LF Miton UK Value Opportunities Fund B Institutional Accumulation

UK Growth

Rated Fund 2015-2018. Pragmatic way of accessing UK markets

This fund had a manager change in 2016, with new incumbent Andrew Jackson bringing his own style to the fund and fundamentally changing the process.

Jackson adapts his style depending on market conditions, but considers himself as a value investor with a quality overlay — avoiding distressed or indebted companies.

'This approach has paid off and we see it as a pragmatic way of investing in UK markets at the moment, where unlocking value opportunities could provide continued alpha [outperformance],' says Ben Willis, head of research at Whitechurch Securities.

Jackson has the freedom to invest in the best opportunities across the market capitalisation spectrum, though he has a strong bias towards small and medium-sized companies, which make up more than 80 per cent of the portfolio.

He focuses on the company first — its growth and earnings prospects — and valuation second, aiming to identify companies whose prospects he feels are improving but that are nevertheless out of favour with other investors.

Jackson took the reins of the fund four days after the EU referendum in June 2016, and was handed a domestically orientated portfolio that owned companies exposed to the UK housing market, for example, and had been positioned to benefit from a 'Bremain' scenario.

He held on to companies that were knocked back by the Brexit decision and sold them when their share prices came back. Since taking over the fund, he has reduced the fund's exposure to the UK consumer and introduced more internationally focused stocks.

The number of holdings in the portfolio has climbed from 65 to 70.

Narrative and ratings content all as of 1 January 2018.

See all Money Observer rated funds
Name
LF Miton UK Value Opportunities Fund B Institutional Accumulation
Manager
Miton Asset Management Limited
Type
Open Ended Investment Company
ISIN
GB00B8QW1M42
Sector
UK All Companies
Launched
25/03/2013
OCF
0.89 %
Risk Rating
3
3 Year Sharpe
0.85
3 Year Alpha
1.89
Yield
1.5 %
Benchmark
Not Benchmarked
The investment objective of CF Miton UK Value Opportunities Fund is to achieve long-term capital growth. The fund will invest mainly in UK companies which the Investment Manager considers to be undervalued by the market. The fund considers UK companies to be those companies that are incorporated in the UK and/or have most of their operations in the UK and are listed on a stock exchange. The fund may also invest in collective investment schemes, cash, near cash, money market instruments, other transferable securities and derivatives and forward transactions for the purposes of Efficient Portfolio Management.
Holding %
Vitec Group (The) PLC 2.40 %
Dart Group PLC 2.38 %
Tesco PLC 2.37 %
Barclays PLC 2.28 %
Prudential PLC 2.27 %
Ashtead Group PLC 2.15 %
IQE PLC 2.08 %
Redrow PLC 2.02 %
Lloyds Banking Group PLC 1.96 %
discoverIE Group PLC 1.87 %
Region %
United Kingdom 98.61 %
Sector %
Industrials 27.63 %
Consumer Cyclical 18.01 %
Technology 16.68 %
Financial Services 15.94 %
Basic materials 8.14 %
Consumer Defensive 7.21 %
Name
Miton Asset Management Limited
Address
EC4M 8AB, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Andrew Jackson
Joined 07/01/2016

Andrew Jackson joined Miton Group plc in June 2016 and became manager of the CF Miton UK Value Opportunities Fund on 1 July 2016. Prior to Miton, Andrew worked at EdenTree Investment Management where he was fund manager of the Ecclesiastical UK Equity Growth Fund from November 2003 until July 2015. During his career he has been responsible for UK and Irish equity investments at Canada Life, managed the specialist UK Small Cap Funds for Lloyds Investment Managers (later Hill Samuel Asset Management) and helped to set up the Smaller Companies Desk at SG Asset Management.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.