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Liontrust Global Dividend Fund

January 2022 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 -4.0% in January. The MSCI World Index comparator benchmark returned -4.4% and the average return in the IA Global Equity Income sector, also a comparator benchmark, was -3.0%.

Among the top performers for the month was American Express (+11.2%), benefitting from the announcement that fourth-quarter earnings had surpassed estimates thanks to record credit card spending, along with the company boosting forecasts for revenue and profits in 2022. Amex is gaining market share against the big two card networks Visa and Mastercard as card transactions migrate to electronic transactions. Digital wallets and online checkouts create a more level playing field than leather wallets. The burgeoning ranks of Amex members are increasingly focused on rewards, where American Express beats the big two hands down.

As commerce shifts online, merchants are pressured to reduce even the smallest payments frictions so accepting Amex is essential. Moreover, Amex is thriving while travel remains subdued. Its revenues and profitability are already above pre-covid levels and as travel recovers it will enjoy excellent operating leverage.

Ping An (+9.5%) was another strong contributor over the month. The company has an industry leading return on equity ratio, with a dominant market position in an industry growing at 20% per annum – the underpenetrated Chinese insurance market. This is driven by China’s ageing population, which creates a need for better retirement planning, rising population-level wealth and a shift towards better value for money, higher quality care. Combined with its agent productivity initiatives (shift to fewer, more experienced sales agents) and its leading artificial intelligence capabilities (Ping An has 225 million retail customers), we believe Ping An has a huge competitive advantage for the years ahead.

The company found itself in the crosshairs during the year due to concerns over its investment exposure to the property development sector, and we think unfairly so. We expect the company to compound this intrinsic value at a rate in the mid-teens over the next few years due to strong growth drivers at both the industry and company level.

On the other side of the ledger, American Tower (-13.2%) was a notable detractor to the Fund’s performance over the period. AMT is a leading owner of communications infrastructure with a focus on wireless towers. The company’s portfolio includes 170,000 sites globally spread across over 15 countries, including over 40,000 in the US representing @65% of consolidated gross margin. Furthermore, the company is looking abroad to extend its market position, and generally expects for its international markets to deliver organic growth rates over 200+ bps higher than the 6-8% seen domestically.

Sweden-based mining and infrastructure equipment manufacturer Epiroc (-15.8%), which spun out of Atlas Copco a couple of years ago, was another detractor over the month. The company derives around two-thirds of its revenues from the after-sale market (maintenance, training etc.), which means it provides low-cyclicality exposure to the mining industry and also embeds strong relationships with customers, working permanently on-site with them.

Meanwhile, Epiroc’s innovation’s in electric powered mining machinery and diggers means it is becoming a key partner for mining companies in their mission to become more environmentally sustainable.

Roper Technologies (-10.2%) is a diversified technology company headquartered in Sarasota, Florida, who designs and develops software-as-a-service and engineered products and solutions. Roper operates in a variety of niche end markets, including healthcare, transportation, food, energy, water, education, and academic research. The company is an example of one of our holdings that was hit by the strong value rotation in January, with no other significant newsflow pulling its share price down.

Finally, BP (+15.8%) continued its strong stock price performance as crude prices continued to hit new highs. An improving supply side dynamic in the oil and gas industry is not the reason we invested in BP, but we expect this to significantly aid BP’s shift to an integrated energy company. BP’s business transformation since Bernard Looney has taken over as CEO in 2020 is breath-taking and sets the company up to successfully achieve its transformation.

Positive contributors included:

BP (+15.8%), American Express (+11.2%), Tencent (7.5%), Ping An Insurance (+9.5%), Enterprise (11.9%)

Negative contributors included:

American Tower (-13.2%), LAM Research (-17.2%), Roper Technologies (-10.2%), Epiroc (-15.8%), Estee Lauder (-15.0%)

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







Liontrust Global Dividend C Acc GBP






MSCI World






IA Global Equity Income












*Source: FE Analytics as at 31.01.22

**Source: FE Analytics as at 31.12.21. Quartile generated on 07.01.22.

Understand common financial words and terms See our glossary
Key Risks 
Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.
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.  


This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances. 
This 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. 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. It contains information and analysis that 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 of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust. Always research your own investments and if you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances. 

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