Fund Research

Miton UK MicroCap

Last update 02 October 2019

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Miton UK MicroCap. 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

The aim of the team at Miton UK MicroCap is to achieve capital growth over a multi-decade period through investment in a portfolio of UK quoted companies, generally with market caps below £150m.

As at:

26/09/19

Group/Investment

Miton UK Microcap

Ticker

MINI

Management Company

Miton Trust Managers Limited

Manager Name

Gervais Williams; Martin Turner;

Association of Investment Companies (AIC) Sector

UK Smaller Companies

12 Mo Yield

0.4%

Dividend Distribution Frequency

Annually

Latest Market Capitalisation

£64,464,536

Latest Net Gearing (Cum Fair)

-11%

Latest Ongoing Charge Ex Perf Fee

1.50%

Turnover Ratio

29.1%

Shares Outstanding

138,335,915

(Discount)/ Premium (Cum Fair)

1.7%

Daily Closing Price

317p

Source: Morningstar

Miton UK MicroCap (MINI) is a £69m investment trust offers investors a domestically-focused and differentiated portfolio invested in the smallest companies in the UK.

MINI was launched in 2015 in anticipation that globalisation would cause political upheaval, and on the assumption that microcaps were set for a revival. The managers pride themselves on the portfolio being unlike any of the major indices, or the other smaller company trusts in the sector for that matter, with an active share of almost 100% to the FTSE All Share.

Stock-specific risk is spread via a wide range of relatively small holdings, and currently the portfolio has 120 holdings, of which the top ten make up close to 30% of NAV. This diversification is an important part of the approach at MINI, with moderated risk and managing downside volatility being key characteristics of the trust. To that end, the investment process focuses on meticulous fundamental analysis and on entering companies at attractive valuations.

Since inception of the trust performance has been varied, as discussed in the performance tab. With this said, it has been an exceptionally difficult period for UK smaller companies managers, and even more so in the micro-cap space. However, with this brings the current discount of 6.4%.

Find out how MINI uncovers opportunities in the smallest end of the market
William Sobczak

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.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

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Fund History: Miton UK MicroCap

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