Liontrust GF Global Alpha Long Short Fund on ServiceNow Inc.
Thesis
Liontrust increased its holding in ServiceNow Inc. as part of selective additions to high-conviction AI and platform-technology beneficiaries. The company provides enterprise software with tangible AI monetisation and recurring software revenues. The broader investment case is that continued hyperscaler spending supports demand for computing, memory, cloud software and associated infrastructure. The manager increasingly prefers businesses with visible earnings, recurring revenue or credible AI monetisation rather than distant expectations alone.
“increasing positions in Microsoft, Alphabet, ServiceNow, Snowflake, EPAM, Sandisk and SK Hynix”
Key risks
- Higher bond yields put pressure on long-duration growth valuations.
- AI monetisation may fall short of the investment supporting the infrastructure buildout.
- A slowdown in hyperscaler spending growth could weaken demand across the ecosystem.