Complete your registration today for a chance to win £50 John Lewis vouchers in our weekly draw Enter now
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.

A new version of this profile is available. View Latest

Miton Global Opportunities (MIGO) is a trust of trusts specialising in deep value opportunities and special situations. MIGO offers exposure to a diversified pool of trusts, often trading on substantial discounts to their intrinsic value and where MIGO’s managers believe there is a catalyst for a re-rating. The trust is relatively unconstrained in asset allocation.

MIGO’s managers believe we are seeing structural changes to the investment trust universe which are opening up opportunities. This includes broader use of the investment trust structure for alternative asset classes, consolidation in the investment trust market in other asset classes (where persistent discounts are likely in the managers’ view to attract merger activity or similar), and greater retail utilisation of investment trusts.

Furthermore, as discussed under Portfolio, MIGO’s managers believe we may ultimately witness a change in market and economic environment towards a more inflationary backdrop. That could catalyse opportunities to narrow discounts across a broad range of assets, which could be a strong tailwind to MIGO’s returns if it were to occur.

As noted under Performance, typically MIGO has consistently displayed a lower correlation to global equities than the wider Morningstar Flexible Investment peer group whilst delivering returns over twice those seen by the FTSE All-Share over the previous five years. An inflationary environment (which the managers anticipate materialising) could serve as a tailwind to absolute returns.

Whilst MIGO trades on a share price discount of c. 4.7% (as at 20/11/2020), the underlying holdings themselves trade at sizeable discounts to what the managers deem to be their fair-value NAVs. There is therefore a greater look-through double discount, as discussed under Discount.

Analyst's View

MIGO's portfolio is tilted towards ‘vaccine beneficiaries’ , yet the managers have also taken care to ensure that the positions they hold are typically operationally and financially robust. As and when economic normalisation occurs, we think there may be broad-based valuation opportunities across swathes of financial markets, perhaps in areas deemed to be illiquid by many investors looking to tactically allocate. We think the trust structure of MIGO and the focus on the trust itself identifying other trusts to invest in should stand it in good stead to identify opportunities which retain ‘catch-up’ potential.

Given MIGO’s focus on identifying poorly researched trusts where share prices do not reflect their potential, such an environment as we have experienced over much of 2020 should have presented a highly attractive hunting ground for the managers. As well as opening up the possibility of initiating positions in high-quality trusts previously deemed too pricey by the managers (such as Tufton Oceanic Assets) at more attractive valuations, the generalised sell-off of Q1 also afforded the managers the chance to top up positions in trusts with tangible routes to value realisation (such as Dunedin Enterprise Investment Trust).

The resultant portfolio looks to us to have some attractive optionality to a higher inflationary environment, whilst retaining fundamental look-through value should this scenario not materialise. Typically low correlations to broader equity markets make this a potentially attractive portfolio diversifier, particularly for investors whose equity exposure is currently tilted towards growth strategies.

Returns have been lowly correlated to wider equity markets in ordinary market conditions
Illiquid nature of many closed-ended holdings makes discounts vulnerable to market reversals
Any rise in inflationary pressures could prove a tailwind
Gearing can exacerbate downside (as well as amplify upside)
Exposure to an array of otherwise hard-to-access, relatively illiquid opportunities
Will not suit investors who want to control their asset allocation
Continue to Portfolio

Fund History

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..
View all

Welcome to Kepler Trust Intelligence

Please enter a valid email address
Please enter a valid password
Please enter a valid email address
Please check your email. If an account exists you'll be sent instructions on how to reset your password.
To ensure that we are able to provide content which is appropriate for you, please tell us a little about yourself.
Please choose an option
Please enter a company name
Please enter a location name
Please choose an option
Please enter a platform
Please choose an option
Please enter a trust
The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
Please confirm
Please select an option
See benefits
A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
Please select an option
Please enter your first name
Please enter your last name
Please enter a valid email address
An account already exists with this email - have you forgotten your password?
Please enter a valid password
Please enter a valid password
How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
Our Website uses Cookies Cookies are small text files held on your computer. They allow us to give you the best browsing experience possible and mean we can understand how you use our site. Some cookies have already been set. You can delete and block cookies, but parts of our site won’t work without them. By using our website you accept our use of cookies. For further information please refer to the Kepler Privacy Notice.
Need help?

One more thing...

Did you know, you can 'follow' individual trusts on Kepler Trust Intelligence? Use the functions below to set up alerts and we'll send you research and updates on your chosen trusts.

Suggested trusts to follow

Browse all funds
Need help?
Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.