Fact sheet: LF Miton UK Value Opportunities

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK GROWTH
Sector
UT UK All Companies
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates LF Miton UK Value Opportunities

Rated Fund 2015-2018. Pragmatic way of accessing UK markets

This fund had a manager change in 2016, with new incumbent Andrew Jackson bringing his own style to the fund and fundamentally changing the process.

Jackson adapts his style depending on market conditions, but considers himself as a value investor with a quality overlay ヨ avoiding distressed or indebted companies.

'This approach has paid off and we see it as a pragmatic way of investing in UK markets at the moment, where unlocking value opportunities could provide continued alpha [outperformance],' says Ben Willis, head of research at Whitechurch Securities.

Jackson has the freedom to invest in the best opportunities across the market capitalisation spectrum, though he has a strong bias towards small and medium-sized companies, which make up more than 80 per cent of the portfolio.

He focuses on the company first ヨ its growth and earnings prospects ヨ and valuation second, aiming to identify companies whose prospects he feels are improving but that are nevertheless out of favour with other investors.

Jackson took the reins of the fund four days after the EU referendum in June 2016, and was handed a domestically orientated portfolio that owned companies exposed to the UK housing market, for example, and had been positioned to benefit from a 'Bremain' scenario.

He held on to companies that were knocked back by the Brexit decision and sold them when their share prices came back. Since taking over the fund, he has reduced the fund's exposure to the UK consumer and introduced more internationally focused stocks.

The number of holdings in the portfolio has climbed from 65 to 70.<\p>

3 Year Performance
Fund Performance40.1%
Average of Rated Funds Group43.8%
Sector Performance18.9%
Fund information
Fund name
LF Miton UK Value Opportunities B Inst Acc
Fund manager company
Miton Asset Management
Fund type
OEIC
Fund managers
  • Andrew Jacksonsince 01/07/2016
Accolades
Fund objective
The investment objective of CF Miton UK Value Opportunities Fund is to achieve long-term capital growth. The fund will invest mainly in UK companies which the Investment Manager considers to be undervalued by the market.
Benchmark
  • No Specified Index
Investment style
Value
Investment method
Shares
Quick stats
1 Year return
9.7%
1 Year rank in sector
65/274
Sector
UT UK All Companies
Yield
1.6%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.89%
Fund size
£380m (£283m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
84
Mid price
200.08
Top in this sector
Fund name1 Year
MI Chelverton UK Equ Grth22.5%
MFM Bowland20.6%
Stan Life Inv UKEqUncns20.3%
CFP SDLUKBftolgy19.2%
CFP SDL Free Spirit19.1%
...more in UT UK All Companies

Performance snapshot

Holdings snapshot

  • UK96.8%
    Money Market3.2%
  • Capital Goods19.2%
    Consumer Durables9.5%
    Software7.1%
    Financials6.3%
    Retail5.7%
  • UK Equities96.8%
    Money Market3.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.6%-2.2%-0.6%9.7%40.1%106.4%
Sector3.1%-2.8%0%7%18.9%50.1%
Rank within sector249 / 28091 / 278183 / 27765 / 27413 / 2597 / 244
Quartile4th2nd3rd1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-1.5%24.8%-1.6%23.6%11.2%
Sector-1.9%13.8%11.2%3.7%0.6%
Rank within sector102 / 27717 / 272255 / 2625 / 2564 / 249
Quartile2nd1st4th1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.21
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.9
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.63
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
12.25
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
9.22
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.56
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.45
Price movement
52 week high205.8
52 week low181.75
Current bid price-
Current offer price-
Current mid price200.08
Region
1UK96.81%
2Money Market3.19%
Industry sector
1Capital Goods19.16%
2Consumer Durables9.51%
3Software7.1%
4Financials6.31%
5Retail5.72%
6Services5.61%
7Hardware5.56%
8Real Estate5.36%
9Materials5.1%
Asset type
1UK Equities96.81%
2Money Market3.19%
Individual holdings
1DART GROUP PLC3.38%
2VITEC GROUP PLC (THE)2.4%
3TESCO2.37%
4BARCLAYS PLC2.28%
5PRUDENTIAL PLC2.27%
6ASHTEAD GROUP2.15%
7IQE PLC2.08%
8REDROW2.02%
9LLOYDS BANKING GROUP PLC1.96%
Management
Fund manager group
Miton
Fund manager company
Miton Asset Management
Fund type
OEIC
Fund objective
The investment objective of CF Miton UK Value Opportunities Fund is to achieve long-term capital growth. The fund will invest mainly in UK companies which the Investment Manager considers to be undervalued by the market.
Benchmark
  • No Specified Index
Investment style
Value
Investment method
Shares
Fund managers
NameSinceBiography
Andrew Jackson01/07/2016Andrew Jackson joined Miton Group plc in June 2016 and became manager of the CF Miton UK Value Opportunities Fund on 1 July 2016. Prior to Miton, Andrew worked at EdenTree Investment Management where he was fund manager of the Ecclesiastical UK Equity Growth Fund from November 2003 until July 2015. During his career he has been responsible for UK and Irish equity investments at Canada Life, managed the specialist UK Small Cap Funds for Lloyds Investment Managers (later Hill Samuel Asset Management) and helped to set up the Smaller Companies Desk at SG Asset Management.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
LF Miton UK Value Opportunities A Ret Acc
Initial charge3%
Annual charge1.5%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price192.63
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeICCZ
LF Miton UK Value Opportunities A Ret Inc
Initial charge3%
Annual charge1.5%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)1.64%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price185.39
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeICDA
LF Miton UK Value Opportunities B Inst Acc
Initial charge5%
Annual charge0.75%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.89%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price200.08
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeICDB
LF Miton UK Value Opportunities B Inst Inc
Initial charge5%
Annual charge0.75%
Min single investment£1,000
Min regular saving£1,000
Available in ISAYes
Ongoing charge (OCF)0.89%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price185.87
CurrencyGBX
Price updated19/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeICDC
Data provided by

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