Fund manager


Storm Uru

Why income investors shouldn’t run from dividend cuts

Dividend cuts and share price falls over the past few months are presenting opportunities for income investors. Storm Uru, manager of the Liontrust Global Dividend Fund, highlights some examples. Read more
David Roberts

What the Fed’s new ‘flexible’ inflation approach means for bond investors

The US Federal Reserve has introduced a new policy of flexible average inflation targeting. David Roberts looks at what this means for bond markets and explains whether this is an example of Modern Monetary Theory. Read more
Samantha Gleave

Value in a modern economy

Value’s poor run has raised questions about whether the current measures of the investing style are outdated. Samantha Gleave argues that cash flow provides a more holistic way to assess value in the modern company. Read more
John Husselbee

Revisiting value and small caps

After a long period of weaker performance from value and smaller companies, John Husselbee highlights encouraging signs for both in recent months, including an apparent re-emergence of the small-cap premium. Read more
Donald Phillips

High yield: all about that income

With 100% of high-yield bond performance driven by income over the last decade, Donald Phillips says this asset class offers an attractive alternative for investors concerned about widespread dividend cuts across equities. Read more
Stuart Steven

Reacting to changes in credit ratings

With BBB debt now accounting for 60% of the investment grade market, close to doubling over the last decade, we are relaxing minimum credit rating restrictions on the Monthly Income Bond Fund. This is designed to ensure flexibility for our Fund and give the managers the best opportunity to perform in future. Read more
Phil Milburn

Quarterly strategy – How we are preparing for the Covid-19 recovery

The recovery from Covid-19 will be uneven by both sector and country and it has never been more important to be selective when choosing the correct rates and credit exposure. Phil Milburn explains what the Global Fixed Income team are expecting during the economic recovery and how they have adjusted their exposure. Read more
Alex Wedge

Recent fundraisings as much a sign of proactivity as panic

Fund manager Alex Wedge takes a look at recent fundraisings by the Economic Advantage team’s smaller companies and finds that - contrary to what might be expected – the majority are using disruption to the business landscape to accelerate market growth opportunities. Read more
Anthony Cross

If cash is king, then the stockmarket is kingmaker in a crisis

Over the last 10 years, the number of companies on the UK Main Market and AIM has dropped from 2,745 to 2,006. While this de-equitisation trend is undesirable, Anthony Cross explains why equity will always have a substantial role to play in company financing, as shown during the coronavirus crisis. Read more
Robin Geffen

Finding the FAANGs of the future

The growth of mega tech companies has led the US market and accelerated due to Covid-19. Robin Geffen examines whether global small caps offer more attractive opportunities and the mega tech companies of the future. Read more
Olly Russ

Europe and the Hamiltonian Moment

Europe’s recent stimulus had echoes of Alexander Hamilton’s reforms in the 18th century. European Income Fund Manager Olly Russ explains what the reaction has been to the package and the likely impact for the European economy. Read more
Martyn Jones

Why low-cost gyms remain fit for our funds post Covid-19

Despite concerns about how quickly people will return to the UK’s freshly reopened gyms, Martyn Jones believes a few low-cost disruptors, with their cheaper fees and flexible membership, will increasingly dominate the market. Read more
Julian Fosh

Buying Bunzl – how its market position could strengthen during the crisis

Julian Fosh profiles the latest stock to be added to UK Growth Fund and explains how its barriers to competition could allow it to enhance its market position during the Covid-19 crisis. Read more
Storm Uru

Why innovation for income investing?

Storm Uru discusses the far-reaching consequences of Covid-19 for income investors. Read more
Phil Milburn

Be prepared to take the right kind of bond risk

With interest rates expected to stay lower for longer than necessary and inflation heating up, Phil Milburn warns that bond investors must take risk in the right places if they are to avoid getting burned. Read more
David Roberts

10 trades for the New Year (revisited after six turbulent months)

Back in January, David Roberts identified 10 high-quality sovereign trades. Nearly six months later and with the world living with Covid-19, David assesses how successful these trades have been and what they now say about the outlook for bond markets. Read more
James Inglis-Jones

Where we see an opportunity in today’s market

The proprietary market indicators used by the Cashflow Solution team suggests value stocks in aggregate look exceptionally cheap relative to history. James Inglis-Jones explains why, what else the indicators are telling them and how their funds are positioned to exploit this. Read more
Mark Williams

Which countries offer Asia’s best income prospects?

Dividends in Asia are likely to be more resilient to Covid-19 pressures than Western markets. Mark Williams analyses the best income opportunities in the region. Read more

10 macro and micro fixed income trades for summer

David Roberts, Phil Milburn & Donald Phillips

Active management is largely about taking opportunities and the Global Fixed Income team highlight ten potential alpha sources in their funds for the summer months, across macro trades, investment grade and high yield. Read more
Shashank Savla

India – between a rock and a hard place

India began to lift its lockdown measures in early June. Shashank Savla thinks this risks a substantial rise in infections, which would delay economic recovery and leave Indian equities looking expensive. Read more
John Husselbee

Our 2020 Strategic Asset Allocation review

SAA is the scientific core of our multi-asset investment approach and John Husselbee runs through the key points from his 2020 annual review. Read more
John Husselbee

Reading the investment clock

With equities rushing far ahead of economic fundamentals into recovery territory, John Husselbee examines his investment clock and asks what the ongoing disconnect might mean for investors. Read more
David Roberts

Look beyond the headline UK inflation figures

David Roberts argues that the UK inflation rate is not what it seems and that negative rates would be a potential horror story for the future. Read more
Peter Michaelis

Nuclear power – still no thanks in 2020?

Liontrust’s Sustainable team has largely avoided nuclear power since a review a decade ago but given this energy’s low carbon emissions – and the increasing urgency of decarbonisation – does this position need to change? Read more
Stuart Steven

Why we favour short duration, investment grade, banks and insurers

As companies prepare for a long recovery from Covid-19, Stuart Steven continues to favour top-tier bonds from banks, insurers and telecom companies where he predicts very limited downgrades in the months ahead. Read more
Peter Michaelis

Should 2020’s unpredictability force a sustainable rethink?

The terrible events of the first half of the year have further highlighted the issues of social inequality and the parlous state of our natural world. Liontrust’s Peter Michaelis explains why capital markets and competition between companies can serve society to help produce a more sustainable world. Read more
Peter Michaelis

What are the prospects for Sustainable growth in the UK?

Following the enforced behavioural changes by Covid-19, Peter Michaelis analyses which UK stocks may benefit from positive structural growth over the long term. Read more
Olly Russ

A sector-by-sector look at Europe’s worst hit, and most immune, dividend payers

Olly Russ takes a sector-by-sector look at the impact of Covid-19 on dividend payments in Europe. Read more
Olly Russ

The European dividend outlook

This year will be challenging for income investors, but 2021 could see companies free of restrictions and awash with capital. Olly Russ looks at the European dividend outlook. Read more
Julian Fosh

Why we have invested in IMI

The stockmarket setback in March allowed the Economic Advantage team to add a new company to the UK Growth Fund at an attractive price. Fund manager Julian Fosh explains how this high-quality cyclical stock could provide some upside to the eventual economic recovery from Covid-19. Read more
James Dowey

Why investors can’t ignore disruption

Disruption is impacting every sector, and it is becoming increasingly common to see the destruction of products and business models. James Dowey explains disruption, what is driving this and what makes a good disruptive investment. Read more
Phil Milburn

GFI Quarterly: Reasons to be cheerful (as well as fearful)

Covid-19 uncertainty has lowered confidence in economic forecasts. But Phil Milburn explains why there are reasons to be cheerful as well as fearful and where the team is finding investment opportunities in investment grade and high yield. Read more
John Husselbee

The power of blending fund managers

Blending funds and managers is the key extra ingredient in portfolio construction. In this article, John Husselbee interviews two of his UK equity managers to illustrate the benefits of blending. Read more
John Husselbee

Active versus passive: what lockdown adds to the debate

Active and passive funds have performed differently in the downturn and recovery during Covid-19. John Husselbee looks at what this tells us about the best environments for each. Read more

The income case for quality high yield

Phil Milburn & Donald Phillips

With widespread cuts and suspensions to dividends by equities, Donald Phillips and Phil Milburn propose the quality end of high yield as a potential asset class for income investors. Read more
Alex Wedge

Silver linings playbook

Alex Wedge, fund manager in the Economic Advantage team, takes a look at some of the positive themes emerging in the smaller companies and micro-cap space as companies respond to the Covid-19 crisis. Read more
Mark Williams

Can Asia offer shelter from dividend cuts?

Mark Williams thinks Asian markets can provide some shelter from the deep dividend cuts affecting markets like the UK. In this blog, Mark explains why Asian dividend payout ratios could prove more stable and earnings more resilient than in other regions. Read more
Jamie Clark

The distressed, the prudent and the mandated

The widespread dividend cuts in the UK over the past two months have fallen into three types. Jamie Clark analyses the distressed, prudent and mandated and what each of these types mean for investors. Read more
Storm Uru

Why innovation is important to income investing

Storm Uru, manager of the Liontrust Global Dividend Fund, explains how companies which are market leaders and have a culture of innovation are able to increase dividends long into the future. Read more
Donald Phillips

Examining high yield bond opportunities after sharp rise in spreads

Donald Phillips uses top-down market analysis and individual bond selection to examine the opportunities for investors following the sharp rise in high yield bond yields during March’s sell-off. Read more
James Inglis-Jones

Should investors protect against further falls or position for a rebound?

James Inglis-Jones explains why a change in behaviour by businesses and investors in response to Covid-19 points to a more positive 12-month outlook for equity markets. Read more

Continuing to fight the fashion revolution

Neil Brown

As Fashion Revolution Week 2020 comes to an end, Liontrust’s Neil Brown says protecting employees across global supply chains is more important than ever as we come through the COVID-19 crisis. Read more
Robin Geffen

How to maintain dividends in the current market

Covid-19 has accelerated the trend towards dividend cuts in the UK. Robin Geffen, manager of the Liontrust Income Fund, analyses where cuts are most likely and one sector he favours. Read more
Phil Milburn

Weighing the debits and credits

Phil Milburn analyses the impact of governments’ and central banks’ stimulus in offsetting the potential economic destruction caused by COVID-19 and what this means for bond markets. Read more
David Roberts

Italy in the lap of the rating gods

With Italy’s debt-to GDP likely to breach 150% in the coming months, David Roberts looks at whether the country’s BBB credit rating can survive. Read more
Mike Appleby

Economic changes post COVID-19: the long and short of it

Mike Appleby analyses the potential short and longer-term impacts of Coronavirus and believes global reaction to the pandemic may provide a blueprint for facing the climate crisis. Read more

Sustainable Investment – now, more than ever

Neil Brown

Sustainable companies have been working to harness structural change for years and Neil Brown says many are well placed to prove resilient amid the current crisis and help move us towards a cleaner, healthier and safer planet. Read more
Matt McLoughlin

Negative oil prices – how is this possible?

Crude oil was trading at negative prices on the futures markets yesterday (20 April), reaching a low price of -$40.32 a barrel at one stage. This means buyers of future contracts were being paid to own barrels of oil. Liontrust’s Head of Trading Matt McLoughlin explains how this was possible. Read more
Peter Michaelis

Investing for a sustainable future

Before the spread of COVID-19 around the globe, Lawrence Gosling of Bonhill questioned Peter Michaelis about the growing demand for sustainable investing and why he was optimistic about the trends making our environment cleaner, our quality of life better and our societies more resilient. Amidst the pandemic, Peter believes these trends are still valid and the world can continue to look to the longer term future with optimism. Read more
John Husselbee

Trend reversal? Tactical asset allocation post-Coronavirus

As asset allocators consider how best to position portfolios over 2020 and beyond, John Husselbee asks whether recent trends of US, growth and large-cap outperformance will continue. Read more