Liontrust
Liontrust GF European Strategic Equity Fund
Jul 2026 → Jul 2026
Our archive holds 1 letter from this strategy and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
ASM International (-20%) and ASML (-17%) lost ground despite releasing quarterly results which were, for the most part, in line or ahead of expectations.
On the positive side, shares in Vodafone Group (+19%) rose sharply on news that French billionaire Xavier Niel had taken a 16% stake in the group for £4.4 billion, paying 110p a share – a 15% premium to the prevailing share price.
IG Group (-19%) also detracted in the long book.
- AddedArcelorMittalJul 2026
Steel producer ArcelorMittal’s (+14%) rebound was also aided by financial results, which showed an increase in EBITDA to $3.7 billion in the first half of 2026, up from $3.4 billion last year – an improvement from $125 to $143 per tonne.
- AddedEMS-ChemieJul 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.
BE Semiconductor Industries (-31%), ASM International (-20%) and ASML (-17%) lost ground despite releasing quarterly results which were, for the most part, in line or ahead of expectations.
ASM International (-20%) and ASML (-17%) lost ground despite releasing quarterly results which were, for the most part, in line or ahead of expectations.