On The Team Sheet

On the team sheet:

WS Lightman European Fund

In part 1 of a new Q&A series, we spotlight some of the funds we’re talking about at Casterbridge. These are core holdings chosen for their performance, their investment process, and the value they add within portfolios. While this is not to be considered as an investment recommendation, we want to highlight the strength in depth of the ‘squad’ we assemble, and how each fund is part of a broader approach to supporting our clients’ long-term objectives.

The series begins with David Winckler, Head of Collective Investments at Casterbridge, talking about the WS Lightman European Fund.

In this article we look at why we hold the Lightman European Fund as part of our wider managed portfolio and how it contributes, alongside other holdings, to the overall picture.

Q: David, tell us why the Lightman European Fund is in focus this quarter?

Casterbridge has been a strong supporter of the Lightman European Fund since March 2021, when it was first added to our Growth portfolios. Rob Burnett and his team run a genuine value strategy, which is something of a rarity these days.

Alongside traditional company valuation measures, such as free cash flow analysis, price-to-book and price-to-earnings ratios, their investment process uncovers businesses capable of outperforming expectations, expanding their margins and delivering earnings growth.

Fund performance has been very good, and we were pleased to see Lightman recognised more widely this year, with the firm named Boutique Manager of the Year at the Investment Week Fund Manager of the Year Awards 2026 in June. The category recognises the contribution that small, specialist, owner-led managers make to the UK market.

Key fund facts:

Q: What do you like about the fund?

I’d sum it up as contrarian, differentiated and diversified, with a value tilt that gives us exposure to the more interesting parts of the European equity asset class. Even though we are cautious on Europe given its structural and political headwinds, the skill of the manager and the style of the fund make it a great holding within our portfolios.

What I find most interesting is that Rob is very data-driven. He looks for historical trends within European markets, and also globally, so his investment decisions are built on a very solid macroeconomic understanding. Rob likes the fund to be diversified across different sectors, but it’s all backed by his understanding of the underlying data. And the fund has a clear and consistent investment philosophy, with a disciplined approach of selecting undervalued equities.

We know Rob will give us his honest opinion about his views on Europe as an asset class, which is refreshing to hear, and he’s always upfront about what’s gone well or not so well

Q: What do you like about the fund manager?

First, Rob and his team are very open for meetings. In fact, he encourages meeting with him, and we always learn a great deal, both in terms of his knowledge of European markets and the wider macroeconomic environment. Second, we know Rob will give us his honest opinion about his views on Europe as an asset class, which is refreshing to hear, and he’s always upfront about what’s gone well or not so well. Being readily available to discuss their portfolio is always a great quality in a fund manager!

Q: What role does the fund perform in client portfolios

Within our Growth Portfolios, the Lightman European Fund does two jobs at once. It gives our clients dedicated exposure to European equities, and it does so through a value lens that behaves quite differently from much of the rest of the portfolio, giving us a valuable layer of diversification.

The concentrated portfolio of 40 to 50 names means every holding earns its place, which gives us confidence that returns are driven by genuine stock selection rather than by hugging a benchmark. Importantly, Rob and the team are willing to be patient and to hold their nerve when a position is out of favour, which is often where real value is created. At the same time, they know when to be cautious, trim exposure and take profits, like they did earlier this year after the war with Iran boosted energy stocks.

Q: Are European equities an area that appeals at the moment?

Within Casterbridge, we’re cautious on Europe, because while there are areas of value that the Lightman fund is able to capture, we still think that growth – or the lack of it – remains a concern. And in terms of geopolitical risk, the war between Russia and Ukraine has been dominating the region for some time now.

Our unconstrained investment approach gives us the freedom to invest where we choose, without worrying about benchmark allocations. So, we can be more underweight to Europe than many of our competitors. But it’s home to some genuinely interesting companies, and it’s a region where active fund managers capable of finding undervalued companies can do really well. That gives diversified, stock-picking funds like this one a clear advantage over passive options.

Q: Last question, if this fund was in your fantasy football team, what position would it be?

I think we’d have the Lightman European fund as a left-sided midfielder that offers us a valuable combination of both attacking and defensive characteristics.

For more information on how we manage client portfolios, please get in touch with a member of the team >>> contact us

Fund prices and performance change in response to market and economic conditions, so the information here reflects our views at the time of writing. Markets and fund performance can change quickly. This is our opinion of a fund that we hold as part of a wider managed portfolio and how it contributes to that portfolio. It is not a personal recommendation to buy or sell this fund, and it is not intended to be held in isolation.

Past performance is not a reliable indicator of future returns. As with any investment, the value of the fund can fall as well as rise, and you may get back less than you invest. If you’d like to know more about how this fund fits within the wider portfolio, please get in touch and we’ll be happy to help.