Introduction to Liontrust - Flipbook - Page 2
Our fund management teams
EQUITIES
Asia
Mark Williams, Carolyn Chan and
Shashank Savla have more than 60 years
of combined experience in analysing
Asian companies.
Their process seeks to identify companies
that will benefit from the growth in the
Asia Pacific (ex-Japan) region, have an
attractive yield and give a greater chance
of expectations being beaten. The process
aims to avoid those stocks that are likelier
to miss expectations. By targeting at least
1.1 times the dividend yield of the region
across the portfolio, the fund managers
believe this will ensure the equities
they invest in are amongst the more
conservative, better managed companies.
EQUITIES
Cashflow Solution
James Inglis-Jones and Samantha Gleave
have over 40 years of combined experience and first worked together in 1998.
The Cashflow Solution investment
process is based on the belief the most
important determinant of shareholder
returns is company cash flows. The
fund managers invest in companies that
generate significantly more cash than
they need to sustain their planned growth
yet are lowly valued by investors on
that measure and are run by managers
committed to an intelligent use of capital.
They sell short stocks that are expensive,
are struggling to generate any cash and
are run by management investing heavily
for future growth.
EQUITIES
Economic Advantage
Anthony Cross, Julian Fosh, Victoria
Stevens and Matt Tonge have over 60
years of combined investment experience.
The Economic Advantage process
seeks to identify companies that possess
intangible assets which produce barriers
to competition and provide a durable
competitive advantage that allows the
companies to defy industry competition
and sustain a higher than average level of
profitability for longer than expected. In the
fund managers’ experience, the hardest
characteristics for competitors to replicate
are three classes of intangible asset:
intellectual property, strong distribution
channels and significant recurring business.
S US TA INA BLE INVE ST ME NT
Sustainable Fixed Income
Stuart Steven, Kenny Watson and
Aitken Ross have more than 50 years
of combined investment experience in
managing fixed income.
Macroeconomic analysis is used to
determine the managers’ top-down view of
the world and this helps shape all aspects
of portfolio construction and appetite
for risk. After this, the managers aim to
focus on high-quality issuers and believe
this can reduce bond specific risk. Their
assessment of quality is a distinctive part
of their process, in which they combine
traditional credit analysis with a detailed
sustainability assessment based on their
proprietary model. The fund managers
assess individual bonds for whether they
believe the bonds offer attractive longterm returns and for absolute and relative
valuations. Sustainability analysis is fully
integrated into the investment process,
which enhances the credit process by
helping to identify high-quality companies
and reduce issuer specific tail-risk.
