Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by MIGO Opportunities. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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MIGO Opportunities Trust (previously named Miton Global Opportunities Trust) is a specialist trust that aims to benefit from special situations and inefficiencies that can exist in the UK listed funds market. The managers actively seek diversification within the portfolio, and invest in trusts they think have strong NAV prospects. However, they also look to invest at an attractive discount to NAV with a medium-term catalyst (18 months or longer) identified for the discount to narrow.

They aim to take a contrarian view in finding ideas and take a longer-term view than the market. This means that they typically own trusts within a number of themes. The portfolio currently constitutes around 40 holdings, of which the top ten represents around half of the assets (47.3% as at 31/03/2022). The current notable themes within the portfolio include uranium, which has been a strong contributor to performance lately. Other themes are UK micro caps, high OCFs (listed private equity) and biotechnology.

Gearing has been selectively deployed over past years, reflecting the number of opportunities that Nick and Charlotte find at any point in time. Cash levels have been increasing until very recently, indicative of the lack of interesting opportunities the team are finding. At the current level of 11.6% (as at 14/04/2022), this still represents a significantly higher level than has historically been the case.

2021 delivered very strong Performance, driven by diverse exposures such as private equity, mining, Vietnam and UK Microcap investment trusts. NAV returns were well in excess of world markets, but particularly strong relative to the Flexible Investment trust sector.

Analyst's View

Nick and Charlotte look to use their time to monitor and analyse trusts and use publicly available information to gain an edge over the market. In their view, many investors routinely overlook important and relevant information. They also aim to benefit from a good understanding of specific shares’ supply and demand dynamics, looking to benefit from clumsily executed buy and sell orders in what can sometimes be a relatively illiquid market. In this regard, MIGO’s size (net assets of c. £97m) can be seen as an advantage, giving Nick and Charlotte the ability to be nimble.

MIGO’s share price has relatively closely tracked the NAV. Indeed, it is the board’s policy to be “proactive in managing” the share price premium or discount. MIGO presently trades on a discount of c. 3% (as at 09/04/2022), which compares with the average discount of c. 1.2% over the last five years. Whilst the headline discount is relatively narrow, the underlying holdings in the portfolio trade at a significant discount. When we met up with Nick recently, he commented that with the average discount of the top 12 holdings approaching c. 25%, discounts have rarely been wider (see Discount section).

In our view, MIGO will appeal to trust investors who recognise the value the structure offers to specialist managers, but who also want the potential to benefit from the accelerant to share price returns from the discount narrowing. MIGO offers an elegant one-stop-shop, offering a highly distinct exposure to special situations in the UK listed funds market, backed by an investment process which has periodically outperformed wider equity markets.


  • Diverse exposure to an array of otherwise hard-to-access, relatively illiquid opportunities
  • Expert management in a specialist field
  • Look through discount of portfolio at lower of the historic range


  • Illiquid nature of many closed-ended holdings makes discounts vulnerable to market reversals
  • Trust-of-trusts structure does involve a double layer of fees
  • Opaque nature of some alternative asset trusts may mean that discounts persist
Continue to Portfolio

Fund History

10 Jul 2024 Fund Analysis
MIGO’s managers say there are too many great opportunities to fit them all in the portfolio…
10 Jul 2024 Things can only get better
Discounts are yawning but markets are thawing and boards are on the offensive; Labour might not be the only thing making a comeback this year...
10 Jan 2024 Definitely maybe
Fund flows and discounts may shed some light on a once-in-a-generation opportunity…
29 Nov 2023 Fund Analysis
Manager Nick Greenwood argues current investment trust discounts present a once-in-a-generation opportunity…
25 Oct 2023 We’re going to need a bigger boat...
We argue corporate activity is picking up, making the investment trust sector an exciting place to invest…
27 Sep 2022 Fund Analysis
MIGO’s underlying discount to NAV has rarely been wider…
06 Jul 2022 A game of two halves
In the second article of our series on the AIC Flexible Investment sector we see how performance has stacked up during two years when markets were poles apart...
20 Apr 2022 Fund Analysis
MIGO’s underlying discounts are currently wide relative to history…
14 Apr 2022 The inevitabilities: death and taxes
Biotech has had a rough ride lately but, as the world gets older and richer, our analysts think long-term secular growth is inevitable…
30 Mar 2022 You say tomato…
Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach...
11 Aug 2021 Fund Analysis
MIGO’s managers report that market conditions continue to offer them attractive discount opportunities...
21 Jul 2021 Every which way but loose
We break down the AIC Flexible sector into more useful segments…
02 Jun 2021 Fortune favours the brave (sometimes)
Our research suggests wide discounts often herald high NAV returns too…
19 May 2021 The complexity premium
We examine the idea that extra returns can be obtained from buying investments which are perceived to be more complex by most investors...
10 Feb 2021 Eye of the Pfizer
Mining shares have rallied in recent months. With further potential, what impact could this have on the relative returns of active UK Small cap strategies...
17 Dec 2020 Fund Analysis
Investing in a diverse array of other trusts, MIGO seeks to build a portfolio with significant embedded value...
11 Nov 2020 Now that's what I call a discount!
Presentations and audio from our conference focussed on discount opportunities in the investment trust sector…
11 Nov 2020 Slides and Audio: Miton Global Opportunities
View the presentation and listen to the audio from our 'Discounts in Focus' event on 05 November...
22 Oct 2020 Spotlight on discounts
As our event focussed on discounts approaches, we update our portfolio of discount opportunities and review discounts across the wider IT universe…
09 Jul 2020 Fund Analysis
Using a diverse array of investment trust strategies, MIGO seeks to build a portfolio of trusts with significant embedded value...
06 Nov 2019 Times are a changin'? The case for a value resurgence
We are in the midst of the longest period of value underperformance since the 1920s. Could we be approaching a change in environment?
23 Oct 2019 Kepler Rated: Miton Global Opportunities
This trust pursues a highly specialised 'fund of funds' approach, aiming to identify discounts which the manager thinks do not reflect reality...
25 Sep 2019 One-stop shop: how multi-asset trusts offer superior diversification
Investment trusts are particular suited to this mode of investing. We examine their advantages over open-ended funds and highlight the trusts which do it well…
25 Sep 2019 Fund Analysis
Using a diverse array of eclectic investment trust strategies, MIGO seeks to build a portfolio of trusts with significant embedded value...
13 Feb 2019 Fund Analysis
A highly differentiated fund of investment trusts, which has delivered annualised returns of 7.5% since launch in 2004...
30 May 2018 Fund Analysis
A highly differentiated special opportunities fund of funds, managed by one of the most experienced managers in his sector...
20 Mar 2018 Star struck
Star culture presents siginficant problems for asset management companies when top managers jump ship. We examine the steps some groups take to avoid them...
30 Aug 2017 Smoke and mirrors?
We analyse whether investors should really focus on discounts and premiums when making their investment decisions...
09 Mar 2017 Fund Analysis
A global trust of investment trusts that is diversified in terms of regions and asset classes..
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