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ABOUT LIONTRUST

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Past performance is not a guide to future performance. The value of units and the income from them can fall as well as rise and you may not get back the amount originally invested. Where a Fund holds a concentrated portfolio, this could mean performance against its benchmark index is volatile at times. Funds holding smaller companies may be less liquid and price swings greater than those in larger companies. Investment involving foreign currency may be subject to fluctuations in value due to exchange rate movements which may cause the underlying value to go down as well as up.

Fund Managers

The Economic Advantage Team (UK Equity)

Anthony Cross

Anthony Cross joined Schroder Investment Management as a graduate trainee. He spent his first three years as an equity analyst before joining the Smaller Companies team in 1994. During this time, Anthony identified a number of characteristics common to successful companies and on joining Liontrust in 1997 he was able to develop his thoughts further and create a documented investment process. This process, called Liontrust Economic Advantage, was applied to the Liontrust UK Smaller Companies Fund from the start of 1998. Its success and relevance to the broader marker led to the launch of the Liontrust Special Situations Fund in 1995 and the management of the Liontrust UK Growth Fund in 2009. Anthony is currently an Alpha rated fund manager by Financial Express and A rated by Citywire. He was named Fund Manager of the Year in the UK All Companies sector by Citywire in March 2009. Recent awards for the funds that Anthony co-manages with Julian Fosh include Liontrust being named the best Smaller Companies Group at the Professional Adviser Awards in 2009 and the Liontrust Special Situations Fund being named as the Best UK Growth fund at the Investment Week Fund Manager of the Year Awards in July 2011. Anthony graduated in 1990 from Exeter University with a degree in politics.

Julian Fosh

Julian Fosh joined Liontrust in 2008 from Saracen Fund Managers Ltd to co-manage the Liontrust UK Growth, Special Situations and UK Smaller Companies Funds with Anthony Cross. Julian has worked with Anthony to develop the Liontrust Economic Advantage process. Julian is currently an Alpha rated fund manager by Financial Express and A rated by Citywire. Recent awards for the funds that Julian co-manages with Anthony Cross include Liontrust being named as the best Smaller Companies Group at the Professional Adviser Awards in 2009 and the Liontrust Special Situations Fund being named the Best UK Growth fund at the Investment Week Fund Manager of the Year Awards in July 2011. From 2004 to 2008, Julian was the co-manager of Saracen Growth Fund, a top quartile performing UK equities portfolio. Before this, Julian headed up the investment department at Scottish Friendly Assurance Society Limited where he managed a range of funds including UK equity OEICs, life and pension funds. In his eight years at Scottish Friendly, six of Julian’s nine funds were in the top quartile of their respective sectors. In a career going back to 1984, Julian has also worked at Britannia Investment Managers and Scottish Amicable. Julian graduated in 1994 from Merton College Oxford with an MA in Jurisprudence.

The Cashflow Solution Team (European and UK Equity)

Gary West

Gary graduated in 1985 with a First Class Honours Degree in German Studies from Portsmouth Polytechnic. He went on to take an M.Phil in International Relations at Cambridge University. After 7 years at Touche Remnant and Henderson Investors, Gary joined Fleming Investment Management in 1994. Between 1999 and 2002 he was co-head of the European equities department at JP Morgan Fleming with responsibility for the development of their European investment process and the management of Fleming Claverhouse Investment Trust. Gary joined Liontrust in 2006 to develop and manage a European equity investment process - the Cashflow Solution.

James Inglis-Jones

James graduated in 1990 with a First Class Honours Degree in Modern History from York University. He went on to gain a D.Phil in Modern History from Christ Church, Oxford. James joined Fleming Investment Management in 1997, assuming responsibility for the management of UK equity portfolios in 1999. Between 1999 and 2002 he worked closely with Gary West on JP Morgan Fleming’s institutional investment process and managed a wide range of retail and institutional funds as a senior portfolio manager within their European equity group. James joined Liontrust in 2006 to develop and manage a European equity investment process - the Cashflow Solution.

The Asia Team

Mark Williams

After leaving Cambridge University, Mark started his career in 1993 with James Capel Investment Management where he ran global investment mandates for discretionary portfolios. From August 1997, Mark joined Royal Sun Alliance to specialise in Asian investment, where he managed a number of mandates, including benchmark-measured, investment trust and peer group funds. In 2000 Mark took over the FPI GIP Far East Equity SICAV, then following the merger of ISIS Asset Management (born from the merger of Royal Sun Alliance and Friends Ivory & Sime) and F&C, he took over responsibility for the F&C Pacific Growth Fund, F&C’s flagship high alpha retail fund. Mark transferred to Liontrust in October 2011, having joined Occam in October 2007. Mark graduated in 1993 with a Law degree from Cambridge University. He holds a Securities Institute Diploma.

Carolyn Chan

Carolyn has been managing Asian money since January 2010 and has 19 years of experience in the Asian financial sector. Most recently Carolyn worked in London for Hampton Investment Management, boutique investment company. Previously she spent 14 years stockbroking for Daiwa Securities, Citigroup, ING Barings and WI Carr in Hong Kong, Malayia and Singapore. Carolyn has been an ASEAN product specialist for ten years. Carolyn joined Liontrust in January 2012.

The Emerging Markets Team

Eoghan Flanagan

Eoghan started his career with Baring Asset Management as an Emerging Markets Analyst in 1997. In 2000, he was co-founder of the Thames River Nevsky team. Eoghan was a key manager of the Thames River Nevsky Fund from inception until he ceased to be actively involved with the management of the fund in September 2006. He also co-managed the Thames River Eastern European Fund (“TREEF”). Both the Nevsky Fund and TREEF were top-rated funds within their universes. He remained a Partner in that business until the end of 2008. Eoghan transferred to Liontrust in October 2011, having joined Occam as Head of the Emerging Markets team in February 2009. Eoghan graduated with a degree in Mathematics from Cambridge University in 1997.

James Mellersh

James started his career with Société Générale as a Polish Equity analyst in 1996 and moved to Morgan Stanley in 1999 as an EMEA Financials Analyst. He spent a year working in a multi sector risk arbitrage fund at Rourke Capital Management before joining the Thames River Nevsky team in 2002 as GEM Financials Analyst. James was a partner in Nevsky Capital until late 2007. James transferred to Liontrust in October 2011, having joined the Emerging Markets team at Occam in February 2009. James graduated from London University in 1993 with a BA in History and in 1995 with an MA in Slavonic Studies.

The Macro-Thematic Team

Stephen Bailey

Stephen Bailey joined Liontrust in April 2012, transferring from Walkers Crips Asset Managers (WCAM). He initially joined WCG in 1987. Stephen started his career in stockbroking in 1985 as a private client portfolio manager with Statham, Duff, Stoop. He followed this with a year at Sheppards & Chase, before joining Walker Crips Weddle Beck plc in 1987. Currently, he is investment director of WCG and, with the support of Jan Luthman, has been the architect and driving force behind the development of WCG’s asset management business.

Jan Luthman

Jan Luthman joined Liontrust in April 2012, transferring from Walkers Crips Asset Managers (WCAM). He joined WCAM in 2000. A graduate in civil engineering, Jan has 18 years of experience in international corporate management. Following a mid-life career change, he was in the first group to pass the Securities Association exam in Investment Analysis in 1987 (and one of a select few to do so with Credit) and then entered fund management in 1988.

Jamie Clark

Jamie Clark joined Liontrust in April 2012, transferring from Walkers Crips Asset Managers (WCAM). He joined WCAM in 2003 and prior to that he was a Junior Proprietary Trader at First New York Securities. Jamie graduated from Southampton University in 2000 with a BA in English Literature and from Warwick University in 2001 with an MA with Distinction in English Literature.