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Fund Profile

Momentum Multi-Asset Value Trust 20 April 2023


This is a non-independent marketing communication commissioned by Momentum Global Investment Management. 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.

MAVT offers a diversified source of inflation-protected income and growth…

Momentum Multi-Asset Value Trust (LON:MAVT) offers shareholders a differentiated investment strategy with a benchmark agnostic, total return-focused multi-asset approach. Gary Moglione is responsible for overseeing the portfolio management, however, the nature of the strategy means responsibilities are split across a team of seven depending on their expertise in UK equities, investment companies, specialist overseas equity and credit funds, or specialist assets.

As discussed in Portfolio, the team have a long-term strategic asset allocation which is adjusted tactically based on bottom-up analysis and valuations. The team’s focus on valuations has resulted in a long-term underweight allocation to the US and significant overweight to UK mid-cap equities. Since the start of the second half of 2022, the latter has gradually increased to 38%. This reflects the managers’ contrarian style that seeks to exploit mispriced, but fundamentally strong companies that have been disproportionately impacted by prolonged negative sentiment towards the country.

Long-term Performance has held up, but the focus on UK mid-caps has negatively impacted short-term performance. However, this has presented valuation opportunities to add to existing holdings, particularly through specialist assets that offer an element of inflation-linked cashflow, particularly with respect to specialist infrastructure and sustainable assets exposed to the energy transition.

MAVT offers an inflation-linked Dividend as a core investment objective, which during periods of sluggish earnings can be maintained by the trust’s revenue, realised capital, and special reserves. MAVT’s board operates a strict discount control mechanism, which keeps the shares trading close to NAV.

Analyst's View

In our view, MAVT’s strategy may offer investors a valuable source of diversification to more common equity strategies. The managers estimate 18% of the portfolio is directly or indirectly linked to inflation, mainly in the significant allocation to specialist and long-duration infrastructure assets. We think this is likely to be an attractive feature given persistently high inflation. Additionally, we note that many of these cashflows will likely benefit from the energy transition. MAVT’s inflation-linked dividend is a key attraction, in our view.

The managers’ valuation sensitive, and contrarian approach has seen them increase their weighting to UK mid-cap equities. We think this growth market looks cheap and could offer significant returns should economic and political conditions ease. The managers’ aggressive stance on Gearing also adds to the return potential, although it brings risks.


  • Inflation-linked dividend, leading to continued dividend growth
  • Contrarian investment approach may provide a good source of diversification and returns should market sentiment shift
  • Discount control mechanism ensures shareholder value is maintained


  • Value focus may lead to performance lag in growth-driven markets
  • High level of recent buybacks and the reduction in share count could increase costs
  • Gearing can magnify losses on the downside, but also gains on the upside
Continue to Portfolio

Fund History

20 Apr 2023 Fund Analysis
MAVT offers a diversified source of inflation-protected income and growth…
10 Feb 2023 Wrong when it’s right
Economic data is balanced on a knife edge, but that hasn’t stopped the markets surging so far this year. With such a confusing picture to consider, we look at the opportunities lying elsewhere…
15 Sep 2022 Fund Analysis
MAVT’s diversified, multi-asset portfolio and attractive yield may provide a source of ‘refined value’ in volatile markets…
09 Sep 2022 A simple route to diversification and inflation protection
MAVT is neatly positioned to deal with the world’s economic problems…
12 Aug 2022 Buying the discount
Trusts spent over £1bn on discount control in the first half of 2022…
05 Aug 2022 A trust for a rapidly changing world
Momentum Multi-Asset Value looks well-placed to handle the shocks of 2022…
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...
18 May 2022 Riding out the storm
We look at trusts with tightly governed discounts which may appeal to investors in volatile markets…
18 Mar 2022 A trust for all seasons
MAVT has performed well under duress, will it do the same with some tailwinds working in its favour?
16 Feb 2022 Could inflation give a boost to value?
Momentum Multi-Asset Value may see some upside from higher prices…
19 Jan 2022 Fund Analysis
A ready-made multi-asset portfolio with an attractive yield and a contrarian, value style…
29 Nov 2021 Refined value, resilient performance
The team behind Momentum Multi-Asset Value Trust have stuck to their guns as contrarian value investors in recent years, and the resurgence of value this year has seen this pay off…
13 Oct 2021 Consistency is key
Marking its 25th anniversary, Momentum Multi-Asset Value Trust (MAVT) continues to deliver inflation-beating returns by investing in a highly differentiated range of assets, giving investors access to continually evolving holdings that they are unlikely to find in other funds…
21 Jul 2021 Every which way but loose
We break down the AIC Flexible sector into more useful segments…
12 May 2021 The nuances of value investing
With value stocks continuing their rise, distinguishing between different ‘value’ fund offerings can be challenging. Here, we look at a unique multi-asset value strategy…
26 Apr 2021 Fund Analysis
After a strong 12 months, the managers of the recently renamed MAVT are optimistic on prospects for value...
09 Apr 2021 New look, broader resources, same proven approach
The newly renamed Momentum Multi-Asset Value Trust continues investing in quality value opportunities across different sectors in the UK, with deeper and stronger resources at its disposal…
24 Mar 2021 Shoot to Thrill: ISA targets for long term growth
We all intend to invest for the long-term but can often be distracted by the news...
25 Feb 2021 Flying under the radar
We take a look at SIGT, a trust which is might not spring to mind for UK exposure, but offers flexible and differentiated exposure to any UK recovery…
20 Jan 2021 A trust with hidden depths
We take a look at SIGT, a multi-asset trust offering a solid income from a truly diversified portfolio…
02 Dec 2020 Results analysis: Seneca Global Income & Growth
After a strong six months, we look at SIGT’s outperformance of its benchmark and whether it has the potential to continue to do so going into 2021…
25 Nov 2020 Britannia Redux?
UK equities have been despised for almost five years and could offer extreme rebound potential…
19 Nov 2020 Thinking outside the box
Kepler Trust Intelligence looks at the unique approach to value investing taken by Seneca Global Income & Growth Trust…
06 Oct 2020 It's not about following the herd
With a small number of stocks driving global markets, we discuss how SIGT can be used to aid and diversify returns...
30 Sep 2020 Fund Analysis
Seeking to achieve total returns of CPI +6% p.a., SIGT invests on a multi-asset basis with a value approach...
04 Apr 2017 Getting active...
David Thomas, chief executive at Seneca IM, highlights the benefits of active management and why the team at Seneca Global Income & Growth have a very distinctive value style...
02 Apr 2017 Fund Analysis
A highly-diversified global multi-asset portfolio that aims to generate long-term income and capital growth via a value-driven approach...
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