Miton UK MicroCap (MINI) aims to provide shareholders with capital growth over the long-term. Managed by Gervais Williams and Martin Turner, MINI typically focusses on investment in companies with market capitalisations of less than £150m, usually listed on the AIM market. As discussed under portfolio, MINI was launched in 2015 with a view to positioning an investment vehicle for the longer-term cycle that the managers perceived to be in the offing at the time. There is a deep underlying theme running through the structure of the trust, emphasising a reversal of many of the economic trends of the past three decades. Ultimately the managers expect this to result in reshoring of businesses, rising wage inflation and a change in market leadership. They note that the UK market offers a hugely attractive subset of micro-cap companies which stand to benefit from precisely such a scenario. Operationally, many of these companies have, and will likely retain, relatively endogenous drivers of growth. Yet, as noted under portfolio, Gervais and Martin believe these companies are often ignored and that there is a large opportunity set in financially robust companies. As discussed under performance, MINI is by a significant margin the strongest performing trust in its sector over the 12 months to 15/03/2021. Yet the managers believe we are only in the foothills in a substantial market rotation that should provide them with further tailwinds going forward. Despite the exceptional performance, MINI remains on a discount of c. 8.6% (as at 15/03/2021). The board offers a redemption facility annually, which allows shareholders the opportunity to exit at or close to NAV.