Does newly renamed Miton Global Opportunities offer reward for patient investors


#1

Originally published at: http://whichinvestmenttrust.com/does-newly-renamed-miton-global-opportunities-offer-reward-for-patient-investors/
The trust invests in a range of specialist investment trusts and has appointed marketing firm Frostrow to better communicate the trusts activities to investors. Miton Global Opportunities (LON:MIGO) is a small investment trust that has been on a persistent and stubborn discount for some time. Manager Nick Greenwood, is an experienced hand who offers investors…


#2

The German property holding , Talisman is on such a large premium to assets but I suppose this is one of the holdings where the NAV is under valued in Nick Greenwood’s eyes.

My problem with this fund s that the performance has just been a little under whelming. Yes it’s beat it’s index but Libor + 2 surely isn’t an appropriate index for a vehicle like this.

It’s not a shockingly bad performer but I just think I can easily find more interesting places to park my savings.


#3

Looking at the holdings you could kind of thin of it as maybe being a convenient way to invest in some of the more esoteric investment trusts that take a bit or a lot more work to really comprehend.

I wonder why more institutions don’t in vest in this for that very reason.

I think this might be worth a bit of a punt.


#4

This trust will never shoot the lights out, that is not what is intended, just look at the benchmark! What I do like though is the fact that each investment on its own is generally too much of a punt for most investors, yet when combined it has the lowest volatility of almost any trust and could be deemed a low risk trust simply due to a very low correlation with the market. I realise that volatility and risk have little in common but I have followed this trust, as an investor along with my clients, since it launched and find it a useful defensive holding for lower risk investors.
Changing a name is neither here nor there but the new category will be much more useful, although no other trust does what Nick does!
There is indeed potential for the discount to narrow from here, given the new broker and the exit strategy recently agreed. Personally I don’t know why it has an index since in reality it simply is a basket of unloved holdings.


#5

Alex Wright of Fidelity Special Values among other trusts has just posted that there may be signs of a change in favour of value stocks - https://www.fidelity.co.uk/professional/perspectives/details.page?id=/templatedata/perspectives/article/data/positioning-for-change. Citing banks (Lloyds), mining sector, oil (Shell - can’t see reason for divi cut and yielding 7%), and small caps. Of course he has a bias!
This would be a nice change though. Value stocks like FSV, TMPL, BTEM and indeed this one (MIGO) have deep value in the double discount and have been varied in their recent performance. BTEM has been rubbish!! Maybe time to look at this style again?


#6

Maybe a buy signal then @james_pigott. I am a bit of a fan of Alex Wright, I think he’s a good manager. I’m just not as familiar with the Miton trust, though you’ve explained it well.

Thanks