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Jeremy Lang joined Liontrust in 1996 as manager of Liontrust First Growth Fund and
Liontrust First Income Fund, becoming Joint Investment Director in 1999

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
in the Economics of Finance and Investment at Exeter University. In 1986 he joined James Capel
Fund Managers alongside William Pattisson, 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.

Jeremy’s investment processes
• The Lang Approach – for UK equity growth portfolios
• The Value Dynamic – for UK equity income portfolios

An investment process for specialist UK equity growth portfolios.
Applied to Liontrust First Growth Fund

  • When a company announces higher than expected profits
    analysts revise their forecasts. This can drive share prices
    upwards as the market digests and catches up with events.
  • Companies that have recently surprised the market with their profits have a tendency to do so again.
  • By focusing on companies that have recently surprised,
    The Lang Approach is able to identify companies whose
    potential to surprise the market in the future is, we believe,
    underestimated by stock market analysts.
  • The portfolio will invest in a range of companies whose profit
    growth has recently been greater than the market’s expectations.
  
Click here for a more
detailed explanation of
The Lang Approach (PDF)

Applied to:

Liontrust
First Growth Fund
An investment process for UK equity income portfolios.
Applied to Liontrust First Income Fund.
  • Extreme expectations, and stock prices that have moved a lot, have a tendency to come back to the average - investors over-react to extreme events.
  • The unwinding of over-reaction is remarkably consistent. Five year losers, judged on previous price falls, have a strong tendency to bounce back, and generally keep going for at least three years.
  • An investor can exploit this over-reaction by concentrating on stocks with unusually high yields.
  • Historically, when the number of these stocks has averaged more than twenty, the returns, even in weaker markets, have been excellent.
 
Click here for a more
detailed explanation of
The Value Dynamic (PDF)

Applied to:

Liontrust
First Income Fund
 
An investment process for
specialist UK equity growth
portfolios.
The Lang Approach

Applied to:
Liontrust
First Growth Fund
An investment process for
UK equity income portfolios.
The Value Dynamic

Applied to:
Liontrust
First Income Fund

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and regulated by the Financial Services Authority. Past Performance is not a guide to future performance. The price of units and the income
from them can fall as well as rise, and are not guaranteed. Investors may not get back the amount originally invested.


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