Introduction to Liontrust - Flipbook - Page 13
Global Fixed Income team
The co-heads of the Global Fixed Income team are Phil Milburn
and Donald Phillips, who joined Liontrust to set up the team in early
2018. They were joined by Emma Veitch on 12 July 2022 with
Sharmin Rahman moving to Liontrust to join the team on 1 August
2022. Before joining Liontrust, Phil spent over 20 years at Kames
Capital, launching one of the market’s first strategic bond funds in
2003 and developing a leading high-yield franchise. Phil graduated
from the University of Edinburgh in 1996 with a first-class MA in
Economics. Donald worked with Phil at Kames Capital for three
years from 2005 to 2008, before moving to Baillie Gifford where
he managed investments prior to joining Liontrust. Donald had been
co-managing the European high-yield strategy at Baillie Gifford since
2010. More recently, he was involved in the portfolio construction
of a US high-yield fund. Sharmin joined from AXA Investment
Managers where she was a senior portfolio manager and analyst
in the European High Yield team since July 2012, having 14 years’
experience in total. Sharmin had assisted with the management of
portfolios with more than €2 billion in assets. Emma returned to the
fund management industry at the start of 2022 after a career break
to raise her family and work in volunteer roles. Emma’s previous
role in asset management was as Senior Investment Analyst of UK
companies at Aegon Asset Management from October 1993 to July
2000. Her volunteer roles included being orchestra manager of the
Edinburgh Symphony Orchestra.
PHIL MILBURN
DONALD PHILLIPS
EMMA VEITCH
SHARMIN RAHMAN
Investment process
The process is designed to take advantage of inefficiencies
in fixed income markets through a thorough understanding
of the economic environment and detailed bottom up
stock analysis. The process uses the same framework
to garner a thorough understanding of the economic
environment and for bottom up stock analysis:
fundamentals, valuations and technical (FVT).
These three factors are examined regardless
of whether the managers are considering
a duration position or an investment in
a speculative grade rated company.
In judging whether a company is
an attractive long-term investment,
the managers analyse the following
factors, which they call PRISM.
Protections:
operational and contractual, such as
structure and covenants
Risks: credit, business and market
Interest cover: leverage and other key ratios
Sustainability:
of cash flows and
environmental, social and governance
(ESG) factors
Motivations:
of
management
and
shareholders
Liontrust investment teams and funds - 13