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Liontrust Global Dividend Fund

Q2 2021 review
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 Liontrust Global Dividend Fund returned 5.8% in the second quarter, compared with 7.6% from the MSCI World Index and 4.8% from the IA Global Equity Income sector (both comparator benchmarks)*.


Across the market, some companies benefited from a pull forward in demand, such as Dell, however some companies have experienced an acceleration in demand growth. For the Fund, one of those holdings displaying sustained demand in Q2 was Adobe (+16.3%) recording 23% year-on-year sales growth in Q2.  A comparison that isn’t flattered by any negative Covid-19 impact in 2020, as Adobe’s trading has been largely unscathed by the pandemic. For the quarter, Adobe reported revenue of $3.8bn, above expectations in every segment. Adobe had an outstanding second quarter as Creative Cloud, Document Cloud and Experience Cloud continue to transform work, lean, and play in a digital-first world. These results highlight how the business benefiting from the rush of all businesses to create a digital presence. 

As the shift online accelerates, Alphabet (+18.2%) remains one of the top beneficiaries of a favourable digital ad-spending environment driven by its dominant position in search and online videos. Q1 results showed Alphabet delivered a phenomenal quarter, bolstered by a strong ad-spending environment and steady growth across its Cloud and Android Play store segments. We believe both the YouTube and Cloud businesses have the potential to sustain top-line growth of over 40% through next year, which could combine with core search-ads business to drive sustained 20% top line growth. Importantly, YouTube’s expanding advertiser base is helping it close ad-pricing gaps with Facebook.

A steady performer for the Fund, Roper (+16.5%) reported another strong set of results, supported by higher software mix and broad end-markets recovery. Recurring revenue across Roper’s software segments grew 6% organically, aided by SaaS adoption and renewals. Drags on the business include, Transcore, 35% of Network segment sales, remains a drag, down 13% organically, yet should improve in 2H. Process technologies should also drive a rebound in 2H with resumption of deferred projects and field services demand. The strong results highlighted the strength of the underlying business and has reminded investors of the ability of the management team to drive organic growth across the business.

Alternatively, Antofagasta (-18.1%) fell after a Chilean bill to racket up royalties on mining companies in the world’s top copper producing nation could, if unaltered, put at risk some 1 million tons of annual output, representing around 4% of global copper supply. The legislation, which faces multiple procedural hurdles, would impose a royalty as high as 75% on sales of copper as prices rise to pay for socials program during the Covid-19 pandemic. This regulatory development motivated us to sell the position as the increased political risk makes the future operating environment very difficult for the company.

Rebounding after a difficult Q1, Contact Energy (+17.7%), the New Zealand based hydroelectric power producer, announced it will proceed with the development of a new 152-megawatt geothermal power station at Tauhara and raise $400 million of equity to support funding of the development. The geothermal project is New Zealand’s best low-carbon renewable electricity opportunity. It will operate 24/7, is not reliant on the weather and is ideal for displacing baseload fossil fuel generation from the national grid which will significantly reduce New Zealand’s carbon emissions. Importantly, this project will provide a new source of profit growth over the next five years enabling the company to return to dividend growth within the next three years.

Discrete years' performance (%)**, to previous quarter-end:








Liontrust Global Dividend C Acc GBP






MSCI World






IA Global Equity Income













*Source: FE Analytics as at 30.06.21


**Source: FE Analytics as at 30.06.21. Quartile generated on 07.07.21.

Understand common financial words and terms See our glossary

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. Investment in funds managed by the Global Equity (GE) team may involve investment in smaller companies - these stocks may be less liquid and the price swings greater than those in, for example, larger companies. Investment in funds managed by the GE team may involve foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The team may invest in emerging markets/soft currencies or in financial derivative instruments, both of which may have the effect of increasing volatility. Some of the funds managed by the GE team hold a concentrated portfolio of stocks, meaning that if the price of one of these stocks should move significantly, this may have a notable effect on the value of that portfolio.


The information and opinions provided 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. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing.

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