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Liontrust Macro Equity Income

Elite Rated by FundCalibre

The Liontrust Macro Equity Income fund has been very successful at applying its ‘top-down’ macroeconomic theme analysis approach. Its experienced team have been right more often than not over the past 10 years which has led to very good performance.

Company Description

Liontrust Asset Management was founded in London in 1995 and prides itself on the freedom it allows its managers, who invest in their own portfolios. Listed on the Stock Exchange since 1999, company culture is at the forefront of their values. They were awarded the Elite Provider for Equities Rating.

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Fund Manager

Stephen Bailey has been lead manager of this fund since 2002, with Jamie Clark the co-manager. The fund was originally part of Walter Crips Asset Management, for which Stephen was the driving force behind its growth since 1987, until it was bought by Liontrust in 2012. This led to both Stephen and Jamie transferring over to Liontrust from Walter Crips. Jamie achieved a BA in English Literature at Southampton University and was a junior proprietary trader at First New York securities before moving to Walter Crips.

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We manage the fund using a distinct investment process, Liontrust Macro-Thematic, which is designed to identify, at an early stage, the development of major political, social and economic themes. Our high conviction approach is supported by investment experience of more than 50 years.

Stephen Bailey - Fund Manager

The Investment Process

The core philosophy of the fund is that macro-thematic analysis and the identification of economic, political and social developments are key to outperformance. The fund focuses on major factors affecting the world, such as global warming, globalisation, ageing populations and quantitative easing. They also focus on negative themes to avoid certain sectors. As a result, they don’t own any incumbent banks, utility or tobacco companies.

Risk

Each theme is capped at a maximum of 20% of the fund to ensure that no one idea dominates the fund and there are tight limits on stock-specific exposure. The fund has about 65-70% in large and mid-cap stocks. The fund has around 50 holdings to ensure it is well diversified.

Our Opinion

The fund has a well-define process and a consistent record of identifying the right macroeconomic themes. The manager is not afraid to depart radically from the benchmark by investing in, or avoiding, certain sectors, which has led to excellent long-term performance.

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