fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Premier Miton UK Growth C

  • 335.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.92%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.70%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 22 October 2021

The fund sets out to achieve long-term capital growth from a portfolio of large, mid-sized and small UK equities. Co-managers Jon Hudson and Benji Dawes actively look for companies in various stages of development exhibiting high, steady or latent growth. This includes online fashion retailer Boohoo benefitting from the surge in e-commerce demand in the pandemic. They believe their ‘best of both’ multi-cap process benefits from combining the lower volatility of large stocks and the greater return potential of small stocks. In order to limit concentration holding sizes are limited to a maximum of 3%.

Fund summary

Sector UK All Companies
Structure OEIC
Launched
Size £297m
Yield 0.70%
Charging basis Income
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.92%

Allocation

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Investment process

The managers look at the three pillars of quality, growth and valuation in their stock selection process. Quality and growth include the market value opportunity of a company relative to its current sales, profit growth potential, “Super Fan” status with customers and capital allocation discipline. Valuation factors – which are key as the managers don’t want to overpay for growth - include free cash flow, Price-to-Earnings ratios and dividend yield. The team use screening techniques and company meetings – including 508 in 2019 - to find potential investment opportunities followed by a rigorous fundamental research process. This looks at the upside and downside potential of an investment including capital preservation, operating and financial risk. They can, if needed, utilise the expertise of Premier Miton’s other UK portfolio managers, equity analysts and multi-asset investment team to assist with research. When the managers invest in a company, they set a conservative target price based on their financial forecasts and expectations. When that price is reached the investment is reviewed and then either held or sold.

This fund is a great multi-cap growth option for portfolios. Historically it has outperformed during periods where a growth investment style is in favour, and thanks to the managers’ focus on valuation it has also held up relatively well when value is in vogue. In addition, it is an ideal size to be able to access meaningful small-cap equity opportunities. The fund’s dependably repeatable investment process is another advantage. Both Jon Hudson and Benji Dawes have effectively ‘cut their teeth’ on this fund having previously been more focussed on equity analysis. But their results since taking charge in 2017 reflect strong portfolio management during what have been testing times.

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

Absolute 0.00% ()
Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Sector breakdown

Consumer Discretionary 24.00%
Communications 14.00%
Information Technology 13.00%
Financials 10.00%
Industrials 9.00%
Health Care 8.00%
Materials 8.00%
Consumer Staples 6.00%
Real Estate 5.00%
Energy 2.00%

Portfolio

It typically holds between 40 and 60 stocks

Key Investor Information

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