Alliance Trust Savings: Change of Ownership
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*The brand names ‘Alliance Trust Savings’, ‘ATS’, ‘AT Savings’ and the ‘Alliance Trust Savings’ logo which may appear on ATS’ website are owned by and used with the permission of Alliance Trust PLC, being the previous owner of ATS.

19 October 2020 Stock Stories, Sector Insights, Investment Styles, Company News Alliance Trust

Expert Stock Picker Dan Lascano joins the Alliance Trust team

Dan Lascano, CIO and founder of New York-based Lomas Capital Management becomes the latest best-in-class* Stock Picker to join the Alliance Trust team. His Co-portfolio manager is Ronald McIntosh, Dan’s Co-founder and Senior Portfolio Manager at Lomas.

You can find out more about Lomas Capital Management by viewing our introductory article and video below, or reading the Q & A or press release

*As rated by Willis Towers Watson.

Introducing Lomas Capital Management

New York-based Lomas Capital (Lomas) has joined Alliance Trust’s line-up of stock pickers, taking the place of FPA’s Pierre Py and Greg Herr who have moved to a new firm.

Although Willis Tower Watson (WTW), the Company’s investment manager, continues to believe that Pierre and Greg are skilled stock pickers, their move to Polar Capital triggered a reassessment of the talent available for selection.

WTW’s due diligence process, which takes into account a manager’s past performance, investment process, resources and competitive advantage, the culture and alignment of the organization, as well as operational infrastructure and other factors, identified Lomas as the best fit for the Alliance Trust portfolio.

Craig Baker, Global Chief Investment Officer at WTW and chair of the Alliance Trust Investment Committee, said: “Lomas is an independent, majority employee-owned, high-calibre manager that has a differentiated approach to the other eight stock pickers managing the Company’s portfolio.

“We believe this will bring a new source of alpha, with a low correlation to the other stock pickers, ultimately leading to enhanced risk-adjusted returns and further diversity of the portfolio.”

Whereas FPA has a bias towards the value style of investing (buying cheap stocks that are trading below their intrinsic value), Lomas takes a thematic approach that seeks to identify economic and industry trends and, though bottom-up fundamental research, the companies that will benefit from them.

Lomas was founded in 2012 by Dan Lascano, Charlie LoCastro and Ron McIntosh, all former senior members of the Caxton Equity Group. The team has worked together for almost 20 years. Dan is the lead portfolio manager and largest shareholder in the business.

Their mandate will be the same as for the Company’s other stocks pickers – invest globally without any constraints in a high conviction selection of 10-20 stocks. The allocation of capital to Lomas is being mainly funded from the Company’s allocation to FPA, though WTW is also sourcing a small amount of capital from the other stock pickers and some borrowings. Overall, the portfolio will retain the same balanced exposures to regions, sectors and styles, ensuring that stock selection drives returns.

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