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Liontrust

Dec 2024 → Sep 2026 · Publishes quarterly · 78 funds

Our archive holds 127 letters from Liontrust, behind 96 investment theses and positions in 518 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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127
Letters
518
Companies
445
Moves
96
Theses

78 strategies

Liontrust publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 445 moves

  • ExitedMONY Group
    September 2026
    “We exited our positions in MONY Group, Greggs and Whitbread due to lowered relative conviction.”
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  • ExitedGreggs
    September 2026
    “We exited our positions in MONY Group, Greggs, Kone and Whitbread due to lowered relative conviction.”
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  • ExitedTesco
    September 2026
    “We exited our positions in Oxford Instruments and Tesco due to valuation and our position in Rotork after the offer by ABB.”
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  • ExitedOxford Instruments
    September 2026
    “We exited our position in Oxford Instruments due to valuation and our position in Rotork after the offer by ABB.”
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  • New positionAltius Minerals
    September 2026
    “Altius Minerals (Enabling the energy transition) owns a diversified portfolio of royalties and streaming interests across mining and renewable-energy projects.”
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  • New positionCDW
    September 2026
    “We initiated a small position in CDW, which you can read more about here.”
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  • New positionNordex
    September 2026
    “We added three companies under our Enabling the energy transition theme during the period: Nordex, Iberdrola and Prysmian.”
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  • ExitedFerguson
    September 2026
    “Ferguson was sold following the completion of its move to a sole US listing and withdrawal from the UK market.”
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  • ExitedEngineering
    September 2026
    “Exits included small holdings in Engineering, an Italian provider of IT services and software, and O-I Glass, a packaging company whose operating performance had remained persistently weak.”
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  • ExitedO-I Glass
    September 2026
    “Exits included small holdings in Engineering, an Italian provider of IT services and software, and O-I Glass, a packaging company whose operating performance had remained persistently weak.”
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  • AddedCarlisle Companies
    September 2026
    “We also added Carlisle Companies and initiated positions in two US rail businesses, Union Pacific and Burlington Northern Santa Fe.”
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  • New positionTGS
    September 2026
    “We bought a couple of companies which stand to benefit from an upswing in oil and gas investments – Tenaris and TGS.”
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  • TrimmedApplied Materials
    September 2026
    “This included some profit-taking in longer-term AI winners such as Seagate Technology and Applied Materials as well as software and automation plays Omnicell, JBT Marel and Cognex.”
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  • TrimmedOmnicell
    September 2026
    “This included some profit-taking in longer-term AI winners such as Seagate Technology and Applied Materials as well as software and automation plays Omnicell, JBT Marel and Cognex.”
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  • New positionIntuitive Surgical
    September 2026
    “There was some repositioning in healthcare where we initiated new positions in DexCom and Boston Scientific, and reinstated Intuitive Surgical after its T score improved.”
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  • AddedCitigroup
    September 2026
    “The portfolio added several names in the financials sector, including NU Holdings, Citigroup and Wells Fargo.”
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  • AddedOsprey Acquisitions
    September 2026
    “We also added to our Osprey (Anglian Water holding company) position, increasing exposure to holding company debt following weakness across UK water credits.”
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  • AddedIntuitive Surgical
    September 2026
    “The most extensive repositioning occurred in healthcare where we initiated new positions in DexCom and Boston Scientific, and reinstated Intuitive Surgical after its T score improved.”
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  • New positionPrysmian
    September 2026
    “In industrials, we established a position in Prysmian, a global leader in power and communications cables, which we view as a direct beneficiary of increased investment in electricity networks, renewable energy infrastructure and data centre expansion.”
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  • TrimmedCrédit Agricole
    September 2026
    “In September, we participated in BPCE's new issue, funded by an existing BPCE position and a partial reduction in Crédit Agricole.”
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  • New positionDexCom
    September 2026
    “We continued to refine the portfolio around a number of high-conviction positions whilst maintaining our focus on businesses benefiting from long-term structural growth trends.”
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  • New positionTriodos Bank
    September 2026
    “We also initiated a position in Triodos Bank, where we believed spreads compensated for recent operational and litigation challenges, supported by strong capitalisation and liquidity.”
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  • AddedThermo Fisher Scientific
    September 2026
    “Thermo Fisher Scientific (+35%) was the portfolio’s largest contributor during the quarter, following strong second- quarter results.”
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  • TrimmedAdvanced Drainage Systems
    September 2026
    “Advanced Drainage Systems (-19%), the US manufacturer of stormwater and wastewater-management products, also detracted from performance despite reporting strong first-quarter results,”
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  • AddedFujikura
    September 2026
    “Fujikura (+23%), the Japanese manufacturer of optical fibre and electrical infrastructure products that we added during the quarter, benefited from strong demand driven by AI-related data-centre investment.”
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  • AddedShopify
    September 2026
    “Shopify (+30%), which we had been following closely since the pandemic, was added to the portfolio in the second quarter.”
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  • ExitedCTS Eventim
    September 2026
    “CTS Eventim was sold on governance concerns.”
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  • ExitedTrainline
    September 2026
    “We sold Trainline, a ticketing app and platform helping travellers buy digital rail tickets in the UK and Europe.”
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  • ExitedBT Group
    September 2026
    “In August, we exited BT hybrid bonds as valuations became stretched.”
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  • AddedKLA Corporation
    September 2026
    “KLA (Better monitoring of supply chains and quality control) is the global leader in semiconductor process control, providing the inspection and measurement technologies essential to advanced chip manufacturing.”
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Showing the 30 most recent of 445 recorded moves.

Companies held · 518

Every company Liontrust has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 96

  • Arm
    September 2026

    Arm develops semiconductor intellectual property based on RISC architecture, which improves efficiency by reducing complexity.

    Read the full thesis
  • Arm
    September 2026

    Arm licenses processor architectures and is positioned to benefit from long-term computing demand and the energy efficiency of its CPUs in data centres.

    Read the full thesis
  • Bellway
    September 2026

    Bellway is a conservatively managed UK housebuilder with strong cash generation, shareholder returns and a solid balance sheet.

    Read the full thesis
  • China Resources Beer
    September 2026

    China Resources Beer has distribution, scale and a Heineken partnership, and its premium brands are still gaining share and growing rapidly despite weak consumption.

    Read the full thesis
  • National Bank of Greece
    September 2026

    National Bank of Greece is owned because Greece’s recovery, improved banking conditions, and the bank’s low valuation and excess capital create an attractive setup.

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  • Shopify
    September 2026

    Shopify provides essential commerce infrastructure and is positioned to benefit from the shift toward agentic commerce rather than be disrupted by AI.

    Read the full thesis
  • VAT Group
    September 2026

    VAT Group supplies high-performance vacuum systems for semiconductor production and is benefiting from record semiconductor order intake and accelerating fab build-outs driven by demand for advanced chips.

    Read the full thesis
  • SKF
    September 2026

    SKF is a global bearings leader that used a long weak patch to streamline and upgrade operations ahead of a growth recovery.

    Read the full thesis
  • Eoptolink Technology Inc., Ltd.
    September 2026

    Eoptolink grew revenue 97% and doubled net profit but fell 35% amid concerns its 1.6T modules are ramping a quarter behind schedule.

    Read the full thesis
  • Eoptolink
    September 2026

    Eoptolink makes AI-server optical transceivers with strong earnings power, though its delayed 1.6T module ramp is the key milestone to watch.

    Read the full thesis
  • Meta Platforms
    September 2026

    Meta owns Facebook, Instagram and WhatsApp and keeps compounding revenue and AI engagement, with its consumer AI agent Muse signaling where its AI investment is heading.

    Read the full thesis
  • GB Group
    September 2026

    GB Group provides identity verification and fraud-prevention software with a structural growth opportunity, and trades cheaply at 6x EV/EBITDA with over 10% free cash flow yield.

    Read the full thesis

Showing the 48 most recent of 96 theses. Browse them by company to see the rest.

Letter archive · 127

2026

2025

2024

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