Lightman

What Lightman does

Lightman Investment Management is an independent, London-based investment management firm founded in 2019 by former Neptune Investment Management fund manager Rob Burnett. The firm is dedicated exclusively to European equities and operates two regulated fund vehicles: the WS Lightman European Fund, a UK-domiciled OEIC launched in March 2019 that excludes UK equities and benchmarked against MSCI Europe ex UK, and the Lightman European Equities Fund, a Luxembourg-domiciled SICAV launched in September 2020 that includes UK equities and is benchmarked against MSCI Europe. As of 31 May 2026, the UK OEIC held approximately GBP 1.46 billion in assets and the Luxembourg SICAV held approximately EUR 175.8 million.

The firm deploys a value-oriented, contrarian investment process grounded in empirical research spanning roughly a century of stock-market data. Portfolios are constructed to favour companies with high free cash flow relative to market value, low price-to-book and price-to-earnings ratios, positive operational momentum, mature industries with low incremental capital requirements, stable or shrinking share counts, and improving carbon emission profiles. Quantitative ESG analysis — treating forward ESG trajectory as an investment signal — is embedded in the process and supported by in-house data and technology infrastructure built under a CTO (hired 2023) with prior experience at S&P Global, IHS Markit and PwC.

Revenue is generated exclusively through management fees on assets under management across the two fund structures, with no disclosed fee schedule and a referenced "transparent all-inclusive" charging model. The firm is FCA-authorised (FRN 827120) as a UK MiFID portfolio manager and is permitted to deal only with professional clients and eligible counterparties — retail clients are explicitly excluded. Distribution runs through institutional and intermediary channels: the UK OEIC via Waystone Management (UK) Limited, the Luxembourg SICAV via Link Fund Solutions (Luxembourg) S.A., direct sales outreach led by a dedicated Sales Director, and third-party endorsement from FundCalibre (Elite Rating). Marketing is content-led through a regular Insights blog authored primarily by Alasdair Johnson, supplemented by industry events and conferences. The firm is privately held with no disclosed institutional ownership, no subsidiaries, and a five-person named team.

Name

Lightman

Legal name

Lightman Investment Management Limited

Website

https://lightmanfunds.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Lightman Investment Management is a London-based independent investment manager founded in 2019 that runs two European equity funds (a GBP 1.46bn UK OEIC and a EUR 175.8m Luxembourg SICAV) for professional clients and eligible counterparties using an empirical, value-oriented, contrarian investment process.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. UK OEIC Management Fees: Lightman manages the WS Lightman European Fund, a UK domiciled OEIC (Open-Ended Investment Company). Revenue is generated through management fees charged on assets under management. The fund operates with a transparent all-inclusive charging structure.
2. Luxembourg SICAV Management Fees: Lightman manages the Lightman European Equities Fund, a Luxembourg domiciled SICAV. Revenue is generated through management fees charged on assets under management.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Lightman Investment Management is an independent London-based investment management company founded in 2019 that specialises in European equities. The firm manages two regulated fund vehicles — the WS Lightman European Fund (UK OEIC) and the Lightman European Equities Fund (Luxembourg SICAV) — applying a contrarian value-oriented investment process rooted in empirical research and a century of historical data on stock market drivers.

Product overview

Lightman Investment Management offers two main fund products: the WS Lightman European Fund (UK OEIC), a UK-domiciled fund investing in European equities excluding the UK with £1.46bn in assets, and the Lightman European Equities Fund (Lux SICAV), a Luxembourg-domiciled fund investing in European equities including the UK with €175.8m in assets. Both funds deploy the same contrarian investment philosophy based on a century of historical data, focusing on value characteristics such as high free cash flow, low price-to-book and price-to-earnings ratios, positive operational momentum, and an improving carbon emission profile. The funds are managed by Rob Burnett and George Boyd-Bowman.

Differentiator

Problem solved

Functional benefit

Brands

• WS Lightman European Fund: UK domiciled OEIC fund investing in listed equities in Europe excluding the UK. Benchmark: MSCI Europe ex UK. Sector: IA Europe ex UK. Launch: 29 March 2019. Size: GBP 1.46bn (31/05/26). Managed by Rob Burnett.
• Lightman European Equities Fund

Products and services

• WS Lightman European Fund (UK OEIC) A UK-domiciled Open-Ended Investment Company (OEIC) investing in listed equities across Europe excluding the UK, targeting professional clients and eligible counterparties. The fund deploys a contrarian value approach based on empirical research, focusing on companies with high free cash flow, low valuation multiples, positive operational momentum, and improving carbon emission profiles.
• Lightman European Equities Fund (Lux SICAV) A Luxembourg-domiciled SICAV investing in European equities including the UK, available to professional and retail investors across approved European jurisdictions. An Article 8 compliant product under SFDR, deploying the same contrarian value investment philosophy as the UK OEIC fund.

Quantifiable outcome

• European equities outperformed US by 18% in first half of 2025 — largest first-half relative return since 1973
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• FundCalibrecoreGTM or Marketing PartnerWS Lightman European Fund is Elite Rated by FundCalibre. FundCalibre is a UK-based fund research and rating platform that markets the fund to its network of financial advisers and wealth managers. The Elite Rating indicates the fund meets FundCalibre's criteria for investment merit.
• Waystone Management (UK) LimitedcoreChannel Partner/ Reseller/ DistributorWaystone serves as the Management Company for the WS Lightman Investment Funds UK OEIC (PRN: 838695). Waystone handles fund administration, compliance, and investor-facing operations for the UK fund structure. Retail clients are directed to contact Waystone for fund documents.
• Link Fund Solutions (Luxembourg) S.A.coreChannel Partner/ Reseller/ DistributorLink Fund Solutions (Luxembourg) S.A. serves as the Management Company for the Elevation Fund SICAV and the Lightman European Equities Fund (Luxembourg sub-fund). Handles fund administration and distribution for the Luxembourg vehicle. The fund is approved for marketing in Luxembourg, Norway, Spain, Republic of Ireland, and the UK.
• United Nations Principles for Responsible Investment (UNPRI)minorOthersLightman is a signatory to the UN PRI, committing to incorporate ESG considerations into its investment processes and stewardship activities.
• Taskforce on Climate-related Financial Disclosures (TCFD)minorOthersLightman is a supporter of TCFD, committed to disclosing climate-related risks and opportunities in line with TCFD recommendations.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Polar Capital: Polar Capital is a London-listed specialist active equity boutique with European ex-UK and income strategies; it directly competes with Lightman in the UK and European equity value/income segment for institutional and intermediary mandates.
• Liontrust Asset Management: Liontrust is a London-listed boutique active manager with European equity strategies; Lightman's co-fund manager George Boyd-Bowman previously managed equity income and capital growth portfolios at Liontrust, making it a closely comparable UK boutique peer.
• Jupiter Fund Management: Jupiter Asset Management is a London-listed active asset manager with significant European equities capability (including Jupiter European Opportunities); it competes directly for the same professional fund selector and wealth manager mandates as Lightman's OEIC and SICAV.
• Evenlode Investment Management: Evenlode is a UK specialist equity boutique focused on quality, dividend-paying European and global equities; it competes head-to-head with Lightman in the UK wealth and intermediary channel for European-focused mandates.

Emerging players

• Baillie Gifford: Baillie Gifford is an Edinburgh-based specialist active manager with a distinctive, process-driven investment philosophy similar to Lightman's empirical approach, competing for differentiated mandates from UK and European institutional and wealth clients.

Regional players

• Nordea Asset Management: Nordea Asset Management is a Nordic-headquartered European equity specialist with strong continental distribution; it is a comparable European-equities-focused peer, particularly relevant to Lightman's Lux SICAV distribution in LU, NO, ES and IE.

Broad incumbents

• Schroders: Schroders is a large global asset manager with substantial pan-European equity capabilities across multiple regions; it competes for institutional and wealth management European equity mandates alongside Lightman.
• Royal London Asset Management: Royal London Asset Management is a large UK asset manager with European equity capabilities serving both institutional clients and advisers; it competes in adjacent slots to Lightman on UK and European fund selector approved lists.
• M&G Investments: M&G Investments is a UK and European asset manager with European equity income and value strategies, selling to the same UK wealth and professional fund selector channels that Lightman targets.
• Fidelity International: Fidelity International operates a large European equities franchise (e.g., Fidelity European Values) targeting UK and European fund selectors; it is one of the largest incumbents competing for the same distribution as Lightman.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lightmanfunds

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lightman