Liontrust Investment Partners said the Liontrust GF Global Dividend Fund brought Rio Tinto Group back into the portfolio in Q3 2026 after a copper-led earnings jump and a larger interim dividend, even as NVIDIA market cap remained a market focus for investors watching AI demand. The move came in a quarter when the Fund trailed the MSCI AC World Index, but still led it year to date.
The Fund returned -0.6% in the third quarter of 2026, while the MSCI AC World Index gained 1.6%. Year to date, the Fund was up 16.0% versus 13.0% for the index. Liontrust Investment Partners said the return to Rio Tinto Group reflected stronger copper delivery, which helped lift first-half EBITDA 84% to $5.7 billion and supported a 43% increase in the interim dividend.
Q3 2026 letter
The Q3 2026 investor letter said the quarter was shaped by volatility across semiconductor stocks and by continued strength in demand for AI infrastructure. It also said customers across the memory and advanced packaging supply chains began making substantial advance payments to secure future capacity, while some major investors announced financing platforms targeting $500 billion in third-party capital for AI factories.
Against that backdrop, the Fund used July's market sell-off to repurchase several previously sold holdings at lower valuations. By quarter-end, its information technology weighting had increased from approximately 25% to 39%, showing a portfolio shift toward companies tied more closely to AI-related spending even as Rio Tinto Group re-entered the fund.
Rio Tinto Group valuation
Rio Tinto Group closed at approximately $86.39 per share on November 9th, 2026, giving it a market capitalization of $138.35 billion. The stock traded between $68.70 and $112.58 over the prior 52 weeks and posted a one-month return of -8.33%.
The company produces iron ore, aluminum, copper, and other minerals used in construction, manufacturing, and energy-transition technologies. For a dividend-focused portfolio, the appeal in Q3 2026 was not the share price alone, but the combination of a lower valuation gap, a larger payout, and stronger earnings from copper delivery.
MSCI AC World Index
The Fund's relative numbers left a mixed picture for investors. It lagged the MSCI AC World Index in the quarter, yet stayed ahead over the full year to date, which suggests the managers were willing to tolerate short-term underperformance while leaning into names they thought offered better income and valuation support.
Rio Tinto Group's return to the portfolio answers the immediate investor question: the stock fit the Fund's dividend screen at a point when earnings and payouts were both moving higher. What the letter does not answer is why Liontrust Investment Partners chose that point rather than earlier or later, leaving the timing as the next judgment call for readers tracking the Fund's stock selection.
