TIDMMIGO
Miton Global Opportunities PLC
26 September 2019
Miton Global Opportunities: New research
26/09/2019
Using a diverse array of eclectic investment trust strategies,
MIGO seeks to build a portfolio of trusts with significant embedded
value...
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Miton Global Opportunities (MIGO) offers exposure to a
diversified pool of closed-ended investment companies, often
operating in highly specialised areas, trading on substantial
discounts to their intrinsic value, where the manager believes
there is a catalyst for a re-rating.
Aiming to deliver cash (as represented by the SONIA 3 month
benchmark) plus 2%, the trust is relatively unconstrained in asset
allocation.
As a result, the trust holds an array of idiosyncratic and
diversified holdings in a variety of geographies, asset classes and
sectors. The manager is focused on identifying 'special situations'
and/or deep value opportunities in investment trusts where market
conditions for the share price are likely to change in the
foreseeable future.
With an extensive background in investment trust investing, the
lead manager, Nick Greenwood, believes we are likely seeing
structural changes to the investment trust universe, which is
opening up opportunities for his approach. Recent headlines around
liquidity struggles in open-ended vehicles, coupled with a global
search for alternative sources of yield, have created new
investment strategies not previously securitised.
With these markets being relatively immature, investor behaviour
can be expected to be strongly reactive in relation to perceived
correlations to other markets or short-term newsflow. This tendency
offers further opportunities to the team's strategy according to
Nick, where identifying discounts likely to see near-term
reversionary pressure can provide substantial portfolio uplift.
Not only do the trusts selected usually trade on a discount to
their notional net asset value (NAV), but these NAVs themselves are
often conservatively assessed, or the business is operating under
challenging market conditions, giving rise to double discount
opportunities.
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