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
0.66
3 Year Alpha
-0.76
Yield
4.3 %
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 5.21 %
United States Treasury Bonds 4.5% 2.64 %
United States Treasury Bonds 3.38% 2.09 %
United States Treasury Bonds 3% 2.07 %
United States Treasury Bonds 3% 1.62 %
Visa Inc Class A 1.37 %
Mastercard Inc A 1.34 %
Microsoft Corp 1.34 %
PayPal Holdings Inc 1.29 %
Paychex Inc 1.29 %
Region %
United Kingdom 33.29 %
United States 24.40 %
Asia - Emerging 8.47 %
Japan 7.88 %
Europe - ex Euro 7.51 %
Eurozone 6.99 %
Sector %
Financial Services 24.69 %
Consumer Cyclical 11.92 %
Basic materials 11.91 %
Industrials 9.85 %
Communication Services 7.57 %
Consumer Defensive 7.13 %
Real Estate 6.90 %
Technology 6.22 %
Utilities 6.04 %
Energy 5.35 %
Name
Miton Asset Management Limited
Address
EC4M 8AB, London, United Kingdom
UCITS
No
Legal Structure
Unit Trust

Managers

Anthony Rayner
Joined 06/09/2011

Before joining Miton, Anthony worked for Darwin Investments, analysing portfolio construction and risk for the Darwin Multi Asset Fund. 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 M&G in December 2000 as a fund manager on the Global Specialist Equity team. In September 2002 he was appointed Head of M&G Equity Investment. He previously worked at Axa Investment Management as Head of Global Financials Research. Prior to this he was with Newton Investment Management as Director of Global Financials Research. david graduated from Keele University with a BA Honours in Statistics and Economics.

Data provided by Morningstar.

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