News

02/01/2008 - Liontrust First Growth

ACTION: BUY
FUND: Liontrust First Growth
TRADE DATE: 10 December 2007
The Liberation VII Fund has established a holding in the Liontrust First Growth Fund.
The investment objective of the Liontrust First Growth Fund is to provide long-term capital growth
through a portfolio of mainly UK equities but with the option of investing part of the portfolio
overseas. The Liontrust First Growth Fund invests in a portfolio of at least 50 stocks from the
FTSE All-Share Index whose profits growth has recently been greater than the market’s expectations.
To reduce volatility and achieve greater consistency of performance the portfolio is well diversified,
with careful stock overweight limits relative to the Index.
Jeremy Lang became fund manager of the Liontrust First Growth Fund in April 1996. Jeremy
graduated with a First Class Honours Degree in Economics and Econometrics from York University
where he won the Adam Smith prize for best degree. He went on to take a Masters Degree and in
1986 joined James Capel Fund Managers, spending five years specialising in North American Equities.
It was these experiences that led him to research, analyse and develop the investment approach that
is now applied to his Liontrust Funds.
T. Bailey first invested in the Liontrust First Growth Fund in 1999 benefitting from a period of
strong performance before market conditions started to work against Jeremy Lang’s style. A period of
self-reflection and a few tweaks to the investment process had led to stronger more recent
performance. When compared to the IMA UK All Companies sector, the Liontrust First Growth
Fund ranked 16th out of 331 funds in the twelve months to 30 November 2007 placing it in the 5th
percentile. The management style, improvements in process and the resulting impressive performance
means that we feel that it is now an opportune time to introduce this fund to complement the existing
holdings within the Liberation VII Fund.
Jason Britton
27 December 2007
Liberation VII
Fund Trading Note

<< back