Miton Global Opportunities portfolio manager Nick Greenwood
Miton’s £69.7m Global Opportunities trust, managed by Nick Greenwood, has issued 50,000 new shares to meet growing investor demand.
Shares were issued at a price of 274.25p per share, bringing the trust’s total number of ordinary shares in issue to 25,329,985.
Over five years, the share price is up by 104.6%, while over the last 12 months its discount has narrowed from -7.4% to a premium of 1.7%, as of 16 October.
The trust is up 33.9% year-to-date, beating its benchmark AIC Flexible Investment sector, which has returned 14.9% over the same period, according to FE.
Commenting on the share issuance, Greenwood said: “There have been significant structural changes in the wealth management community which has traditionally purchased investment trusts, with consolidation limiting their ability to invest in specialist trusts.
“This means discounts have increased, and liquidity has fallen, creating many undervalued opportunities for us to invest in.”
Miton Global Opportunities invests in specialist investment trusts, and focuses on the opportunities presented by under-researched and increasingly illiquid investment companies.
The firm said its current portfolio themes include Berlin residential property, private equity and India, with its top three holding as of 31 August being India Capital Growth, Taliesin Property and Pantheon International.
Greenwood said: “Our unconstrained, fully diversified mandate gives us the ability to uncover and exploit fund specific anomalies and pricing inefficiencies, unlocking embedded value for our investors across a diversified wide range of sectors.”