Liontrust European Dynamic
Liontrust European Dynamic is a concentrated fund of around 30-40 holdings. The team believes cash flow is the single most important determinant of shareholder return, so the portfolio is made up of Europe ex-UK companies that have strong cash-flow characteristics.
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James Inglis-Jones joined Liontrust in March 2006 to develop the Cashflow Solution investment process. He began his career at Fleming Investment Management in 1997, managing UK equity portfolios from 1999. Between 1999 and 2002, he worked on JP Morgan Fleming’s institutional investment process and managed various retail and institutional funds as a senior portfolio manager. In 2003, he moved to Polar Capital to manage a European market neutral fund. James holds a First Class Honours Degree in Modern History from York University and a D.Phil in Modern History from Christ Church, Oxford.
Samantha Gleave joined Liontrust in 2012 as a fund manager to collaborate with James Inglis-Jones on the Cashflow Solution investment process. She started her career at Sutherlands Ltd as a Consumer Analyst before moving to Fleming Investment Management as a senior Investment Analyst covering Pan Europe. Samantha then joined Credit Suisse First Boston (Europe) Ltd in 2000, where she was part of a top-ranked equity research sector team. In 2005, she moved to Bank of America Merrill Lynch as a Senior Equity Analyst and Director, earning awards for Top Stock Pick and Earnings Estimates. Samantha graduated with an MA Honours in Economics & Management from Aberdeen University in 1995.
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Investment process
The process focuses on forensic analysis of historic cash flows and balance sheet development in company annual reports. The managers prioritise examining cash flows and investments supporting profit growth, as forecasts are often unreliable. Companies generating significant free cash flow after investments are considered rewarding investments.
The managers conduct fundamental research on each company, carefully examining annual reports and accounts and paying attention to the quality, sustainability, and valuation of company cash flow. The final stage of the analysis is the team collaboratively working and engaging in discussion to evaluate the merits of each stock before investing.
Risk
The management of portfolio risk is overseen by the Portfolio Risk Committee. It uses a risk management process to monitor and measure the risk of a fund's positions and their impact on the overall risk profile. Risk within the fund is controlled and monitored through two main approaches - the investment process and the predetermined risk control and limits.
ESG
ESG - Limited
This fund does not have any specific ESG analysis embedded into its process. However, Liontrust upholds its dedication to sustainability across all aspects of its operations, which encompasses responsible investing, environmental considerations related to climate change, diversity and inclusion, human rights, and exemplifying responsible corporate behaviour. It recognises the significance of good governance, stewardship, sustainability, and social impact in achieving sustainable investment performance over the long term.
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