In the latest episode of the IC Interviews, Dave Baxter sits down with Sam Gleave of Liontrust’s European Dynamic.
The fund seeks out companies lowly valued by investors, but that could generate more cash than they need to sustain strong growth. In the episode, Dave and Sam discuss why the fund is still bullish on European markets, the outlook for banks on the continent, plus how the fund views Hermes (RMS), Novo Nordisk (NOVO.B) and ASML (ASML).
The pair also unpack what impact Trump’s swathe of tariffs will have on the fund and European companies at wide.
This episode was recorded on 24 February.
Timestamps
0:33 2025 outlook
2:57 China plays
4:15 Industrials
4:52 Luxury
7:07 M&A
8:48 Banks
12:49 Novo Nordisk (NOVO.B)
16:47 ASML (ASML)
18:19 Trump, tariffs and the fund
20:13 Publicis (PUB)
22:02 Sectors Liontrust are wary of
23:24 Is the opportunity set growing
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