Liontrust
Liontrust GF Global Innovation Fund
Global Large-cap Growth
Mar 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 6 investment theses and positions in 46 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
nothing operational deteriorated, and we used the weakness to add modestly.
- ExitedSoFi TechnologiesJun 2026
The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.
Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.
Shopify (- 22%) and Mercadolibre (-12%) also detracted; both were exited as we concentrated the portfolio on fewer, better priced ideas.
Shopify (- 22%) and Mercadolibre (-12%) also detracted; both were exited as we concentrated the portfolio on fewer, better priced ideas.
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.
The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.
The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.
The other five were reduced, among them Broadcom, Arm and Elite Material, and we also exited the first quarter’s standouts Lumentum and Vertiv, plus CoreWeave and Constellation Energy, alongside AppLovin, Newmont, Robinhood, SoFi and Upstart.
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
We locked in gains across the complex, exiting Credo in full and materially reducing Astera Labs and Arm.
- TrimmedElite MaterialJun 2026
Applied Materials was exited after the June surge and Elite Material halved.
We added to Eli Lilly, now the Fund’s largest position at 4.5% after a quarter of 56% revenue growth, 156% earnings growth and raised guidance, and to Amazon, Meta, L’Oréal and Vertex; healthcare more than doubled to 18% of the Fund.
We added to Eli Lilly, now the Fund’s largest position at 4.5% after a quarter of 56% revenue growth, 156% earnings growth and raised guidance, and to Amazon, Meta, L’Oréal and Vertex; healthcare more than doubled to 18% of the Fund.
We locked in gains across the complex, exiting Credo in full and materially reducing Astera Labs and Arm.
We locked in gains across the complex, exiting Credo in full and materially reducing Astera Labs and Arm.
From the watchlist we keep for these moments, we initiated Lonza (3.3% at quarter end), HEICO (3.0%), Thermo Fisher (3.0%), Morgan Stanley (2.9%), TJX (2.9%), Costco (2.7%), Walmart (2.6%), Uber (2.0%), Intuitive Surgical (2.0%) and Texas Instruments (1.9%), and rotated AI supply chain exposure eastwards through AMEC (1.8%), Eoptolink (1.6%), BYD (1.6%), Hesai (1.4%), Montage Technology (1.1%), Kioxia (0.9%) and Delta Electronics (0.9%).
Five of the quarter’s ten largest contributors were exited outright: SK Hynix, SanDisk, Applied Materials, Credo and Ciena, the last having doubled over the half year.
Also held
Its investment theses
- CoreWeaveMar 2025CoreWeave is a rapidly growing next-gen cloud provider for generative AI, significantly outperforming expectations and securing major enterprise contracts while poised for substantial earnings growth.
- DoximityMar 2025Doximity is the largest professional network and telehealth platform for healthcare professionals in the US, boasting over 80% of US doctors as verified members, and is well-positioned for strong cash flows and earnings growth despite recent share price declines.
- Eli LillyMar 2025Eli Lilly is well-positioned for strong returns due to robust financials, a growing GLP-1 market, and a promising oral GLP-1 portfolio, despite recent fluctuations and competition.
- FICOMar 2025FICO is a high-quality global data analytics innovator with strong growth potential, having recently become an attractive investment following a significant share price drop, despite some near-term challenges.
- LemonadeMar 2025Lemonade is revolutionizing the insurance industry through its AI-driven platform, achieving significant revenue growth while maintaining flat costs and providing exceptional customer service.
- ShopifyMar 2025Shopify is revolutionizing e-commerce by empowering businesses with digital tools, enabling them to compete against established brands and adapt to the evolving market landscape shaped by AI.