Premier Miton Worldwide Opportunities B

Fund of investment trusts managed by sector specialist Nick Greenwood.

  • 554.00p
    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?

  • 1.00% 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).

  • 1.05%
    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.

  • 1.20%
    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 11 June 2021, fund data last updated 14 July 2006

Nick Greenwood manages a portfolio which specialises in investment trusts. He has been successful in adding value through exploiting the pricing inefficiencies inherent within the closed end fund arena. The portfolio provides exposure to global investing, although the UK is likely to be the dominant region within the fund. iimia now operates under the parent company of Midas Capital.

Fund summary

Sector Flexible Investment
Structure OEIC
Launched April, 2003
Size £55m
Yield 1.20%
Charging basis
Dividends paid Acc units only

Charges

Standard initial charge 1.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.05%

Allocation

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Investment process

This fund is unusual in that it invests only in investment trusts as opposed to traditional listed equities. The manager believes that this approach can provide investors with attractive absolute returns through exploiting inefficiencies in the pricing of investment trusts. The process involves around 200 face to face management meetings per year, which the manager uses not only for information on the trust and to gauge its management, but they also provide ideas for asset allocation. He is not an activist shareholder himself but often picks trusts where some sort of corporate action is likely.

Manager research

Average monthly relative returns

  • 16/17 0.58%
  • 17/18 0.09%
  • 18/19 -0.77%
  • 19/20 -0.93%
  • 20/21 1.07%

Bestinvest MRI

  • 3 years -0.21%
  • 5 years 0.01%
  • Career -0.06%
  • 3 years 38.60%
  • 5 years 64.10%
  • Career 65.90%

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

Nick Greenwood

Greenwood commenced his career in private client stock broking during the late 1970's. He was a founder member of Christows stockbroking operation in 1991 where, in addition to managing private client portfolios, he subsequently spent a period researching smaller companies, with a bias to those based in the west of England. He joined the Christows Investment Trust team in 1996, and became a lead manager in November 1997. Greenwood joined iimia in July 2002 to head up the fund management division.

Track record

Nick Greenwood has 16.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.06%. During the worst period of relative performance (from April 2004 - April 2020) there was a decline of 36% relative to the index. The worst absolute loss has been 49%.

Periods of worst performance

Absolute -49.00% (May 2007 - November 2008)
Relative -36.00% (April 2004 - April 2020)

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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Top 10 holdings

Data accurate as at 31 August 2020

4.51% Dunedin Enterprise It Plc
4.42% Baker Steel Resources Trust
4.02% Third Point Investors Limited Ord Npv $
3.92% Vinacapital Vietnam Opportunity Ord $0.01
3.58% R&M River And Mercantile Uk Micro Cap
3.52% Phoenix Spree Deutschland Limited Shares Npv
3.24% Artemis Artemis Alpha Trust Plc Ord 1p
3.14% Merian Chrysalis Investment Company Limited Ord
2.98% Aubrey Global Conviction A Inst Acc
2.97% Stenprop Ltd
Source: Trustnet

Sector breakdown

Mutual Funds 54.00%
Financials 19.00%
Real Estate 11.00%
Money Market 6.00%
Equities 3.00%
Fixed Interest 3.00%
Materials 2.00%
Industrials 2.00%

Portfolio

The portfolio usually consists of around 40 holdings.

Constraints

As a broad range of trusts are held this leads to a high degree of diversification in terms of overall stocks and asset classes held.

Key Investor Information

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