+44 (0) 20 3667 3425 info@lightmanfunds.com

Clear thinking investment management

Lightman is an independent investment management company based in London. We are dedicated to European equities.

We combine a deep historical perspective of stock market returns with modern quantitative techniques. Our investment principles are rooted in empirical research. Rather than rely on theory, we focus on investment characteristics that have been proven to work with the highest consistency over the longest time frames.

We aim to provide high levels of customer service with a transparent charging structure and clear communication.

The Team

Rob Burnett

Rob Burnett

Fund Manager

Rob managed the Neptune European Opportunities Fund from 2005 to 2018. He was also head of analysis of the global financials sector, specialising in researching banks. Prior to running the European Opportunities Fund he managed the Neptune Japan Opportunities Fund. He studied Politics, Philosophy and Economics at Oxford.

Luis Barreiro

Luis Barreiro

Investment Analyst

Luis began his professional career in 2005 working in the equities division of Credit Suisse in London. In 2008 he decided to return to his native Madrid where he continued to work in equities shifting his focus from fundamentals to quantitative analysis of markets. He has focused purely on quantitative analysis since 2012. Luis graduated with a degree in Business Administration with a specialisation in Finance at CUNEF University.

Sumit Mittal CFA, FRM

Sumit Mittal CFA, FRM

Investment Analyst and COO

Sumit worked at the Financial Conduct Authority from 2013 to 2017 as a Technical Specialist within Investment Management. Prior to his regulatory work he worked as an Investment Analyst for First Climate. He is a CFA charter holder, and has completed the Financial Risk Manager programme. Sumit also holds an MBA, completing his programme at the Saïd Business School, Oxford. He has a degree in Mechanical Engineering from the National Institute of Technology, Warangal.

Phil Horton

Phil Horton

Sales Director

Phil spent 9 years working alongside Rob, managing a range of clients at Neptune Investment Management. He initially looked after nationals and networks, before moving into discretionary sales covering London and the South East, taking on the position of Head of Discretionary Sales. He holds the IMC and Certificate in Securities.

The Fund

The LF Lightman European Fund is a concentrated, high conviction portfolio of 40-50 European equities.

Our team implement a unique and disciplined investment philosophy and process that is backed by a century of historical perspective of the drivers of stock market returns.

We favour companies with the following characteristics:

  • High free cash flow as a proportion of market value
  • Low price to book and price to earnings ratios
  • Positive operational momentum, where an acceleration in free cash flow is imminent
  • Mature industries where incremental investment rates are low

Our investment philosophy and process leads to portfolios that tend to have a contrarian edge, providing differentiation from the peer group and the benchmark, supporting diversification

The fund launched on the 29th March 2019 with a two day offer period. 

 

 

Fund Documentation

How to invest?

The LF Lightman European Fund is available on a number of investment fund platforms.

For dealing directly, please click below:

Fund Commentary

Europe’s leap forward

It can be argued that Europe’s jointly issued stimulus package is the most significant moment for the EU since the launch of the single currency.

European bank earnings catalysts

Given the economic shut down, bank investors are correctly weighing the scale of loan loss provisions in 2020. This is the dominant driver for bank earnings this year, but this focus obscures from view other positive earnings catalysts and developments that can act to support European bank share prices as we move toward 2021. In this note we discuss some of these supportive factors for banks that are tangible this year and next.

Green Shoots

The bear case for the global economy is well understood and well-articulated. In this article we outline arguments that make the case for recovery. The argument is built on a series of observations.

How cheap is value compared to growth in European equities today versus history?

Many investors believed the dot com bubble was a one-off, with never to be repeated dispersion in valuation within the equity market.

Market implications of Ursula von der Leyen’s European Commission

On December 1st 2019 a new European Commission begins, setting an agenda that presents opportunities and threats within European equities. The LF Lightman European Fund is positioned to benefit from a series of catalysts driven by European policy in the coming year....

Euro Dollar Implications

A year of weak economic data and the ECB easing monetary policy has weakened the Euro. What if the trend in the currency changes? What are the implications for European Equities?

The case for a European Economic Recovery?

The industrial economy led the European economy down and it will likely be required to lead the economy back up. There are reasons to suggest this process of recovery could begin imminently.

An assessment of current market extremes

At times of higher market volatility we believe it can pay to step back and assess valuations within longer historical time periods.

Time for ECB to admit its existing policy arsenal is exhausted

Further rate cuts or bond-buying will benefit fixed-income investors but nobody else.

The conditions for a turning point

There has been an extraordinary flight to safety within European equities over the last 12 months, but it has occurred without fanfare.