Liontrust
Liontrust Global Dividend Fund
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy and positions in 46 companies. Every quote below is copied verbatim from the letter it came from.
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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.
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.
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.
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.
We took significant profit in Caterpillar, cutting the share count by two thirds after a 53% run year to date while retaining a c.1% position at the power chokepoint of the buildout.
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.
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.
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.
Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
We exited this position following the announced merger between NextEra and Dominion.
Broadcom, TSMC and Amphenol share counts cut by roughly 41%, 36% and 28%.
We 4 added into the weakness, increasing our share count by over 40% at prices we believe are well below intrinsic value.
Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), 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.
Here too we banked gains, roughly halving the Kioxia position in June.
Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.
We exited in June: the gap between price and value that drew us in had closed, and the capital was needed elsewhere.
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.
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.
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.
Broadcom, TSMC and Amphenol share counts cut by roughly 41%, 36% and 28%.
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.
Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.