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.See all Money Observer rated funds
|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 %|
|United Kingdom||33.29 %|
|United States||24.40 %|
|Asia - Emerging||8.47 %|
|Europe - ex Euro||7.51 %|
|Financial Services||24.69 %|
|Consumer Cyclical||11.92 %|
|Basic materials||11.91 %|
|Communication Services||7.57 %|
|Consumer Defensive||7.13 %|
|Real Estate||6.90 %|
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 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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