TIDMMIGO
Miton Global Opportunities PLC
08 June 2018
Miton Global Opportunities: New research
08/06/18
Highlights:
-- A focused fund of investment trusts that has delivered
annualised NAV total returns of 7.8% since launch
-- A highly experienced manager investing in a differentiated portfolio of 'special situations'
-- The growth of retail money in the investment trust sector
means discounts are increasingly volatile, which suits the
manager's style - his aim being to identify mispriced investment
trusts
-- Recent action by the board has seen the trust's own discount
narrow sharply, and a much larger footprint of retail investors on
the register means better liquidity for this relatively small
fund
Read more
Miton Global Opportunities aims to deliver returns in excess of
sterling three-month LIBOR +2% by investing in other investment
trusts that fund manager Nick Greenwood, who has almost 40 years'
experience in the sector, believes are trading on discounts which
are wider than they should be.
The trust, which sits in the AIC's Flexible Investment sector,
has little in common with its stablemates in this sector, and has
few comparable peers as a fund trust of investment trusts,
particularly because of its unique focus on cash-plus returns. It
is highly focused, with more than half of its assets held in the
top ten holdings, and the investment process is very much driven by
the expertise of the manager, although we understand that Miton is
taking steps to put more resources behind the fund. Nick uses few
quant screens or filters, barring a system that allows him to
monitor investment trust NAVs in 'real time' - estimating the real
NAV of a trust by looking at its underlying holdings and working
out their value, rather than waiting for end-of-day NAV updates
from the trust itself, or indicative NAVs that largely reflect the
movements of the major index constituents in a trust's given
market.
The trust is focused wholly on capital growth and has
outperformed the average trust in the AIC Flexible sector by a
broad margin over five years. Since launch in 2004, it has
delivered annualised NAV total returns of 7.8%. Performance comes
in fits and starts, however, with very strong years coming between
more modest bouts of performance - though the trajectory of returns
has only been negative twice in the last ten years.
Click here to read the full report
Visit http://www.trustintelligence.co.uk/investor for more high
quality independent investment trust research.
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
Important information - non-independent research
Miton Global Opportunities is a client of Kepler Trust
Intelligence. This material should be considered a marketing
communication, and is not independent research.
Kepler Partners is not authorised to make recommendations to
Retail Clients. This report is based on factual information only,
and is solely for information purposes only and any views contained
in it must not be construed as investment or tax advice or a
recommendation to buy, sell or take any action in relation to any
investment.
This report has been issued by Kepler Partners LLP solely for
information purposes only and the views contained in it must not be
construed as investment or tax advice or a recommendation to buy,
sell or take any action in relation to any investment. If you are
unclear about any of the information on this website or its
suitability for you, please contact your financial or tax adviser,
or an independent financial or tax adviser before making any
investment or financial decisions.
The information provided on this website is not intended for
distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would be
contrary to law or regulation or which would subject Kepler
Partners LLP to any registration requirement within such
jurisdiction or country. Persons who access this information are
required to inform themselves and to comply with any such
restrictions. In particular, this website is exclusively for non-US
Persons. The information in this website is not for distribution to
and does not constitute an offer to sell or the solicitation of any
offer to buy any securities in the United States of America to or
for the benefit of US Persons.
This is a marketing document, should be considered
non-independent research and is subject to the rules in COBS 12.3
relating to such research. It has not been prepared in accordance
with legal requirements designed to promote the independence of
investment research.
No representation or warranty, express or implied, is given by
any person as to the accuracy or completeness of the information
and no responsibility or liability is accepted for the accuracy or
sufficiency of any of the information, for any errors, omissions or
misstatements, negligent or otherwise. Any views and opinions,
whilst given in good faith, are subject to change without
notice.
This is not an official confirmation of terms and is not to be
taken as advice to take any action in relation to any investment
mentioned herein. Any prices or quotations contained herein are
indicative only.
Kepler Partners LLP (including its partners, employees and
representatives) or a connected person may have positions in or
options on the securities detailed in this report, and may buy,
sell or offer to purchase or sell such securities from time to
time, but will at all times be subject to restrictions imposed by
the firm's internal rules. A copy of the firm's conflict of
interest policy is available on request.
Past performance is not necessarily a guide to the future. The
value of investments can fall as well as rise and you may get back
less than you invested when you decide to sell your investments. It
is strongly recommended that Independent financial advice should be
taken before entering into any financial transaction.
PLEASE SEE ALSO OUR TERMS AND CONDITIONS
Kepler Partners LLP is a limited liability partnership
registered in England and Wales at 9/10 Savile Row, London W1S 3PF
with registered number OC334771.
Kepler Partners LLP is authorised and regulated by the Financial
Conduct Authority.
About this service
Kepler Trust Intelligence for private investors is not just
another news and research website. Our aim is to create a library
of high quality investment strategy research, fund analysis and
useful guides for private investors, all written in-house by
experienced analysts on the investment companies team at Kepler
Partners.
We are focused entirely on investment trusts, however we believe
that it helps to understand them better if they are placed on a
level playing field with OEICs, so you will see comparisons between
the two in these pages often.
Our content falls into three categories;
Investment strategy articles are designed to highlight
opportunities and developments which are of interest to investment
trust investors, positive or negative.
Fund research focuses on individual trusts, examining them in
detail to create a snapshot picture which you can use to decide
whether or not you want to invest in them.
Educational output is split into simple guides, designed to help
beginners understand how investment trusts work, and more complex
guides to sectors, regions and strategies which may be of interest
to investors.
We do not produce massive amounts of research. Our focus is on
quality, not quantity, so we are unlikely to publish more than four
or five articles in a given week. For this reason we recommend that
you join our mailing list, and we'll send you an email once a week
alerting you to what's new on the site. We won't sell your details,
and we won't spam you with useless updates.
How are we funded?
Kepler Trust Intelligence is funded entirely by the providers of
investment trusts, and is made available freely to any person
(professional or private individual) who wants to access it. We
clearly disclose all of our relationships, but our research is
either paid for directly by specific trusts and their boards, or
more generally by the larger asset management groups who pay to
have adverts and advertorial. As a result, all of our research
should be considered "non-independent" and readers should consider
it as marketing.
All of our content is freely available to anyone. We run two
versions of the site - one for professionals and one for private
investors. The professional site requires readers to volunteer the
name of the company they work for and the city / region - so that
from a compliance perspective we can be satisfied that all readers
really are a professional.
We provide information, not advice
While we hope that you find the research we publish useful, and
we believe it will help you to make a more informed decision, but
we must of course stress that none of the research published here
constitutes a recommendation, or advice, and you should not think
that - just because we've published a report on a trust - we
believe that trust is a 'buy'. Please read our terms and
conditions.
If you want to manage your own investments we hope that this
website is a useful source of information which helps you to do
that, however if you are in any doubt, you should speak to a
financial adviser.
Pascal Dowling
Kepler Partners
This information is provided by RNS
The company news service from the London Stock Exchange
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAEAEKPEDNPEFF
(END) Dow Jones Newswires
June 08, 2018 06:42 ET (10:42 GMT)
Iimia Investment Trust (LSE:IIM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Iimia Investment Trust (LSE:IIM)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
