Bestinvest says
This is potentially a one-stop fund for investors, which sets itself apart by the inclusion of third party specialist funds and alternative asset classes to supplement the core exposure to direct UK equities and bonds.
Midas use the same investment style to manage money that was employed by the fund's manager, Alan Borrows, when he worked for the Merseyside Pension Fund. Whilst his past track has been successful, returns have been impacted by the sell off that followed the 2007 "credit crunch" and performance relative to the fund's benchmark has shown no signs of recovery. This led us to remove the fund from the recommended list in 2009.
The investment strategy is to create a balanced portfolio of both correlated and non-correlated assets with a focus on reducing volatility, risk and achieving real returns. This is achieved by using a predominantly top down approach for portfolio construction - i.e. investing in assets based on the managers views of investments based on global and industrial themes and trends.
The equity element of the portfolio is complemented by a spread of investments in Fixed Income, Property, Structured Products and Hedge Funds, all with the aim of providing a balanced and diversified portfolio with a significant element of income security. The fund is built around a core of direct holdings in FTSE 350 equities, gilts and investment grade debt securities, exposure to other assets classes will normally be via open ended and closed collective investment products.