Data is at market close and rounded to 2 decimal places.
Following FCA approval, from 27 November 2020, the role of Authorised Corporate Director (ACD) function has changed from Link Fund Solutions Limited to Premier Portfolio Managers Limited. At the same time, the fund was renamed, with the LF Miton prefix changing to Premier Miton. This reflects the change of ACD and the name of the new company, Premier Miton Investors, formed following the merger of Premier Asset Management Group plc and Miton Group plc in November 2019.
- Fund overview
- Investment approach
- Risks
The Premier Miton US Opportunities Fund is an actively managed, multi-cap fund investing in companies in the US. It will have a minimum of 70% of its assets in shares in North American companies across all industry sectors. The fund aims to provide capital growth over the long-term, being five years or more.
Key Points:
- The fund management approach has a strong emphasis on stock selection based on the individual attributes of a company (this management style is known as taking a bottom-up approach).
- The investment universe will include all companies in the Russell 3000 index which accounts for 98% of the US stock market.
- 35-45 holdings; a concentrated high conviction approach.
- Managed by experienced US equity managers Nick Ford and Hugh Grieves.
The managers bottom up approach, means they will build a portfolio by selecting stocks which they believe to have the best opportunities within their industry or sector. They choose these stocks in the belief that they can deliver consistent and predictable growth in cash flow over time. They aim to find businesses which are resilient to external forces (such as competition, suppliers, customers, and technological change) that can knock companies off a path of steadily compounding profits. Ideally they look for; companies with highly recurring revenues or frequent small purchases by customers, limited need for finances to support the growth of the business, and high barriers to entry (obstacles that prevent new competitors from easily entering an area of business). They believe that only a small group of all quoted companies fit such criteria. Such companies they believe they can model and forecast, and hence value with a higher degree of confidence than the average company.
Once they have identified companies that, one day, they would like to invest in, they then wait patiently for an opportunity to acquire the shares at a reasonable price. A reasonable price is one where they have an opportunity to achieve a profit and dividends if the companies perform as they expect but importantly, one where they have a margin of safety to limit losses if the unexpected does happen. Sometimes companies that they hold achieve valuations which they believe are excessive and overly optimistic. When this occurs, they trim or sell the investment and look to reinvest the capital back into another opportunity which offers a potential superior reward for the risk. If they cannot find an opportunity to immediately re-invest, then they will hold cash rather than make a bad investment.
- 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.
- This fund may experience high volatility due to the composition of the portfolio or the portfolio management techniques used.
- For funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment.
Objective
The objective of the Fund is to provide capital growth over the long-term, being five years or more. Five years is also the minimum recommended period for holding shares in this Fund. This does not mean that the Fund will achieve the objective over this, or any other, specific time period and there is a risk of loss to the original capital invested.
Fund facts
| Fund size | £909.9m |
| Fund launch date | 18 March 2013 |
| IA sector | North American |
| Fund type | OEIC |
| Base currency | GBP |
| Valuation point | 12:00 midday |
Accounting dates | Final - 31 May Interim - 30 November |