Edison issues review on Miton Global Opportunities
London, UK, 7 September 2016
Edison issues research review on Miton Global Opportunities (MIGO)
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.
At 6 September MIGO's shares were trading at an 8.4% discount to cum-income net asset value. This is narrower than the averages over one, three and five years, but wider than the 6-7% seen in late July and early August, close to a five-year low. The slight widening was caused by a c 5% rise in the NAV while the share price rose by c 2%. Underlying funds still trade at historically wide discounts, holding out the possibility of significant upside if these discounts narrow.
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