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Miton Global Opportunities

Termination of coverage

Update | Investment Companies | 18 Apr 2018

Edison Investment Research is terminating coverage on Miton Global Opportunities (MIGO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Miton Global Opportunities

Exploiting pricing inefficiencies

Update | Investment Companies | 05 Feb 2018

Miton Global Opportunities (MIGO) seeks to achieve capital growth, primarily through exploiting the pricing inefficiencies of investment trusts. The manager, Nick Greenwood, has over two decades of experience in identifying funds trading at deep discounts to embedded value. The unconstrained mandate also focuses on portfolio diversification across a broad range of asset classes and countries. Share price performance over the past two years has been strong in absolute terms and relative to global indices. Added to successful board initiatives to improve liquidity and promote the trust, MIGO has attracted significant interest from investors, and its shareholder base has rebalanced towards self-directed retail investors. The shares currently trade at a 1.4% discount to NAV, a significant narrowing from the five-year average discount of 7.9%. The board is currently seeking shareholder approval for a further issue of up to 10% of share capital.

Miton Global Opportunities

Still finding pockets of value after a strong year

Review | Investment Companies | 14 Jul 2017

Miton Global Opportunities (MIGO) seeks to provide absolute returns in excess of those on cash by investing predominantly in other closed-end funds that are under-researched, out of favour or trading on unwarranted discounts. The multi-asset portfolio, managed by Nick Greenwood, has performed strongly over the past 12 months, beating the total return from both UK and world equities and most of its multi-asset and absolute return peers. The introduction of a three-yearly redemption option may have helped to narrow the discount from its long-term average of c 9-10%. Meanwhile, the appointment of Numis as corporate broker and investment company marketing specialist Frostrow Capital has led to a significant increase in liquidity, as well as rebalancing the share register towards retail execution-only platforms as the discount has narrowed over the past 12 months.

Diverse Income Trust (The)

Small caps best insulated from macro headwinds

Review | Investment Companies | 15 Feb 2017

The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies' UK Equity Income sector). Since launch, DIVI's annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.

Miton Global Opportunities

Seeking real returns with more specialist focus

Update | Investment Companies | 07 Sep 2016

Miton Global Opportunities (MIGO) seeks to provide returns in excess of those on cash by exploiting opportunities from pricing inefficiency among under-researched investment companies. With manager Nick Greenwood unconvinced by the near-term prospects for mainstream equity markets, the portfolio is developing more of a focus on specialist strategies and alternative asset classes. Recent performance has been strong and the trust has beaten its absolute benchmark (sterling three-month Libor +2%) over the last four discrete years (see below) and on a cumulative basis over all periods of five years and less (see page 6). Measures to raise MIGO's profile and improve liquidity in its shares, including the engagement of Numis as broker and Frostrow Capital for administration, distribution and marketing, may be reflected in a narrowing discount.

Miton Global Opportunities

Seeking misvaluation in a niche

Update | Investment Companies | 09 Mar 2016

Miton Global Opportunities (MIGO) aims to produce returns ahead of an absolute benchmark by exploiting inefficiencies in the pricing of closed-ended funds. This niche strategy differentiates it from peers in the flexible investment sector, while its wide spread of exposures, including Berlin residential property, forestry, second-hand life policies and an Indian equity fund, suggests its performance may also be differentiated from conventional equity funds.

Miton Global Opportunities

Loving the alien

Update | Investment Companies | 05 Mar 2015

Miton Worldwide Growth Investment Trust (MWGT) is a fund of investment trusts that aims to exploit the opportunities inherent in unloved assets trading at anomalously wide discounts. The trust seeks absolute returns of at least 2% ahead of three-month LIBOR, and has achieved this objective in each of the last three years to 28 February and cumulatively over five years. Managed since launch in 2004 by sector specialist Nick Greenwood, MWGT's global portfolio includes significant exposures to property, India and Japan, as well as private equity and an increased focus on out-of-favour natural resources stocks.

Diverse Income Trust (The)

Finding income across the market cap spectrum

Review | Investment Companies | 19 Aug 2014

The Diverse Income Trust (DIVI) is a relatively new trust, launched in 2011 by Miton, aiming to achieve a growing income and some capital appreciation from a portfolio of UK companies. Unlike many equity income funds it has a strong bias towards smaller companies, which its managers say are better able to outperform in the uncertain economic conditions they expect in the post-credit boom years. Managers Gervais Williams and Martin Turner maintain a relatively long stock list (c 140 holdings) and market risk is reduced by a FTSE 100 put option covering c 25% of the portfolio. Risk-adjusted performance has been strong and the trust consistently trades at a premium; it recently raised £50m in a C share issue.

Miton Global Opportunities

Seeking absolute returns from undervalued trusts

Update | Investment Companies | 29 Apr 2014

Miton Worldwide Growth Investment Trust (MWGT) aims to achieve longer-term capital growth by investing mainly in other investment trusts that are trading at what the manager believes is an unjustifiably wide discount to net asset value. The stock-specific, special situations approach means the trust may lag a strongly rising market, but over the medium term it has delivered on its absolute return aim with lower volatility than pure equity strategies. Its own c 10% discount could present an opportunity for an extra layer of upside.

Miton Global Opportunities

Special situations investment trust investor

Initiation | Investment Companies | 20 Sep 2013

Miton Worldwide Growth Investment Trust (MWGT) seeks to deliver returns above three-month LIBOR +2% over the longer term through investing in a portfolio of other investment trusts where size, sentiment or a phase of poor performance have left a significant discount to fair value. This discount provides the potential for enhanced upside and a degree of protection in the event measures to improve performance or realise value do not succeed.

Miton Income Opportunities Trust

Moving to merge with DIVI

Review | Investment Companies | 10 Jul 2013

On 2 July the boards of Miton Income Opportunities Trust (MIOT), formerly Henderson Fledgling Trust, and The Diverse Income Trust (DIVI) updated the market on progress towards the proposed merger. The investment manager of both companies, Miton Group, has advised the boards that MIOT's portfolio is now over 90% aligned, by value, with the core strategy of DIVI. Reaching this threshold was a condition for the proposed merger to proceed earlier than the 15 February 2014 deadline. Under the terms of the merger, MIOT shareholders will receive new shares in DIVI, valued at a 2.5% premium to DIVI's NAV, adjusted for costs incurred by DIVI in relation to the scheme. Progress in aligning MIOT's portfolio will allow the process to accelerate and a formal proposal is expected to be sent to shareholders in early September.

JPMorgan Indian Investment Trust

Investment Trusts Quarterly: Asia

Sector Commentary: | - | 12 Jun 2013