Fund Awards 2008
WINNER
Portfolio Adviser fund AwArds 2008 CAtegory winner
Liontrust First Growth Fund
Jeremy Lang is the manager
of Liontrust’s First Growth,
First Equity and Institutional
Growth funds.
The winning fund in this
instance is the £105m institutional
growth fund, although
the money he manages across
the whole range is closer to
£525m. All the funds are managed
with the same approach,
the difference being the minimum
investment values bearing
in mind the audience they
are intended for.
Compared with the composition
of the FTSE All-Share
Index, the fund is heavily
Annual discrete performance
%
30
15
-15
Liontrust Institutional First Growth
Source: Morningstar
0
UK equities
Quartile performance: 1 Jul ’05 – 1 Jul ’08
1st q’tile
2nd q’tile
3rd q’tile
4th q’tile
Q3
’05
Q4
’05
Source: Morningstar
Q1
’06
Q2
’06
Q3
’06
liontrust first growth vs index
% 40
80
60
20
Liontrust Institutional First Growth
0
Jul ’05 Jan ’06
Source: Morningstar
overweight industrials (27.6%
compared to 7%), and over-
Q4
’06
fund facts
M’star UK Equity UK
Year ending Jun ’06
Year ending Jun ’07
Year ending Jun ’08
Jul
Fund name: Liontrust First Growth Manager: Jeremy Lang
Launch date: 8 Dec ’98 Fund size: £88.33m Initial charge: %
Annual charge: 1. % Min initial investment: £2, 00 M’star rating: HHHHH
Q1
’07
Q2
’07
Q3
’07
Q4
’07
Q1
’08
Q2
’08
December 2008 [www.portfolio-adviser.com] Portfolio ADViSer SUPPlemeNt
M’star UK Equity UK
Jan ’07
Jul
weight oil and gas (26.4%
compared to 17.8%). The
fund is also heavily underweight
financials (4.8% compared
to 25.7%).
Lang has seen oil prices
in particular rise from $80 to
$150 before settling back to
$90 and then further down
to anywhere between the $50
and the $70 mark.
Early in October, Lang
was of the opinion that: “The
debate, as far as expectations
are concerned, is still about
how far commodity prices will
fall rather than whether they
will rise.”
At the same time he says
he had little desire to change
his commodities exposure one
way or another. While selling
out of a couple of positions
he has left his portfolio pretty
much intact and was intending
to leave any further acquisitions
until towards the end
of the year.
Jan ’08
Jul
“
Jeremy Lang has
consistently followed
a well defined and
disciplined process
since launch, resulting
in excellent alpha
generation
”
Dan Kemp, PA Fund Awards judge
Liontrust’s Simon Hildrey
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