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Fund Profile

Momentum Multi-Asset Value Trust 15 September 2022


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.

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Momentum Multi-Asset Value Trust (MAVT) aims to generate a total return greater than UK CPI + 6% per annum over a ‘typical’ market cycle, whilst also providing investors with a dividend that grows in excess of inflation, thereby offering real (i.e. inflation-adjusted) returns. As discussed under Portfolio, MAVT can offer investors an ‘all weather’ solution by investing in a broad range of assets. The investment strategy takes a hybrid approach through allocations to direct UK equities and through specialist third-party solutions to gain an exposure to overseas equities, credit and specialist alternative assets. Currently the greatest allocation within the portfolio is 34.2%.

Lead oversight of the long-standing four-man Management team is provided by Gary Moglione, and the team maintain a strong ‘refined’ value discipline which seeks out opportunities that are currently unloved by the wider market. Central to their investment strategy is their long-term strategic asset allocation, while a shorter-term tactical asset allocation provides the managers with the freedom to benefit from more opportunistic investments if they arise.

As discussed under Performance, MAVT has been able to maintain relatively strong performance characteristics over the long term despite facing value style headwinds for much of the past decade, although its underperformance of the inflation-linked target over the past 12 months is perhaps unsurprising given the current environment.

In addition, the board employs a Discount control mechanism (DCM) that has been successful in minimising share price volatility relative to NAV (albeit while shrinking the market cap of the trust). The emphasis placed on income means MAVT currently has a Dividend yield of 4.4%.

Analyst's View

MAVT offers a well-diversified, ready-made investment solution that we think could form a core part of any investor’s portfolio and would be of particular interest to a value-orientated investor. We think MAVT can also be used as a diversifier thanks to its significant allocations to specialist/alternative assets, as we discuss under Portfolio. MAVT’s long-standing management team have extensive fund investment experience, and they have built a broad base of relationships within the industry. This provides them with access to a plethora of favoured third-party boutique fund managers that might otherwise prove difficult for investors to access to be able to perform the required due diligence on.

While MAVT’s focus on value has faced headwinds, over the long term the strategy has generated significant inflation-adjusted returns at significantly lower relative volatility levels than global and UK equities, as we discuss in the Performance section. We note that over the medium term, reaching the inflation-linked target may continue to prove as challenging as it has done over the past 12 months, given current elevated levels of inflation.

We believe the significantly increased allocation to specialist assets – which can offer an element of inflation protection through the greater predictability of cash flows – could prove to be particularly valuable for investors as inflation and forward-looking inflation expectations remain elevated in the medium term and could therefore contribute to an attractive level of income growth in the future.


  • Diversified approach offering an element of inflation protection over the medium term
  • Persistent dividend growth through the strength of the revenue reserves
  • Long-standing managerial team with unique specialisms and a proven long-term track record


  • Strong value orientation may lead to the portfolio performance lagging the broader market during periods of growth
  • Gearing increases sensitivity to market falls as well as rises
  • High level of recent buybacks, and the reduction in share count could increase costs
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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