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Liontrust

Dec 2024 → Aug 2026 · Publishes quarterly · 51 funds

Our archive holds 69 letters from Liontrust, behind 51 investment theses and positions in 284 companies. Every quote below is copied verbatim from the letter it came from.

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Liontrust’s own letters page
69
Letters
284
Companies
231
Moves
51
Theses

51 strategies

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

What they bought and sold · 231 moves

  • AddedKainos Group
    August 2026
    “Kainos Group (+41%) which rose sharply following an August trading update that upgraded full-year guidance.”
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  • TrimmedJensen-Group
    August 2026
    “Jensen-Group (-12%), which supplies equipment and automation systems to industrial laundries, fell following its first-half results.”
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  • AddedComputacenter
    August 2026
    “Computacenter (+23%) benefited from continued enthusiasm for AI-related data-centre investment.”
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  • AddedWallenius Wilhelmsen
    August 2026
    “Wallenius Wilhelmsen (+15%), a vehicle shipping and logistics company, rose after reporting solid second- quarter results and maintaining its full-year outlook.”
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  • New positionHikma Pharmaceuticals
    July 2026
    “A new unit was taken in Hikma Pharmaceutical.”
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  • TrimmedASML
    July 2026
    “ASM International (-20%) and ASML (-17%) lost ground despite releasing quarterly results which were, for the most part, in line or ahead of expectations.”
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  • AddedVodafone Group
    July 2026

    Listed in Liontrust’s reported holdings.

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  • New positionNU Holdings
    July 2026
    “The portfolio added three names in the financials sector: NU Holdings, Citigroup and Wells Fargo.”
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  • New positionWells Fargo
    July 2026
    “The portfolio added three names in the financials sector: NU Holdings, Citigroup and Wells Fargo.”
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  • ExitedT-Mobile
    July 2026
    “We sold out of Deutsche Telekom and T-Mobile where newsflow is subdued and shares likely dead money for next quarters.”
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  • AddedEssentra
    July 2026
    “The holdings in Essentra and Weir Group were added to while the holding in EasyJet was reduced.”
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  • TrimmedIG Group
    July 2026
    “IG Group (-19%) also detracted in the long book.”
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  • ExitedDeutsche Telekom
    July 2026
    “We sold out of Deutsche Telekom and T-Mobile where newsflow is subdued and shares likely dead money for next quarters.”
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  • New positionCitigroup
    July 2026
    “The portfolio added three names in the financials sector: NU Holdings, Citigroup and Wells Fargo.”
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  • ExitedArcelorMittal
    July 2026
    “After strong recent performance, the holding in ArcelorMittal was exited.”
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  • AddedEMS-Chemie
    July 2026
    “EMS-Chemie (+16%) – the producer of high-performance polymers for industries including electronics, consumer goods and automotive – moved higher on the back of interim results.”
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  • TrimmedASM International
    July 2026
    “ASM International (-20%) and ASML (-17%) lost ground despite releasing quarterly results which were, for the most part, in line or ahead of expectations.”
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  • AddedArcelorMittal
    July 2026

    Listed in Liontrust’s reported holdings.

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  • TrimmedIntuitive Surgical
    July 2026
    “We also sold Intuitive Surgical, a long-term and still favoured holding but one where headwinds are likely to persist in the shorter term.”
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  • TrimmedBE Semiconductor Industries
    July 2026

    Listed in Liontrust’s reported holdings.

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  • TrimmedEasyJet
    July 2026
    “The holdings in Essentra and Weir Group were added to while the holding in EasyJet was reduced.”
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  • ExitedIntuitive Surgical
    July 2026
    “We also sold Intuitive Surgical, a long-term and still favoured holding but one where headwinds are likely to persist in the shorter term.”
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  • AddedWeir Group
    July 2026
    “The holdings in Essentra and Weir Group were added to while the holding in EasyJet was reduced.”
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  • New positionEssilor
    June 2026
    “Other new positions included OHB, a key beneficiary of the Space / Satellite theme, Novo Nordisk within the obesity market, Essilor, a favoured play on wearable AI, and Tencent, increasing our exposure to China technology.”
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  • AddedSamsung Electronics
    June 2026
    “We increased exposure to selected areas of the Asian technology supply chain, including positions in Realtek and Hon Hai, while retaining significant holdings in TSMC, Samsung Electronics and SK Hynix.”
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  • New positionEnQuest
    June 2026
    “The Fund took holdings in bonds issued by Audax Renewables, Sealed Air, Castrol, Capsugel, Fiber Corp, Enquest, TMD Friction and Shutterfly.”
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  • ExitedGoodyear
    June 2026
    “we also sold out of Goodyear due to concerns about competition from cheap imports and general malaise in OEM production and packaging distributor Veritiv after persistent anaemic quarterly results failing to evidence margin expansion (and therefore deleverage) from its M&A-based growth strategy.”
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  • TrimmedICICI Bank
    June 2026
    “Within the financials sector, a combination of limited upside to our current price targets and a declining T-Score in our risk systems led us to reduce the overall exposure by selling out of Mastercard, ICICI Bank and The London Stock Exchange.”
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  • ExitedHaleon
    June 2026
    “We sold Haleon to fund a new position in Novonesis.”
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  • New positionBarclays
    June 2026
    “we switched into a new Lloyds Tier 2 bond, participated in new issues from Investec and Barclays, and added exposure to Santander, including a switch from HSBC into it on valuation grounds.”
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Showing the 30 most recent of 231 recorded moves.

Companies held · 284

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

Theses · 51

  • Halliburton
    June 2026

    Halliburton offers oil services exposure and should benefit from higher capex as oil majors diversify and intensify exploration.

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  • Avon Technologies
    June 2026

    Avon Technologies makes mission-critical protective equipment and benefits from near-sole-source military contracts, high barriers to entry, and a management team focused on continuous improvement.

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  • Anapario
    June 2026

    Anapario makes specialty feed additives for animal health and nutrition and is attractive for its differentiation, patents, and less price-sensitive market opportunity.

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  • Weir Group
    June 2026

    Weir Group is a high-quality mining equipment business with recurring aftermarket revenue, strong slurry-pump positioning, and an attractive medium-term outlook.

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  • BAE Systems
    June 2026

    BAE Systems is a leading defence and aerospace company positioned to benefit from structurally improving defence spending and long-cycle government programmes.

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  • IntegraFin
    June 2026

    IntegraFin owns Transact, a high-quality adviser platform gaining share, with durable flows, margin expansion potential, and an attractive valuation.

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  • SigmaRoc
    June 2026

    SigmaRoc is a European lime and essential minerals producer with leading positions, attractive end-market characteristics, and scope for margin expansion and earnings accretion.

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  • Constellation Software
    June 2026

    Constellation Software compounds through niche mission-critical software, high retention, recurring revenues, and strong switching costs.

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  • Shopify
    June 2026

    Shopify provides essential ecommerce infrastructure and is gaining share while AI concerns create an attractive opportunity.

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  • Sprouts Farmers Market
    June 2026

    Sprouts Farmers Market has long-term store growth potential and an attractive entry point after same-store sales decelerated.

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  • Novonesis
    June 2026

    Novonesis uses enzymes and microbial solutions to replace oil- and chemical-based inputs, improving yields, resource efficiency and energy use.

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  • Shopify
    June 2026

    Shopify provides essential ecommerce infrastructure and is still expanding share despite AI-related derating concerns.

    Read the full thesis

Showing the 48 most recent of 51 theses. Browse them by company to see the rest.

Letter archive · 69

2026

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2024

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