152. What investors are missing with BP and Shell

Anthony Cross has managed the Liontrust Special Situations fund since its launch in 2005. In this podcast, he tells us why the valuation of a stock may not matter if the company can compound over time. He discusses the attractions of BP and Shell and goes into detail about the intangible assets he and his co-managers look for when investing in a firm. Anthony also discusses the importance of company culture and tells us where he is finding opportunities today.
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The Liontrust Special Situations fund is a ‘best ideas’ portfolio. It encompasses any UK stocks regardless of size or sector but will typically have a small- and mid-cap bias. The managers have a distinctive investment process, which has been implemented with a high level of skill over many years and, consequently, the fund has an impressive long-term track record.

Read more about Liontrust Special Situations

What’s covered in this podcast:

  • The manager’s thoughts on the AIM market [0:34]
  • The type of consumer discretionary stocks held in the portfolio and why the manager is overweight this area of the market [1:57]
  • Why the manager likes BP and Shell [3:16]
  • The importance of company culture, with examples of Renishaw and Page Group [5:32]
  • Where the manager is finding opportunities today [9:38]
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