Liontrust
Liontrust Sustainable Future Defensive Managed Fund
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 1 investment thesis and positions in 11 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.
What it bought and sold
We added Constellation Software, which acquires and operates hundreds of small, niche software businesses providing mission-critical tools to specific industries across public services, industrial niches and specialised private markets.
- ExitedPTCJun 2026
The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).
Outside financials, we added a new position in Westfield Stratford, supported by its BREEAM “excellent” rating and ongoing energy performance initiatives.
We also added Shopify, a CAD$198 billion Canadian company providing essential digital infrastructure for global ecommerce.
Finally, we added Sprouts Farmers Market, a $7.6 billion US-based health foods grocer focused on fresh, natural and organic products.
In financials, we switched into a new Lloyds Tier 2 bond where valuation was attractive versus our existing subordinated exposure, and extended our position in short-dated Santander bonds for an attractive spread pick-
In addition to exiting Intuit and PTC, we sold London Stock Exchange Group due to competition for capital, with more compelling opportunities in companies we believe have been unfairly penalised as “AI losers”.
In financials, we switched into a new Lloyds Tier 2 bond where valuation was attractive versus our existing subordinated exposure, and extended our position in short-dated Santander bonds for an attractive spread pick-
The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).
Also held
- Palo Alto Networks
- ASML
- Advantest
- ServiceTitan
- Arm Holdings