of America. However, the Fund may invest in the equity securities of companies incorporated anywhere in the world. The Fund will not invest more than 20% of its Net Asset Value in equity securities of companies incorporated in emerging markets as determined by the Investment Manager.  The Fund may invest up to 10% of its NAV in other collective investment schemes. For the avoidance of doubt, such other collective investment schemes include money market funds invested in for cash management purposes. There is no policy to restrict investment to particular economic sectors.

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

Active.
No benchmark.
Additional Information
Minimum initial investment
£500,000
Minimum additional investment
£100,000
Ex-dividend date
31 December
Distribution date
28 February
Sedol code
B3CQKZ1
Charges
Initial charge
-
Ongoing Charges Figure
1.10%
Included within the OCF is the Annual Management Charge
1.00%

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. The Fund may, under certain circumstances, invest in derivatives, but it is not intended that their use will materially affect volatility. Derivatives are used to protect against currencies, credit and interest rate moves or for investment purposes. There is a risk that losses could be made on derivative positions or that the counterparties could fail to complete on transactions. The use of derivatives may create leverage or gearing resulting in potentially greater volatility or fluctuations in the net asset value of the Fund. 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. The use of derivative contracts may help us to control Fund volatility in both up and down markets by hedging against the general market. 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. The Fund uses derivative instruments that may result in higher cash levels. Outside of normal conditions, the Fund may choose to hold higher levels of cash. Cash may be deposited with several credit counterparties (e.g. international banks) or in shortdated bonds. 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. 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.

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GF Tortoise Fund
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