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

£53.8m
Fund size
67
No of holdings
None
235.47p
Share priceB Acc GBP
Fact sheet
  • Fund overview
  • Investment approach
  • Risks

The fund invests primarily in the shares of smaller UK companies listed on a stock exchange with relatively low market capitalisations, investing primarily in companies listed on the AIM, Small Cap and Fledgling indices.

The focus is on genuine smaller companies which are often not well-known, are under-researched by investment analysts and where there is potential for the value of the company to be mispriced which may mean the return can be greater.

The typical holding for the top ten companies held in the fund is between 2% to 4% of the fund size.

Gervais Williams has been investing in smaller companies since 1985 and has a proven track record. Together with Martin Turner they make for an experienced management team.

The material within these webpages is not a recommendation to buy or sell any of the investments referred to herein. 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.

Selecting companies based on their individual attributes (this management style is known as taking a bottom-up approach), with a diversified portfolio of primarily smaller and micro-sized companies. The fund does not follow any particular market index.

The stock selection process uses a ‘traffic-light’ process:

  • Does the company have prospects for rising turnover?
  • Does the management team of a company make decisions we feel will build real intrinsic value?
  • How much financial flexibility is there in the balance sheet?
  • Are there low expectations in the company’s share price?
  • 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.
  • Investment in the securities of smaller and/or medium sized companies can involve greater risk than may be associated with investment in larger, more established companies. The market for securities in smaller companies may be less liquid than securities in larger companies. This can mean that the Investment Manager may not always be able to buy and sell securities in smaller and/or medium size companies.
  • The Fund does not use derivatives extensively, although it may use them in an attempt to reduce risk, reduce costs and to generate additional income. Investing in derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions. Derivatives may expose the Fund to credit risks of counterparties, who may not meet payment obligations. The use of derivatives may result in the fund being leveraged (where economic exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will magnify losses.

Objective and investment policy

To achieve long-term total returns (the combination of income and capital growth). There is no guarantee that a positive return will be delivered over any time period and capital is at risk. The fund will invest at least 70% in the shares of UK smaller companies. UK smaller companies are those that are incorporated in the UK or have a significant part of their operations in the UK, are listed on a stock exchange and typically have a market capitalisation of £1 billion or below. The fund may also invest in other funds and cash.

Gervais Williams
Fund manager
Martin Turner
Fund manager

Fund facts

Fund launch date14 December 2012
IA sectorUK Smaller Companies
Fund typeOEIC
Base currencyGBP
Valuation point12:00 midday
Accounting dates
Final - 31 May
Interim - 30 November

Fund facts

Fund size£53.8m
Fund launch date14 December 2012
IA sectorUK Smaller Companies
Fund typeOEIC
Base currencyGBP
Valuation point12:00 midday
Accounting dates
Final - 31 May
Interim - 30 November