Liontrust Strategic Bond Fund | What we offer | Liontrust Asset Management PLC
Liontrust - Macro

Strategic Bond Fund

David Roberts, Phil Milburn & Donald Phillips

The Fund

The Fund has been managed by David Roberts and Phil Milburn, with Donald Phillips as assistant manager, since launch in May 2018. The aim of the Fund is to maximise its total return over the long term (5 years or more) through a combination of income and capital growth by investing in government bond and credit securities globally. The Fund may invest up to 40% of its net assets in emerging markets. The fund managers seek to take advantage of market inefficiencies through understanding the economic environment, bottom up stock analysis and flexibility over duration, credit, sector and geographical allocations. The managers only commit cash to the market when they believe investors will receive a return that justifies the risk they are taking.

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The Global Fixed Income team

The Global Fixed Income team - David Roberts, Phil Milburn & Donald Phillips

Before joining Liontrust in early 2018, David Roberts (left) and Phil Milburn (right) worked together at Kames Capital for 14 years, where David was Head of the Fixed income team and Phil was Head of Investment Strategy. They launched one of the first strategic bond funds in 2003 and have been investing in high yield on a global basis since 2003. Donald Phillips (centre) was previously an investment manager in the Credit team at Baillie Gifford and worked with David and Phil at Kames Capital for three years.

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The Global Fixed Income process

The fund managers believe fixed income markets are inefficient and there are myriad ways of adding value to investors’ portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies need to raise debt finance and price accordingly. The Liontrust Global Fixed Income investment process is designed to take advantage of these inefficiencies 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 technicals (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.

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Is the spike in US inflation just a blip?

David Roberts

The latest US inflation numbers have been largely dismissed as transitory by both the market and the Federal Reserve. David... Read more

Latest fund updates

The Global Fixed Income team

Read the latest fund updates from the Global Fixed Income team.

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David Roberts Gold Medal
David Roberts
Sauren Fund Manager Rating: Double Gold
Square Mile Rated A - Liontrust
Liontrust Strategic Bond Fund
Square Mile rating: A
Citywire - Fund Manager rated +
Donald Philips
Citywire Manager rating: +

Citywire - Fund Manager rated +
David Roberts
Citywire Manager rating: +
Citywire - Fund Manager rated +
Phil Milburn
Citywire Manager rating: +


Discrete performance

30-06-2020 -
30-06-2019 -
30-06-2018 -
30-06-2017 -
30-06-2016 -
Liontrust Strategic Bond 5.11% 2.84% 5.50% N/A N/A
IA Sterling Strategic Bond 6.13% 3.79% 5.33% N/A N/A
Liontrust Strategic Bond
IA Sterling Strategic Bond
Cumulative performance

To previous working day 6 months 1 year 3 year 5 year 10 year Since launch
Liontrust Strategic Bond 0.60% 3.56% 14.06% N/A N/A 14.86%
IA Sterling Strategic Bond 1.23% 5.00% 16.01% N/A N/A 15.99%
To previous working day
Liontrust Strategic Bond
IA Sterling Strategic Bond

Key Risks

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. Investment in Funds managed by the Global Fixed Income team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Funds may invest in emerging markets/soft currencies and in financial derivative instruments, both of which may have the effect of increasing volatility.


The information and opinions provided should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing.

Explore in detail

For more information (including prices) and to explore all of the Fund's share classes in more detail please visit our interactive fund centre.


Key fund information

  • Launch date5/7/2018
  • IA sectorIA Sterling Strategic Bond
  • Fund size£360,172,763.65
  • Number of holdings86

Fund size and number of holdings data is as at previous month end. Performance data is as at previous working day.

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