Lang denies change to style

liontrust manager admits underperformance but believes market now right for his approach

Liontrust's Jeremy Lang has denied reports he is changing his eponymous management approach after two years of underperformance and said the market is once again right for his style. Conceding the past two years have been difficult for the Liontrust First Growth fund, he said returns on the First Income portfolio, although worse than in previous years, still leave it well within its stated objectives. The growth fund returned 8.58% against the UK All Companies sector average of 16.61%, bid to bid in the year to 1 June 2004. On the same basis, the following year it returned 9.76% against a...