Liontrust
Liontrust Global Technology Fund
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 6 investment theses and positions in 43 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
- YTD+76.9%index +68.8%
Index: Liontrust Global Technology Index
| YTD | |
|---|---|
| Liontrust Global Technology Fund | +76.9% |
| Liontrust Global Technology Index | +68.8% |
Calendar years
- 2025+7.3%index +7.4%
- 2024+42.0%index +39.4%
- 2023+29.1%index +27.4%
- 2022−19.5%index −13.2%
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
we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.
Alibaba (-29%), the largest detractor, cost c.0.5 percentage points from a 0.6% average position and deserves candid framing: we initiated the position mid quarter as part of the redeployment described under Activity, and it fell after purchase.
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.
The shares gave back 14% in June as the market rotated towards the equipment makers; the franchise, custom accelerators co-designed with the largest hyperscalers plus the Ethernet silicon that networks them, compounds through such noise; we added into the weakness.
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 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.
The same discipline applied here: unit holdings in Arm, Astera Labs, Credo and Elite Material were each cut by around 60%.
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.
First, the mega cap platforms the market left behind: 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.
we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.
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.
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.
First, the mega cap platforms the market left behind: 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.
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.
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%) 4 and InnoScience (-24%) were opened and closed within the period; Spotify (-6%) and Alphabet (-6%) also slipped.
we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.
First, the mega cap platforms the market left behind: 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.
Positions in Lasertec (-21%) 4 and InnoScience (-24%) were opened and closed within the period; Spotify (-6%) and Alphabet (-6%) also slipped.
The same discipline applied here: unit holdings in Arm, Astera Labs, Credo and Elite Material were each cut by around 60%.
Also held
Its investment theses
- KioxiaJun 2026Kioxia is Japan’s NAND champion and benefits from AI-driven memory bottlenecks and the move toward long-term supply agreements.
- SanDiskJun 2026SanDisk benefits from AI-driven NAND demand, explosive margin expansion, and the return of multiyear supply contracts with strategic customers.
- AmazonJun 2026Amazon is owned because AWS demand is contracted and the company controls custom silicon within a hyperscaler platform with large backlog.
- AlphabetJun 2026Alphabet is held because Google Cloud is accelerating with contracted demand and the company controls both custom silicon and a frontier model.
- PalantirJun 2026Palantir is owned because its forward-deployed engineering and AIP platform embed it deeply in customer operations and should benefit from AI agents.
- Elite MaterialJun 2026Elite Material supplies laminates used in GPU baseboards and switch trays, with demand sold out through 2026.