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From AI to VR: Finding the winners from the tech revolution

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.

The Global Innovation team believes we are in the early stages of a new technology cycle driven by AI. This has the potential to rapidly increase productivity, earnings and growth for the winners of this transformation, which will be both leaders and disruptors.

Why invest in technology?

  • AI has the power to be transformational; it is already driving company fundamentals including earnings and share prices
  • AI will drive productivity growth in most sectors and a new wave of innovation across the economy
  • The winners from the new technology cycle will be from across the stock market, from mega to small caps
  • High-quality and profitable companies are to be found across the technology sector. By high quality, the team means higher sales growth, higher return on invested capital and lower debt
  • Magnificent Seven stocks are not expensive with an average Price/Earnings-to-Growth (PEG) ratio of 0.70%
  • The forward price-to-earnings (P/E) ratio of the S&P IT sector is 1.3 times that of the S&P 500 compared to 3 times at the height of the TMT (technology, media and telecommunications) bubble in 1999
  • The performance of technology companies has been broad based: 60% of MSCI World Technology index stocks beat the index in 2023, the share prices of 31 of these stocks rose more than 50%, and the performance of the top 20 stocks of the rest of the index equalled that of the Magnificent Seven
What's next for tech companies? Following a very successful year for large tech companies in 2023, Liontrust’s Storm Uru and James Dowey provide their outlook for 2024 in this short video.

Why the Liontrust Global Technology Fund?

  • Since manager inception, the Liontrust Global Technology Fund returned 58.8% against 44.6% by the MSCI World Information Technology index and 38.9% by the average of the IA Technology and Telecommunications sector over the 2023 calendar year (Source: FE Analytics, as at 31.12.23. Primary share class performance, C Accumulation GBP, total return, net of fees, interest/income reinvested)
  • In managing the Liontrust Global Technology Fund, Storm Uru and James Dowey of the Global Innovation team seek to generate strong returns by investing in innovative companies. They believe that innovation is the single most important driver of stock returns
  • The team believes innovative companies deliver superior operational performance over the long run
  • Innovation is complementary to the traditional investment styles of value and quality, and a key part of an investment portfolio in the 21st century
  • Not every great innovation is a great investment. The investment process judges innovation on whether it can create genuine value for customers
  • The team invests in innovative companies with four characteristics: innovation, barriers to competition, strong management and high cash returns on capital
  • Around 40% of the Liontrust Global Technology Fund is invested in mid and small caps 
  • The Fund has an active share of around 75%

Meet the tea

Liontrust Global Technology Fund

The Liontrust Global Technology Fund is lead managed by Storm Uru and James Dowey since February 2023. They have been supported by Clare Pleydell-Bouverie and James O’Connor as fund managers since May 2023. The team manages the Fund using the Global Innovation investment process, investing the Fund in high quality technology companies around the world. The Fund has a formal objective of delivering strong long-term (5 years or more) capital growth, which the team seeks to deliver through the powerful fundamentals of the innovative technology companies in which it invests, namely strong growth, strong barriers to competition and resilience and adaptability in tough times.

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

Meet the tea

Our Investment Process

The Liontrust Global Innovation team invests in innovative companies based on their strongly-held belief that innovation is the biggest driver of stock returns
The Liontrust Global Technology Fund invests in high quality technology companies with big growth opportunities ahead, strong barriers to competition and exceptional potential for high long-term stock returns
The team looks for four characteristics in every technology company in which it invests: innovation that creates value for customers, barriers to competition that capture value for shareholders, good management and strong returns on invested capital

While the Fund aims to achieve high returns and outperform the market over the long-term it may underperform over the shorter term due to macroeconomic volatility

Fund Manager Insights

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James Dowey James Dowey
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When the chips are up Has the global chip industry turned a corner following TSMC’s latest results?
icon 19 January 2024
Insights 8
Lionesses Global Innovation team
Global Innovation team: Postcard from the US
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James Dowey James Dowey
Animal Spirits: Using large language models to forecast US growth Fund manager James Dowey uses a large language model to build a simple model to help forecast US economic growth.
icon 6 December 2023
Blocks

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Discrete performance (%)

To previous quarter 12 months ending: Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Liontrust Global Technology 51.9 -11.4 18.0 40.5 6.9
IA Technology & Technology Innovation 33.1 -6.0 4.3 57.0 6.5
MSCI World/Information Technology 39.1 -0.7 20.6 50.8 12.6
Quartile Ranking 1 3 1 4 2

How to Invest

These are the different ways you can invest in our funds:

Meet the tea

Contact us

Vanessa Lawley
Vanessa Lawley

Head of UK Client Service

Sagar Mehta
Sagar Mehta

UK Client Service – London

Jemima Kenworthy
Jemima Kenworthy

UK Client Service – Midlands and the North

Bella Hill-Baker
Bella Hill-Baker

UK Client Service – South

Contact us