MI Miton Cautious Monthly Income Fund B Accumulation units

Mixed Asset 41-60% Equity

Rated Fund 2018-19. Run by fund managers who do not forecast

MI Miton Cautious Monthly Income aims to produce an increasing level of income, over a three to five-year rolling period, with the potential for capital growth by investing in a diversified mix of assets from around the world, though predominantly shares and bonds. It currently yields 4%.

It is run by a three-strong team of managers – David Jane and Anthony Rayner are supported by assistant manager Henna Hemnani. Their objective is to deliver an annual return of 4 to 6% over the long term with half the volatility as the FTSE 100 index. Their main mantra is that they do not forecast. Rather, they position their portfolio for any outcome and use their flexibility to change their holdings as events unfold.

The fund is very well diversified with more than 200 holdings. In selecting these, the managers focus on three things: optimising performance across a range of scenarios; understanding the volatilities and correlations of asset classes and how they change over time; and investing globally across a range of asset classes.

At the end of 2018, almost half of the portfolio was invested in equities listed around the world – from the UK, US and Europe to Japan, Asia and emerging markets. Another 40% was in bonds, with the remaining 7% in cash and 3% in property.

The managers predominantly buy individual company shares and bonds in the fund directly rather than assembling a fund of other funds. This has the benefit of keeping overall charges reasonably low – 0.86% at the end of 2018.

Narrative and ratings content all as of 01 January 2019.

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Name
MI Miton Cautious Monthly Income Fund B Accumulation units
Manager
Miton Asset Management Limited
Type
Unit Trust
ISIN
GB00B7T13474
Sector
Mixed Investment 20-60% Shares
Launched
18/10/2012
OCF
0.86 %
Risk Rating
4
3 Year Sharpe
0.58
3 Year Alpha
-1.04
Yield
4.4 %
Benchmark
Not Benchmarked
The investment objective of the Fund is to provide an increasing level of income, over a three to five year rolling period, with the potential for capital growth.
Holding %
Gold Bullion Securities ETC 5.42 %
United States Treasury Bonds 4.5% 1.74 %
United Kingdom of Great Britain and Northern Ireland 1.75% 1.65 %
Starbucks Corp 1.64 %
The Walt Disney Co 1.58 %
Microsoft Corp 1.55 %
Diageo PLC 1.35 %
Paychex Inc 1.34 %
Adobe Inc 1.30 %
The Home Depot Inc 1.27 %
Region %
United States 38.19 %
United Kingdom 20.24 %
Europe - ex Euro 8.98 %
Asia - Emerging 8.22 %
Eurozone 7.75 %
Japan 6.13 %
Sector %
Consumer Cyclical 17.00 %
Consumer Defensive 14.33 %
Technology 13.07 %
Financial Services 12.26 %
Industrials 11.41 %
Real Estate 8.84 %
Basic materials 7.56 %
Utilities 6.70 %
Name
Miton Asset Management Limited
Address
EC4M 8AB, London, United Kingdom
UCITS
No
Legal Structure
Unit Trust

Managers

Anthony Rayner
Joined 06/09/2011

Anthony Rayner joined Miton Group plc in June 2014. Prior to Miton, Anthony worked for Darwin Investment Management Ltd, analysing portfolio construction and risk for the Darwin Multi Asset Fund alongside David Jane. Prior to this, he worked for M&G, focusing on portfolio construction and risk for UK equity funds and then for the multi asset fund range. Previously, he was a member of the Asset Allocation and Economics team at Merrill Lynch Investment Managers.

David Jane
Joined 06/09/2011

David Jane joined Miton Group plc in June 2014. He founded Darwin Investment Management Ltd in September 2010 and prior to that he was Head of Equities Investments at M&G. David joined M&G in December 2000 as a Fund Manager in the global specialist equity team before becoming Head of Equities investments. Whilst there he was portfolio manager of the M&G Managed Fund and the M&G Cautious Multi Asset Fund, which he launched in February 2007 and grew to over £300 million during his tenure. Prior to M&G, David was the Head of Global Financials Research at AXA Investment Management and before that he was at Newton Investment Management as Director of Global Financials Research. He also served as Non-Executive Director of M&G High Income Investment Trust plc from October 2002 to July 2010. David graduated from Keele University with a B.A. Honours in Economics, Statistics and Operations Research.

Data provided by Morningstar.

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