LF Miton UK Value Opportunities Fund B Institutional Accumulation
Rated Fund 2015-19. A pragmatic way to access UK markets
This fund changed its manager in 2016. New incumbent Andrew Jackson has brought his own style to bear and fundamentally changed the fund’s process. Jackson adapts his style in response to market conditions, but he considers himself a value investor who applies a quality overlay – he avoids distressed or indebted companies.
After performing strongly in its first 18 months, the fund faltered when a sell-off in economically sensitive stocks hit small and medium-sized companies – where more than 70% of his portfolio is invested – hard.
Jackson is free to invest in the best opportunities across the market capitalisation spectrum. We have kept the fund to give him time to show that this multi-cap approach can deliver superior returns.
He focuses on the company’s growth and earnings prospects first, and valuation second. He aims 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 Brexit vote in June 2016, when he was handed a domestically orientated portfolio of firms – exposed to the UK housing market, for example – 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 recovered, to introduce more internationally focused stocks into the portfolio.
More recently, he has been adding to companies with a domestic focus, among them Lloyds Bank, Royal Bank of Scotland and Next, in the belief that progress will be made in the Brexit negotiations.
“Any progress might help the rehabilitation of the UK in the eyes of asset allocators, who have correctly remained on the sidelines over recent months,” he says.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|Future PLC||3.74 %|
|JD Sports Fashion PLC||2.88 %|
|Dart Group PLC||2.57 %|
|TT Electronics PLC||2.46 %|
|Synthomer PLC||2.20 %|
|Marshalls PLC||2.18 %|
|Ashtead Group PLC||2.03 %|
|Schroders PLC||1.97 %|
|Next PLC||1.97 %|
|The Royal Bank of Scotland Group PLC||1.96 %|
|United Kingdom||94.54 %|
|Consumer Cyclical||28.98 %|
|Financial Services||13.76 %|
|Basic materials||8.12 %|
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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