Miton Global Opportunities plc

Mixed Asset 61-100% Equity

New for 2019. Looks for investment trust bargains

Investment trusts can trade at more or less than the value of their underlying assets and Miton Global Opportunities aims to exploit inefficiencies in their pricing. It was named Best Mixed Asset Trust in Money Observer’s 2018 investment trust awards on the back of a purple patch in 2016 and 2017.

Nick Greenwood, its manager since 2004, runs a highly diversified portfolio by investing in other trusts and closed-ended funds that he believes are trading on unjustifiably wide discounts. Cantor Fitzgerald rates the trust as offering investors exposure to the ‘weird and wonderful’ of the investment trust universe.

Greenwood’s main portfolio themes in recent years have been private equity, obscure corners of the property market and equity-oriented trusts focused on relatively strong economies, particularly those benefiting from new managers.

At the end of 2018, Greenwood said markets looked ‘increasingly challenging with few places for investors to hide’. An increase in volatility throws up more opportunities for him to find mispricings in the markets as investors start to panic sell, and he had started using a large cash pile to take advantage of widening discounts.

Although he generally avoids participating in initial public offerings, preferring to find overlooked and unloved funds rather than new issues, he bought Merian Chrysalis when the investment trust made its market debut near the end of 2018. It invests in a focused portfolio of later stage unquoted businesses on the basis that the best gains are made before a company floats on the stockmarket. Greenwood therefore believes it enables him to access these companies at a discounted price.

Shares in Miton Global Opportunities have narrowed from a 10% discount in 2016 to trade around the value of net assets.

Narrative and rating as of January 2019. 

See all Money Observer rated funds
Name
Miton Global Opportunities plc
Manager
Miton Trust Managers Limited
Type
Closed Ended Investment Company
ISIN
GB0034365949
Sector
Flexible Investment
Launched
06/04/2004
OCF
1.52 %
Risk Rating
2
3 Year Sharpe
1.47
Yield
0 %
Benchmark
SONIA Sterling OverNight Avg
Fund Size
£ 77.71 million
NAV
275
Gearing
94
Discount Premium
0
The objective of the Company is to outperform 3 month SONIA plus 2% over the longer term, principally through exploiting inefficiencies in the pricing of closed-end funds. The Company invests in closed-end investment funds traded on the Main Market of London Stock Exchange but has the flexibility to invest in investment funds listed or dealt on other recognised stock exchanges, in unlisted closed-end funds and in open-ended investment funds. The funds in which the Company invests may include all types of investment trusts, companies and funds established onshore or offshore.
Holding %
Phoenix Spree Deutschland Ord 7.71 %
India Capital Growth Ord 6.56 %
Alpha Real Trust Ord 5.97 %
Baker Steel Resources Ord 5.06 %
Artemis Alpha Trust Ord 5.02 %
Real Estate Investors Ord 4.73 %
Dunedin Enterprise Ord 4.68 %
Macau Property Opportunities Ord 4.38 %
Henderson Opportunities Ord 4.28 %
VinaCapital Vietnam Opp Fund Ord 3.99 %
Region %
United Kingdom 58.37 %
United States 13.67 %
Japan 12.01 %
Asia - Emerging 7.47 %
Sector %
Healthcare 16.09 %
Real Estate 15.21 %
Technology 14.11 %
Consumer Cyclical 14.06 %
Industrials 13.71 %
Financial Services 12.73 %
Name
Miton Trust Managers Limited
Address
EC4M 8AB, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Charlotte Cuthbertson
Joined 12/01/2017

Charlotte joined Miton Group plc in 2015 and joined the Investment Trust team in December 2017. She is focused on analysing trusts, marketing and assisting Nick in the management of the funds. Charlotte holds a BA in Modern History from St Anne’s College, Oxford.

Nick Greenwood
Joined 04/06/2004

Data provided by Morningstar.

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