LF Miton UK Value Opportunities Fund B Institutional Accumulation
Rated Fund 2015-20. Pragmatic way of accessing UK markets
We stuck with this fund when it had a manager change in 2016, with new incumbent Andrew Jackson bringing his own style and fundamentally changing the process, and recent performance shows that decision has paid off. Jackson adapts his style depending on market conditions, but considers himself a value investor with a quality overlay - avoiding distressed or indebted companies. After a strong first 18 months, performance faltered as a sell-off in economically sensitive stocks hit smaller companies the hardest, but it has rebounded strongly over the past year.
Jackson has the freedom to invest in the best opportunities across the market capitalisation spectrum, but had almost 80% in small and medium-sized companies at the end of 2019. He focuses on the company first - its growth and earnings prospects - and valuation second, aiming to identify companies whose prospects he feels are improving despite them being 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 for a "Bremain" scenario. He held on to companies that were knocked back by the Brexit vote and sold them when their share prices came back, to introduce more internationally focused stocks. More recently, he has been adding to companies with a domestic focus in the hope that progress will be made in the Brexit negotiations and asset allocators will return to UK equities - something that has become increasingly likely following Britain's recent election result.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|Dart Group PLC||3.36 %|
|Pets at Home Group PLC||3.11 %|
|Future PLC||3.08 %|
|discoverIE Group PLC||2.82 %|
|Bellway PLC||2.73 %|
|Ashtead Group PLC||2.62 %|
|Intermediate Capital Group PLC||2.33 %|
|TT Electronics PLC||2.31 %|
|Smurfit Kappa Group PLC||2.26 %|
|ITV PLC||2.17 %|
|United Kingdom||95.35 %|
|Consumer Cyclical||22.52 %|
|Financial Services||10.03 %|
|Real Estate||7.82 %|
|Communication Services||7.28 %|
|Basic materials||6.89 %|
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 Ecclesiastical 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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