In the fund managers' experience, the hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business.
Latest insights
More insights![Natalie Bell](https://www.liontrust.co.uk/-/media/liontrust/images/modules/generic-listing-module/fund-managers/natalie-bell-212x212.jpg?h=212&w=212&la=en&hash=F505EA321B09AE6AE22E803B7438515B)
Will the UK election provide the catalyst we have all been waiting for?
Natalie Bell finds reasons for UK investor optimism.
![UK Election](https://www.liontrust.co.uk/-/media/liontrust/images/site-sections/insights/cards/generic/uk-election-456x456.png?h=456&w=456&la=en&hash=CF1764E1A9AEA44E93C783689503EEC8)
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Following the smart money
How do owner/managers assess the best time to call the market and trade in their own shares? Fund managers Alex Wedge and Natalie Bell discuss in our latest blog
![Insights 12](https://www.liontrust.co.uk/-/media/liontrust/images/site-sections/insights/cards/generic/coins-456x456.jpg?h=456&w=456&la=en&hash=E8AACF2EC4A769535662440D36192B03)
Liontrust Special Situations Fund: 2022 review and 2023 outlook
The Economic Advantage team give an update on robust underlying trading for most of its companies and explain how this this resilience gives them confidence for 2023
![line graph](https://www.liontrust.co.uk/-/media/liontrust/images/site-sections/insights/cards/generic/line-graph-456x456.jpg?h=456&w=456&la=en&hash=5A4DEE6BEF4B8824A53FBE771B710391)