+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 Funds

The LF Lightman European Fund (UK OEIC) and the Lightman European Equities Fund (Lux SICAV) are concentrated, high conviction portfolios 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 UK OEIC launched on 29th March 2019 and the Lux SICAV launched on 14th September 2020. 



Fund Documentation

LF Lightman European Fund (UK OEIC)

Fund Factsheet


Key Investor Information Documents (KIID’s):

Institutional Accumulation (I-Acc)

Institutional Income (I-Inc)

Retail Accumulation (R-Acc)


Lightman European Equities Fund (Lux SICAV)

Key documentation (Prospectus, KIID, application form etc.) for this fund can be found at the following link: 

Fund Documents

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

Democracy vs Autocracy and China’s Pending Isolation

A new geopolitical alignment is taking place, separating democracies and autocracies. This is raising the cost of capital for countries that are not democracies

Has a bear market begun in equities? A framework for assessing scenarios

Multiple compression in equities appears to have started. The more expensive the asset or the index, the more vulnerable.

Some modest victories for value in 2021

Value investing posted some modest victories in 2021. Whilst growth outperformed at the index level, the outperformance was narrow, propelled by a handful of large cap companies.

Risks and Opportunities into 2022

As we look forward to 2022 where is the vulnerability for equity markets?

Why German Bund yields may be misleading investors about the trajectory of the European economy

The latest wave of QE has absorbed the entire available supply of the German Bund market. Over the summer, QE purchases have pushed the free float to zero. The ECB is still trying to purchase c.€20bn per month. This has sharply decoupled bund yields from economics, potentially misleading investors – providing an opportunity and a risk.

Downside risks are already priced into European equities

European equities have priced in a significant growth scare in recent months, such that there is now an attractive asymmetry in the risk profile of cyclical value compared to defensive growth.

Wall of Worry for Reflation Rebuilt

The wall of worry for reflation and value appears rebuilt. Whilst absolute returns for indices have been contained recently, relative returns have not. The magnitude of relative sector dispersion in Europe over the last 6 weeks has been identical to the 6 weeks prior...

A Buying Opportunity for Value

Rebuilding the reflation wall of worry Over the last decade, value has had brief bursts of outperformance, only for the outperformance to be given back over subsequent months. Since Q3 2020 European value has outperformed growth by 10%, but over recent weeks value has...

Policy to reduce inequality and equity market implications

In an earlier note this year we argued that full employment appears to be taking precedence over price stability: a higher tolerance for inflation might be justified by our society today – in the name of reducing unemployment. Underneath this policy shift and catalysed by the current crisis is a growing awareness of inequality – and the appetite to reduce it

Headline Risks for the Technology Sector and US Equity Market Relative Performance

The relative performance of US equities and the outlook for the Technology sector are closely aligned. This short note aims to highlight headline risks that the Technology sector may face in 2021.