Miton UK MicroCap

MINI’s managers believe the prospects for the strategy are the best they have been for 30 years…

Miton UK MicroCap

MINI’s managers aim to exploit extreme value in UK micro-caps…

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Miton UK MicroCap

MINI’s portfolio is unusually cheap…

Miton UK MicroCap

MINI’s share price discount could offer a long-term entry opportunity…

Perfectly formed

Our research suggests that investment trusts really are a better way to gain exposure to smaller companies

Miton UK MicroCap - Overview

Miton UK MicroCap (MINI) was launched in 2015 to invest in the UK’s smallest listed companies, typically AIM-listed stocks with market capitalisations of less than £150m. The strategy focusses on generating capital growth, the managers Gervais Williams and Martin Turner looking for companies that are positioned to generate substantial surplus cash in excess of market expectations in the near term. As discussed in Portfolio, the trust itself was launched to take advantage of major global economi

Great expectations

Once upon a time I was lucky enough to spend a few days on a junket to Morocco, where I stayed at a hotel in Marrakech called La Mamounia, occupying the grounds of a former royal palace built by Sultan Mohammed ben Abdallah in the 18th century and described by Winston Churchill as ‘the most lovely spot in the whole world’. On my last night at the hotel I won approximately 52 million dirhams1 in the hotel casino and, feeling somewhat groggy the following morning after celebrating my victory unti

Don’t fear the reaper

With market direction hard to call, we consider the case for taking a long- term view in the investment trust sector...

Vive la revolution

‘Quality’ investing styles have enjoyed structural tailwinds for around 40 years. Over this period, cyclical variances have happened, but the trend towards bigger companies, increased concentration, greater ease of movement of capital across borders, and economies of scale has ultimately always prevailed. Quality has consistently won out. As we discuss below, the improvement to the relative return profile of quality factor investments has been greater than any other, whilst value as a style has

Molten Ventures - Making progress on its realisation agenda

Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that re

LIBERUM: Ramsdens Holdings: Solid H1 and trading conditions on an improving trend

Balancing act

Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.

PANMURE: Insurance : Fat Tail Friday: What we learnt from Q1 Earnings Season

PANMURE: Sabre Insurance Group : Margin and volume expansion

PANMURE: Chesnara : Dividend to go Platinum

PANMURE: Direct Line Group : Shrink to profitability

PANMURE: Conduit : Strong growth

PANMURE LIBERUM: Record: Performance pop

Hardman & Co Real Estate Credit Investments (RECI): Capital Markets Day

RECI benefits from deep expertise, not only in selecting assets but in having the capability to protect assets where positions need attention. As part of the larger Cheyne debt investor specialist – with over $11bn assets under management – RECI has top-tier expertise. The CM Day presentation, on 27 June, highlighted the scope for a modest progressive rise in loan returns, an already-anticipated move out of development loans into loans for yielding assets where their owners seek finance to impro

Jarvis Securities - In line with expectations in a challenging year; Skilled Person enquiry ongoing

Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p

Allenby Capital - NAHL Group plc: Finals - Profit and cash to accelerate strongly in FY24 and FY25

FY23 adjusted profits came in slightly above our expectations with results in both divisions reflecting the investments made in the period and in previous years. Despite the continued investment in operations, net debt was reduced from £13.3m to £9.7m and is expected to have fallen to c.£1.3m by end FY25. The year has started well with a subdued market in personal injury offset by a strong start in Critical Care. Consequently, management expects to meet market expectations for the full year.

Ruffer Investment Company - Overview

Ruffer Investment Company (RICA) is designed to achieve positive annual total returns (after expenses) of at least twice the Bank of England base rate. The trust invests internationally across a range of asset classes, seeking to hold both growth and protective strategies in an appropriate balance with the aim of generating consistent positive returns and avoiding losses over rolling 12-month periods. RICA consists of pools of assets designed to provide different return profiles in various envir

Pershing Square Holdings

2021 was a fantastic year for PSH, yet it trades on a 30% discount

Strong business momentum across portfolio

Real progress towards significant value generation