LF Miton UK Value Opportunities Fund B Institutional Accumulation
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
|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 %|
|United Kingdom||98.61 %|
|Consumer Cyclical||18.01 %|
|Financial Services||15.94 %|
|Basic materials||8.14 %|
|Consumer Defensive||7.21 %|
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.
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