Liontrust's Fosh: OnTheMarket launch will hit Zoopla, not Rightmove

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Julian Fosh, co-manager of the £1.4bn Liontrust Special Situations fund, explains why he continues to back property site Rightmove in the face of a high-profile new online challenger.

OnTheMarket, a new online property portal run by Agents' Mutual was launched today (Monday 26 January) in an effort by its founding estate agents to break the property listings duopoly of Rightmove and Zoopla Property Group. We are long-term investors in Rightmove as it possesses all three key intangible assets that we believe lead to strong shareholder returns: intellectual property (IP), distribution channels and recurring business. Rightmove earns very good cash returns while its business has low capital intensity. Chief among Rightmove's intangible assets is its website, which ran...

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