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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.

Innovation and 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
Following their latest visit to Silicon Valley, the Global Innovation team discusses some of the rapid developments in AI and Tesla.

Why the Liontrust Global Technology Fund?

  • In managing the Liontrust Global Technology Fund, Storm Uru of the Global Innovation team seeks to generate strong returns by investing in innovative companies. He believes 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

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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Storm Uru Storm Uru
How AI is propelling the next generation of tech titans The era of the Magnificent 7 is approaching a transition with a new wave of innovative tech companies stepping into the spotlight
icon 2 October 2024
Spotlight
Lionesses Storm Uru, Clare Pleydell-Bouverie & James O'Connor
The elusive return on AI investment – it exists Companies driving ahead in the AI innovation race are already seeing benefits and it’s not just the technology giants
icon 9 September 2024
Innovation
Lionesses Storm Uru & Clare Pleydell-Bouverie
Postcard from the US part II – tech and transformation The Global Innovation team discusses the key AI developments seen on their recent US trip
icon 22 August 2024
Programming
Lionesses Storm Uru & Clare Pleydell-Bouverie
A postcard from the US – how AI is changing the face of healthcare Innovation in healthcare is being driven by AI with exciting new developments on the horizon
icon 13 August 2024
DNA
Storm Uru Storm Uru
Semiconductors – taking the world by Storm
icon 22 July 2024
Analytics

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Discrete performance (%)

To previous quarter 12 months ending: Sep 24 Sep 23 Sep 22 Sep 21 Sep 20
Liontrust Global Technology 32.0 24.2 -21.8 23.7 38.6
IA Technology & Technology Innovation 24.8 19.0 -21.1 26.6 34.6
MSCI World/Information Technology 35.8 25.3 -9.9 24.1 38.4
Quartile Ranking 2 2 2 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