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 lookthrough double discount, as discussed under Discount.