Liontrust Global Equity C

Invests in a concentrated portfolio of large cap global equities

  • 229.24p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 291.83p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.01%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.30%

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 June 2021

This fund invests worldwide in a concentrated, unconstrained portfolio of predominantly large cap equities. The portfolio is constructed based on Neptune’s views on global sectors and on countries and regions, combined with bottom-up stock-picking. Performance has been strong but volatile, and the typically high weighting to emerging markets make this one of the riskier options in the sector.

Fund summary

Sector Global
Structure OEIC
Launched October, 2012
Size £271m
Yield 0.30%
Charging basis Capital
Dividends paid 28 Feb, 31 Aug


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.01%


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Investment process

The investment objective of Neptune Global Equity Fund is to generate capital growth from a concentrated portfolio of global equities. Neptune’s fund managers each also have analytical responsibility for a specific sector and research that sector on a global basis – this research includes how the sectors behave across the cycle and their current attractiveness. Neptune also undertake periodic reviews of countries and regions including their economies, markets and social and political state. The results of the geographic and sector research are combined to form indicative geographic sector weightings for the portfolio. Stocks are then selected, principally from the recommendations of the global sector analysts but also from internal screens, external research, company visits and newsflow.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 -0.24%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.16%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 35.90%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Robin Geffen

Geffen founded Neptune Investment Management in May 2002 and is their CEO. He graduated from Oxford in 1979 and began his investment career at Charterhouse J Rothschild before moving onto Eagle Star, York Trust plc and then Scottish Equitable, where he set up their pooled fund business. Geffen joined Orbitex Investments Limited as Chief Investment Officer in 1997 and was most recently Global CIO – Pensions, before founding Neptune.

Track record

Robin Geffen has 2.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.16%. During the worst period of relative performance (from September 2002 - October 2003) there was a decline of 15% relative to the index. The worst absolute loss has been 22%.

Periods of worst performance

Absolute -22.00% (July 2002 - January 2003)
Relative -15.00% (September 2002 - October 2003)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.


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Top 10 holdings

Data accurate as at 31 July 2020

5.928% Apple Inc
5.478% Microsoft Corp
5.4538% Inc
4.6974% Alphabet Inc
4.3127% Nvidia Corp
3.9668% Tencent Hldgs Ltd
3.8004% Alibaba Group Hldg Ltd
3.574% Visa Inc
2.9582% Enel Spa
2.9417% Rwe Ag(Neu)
Source: Trustnet

Sector breakdown

Information Technology 30.00%
Consumer Discretionary 18.00%
Communications 13.00%
Financials 8.00%
Industrials 7.00%
Health Care 7.00%
Utilities 6.00%
Consumer Staples 4.00%
Mutual Funds 3.00%
Materials 2.00%


30-50 stocks - individual stock weights vary from 1-4%, depending on the degree of conviction. No currency hedging is undertaken. Emerging markets weighting is typically high.


The manager is only constrained by the IA guidelines.

Key Investor Information - Income


Key Investor Information - Accumulation