Liontrust
Liontrust GF Global Technology Fund
Global Technology
Mar 2025 → Jun 2026
Our archive holds 2 letters from this strategy, behind 5 investment theses and positions in 38 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
Texas Instruments, bought at the start of this year, grew revenue 19% and earnings per share 31%, 22% ahead of consensus, with data centre revenue up 90%: every AI rack is full of analog content.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
SK Hynix (+223%) delivered the numbers behind April’s statement: revenue rose 198% year on year, and 60% quarter on quarter, to c.US$35.5 billion, the most extraordinary quarter from any company in the Fund this year.
We roughly doubled Palantir, more than doubled Cadence, and initiated Datadog, CrowdStrike and MongoDB, consumption priced infrastructure software whose workloads (observability, security, data) multiply as agents proliferate.
We roughly doubled Palantir, more than doubled Cadence, and initiated Datadog, CrowdStrike and MongoDB, consumption priced infrastructure software whose workloads (observability, security, data) multiply as agents proliferate.
Kioxia (+357%), the Fund’s largest contributor with +6.0 percentage points from a 3.3% average weight, is Japan’s NAND champion and the engine of the Japan effect above; Micron (+239%) is the West’s only manufacturer spanning DRAM, HBM and NAND.
Kioxia (+357%), the Fund’s largest contributor with +6.0 percentage points from a 3.3% average weight, is Japan’s NAND champion and the engine of the Japan effect above; Micron (+239%) is the West’s only manufacturer spanning DRAM, HBM and NAND.
Smaller drags came from BYD (-17%) and Tencent (-5%), both, like Alibaba, bought during the quarter and lower since: BYD leads the world in new energy vehicles and owns its batteries, chips and the industry’s largest engineering bench; Tencent pairs WeChat’s distribution with its Hunyuan AI models.
It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Positions in Lasertec (-21%) and InnoScience (-24%) were opened and closed within the period; Spotify (-6%) and Alphabet (-6%) also slipped.
We roughly doubled Palantir, more than doubled Cadence, and initiated Datadog, CrowdStrike and MongoDB, consumption priced infrastructure software whose workloads (observability, security, data) multiply as agents proliferate.
Positions in Lasertec (-21%) and InnoScience (-24%) were opened and closed within the period; Spotify (-6%) and Alphabet (-6%) also slipped.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Apple was rebuilt from c.1% of the Fund to c.8.7%, while Amazon (2.8% at quarter end), Alphabet (2.7%) and Tencent (1.7%) were initiated and Meta materially enlarged.
It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
Alongside the memory and interconnect reductions above, we exited Ciena, Ultra Clean, KLA, Kokusai Electric, Arista Networks, Fabrinet and Vertiv, several having closed the gaps we originally underwrote, and released further capital from Tesla, Shopify, Mercadolibre and Robinhood to concentrate the Fund on the technology stack itself; the ServiceNow exit completed in April.
We acted on the weakness, roughly doubling our unit holding: forward deployed engineering and the AIP platform embed Palantir in customer operations in a way seat based software never achieved; we judge it a beneficiary of agents, not a casualty.
Smaller drags came from BYD (-17%) and Tencent (-5%), both, like Alibaba, bought during the quarter and lower since: BYD leads the world in new energy vehicles and owns its batteries, chips and the industry’s largest engineering bench;
Also held
Its investment theses
- SK HynixJun 2026SK Hynix is owned because it is the largest HBM supplier and management guided to three years of undersupply as AI inference drives memory demand.
- Astera LabsJun 2026Astera Labs is owned because its retimers, switches and cabling are essential networking content that grows with each AI accelerator generation.
- Credo TechnologyJun 2026Credo Technology is owned because its copper cables and interconnect products remain favored for reliability and power efficiency as AI networking scales.
- CloudflareMar 2025Cloudflare is a rapidly growing global cloud platform with a vast network that enhances web security and performance, showing consistent revenue growth and strong enterprise demand for its services.
- IntuitMar 2025Intuit is leveraging AI advancements and strong growth in its Consumer Group to enhance efficiency and customer offerings, leading to significant revenue and EPS increases while positioning itself for future success in the AI-defined software era.