Fund Research

Miton Global Opportunities

Last update 25 September 2019

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Miton Global Opportunities. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Investment objective

Miton Global Opportunities aims to outperform 3 month SONIA plus 2% over the longer term, principally through exploiting inefficiencies in the pricing of closed-end funds.

As at: 

20/09/19

Group/Investment

Miton Global Opportunities

Ticker

MIGO

Management Company

Miton Asset Management

Manager Name

Nick Greenwood; Charlotte Cuthbertson;

Association of Investment Companies (AIC) Sector

Flexible Investment

12 Mo Yield

0.0%

Dividend Distribution Frequency

None

Latest Market Capitalisation

£73,504,061

Latest Net Gearing (Cum Fair)

92.7%

Latest Ongoing Charge ex Perf Fee

1.4%

Turnover Ratio

22.2%

Shares Outstanding

28,054,985

Discount / Premium (Cum Fair)

-3.2%

Daily Closing Price

262p

Source: Morningstar

Miton Global Opportunities (MIGO) offers exposure to a diversified pool of closed-ended investment companies, often operating in highly specialised areas, trading on substantial discounts to their intrinsic value, where the manager believes there is a catalyst for a re-rating.

Aiming to deliver cash (SONIA 3 month) plus 2%, the trust is relatively unconstrained in asset allocation.

As a result, the trust holds an array of idiosyncratic and diversified holdings in a variety of geographies, asset classes and sectors. The manager is focused on identifying ‘special situations’ and/or deep value opportunities in investment trusts where market conditions for the share price are likely to change in the foreseeable future.

With an extensive background in investment trust investing, the lead manager, Nick Greenwood, believes we are likely seeing structural changes to the investment trust universe, which is opening up opportunities for his approach. Recent headlines around liquidity struggles in open-ended vehicles, coupled with a global search for alternative sources of yield, have created new investment strategies not previously securitised.

With these markets being relatively immature, investor behaviour can be expected to be strongly reactive in relation to perceived correlations to other markets or short-term newsflow. This tendency offers further opportunities to the team’s strategy according to Nick, where identifying discounts likely to see near-term reversionary pressure can provide substantial portfolio uplift.

Not only do the trusts selected usually trade on a discount to their notional net asset value (NAV), but these NAVs themselves are often conservatively assessed, or the business is operating under challenging market conditions, giving rise to double discount opportunities.

Find out how the team creates an absolute return portfolio from an idiosyncratic collection of stocks

Disclaimer

This report has been issued by Kepler Partners LLP.  The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

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Fund History: Miton Global Opportunities

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