Liontrust
Liontrust Global Innovation Fund
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 1 investment thesis and positions in 48 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Liontrust for every strategy.
Performance
as of Jun 30, 2026 · net of fees · GBP · C Acc GBP
- 1Y+27.0%index +27.7%
Index: MSCI AC World
| 1Y | |
|---|---|
| Liontrust Global Innovation Fund | +27.0% |
| MSCI AC World | +27.7% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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%).
With Boston Scientific, Shopify and Mercadolibre discussed above, the quarter’s dealing totalled seventeen positions sold and seventeen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
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%).
Having added through the first quarter, we exited, redeploying into healthcare franchises where growth is intact and the discount wide, Thermo Fisher, Lonza and Intuitive Surgical among them.
Shopify (- 22%) and Mercadolibre (-12%) also detracted; both were exited as we concentrated the portfolio on fewer, better priced ideas.
We locked in gains across the complex, exiting Credo in full and materially reducing Astera Labs and Arm.
Applied Materials was exited after the June surge and Elite Material halved.
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%).
With Boston Scientific, Shopify and Mercadolibre discussed above, the quarter’s dealing totalled seventeen positions sold and seventeen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
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 banked the gains, exiting both before the quarter closed.
Even after the fall the stock trades at more than 100 times earnings; nothing operational deteriorated, and we used the weakness to add modestly.
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%).
With Boston Scientific, Shopify and Mercadolibre discussed above, the quarter’s dealing totalled seventeen positions sold and seventeen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
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 banked the gains, exiting both before the quarter closed.
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.
With Boston Scientific, Shopify and Mercadolibre discussed above, the quarter’s dealing totalled seventeen positions sold and seventeen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.
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.
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%).
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.
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%).