Data is at market close and rounded to 2 decimal places.

£1,476.0m
Fund size
52
No of holdings
None
253.65p
Share priceB Acc GBP
Fact sheet
  • Fund overview
  • Investment approach
  • Risks

The managers aim to achieve growth by employing a consistent investment strategy over time. The managers believe that superior long-term earnings growth of companies equals superior long-term share price performance.

Key Points:

  • Able to invest across the full range of large, medium and small sized companies but will have a bias to medium sized companies.
  • Focus on individual companies and the global markets they operate in, rather than the European economic outlook.
  • Favouring companies that can create value through a combination of growth in revenues and profit margins, and where their potential to create value is currently not reflected in the share price.
  • Long term investment horizon.
  • Employing a consistent investment strategy over the long-term rather than reacting to stockmarket fads.
The material within these webpages is not a recommendation to buy or sell any of the investments referred to herein. Premier Miton does not give financial advice. If you are unsure as to the suitability of the investments mentioned please contact a financial adviser. The value of investments can fall as well as rise and you may not get back the original amount invested. Please see the Risks section above for a list of all associated risks.

The managers' investment approach is built around four key pillars:

  • High quality.
  • Superior growth prospects.
  • A long term investment horizon.
  • An unconstrained investment universe.

High Quality – The focus here is twofold; firstly, the managers demand a high return on capital – well above a company’s cost of capital. Secondly they require evidence that this high return will be sustained in the long term and not competed away.  Quality businesses tend to have substantial barriers to competition, colloquially known as ‘large moats’, and therefore make sustained high returns on their invested capital over the long term. The managers prefer businesses whose earnings are driven by factors within company management control rather than external events. The business activity is often less sensitive to the economy than other companies.

Superior and Expanding Growth Prospects – The managers look for businesses with high and ideally accelerating sales growth. This can be from unit growth (new products, market share gain, new markets) or pricing power. These businesses might well be benefitting from a structural tailwind (such as an ageing demographic in the developed world).

Long Term Investment Horizon – In the managers’ experience they have found that stock markets are best at forecasting short term earnings of a company, less good at understanding medium term earnings, and poor at understanding long term change. Consequently, the managers spend significant time focused on the latter rather than the former. Furthermore, they are not distracted by the short term unlike many other investors and instead consistently focus on the long term.

Unconstrained – The larger the investment universe in which the managers can operate, the more high conviction ideas they are able to find; although they tend to find that the above characteristics are most commonly found in medium sized businesses. Small companies are often more risky as they are less established and the shares trade less frequently. The managers find medium sized companies generally present the most attractive investment opportunities.

  • The value of investments may fluctuate which will cause fund prices to fall as well as rise and investors may not get back the original amount invested.
  • Currency exchange rate fluctuations may have a positive or negative impact on the value of your investment.
  • This fund may experience high volatility due to the composition of the portfolio or the portfolio management techniques used.

Awards & ratings

Objective and investment policy

To achieve a combination of income and growth. The fund will invest at least 80% in the shares of European companies with a bias toward medium sized companies with a market capitalisation of between £2 billion and £15 billion. The fund may also invest in large and small sized companies, other funds and cash.

Carlos Moreno
Fund manager
Thomas Brown
Fund manager

Fund facts

Fund launch date14 December 2015
IA sectorEurope ex UK
Fund typeOEIC
Base currencyGBP
Valuation point12:00 midday
Accounting dates
Final - 31 May
Interim - 30 November

Fund facts

Fund size£1,476.0m
Fund launch date14 December 2015
IA sectorEurope ex UK
Fund typeOEIC
Base currencyGBP
Valuation point12:00 midday
Accounting dates
Final - 31 May
Interim - 30 November

Awards & ratings

Ratings are not a recommendation.

FE fundinfo Crown Fund Ratings do not constitute investment advice offered by FE fundinfo and should not be used as the sole basis for making any investment decision. All rights reserved.

RSMR Fund Rating as at 30 June 2020.