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Liontrust in revamp of flagship fund

Liontrust&#39s flagship first income fund is undergoing its most radical overhaul for several years in a move that will transform one of the best performers of 2003 into a more traditional equity income fund.

Manager Jeremy Lang is dramatically lowering the bias towards high-yielding companies in the £700m portfolio, which gave a total return of 33 per cent last year.

By the time the repositioning is completed in three weeks, the portfolio&#39s weighting in such stocks – which collectively returned 40 per cent in 2003 – will have fallen from 56 per cent to 25 per cent.

Most of the resulting void will be filled with lower-yielding companies, which will comprise 60 per cent of the fund.

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