fund
Liontrust Global Income I
Formerly a UK income fund, converted to a global mandate in July 2013.
-
181.13p
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.
-
-
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 chargeSome 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).
-
0.91%
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.
-
3.40%
Yield
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…
The fund’s objective is to provide a high level of income, with capital values keeping pace with inflation. The fund converted to a global mandate in July 2013, having previously invested primarily in UK stocks. The management duo James Inglis-Jones and Samantha Gleave eschew meeting company management in favour of a forensic analysis of company accounts, in particular their cash flow, to find around 30 high yielding stocks.
Fund summary
| Sector | Global Equity Income |
| Structure | UNIT TRUST |
| Launched | November, 2010 |
| Size | £146m |
| Yield | 3.40% |
| Charging basis | Capital |
| Dividends paid | 28 Feb, 31 Aug |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.42% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.91% |
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Investment process
The process is based on the managers’ belief that the profit forecasts of company managers and stockmarkets are inaccurate, and that historic cash flows provide a better guide to future performance. They do not meet company management or use broker research, instead relying on forensic analysis of companies’ annual reports and accounts. They start by screening the market based on proprietary definitions of two ratios, cash flow relative to operating assets (which gives an idea of profitability) and cash flow relative to market value (to give an idea of valuation). Within this universe they target companies with higher yields – the overall yield target for the portfolio is 2% above that of long dated gilts. They then undertake due diligence on the individual stocks using company accounts, looking to verify that the cash flow figures accurately reflect the investment opportunity. Once bought, stocks are held for an average of 2-2.5 years.
Manager research
Average monthly relative returns
- 16/17 -0.72%
- 17/18 0.10%
- 18/19 -0.82%
- 19/20 -1.92%
- 20/21 1.10%
Bestinvest MRI
- 3 years -0.55%
- 5 years -0.45%
- Career -0.47%
- 3 years 18.90%
- 5 years 13.60%
- Career 5.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
James Inglis-Jones / Samantha Gleave
Inglis-Jones graduated in 1990 with a first class degree in Modern History from York University and in 1994 gained a DPhil in History from Oxford University. He began his career at Unilever before joining JPMF in 1997 as an investment analyst within the UK research department. In 1999 he began managing UK equity portfolios and he became a senior portfolio manager in the European equity group before moving to Polar Capital in 2003, where he managed a European market neutral fund. He joined Liontrust in March 2006. Gleave graduated from Aberdeen University in 1995 with an MA Honours degree in Economics & Management. She began her career at Sutherlands as a Consumer Analyst before moving on to Fleming Investment Management as senior Investment Analyst covering Pan Europe where she worked with Gary West and James Inglis-Jones. Samantha moved to Credit Suisse First Boston (Europe) in 2000 and was in their equity research sector team. In 2005 she moved to Bank of America Merrill Lynch and became a Senior Equity Analyst and Director. Samantha joined Liontrust in 2012 as Fund Manager to work with Gary and James in managing the European equity investment process - the Cashflow Solution.
Track record
James Inglis-Jones / Samantha Gleave has 7.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.47%. During the worst period of relative performance (from September 2013 - October 2020) there was a decline of 47% relative to the index. The worst absolute loss has been 29%.
Periods of worst performance
| Absolute | -29.00% (December 2019 - March 2020) |
| Relative | -47.00% (September 2013 - October 2020) |
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.
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Top 10 holdings
Data accurate as at 31 July 2020
| 4.3466% | Rio Tinto |
| 4.1539% | Axfood Ab |
| 3.8656% | Kimberly-Clark Corp |
| 3.633% | Amgen Inc |
| 3.5624% | Roche Hldg Ag |
| 3.4721% | Anglo American |
| 3.3874% | Ashmore Group Plc |
| 3.2685% | Genworth Mi Canada Inc |
| 3.2637% | Target Corp |
| 3.2023% | Lundin Energy Ab |
| Source: Trustnet |
Sector breakdown
| Financials | 18.00% |
| Communications | 14.00% |
| Consumer Discretionary | 12.00% |
| Materials | 10.00% |
| Health Care | 9.00% |
| Energy | 9.00% |
| Industrials | 9.00% |
| Consumer Staples | 8.00% |
| Information Technology | 6.00% |
| Real Estate | 3.00% |
Portfolio
Around 30 stocks, broadly equally weighted.
Constraints
Minimum market capitalisation of £250m. There are no sector constraints.
Key Investor Information