Liontrust
Liontrust GF Global Dividend Fund
Global Income
Mar 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 44 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years — follow all of Liontrust for every strategy.
What it bought and sold
We made it eight times this quarter: alongside SK Hynix, Applied Materials and Ciena, we sold GE Vernova, Keyence, Lasertec, Oracle and Constellation Energy, positions whose share prices, in our view, now fully reflect the theses that earned them their place.
From the watchlist we keep for these moments, we initiated HEICO (3.1% at quarter end), Costco (2.9%), Walmart (2.9%), Lonza (2.8%), Halma (2.8%), JPMorgan (2.4%), TJX Companies (2.4%), Carrier (2.0%), Rational (1.9%), Ermenegildo Zegna (1.8%), Eoptolink (1.6%) and LVMH (1.5%), alongside Kioxia.
After a 53% quarter we trimmed by roughly a quarter; TI remains a core holding, one that has raised its dividend for 22 consecutive years.
We exited in full during the quarter, crystallising the gain.
Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
We made it eight times this quarter: alongside SK Hynix, Applied Materials and Ciena, we sold GE Vernova, Keyence, Lasertec, Oracle and Constellation Energy, positions whose share prices, in our view, now fully reflect the theses that earned them their place.
We likewise added roughly a third to our share count into the derating.
From the watchlist we keep for these moments, we initiated HEICO (3.1% at quarter end), Costco (2.9%), Walmart (2.9%), Lonza (2.8%), Halma (2.8%), JPMorgan (2.4%), TJX Companies (2.4%), Carrier (2.0%), Rational (1.9%), Ermenegildo Zegna (1.8%), Eoptolink (1.6%) and LVMH (1.5%), alongside Kioxia.
We exited this position following the announced merger between NextEra and Dominion.
We made it eight times this quarter: alongside SK Hynix, Applied Materials and Ciena, we sold GE Vernova, Keyence, Lasertec, Oracle and Constellation Energy, positions whose share prices, in our view, now fully reflect the theses that earned them their place.
Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
From the watchlist we keep for these moments, we initiated HEICO (3.1% at quarter end), Costco (2.9%), Walmart (2.9%), Lonza (2.8%), Halma (2.8%), JPMorgan (2.4%), TJX Companies (2.4%), Carrier (2.0%), Rational (1.9%), Ermenegildo Zegna (1.8%), Eoptolink (1.6%) and LVMH (1.5%), alongside Kioxia.
Broadcom, TSMC and Amphenol share counts cut by roughly 41%, 36% and 28%.
Here too we banked gains, roughly halving the Kioxia position in June.
From the watchlist we keep for these moments, we initiated HEICO (3.1% at quarter end), Costco (2.9%), Walmart (2.9%), Lonza (2.8%), Halma (2.8%), JPMorgan (2.4%), TJX Companies (2.4%), Carrier (2.0%), Rational (1.9%), Ermenegildo Zegna (1.8%), Eoptolink (1.6%) and LVMH (1.5%), alongside Kioxia.
Here the dislocation ran the other way: we added through the quarter; at 4.2% Lilly ended the period among the Fund’s largest holdings,
We exited in June: the gap between price and value that drew us in had closed, and the capital was needed elsewhere.
We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
- ExitedNational Australia BankJun 2026
We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
Tencent (-11%) we also topped up into weakness; Newmont (-9%) we exited; and Ermenegildo Zegna (-9%), initiated during the quarter, sits modestly below our entry.
From the watchlist we keep for these moments, we initiated HEICO (3.1% at quarter end), Costco (2.9%), Walmart (2.9%), Lonza (2.8%), Halma (2.8%), JPMorgan (2.4%), TJX Companies (2.4%), Carrier (2.0%), Rational (1.9%), Ermenegildo Zegna (1.8%), Eoptolink (1.6%) and LVMH (1.5%), alongside Kioxia.
We added into the weakness, increasing our share count by over 40% at prices we believe are well below intrinsic value.
Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
Tencent (-11%) we also topped up into weakness; Newmont (-9%) we exited; and Ermenegildo Zegna (-9%), initiated during the quarter, sits modestly below our entry.
Also held
Its investment theses
- Applied MaterialsJun 2026Applied Materials benefits from an inflecting semiconductor equipment cycle driven by 2nm logic and HBM, with strong long-term compounding.
- Apollo Global ManagementMar 2025Apollo Global Management is well-positioned to capitalize on market volatility and deliver long-term growth through its resilient business model and strategic investments in private credit.