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David Roberts

The definition of insanity or the ECB’s approach to QE?

David Roberts reacts to the ECB’s latest policy decision, asking why, when the fiscal response is significant and worst of lockdown measures likely behind us, does the ECB still persist with emergency measures? Read more

Tactical Asset Allocation update: Q3 2021

Liontrust Multi-Asset Team

Liontrust’s Multi-Asset team outlines its latest tactical asset allocation views: still positive on risk assets overall, with a modest de-risking within bonds as high yield spreads fall. Read more
Mike Appleby

Green hydrogen: fuel of the future?

With hydrogen increasingly capturing the public's imagination, Mike Appleby examines the challenges facing the universe’s most abundant element as it moves towards a larger role in clean energy production and the investment opportunities that may emerge. Read more
James Inglis-Jones

What does company optimism tell us about the outlook for markets?

James Inglis-Jones explains why rising company optimism is a reason for concern and how this, combined with steep valuations, bodes well for the short side of the Cashflow Solution investment process. Read more
Mike Appleby

IPCC 2021 Summary for policymakers – a few thoughts for investors

This week’s IPCC report was heralded as its starkest warning yet and a code red for humanity. Mike Appleby of the Liontrust Sustainable Investment team explains what this means for investors. Read more
Phil Milburn

Q3 strategy – Reflationary narrative likely to be revived

Concern over the spread of the Delta Covid-19 variant and decelerating economic growth has led many investors to question the reflation trade. Phil Milburn examines whether the theme has come to an end or simply needs a tempering of over-exuberant expectations. Read more
Mayank Markanday

Keeping it real: the case for Real Assets

With Real Assets offering diversification, potential inflation protection and attractive, stable income, Mayank Markanday makes the case for core, long-term exposure within multi-asset portfolios. Read more

Should investors be concerned by inflation?

David Roberts, James Inglis-Jones, Anthony Cross, Martyn Jones and the Multi-Asset team

Recent inflation readings in the US and UK have been above central banks’ target. Is this a sign of things to come or just transitory? What will it mean for markets? Liontrust’s fund managers give their opinion on the latest inflation trends. Read more
James Klempster

Stay the course if you can (but better too early than too late)

There is a library’s worth of books on behavioural economics explaining why investors are driven to buy and sell at the wrong time. James Klempster analyses the evidence for the benefit of remaining invested for the long term and why, if you can’t, being early is better than late. Read more
John Husselbee

A great reset for Multi-Asset?

With a recent report seeking an overhaul for the £billions sat in underperforming multi-asset funds, John Husselbee believes a fundamental shift in mindset is required, away from a short-term relative game towards a focus on meeting client outcomes. Read more
Phil Milburn

Using bonds to create a low-risk absolute return fund

Not all bonds are created equally and when managing a low risk portfolio it is important to find those with the necessary attributes. On the three year anniversary of the Liontrust GF Absolute Return Fund, Phil Milburn breaks down how the GFI team finds opportunities in the current bond market while maintaining low risk exposure. Read more
John Husselbee

Our 2021 SAA review

John Husselbee provides an update on the latest strategic asset allocation review, adding convertibles for the first time. Read more
Mayank Markanday

Emerging markets: opportunities abound but ‘politics matters as much as economics’

Emerging markets remain among the favoured equity options for the Liontrust Multi-Asset team, benefiting from global reflation, a weaker dollar and robust commodity prices. But a ‘region’ that lumps together countries as diverse as China and the Czech Republic requires careful analysis to tease out these opportunities. Read more
Laurie Don

Healthcare investing in a post-Covid world

Laurie Don explains the step change required to treat diseases more effectively and highlights some portfolio holdings innovating in healthcare. Read more
Chris Foster

Saving for a sustainable future

Global retirement funding faces a $400tn shortfall by 2050. Saving for the Future will be a key investment theme in the portfolio of Liontrust ESG Trust PLC (ESGT), whose retail offer closes on 29 June. Read more
John Husselbee

Long-term suitability versus short-term volatility

Strategic asset allocation is the main engine of risk and returns on the Liontrust MA funds. While this can mean performance and portfolios look different to peers short term, with more in gilts and less in credit last year for example, John Husselbee is confident this SAA will continue to ensure long-term suitability across a range of risk profiles. Read more
Peter Michaelis

The world in 2041: accessing innovations for the next 20 years

Since the Liontrust Sustainable Future funds launched in 2001, the world has seen huge change. Peter Michaelis discusses the innovations the next two decades might bring, with the companies providing these at the heart of the Liontrust ESG Trust PLC (ESGT), whose IPO is planned for early July. Read more
Martyn Jones

Encouraging sustainable leisure – introducing our latest theme

Liontrust’s Sustainable Investment team recently added Encouraging sustainable leisure to its list of 21 structural growth trends. Read more
James Inglis-Jones

Anatomy of a value rally: March 2020 – June 2021

James Inglis-Jones looks back at the rally in value stocks over the last year, explains why and how the Cashflow Solution investment process was able to benefit from this trend, and asks whether value outperformance has further to run. Read more
David Roberts

Is the spike in inflation just a blip?

The latest inflation numbers in the UK and US have been higher than expected, but bond investors seem largely unperturbed – David Roberts asks if they have become complacent? Read more
David Roberts

Is the spike in US inflation just a blip?

The latest US inflation numbers have been largely dismissed as transitory by both the market and the Federal Reserve. David Roberts argues that some of the inflationary forces are structural in nature and could require action from the Fed sooner than current market expectations. Read more

Tactical Asset Allocation update: Q2 2021

Liontrust Multi-Asset Team

As part of its latest target TAA review, Liontrust’s Multi-Asset team has moved up to neutral on US equities after recent cooling off and is slightly less positive on Japan, although still bullish, with concerns about the country’s stuttering vaccination effort. Read more
Peter Michaelis

Lessons from 20 years of sustainable investment

Liontrust has a 20-year track record in sustainable investing and will apply the knowledge gained in managing the portfolio for the Liontrust ESG Trust PLC, whose IPO is planned for early July. Head of the Sustainable Investment team Peter Michaelis highlights the lessons learnt (and proved) over the last two decades. Read more
Aitken Ross

Three-year milestone for Liontrust GF SF European Corporate Bond Fund

As GF SF European Corporate Bond celebrates its three-year anniversary, co-manager Aitken Ross highlights the Fund’s ESG credentials and explains why the team continues to bank on short duration and financials. Read more
Peter Michaelis

Accessing those hard-to-reach SDGs

This year’s World Oceans Day highlights how this huge natural resource is undermined by our own actions, via plastic pollution, overfishing and carbon emissions. Read more
Storm Uru

Why we don’t own the market’s favourite stock of 2020

With the automobile market going through a major transformation not seen in over 100 years with the rise of electric vehicles, Storm Uru and James Dowey explain why they prefer to access this disruptive innovation through more traditional auto names rather than the increasingly expensive companies currently leading the charge. Read more

Why we invest in innovation

Storm Uru & James Dowey

While the two all-time greatest investment approaches are value investing and quality investing, Storm Uru and James Dowey explain why the rapid change, innovation, and disruption of our age means a third investment style can deliver for investors. Read more
Storm Uru

AT&T: A lesson in the destruction of shareholder value

AT&T has agreed the spin-off and merger of WarnerMedia with Discovery in the latest stage of dismantling its “empire”. Storm Uru discusses how AT&T is a case study for income investors in not chasing yield and how companies can destruct shareholder value. Read more
John Husselbee

Lessons from 1709’s Great Frost

The UK’s 9.9% GDP contraction last year was the worst since 1709, when freezing temperatures brought most of Europe to a halt and the economic fallout lasted more than a decade. John Husselbee explains why the rebound from 2020 will be much faster and why UK equities offer investment opportunities amid global reflation. Read more
Jen Causton

Improving prospects for the Land of the Rising Sun

Signs of life are emerging for Japanese equities after a long period out of favour. Jen Causton highlights the case for what remains a cheap market benefiting from the global reflation trade, albeit with a potential vaccine red flag to keep in mind. Read more
Mike Appleby

Measuring impact: the climate change crisis

Current progress and ambition on decarbonisation both fall short of goals to limit global temperature rises to less than 1.5 degrees. At Liontrust, we continue to track how our SF funds compare on carbon emissions and invest in businesses helping to create an ultra-low carbon economy; for more on this and other ways we measure impact, see here. Read more
David Roberts

Q2 strategy – Positioning for an uneven recovery

The global economy is expected to grow significantly in the latter part of 2021, but this growth won’t be evenly spread across regions. Fund Manager David Roberts dissects these growth discrepancies and explains how the Global Fixed Income funds are positioned against this backdrop. Read more
John Husselbee

Price and value: what you pay versus what you get

Worries about bubbles in investment markets have focused attention on price and value again. John Husselbee explains the relationship between price and value and the role they play – along with value for money - in managing Multi-Asset funds. Read more
Donald Phillips

Should you still invest in high yield when credit spreads are low?

Donald Phillips explains why the high yield investment outlook still looks positive, even at historically low yield premia to government bonds. Read more
Chris Taylor

Japan: going for gold

With the Olympics set to go ahead after last year’s postponement, Chris Taylor identifies which Japanese companies are likely to be winners from a number of current headwinds. Read more
John Husselbee

How to win by not losing: Play the course, not the opponent

Hideki Matsuyama’s victory in the recent Masters shows the importance of playing the course rather than the opponent, and avoiding unforced errors. As John Husselbee reveals, both are equally key to ‘winning the loser’s game’ of investment. Read more
Phil Milburn

Was it something we AIT? How the Fed’s inflation policy will affect bond yields

With inflation set to continue rising, Phil Milburn takes a look at the market’s battle with the US Federal Reserve over how high bond yields will be allowed go Read more
David Roberts

Bond markets during a global pandemic

David Roberts, Head of Fixed Income at Liontrust, analyses how bond markets have reacted to the pandemic over the past year and what this means for investors. Read more
Victoria Stevens

Success stories in the UK micro cap space

Since its launch 5 years ago, a number of stocks have left the Liontrust UK Micro Cap Fund because they have been so successful they have outgrown the portfolio. Victoria Stevens highlights such companies and others that could follow. Read more
David Roberts

Do you really own a bond fund?

Bonds are thought of as a relatively stable asset class, which offer diversification from equity risk. But that isn’t always the case. David Roberts explains how some bonds are more closely correlated with equities than the wider bond market and why it is imperative that investors are selective about which bonds they include in their portfolios. Read more
James Klempster

Fixed Income: horses for all courses

Concerns about inflationary pressures have prompted a rise in yields and a fall in prices in bond markets this year. James Klempster outlines the outlook for fixed income markets and how they play different roles within our Multi-Asset target risk funds. Read more
Robin Geffen

Finding the next FAAMGs among global small caps

Anyone buying 304 shares in Amazon in 1997 for a total cost of around $526 would now be a dollar millionaire. In this article, Robin Geffen highlights how to identify the tech giants of the future. Read more

What does the outperformance of active funds tell us?

Liontrust Multi-Asset Team

Active funds in aggregate have generally outperformed passives over the past year. The Liontrust Multi-Asset investment team examines the reasons for this, what this tells us about the current environment for equities and the positioning of the Multi-Asset funds. Read more

Multi-Asset’s current Tactical Asset Allocation

Liontrust Multi-Asset Team

Will we be enjoying a roaring ‘20s, a return of inflationary pressures and which asset classes offer the greatest investment opportunities? The Liontrust Multi-Asset team provides their latest medium term view of asset classes. Read more
Harriet Parker

Active stewardship: building trust through integrity

Harriet Parker explains why engagement is key to driving positive change at companies as well as dealing with controversies. Read more
Jen Causton

Sector review: A positive case for the UK

While global stock markets hit record highs in 2020, the FTSE 100 Index suffered a 14% decline. Jen Causton explains why the Liontrust Multi-Asset team see the UK as a strong bounceback candidate this year and which funds they favour to benefit from this. Read more
Donald Phillips

Why high yield bonds are an evergreen asset

Despite recent rises, government bonds still offer historically low yields. Donald Phillips explains how high yield bonds can provide extra income and ways in which investors can seek to minimise default risk. Read more
Thomas Smith

Russia: generating growth drivers beyond energy

The Russian economy has weathered the pandemic better than many other countries and is making good progress in its vaccination drive. Thomas Smith highlights how investors can benefit from the country’s stability and the broader growth across the economy, including the burgeoning technology sector. Read more
Peter Michaelis

Goodbye to an old friend – GW Pharma to leave Sustainable funds after 20 years

One of the longest held companies in the Sustainable Future funds is to exit the portfolios with the acquisition of GW Pharma completing in Q2. Peter Michaelis explains how this innovative healthcare business encapsulates what the team look for in sustainable companies. Read more

Liontrust Special Situations: A year of resilience

Anthony Cross & Julian Fosh

Anthony Cross and Julian Fosh were happy with how the majority of companies in Liontrust Special Situations fared during 2020 and this was reflected in the strong relative performance of the Fund in a turbulent year. In this article, the managers analyse the different phases of last year and what drove performance. Read more