Liontrust

William Pattisson joined Liontrust as Joint Investment Director in June 1999, researching and
fine-tuning The Liontrust Large Cap. Process for four months before launching Liontrust First
Large Cap. Fund ( a core UK equity portfolio) in October 1999.

William launched Liontrust Focus 350 Fund in December 2005 using a variation of his
Large Cap. Process to construct a portfolio for absolute returns.

William graduated from Christ Church, Oxford in 1986 with a MA (Honours) Degree in Chemistry.
He then started his career alongside Jeremy Lang at James Capel Fund Managers, progressing to
become a Senior UK Equities Fund Manager. He joined Fleming Investment Management in 1994,
becoming Head of UK Equities in 1998 and the named fund manager of Fleming Claverhouse
Investment Trust between 1995 and 1999.

William's investment process
• The Liontrust Large Cap. Process - for core UK equity growth portfolios

An investment process for core UK equity growth portfolios.
Applied to Liontrust First Large Cap. Fund

I want to hold stocks where prospects are improving: market
expectations will be rising and news will be getting better (the
‘winners’). I do not want to hold stocks where the opposite is
true (the ‘losers‘).
The principal quantitative characteristic that ‘winners’ have is
positive revisions to earnings’ forecasts. ‘Losers’ have negative
revisions to earnings’ forecasts and poor share price action.
It is important to remember that there is an emotional bias amongst
investors to sell their ‘winners’ too soon and hold their ‘losers’ for
too long; this is very damaging to relative performance.
The aim is to achieve outperformance by running the ‘winners’
and selling ‘losers’ quickly. This will usually feel uncomfortable
as the ‘winners’ will have gone up a lot and the ‘losers’ will
have gone down a lot.

A variation of The Liontrust Cap. Process is also applied to the
management of Liontrust Focus 350 Fund, a concentrated
portfolio of 30-60 'winners' only, broadly equally weighted,
managed for absolute returns.

Click here for a more
detailed explanation of
The Liontrust Large
Cap. Process (PDF)

Applied to:

Liontrust
First Large Cap. Fund

Liontrust
Focus 350 Fund

An investment process for
core UK equity growth
portfolios.
The Liontrust
Large Cap. Process

Applied to:
Liontrust
First Large Cap. Fund

Liontrust
Focus 350 Fund

‘Top of the stocks’

Read the full article in

- the Liontrust magazine