MIGO OPPORTUNITIES TRUST PLC — Fund Information / Factsheet 2020

Sep 16, 2020

Miton Global Opportunities plc

INVESTMENT OBJECTIVE

To outperform SONIA* 3 month plus 2% over the longer term, principally through exploiting the pricing of closed-end funds.

*Sterling Overnight Interbank Average Rate

TOP 10 HOLDINGS %

1.	Baker Steel Resources Trust	8.0
2.	Dunedin Enterprise Investment Trust	6.6
3.	Alpha Real Trust	6.3
4.	Phoenix Spree Deutschland Ltd	5.1
5.	Artemis Alpha Trust	4.7
6.	VinaCapital Vietnam Opportunity Fund 4.5
7.	River & Mercantile UK Micro Cap IC Ltd	4.4
8.	EPE Special Opportunities Ltd	4.4
9.	Third Point Investors Ltd	4.0
	10. Atlantis Japan Growth Fund	3.6
Total		51.6
	Percentage of portfolio in top 30 holdings No of holdings	94.2% 54
	ASSET ALLOCATION	%
1.	Equities (company shares)	38.7
2.	Property	20.6
3.	Private Equity	18.5
4.	Mining	13.3
5.	Other	4.5
6.	Forestry	0.3

GEOGRAPHICAL ALLOCATION %

1. Cash 4.1

1.	Global	40.1
2.	UK equities	30.6
3.	Asia Pacific	7.8
4.	European equities	6.8
5.	India	3.8
6.	Japan	3.5
7.	North America	3.3
8.	Cash	4.1

Source: Bloomberg/Miton

AWARDS AND RATINGS

Ratings are not a recommendation.

Source: Morningstar. Launch date: 06.04.2004. 1. Based on initial NAV of 97.33p (after launch

expenses). 2. Total Return, net income reinvested GBP.

PORTFOLIO ACTIVITY

There has been a lot of focus on the big tech names in the US as around half a dozen names have been driving market returns. At the time of writing we are starting to see some correction in this area and a broadening of the markets would be beneficial for the trust. We are also beginning to see the smaller end of the Investment Trust market wake up from its hibernation. Investors looking for value are starting to look at this area of the market where discounts are historically wide.

India Capital Growth, which had been a disappointment, has continued to perform strongly after the board implemented a new capital structure whereby investors get a chance to redeem their holding in 2021 at a 6% discount. With both Life Settlement Assets and Real Estate Investors it seems that issues with the shareholder base rather than bad news from either trust are to blame for the fall in their share prices over the month.

We opened one new position during the month, Polar Capital Financials Trust. With bond yields very low financials have been avoided by many investors and have fallen to the level last seen during the Great Financial Crisis. This seems, to us, an overreaction as post 2008 banks have shored up their balance sheets and are in a far better position than they were during the banking crisis.

Focusing on the Investment Trust sector we have been pleased to see some moderate narrowing of discounts which has driven much of our recent performance.

PERFORMANCE ANALYSIS

Five year performance (%)

Cumulative performance (%)

	1m	6m	1yr	3yrs	5yrs
n Trust NAV1, 2	5.71	‑1.03	‑4.87	‑3.70	47.81
n Trust Share Price (Bid)2	5.22	-8.85	-8.16	-2.42	52.44

Discrete annual performance (%)

	31.08.19 31.08.20	31.08.18 31.08.19	31.08.17 31.08.18	31.08.16 31.08.17	31.08.15 31.08.16
Trust NAV2	‑4.87	‑5.17	6.76	29.46	18.56
Trust Share Price (Bid)2	-8.16	-7.71	15.12	33.33	17.17
FTSE All-Share Index	-12.65	0.44	4.68	14.33	11.73
FTSE Small Cap (ex IT) Index	-7.19	-10.50	1.89	18.09	6.86
FTSE AIM All-Share Index	11.82	-19.95	10.65	29.66	9.25

RISKS

• • The performance information presented in this factsheet relates to the past. Past performance is not a reliable indicator of future returns.
• • The value of investments can fall as well as rise and investors may not get back the full amount invested.
• • The Company may borrow money which can then be used to make further investments (gearing). In a rising market, this 'gearing' can magnify the gains or in a falling market, the losses on your investment.
• • Forecasts are not reliable indicators of future performance.
• • For trusts investing globally, currency exchange rate fluctuations may, when not hedged, cause the value of your investments to increase or decrease.

Miton Global Opportunities plc

KEY FACTS

Total market value	£66.8m
Total net assets	£70.1m
No. of shares in issue	27,604,985
Gearing	2.9%
Net Cash	£2.8m
NAV ex Income	253.63p
NAV with Income	253.93p
Share Price	242.00p
Premium (Discount)	(4.7%)

FINANCIAL CALENDAR

Year end	30 April
AGM date	Sep/Oct
Results announced (annual/half year) Jun/Dec
Annual report (annual/half year)	Jul/Dec

INVESTMENT SPLIT	%
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GLOSSARY

Emerging markets

Economies in the process of rapid growth and increasing industrialisation. Investments in emerging markets are generally considered to be riskier than those in developed markets.

Market Capitalisation

Market capitalisation is the total value of a company, calculated by multiplying the number of shares in issue by the current price of the shares.

NAV

Net Asset Value: the total value of the investments it holds after any debts have been accounted for, divided by the number of shares in issue.

OEIC

Open-Ended Investment Company (OEIC): A type of managed fund, whose value is directly linked to the value of the fund's underlying investments.

Private equity

An asset class consisting of equity and fixed income securities issued by companies that are not listed on a stock exchange.

Quantitative easing

An unconventional form of monetary policy where a Central Bank creates new money electronically to buy financial assets, like government bonds. This process aims to directly increase private sector spending in the economy and return inflation to target.

Share price

A share price is the price of a particular company's shares at a particular time.

Broker support desk 020 3714 1525

brokersupport@premiermiton.com premiermiton.com

CODES & FEES

Bloomberg	MIGO LN
SEDOL	3436594
Management fee on market cap 0.65%
Ongoing charges1	1.30%

1. The ongoing charges figure disclosed includes direct costs to the fund, such as the annual management fee, custodian charge and administration fee. It excludes interest charged on any borrowing and is based on expenses for the half year ending 30.04.2020.

COMPANY INFORMATION

Launch date	6 April 2004
Benchmark	SONIA 3 Months +2%
Trust managers	Nick Greenwood Charlotte Cuthbertson (Assistant Fund Manager)
Directors	Richard Davidson (Chairman) Michael Phillips, Hugh van Cutsem, Katya Thomson
Share buy back	The Company has authority to purchase up to 14.99% for cancellation.

IMPORTANT INFORMATION

Premier Miton Investors does not give investment advice, if you are unsure of the suitability of this investment you should speak to a financial adviser. The views expressed are those of the fund manager at the time of writing and are subject to change without notice. They are not necessarily the views of Miton and do not constitute investment advice.

Whilst Premier Miton Investors has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. Any mention of a specific stock is not a recommendation to buy or sell.

Investors should read the Trust's product documentation before investing including, the latest Annual Report and Accounts and the Alternative Investment Fund Managers Directive (AIFMD) Disclosure Document as they contain important information regarding the trust, including charges, tax and specific risk warnings and will form the basis of any investment. This documentation is available from Premier Portfolio Managers Limited, the AIFM of the Trust at premiermiton.com.

Financial Promotion issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers Limited is registered in England no. 02274227. Both companies are authorised and regulated by the Financial Conduct Authority and are members of the 'Premier Miton Investors' marketing group and subsidiaries of Premier Miton Group plc (registered in England no. 06306664). Registered office: Eastgate Court, High Street, Guildford, Surrey GU1 3DE. 000689/150920

CONTACT DETAILS

Address Premier Fund Managers Limited

	Surrey GU1 3DE
Company Secretary	Frostrow Capital LLP
Stockbroker	Numis Securities
Market makers	Winterflood Securities, Canaccord Genuity Securities Limited,
	JPM Cazenove, Stockdale Securities, Investec, Cantor Fitzgerald
Website	premiermiton.com

Eastgate Court, High Street, Guildford,