Liontrust GF Global Alpha Long Short Fund on Sandisk Corporation
Thesis
Liontrust increased its holding in Sandisk Corporation as part of selective additions to high-conviction AI and platform-technology beneficiaries. The company provides memory and storage exposure within the AI infrastructure and platform-technology investments. 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
- Slower growth in hyperscaler capital-expenditure guidance could undermine the AI earnings cycle.
- Shortening memory, optical or other bottleneck lead times could erode pricing power.
- Higher long-dated yields could compress valuations of long-duration growth shares.
- Tighter financing or weaker AI-application monetisation could disrupt the broader investment cycle.