• GAM special situations portfolios lifted their stake in Liontrust Asset Management to more than 5% on July 10, up from 3.6%.
• Co-managers Albert Saporta and Randel Freeman reiterated Liontrust is deeply undervalued, criticizing strategy, acquisitions, pay, and an 80%+ share-price fall since 2021.
• The same portfolios built a roughly 2.2% stake in Impax Asset Management, arguing the stock trades at 0.60% of AUM.
• They cited Impax’s cash surplus of GBP 64.7 million at fiscal 2025 year-end, implying 0.31% of AUM net of cash.
• They flagged Impax’s sustainability focus as a potential asset in UK fund-management consolidation, despite a roughly 90% share-price drop from 2021 highs.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. GAM Holding AG published the original content used to generate this news brief on July 14, 2026, and is solely responsible for the information contained therein.