MI Metropolis Valuefund A Acc

Global Growth

Rated Fund 2018-19. Fishes in unpopular waters

MI Metropolis Value was named Money Observer’s Best Smaller Global Growth fund in 2018, thanks to its consistently solid performance. It has outperformed the wider sector by almost 20% over five years – no mean feat given that the value stocks it focuses on have largely been out of favour since the financial crisis.

The fund is run by Jonathan Mills and Simon Denison-Smith, who are well-versed in acquiring strong businesses at low prices. In 1994 they founded Metropolis International, a media and software group that they built through more than 30 acquisitions. In the late 1990s they also ran a small investment club, inspired by the success of Warren Buffett. They developed a valuation process to identify quality investment opportunities.

From 2002 to 2011, they completed 23 acquisitions, in each case paying a price that provided a significant margin of safety. The strategy resulted in returns to shareholders of more than 30% a year.

They founded Metropolis Capital in 2008 and opened up their strategy to outside investors with MI Metropolis Value in 2011. They have since attracted £140 million of investors’ capital.

The portfolio is concentrated in 15-25 holdings. They like businesses that are easy to understand and have strong competitive positions in markets with high barriers to entry, long-term contracts, unique brands, infrastructure that is difficult to replicate, and patents or licences.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
MI Metropolis Valuefund A Acc
Maitland Institutional Services Ltd.
Open Ended Investment Company
1.17 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0.7 %
The investment objective of the Fund is to achieve long term capital growth primarily through investment in a concentrated portfolio of securities in listed companies. It is the Fund’s policy to invest mainly in securities of companies admitted to or dealt in on Eligible Markets established in the EEA, the United States or Canada. At its discretion, the Fund may invest in securities admitted to or dealt in on other Eligible Markets. The Fund may also invest in money market instruments, UK government and public securities, deposits, cash and near cash, closed end funds, and regulated and unregulated collective investment schemes.
Holding %
Ryanair Holdings PLC ADR 9.10 %
State Street Corporation 8.30 %
Berkshire Hathaway Inc B 8.00 %
Alphabet Inc A 7.59 %
Kubota Corp 5.90 %
Allergan PLC 4.85 %
HCA Healthcare Inc 4.79 %
Admiral Group PLC 4.70 %
Sanofi SA 4.55 %
Booking Holdings Inc 4.51 %
Region %
United States 58.41 %
Eurozone 18.44 %
United Kingdom 16.38 %
Japan 6.77 %
Sector %
Financial Services 31.36 %
Industrials 21.64 %
Healthcare 16.29 %
Technology 11.39 %
Consumer Cyclical 10.60 %
Communication Services 8.71 %
Maitland Institutional Services Ltd.
London, United Kingdom
Legal Structure
Open Ended Investment Company


Simon Denison-Smith
Joined 04/15/2011

Simon founded Metropolis Capital and has co-managed the Metropolis global equity strategy since its inception in 2008 and the MI Metropolis Valuefund since its launch in 2011. Prior to this, Simon was a strategy consultant with Bain & Co and Kalchas before helping Jonathan Mills to set up Metropolis International in 1994. He also founded Rave Technologies, a software business that services clients across a wide range of industries. Simon sold this business to Northgate IS PLC in 2006, delivering a 32% per annum return to Rave’s principal investor. Simon graduated from Bristol University with a B.Sc. in Economics.

Jonathan Mills
Joined 04/15/2011

Jonathan founded Metropolis Capital and has co-managed the Metropolis global equity strategy since its inception in 2008 and the MI Metropolis Valuefund since its launch in 2011. Prior to this Jonathan worked for Bain & Company as a Strategy Consultant and then for Schroders in their M & A team before setting up Metropolis International, a media and software group which was built through over 30 acquisitions of private businesses, applying a value investing approach to each transaction. Returns to seed investors in Metropolis International were 30%+* per annum under Jonathan’s tenure as CEO from 1994-2011. He graduated from Oxford University with a First Class Degree in Philosophy, Politics and Economics.

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