CF Miton Special Situations was one of only four funds that made a positive return in 2008, when equity markets plunged more than 30 per cent. The fund has made positive returns in each of the past five years.
The fund aims for long-term returns above inflation over the course of a full investment cycle. And it certainly seems to be succeeding – its five-year cumulative figures show it is among the top 10 funds in its sector. It invests in a mixture of assets, including investment trusts, direct equities, exchange-traded funds (ETFs) and structured products. It has a core asset allocation, coupled with some higher-risk satellite assets to provide higher upside returns.
The fund is not constructed or managed against a specific index or benchmark. For example at present its managers have a large position in cash due to the uncertain economic outlook. The fund's managers take a fundamental and value-driven approach to portfolio allocation, dependent on the relevant attractions of the world equity, fixed-interest and currency markets. Current major holdings include gilts and a significant position in Japan via equities, bonds and currency.
Although CF Miton Special Situations is a multi-asset fund of which the underlying holdings include other funds, the total expense ratio (TER) is reasonable at 1.74 per cent.
The fund's lead manager, Martin Gray, has over 30 years' investment experience.
CF MITON SPECIAL SITUATIONS A Acc (GB00B031C923) | |||
PRICE | 187.74p | TRACKING ERROR | 11.1%* |
IMA SECTOR | Mixed Investment 40-85% Shares | SHARPE RATIO | 0.6* |
FUND TYPE | Open-ended investment company | 1-YEAR PERFORMANCE | 2.79% |
FUND SIZE | £761m | 3-YEAR ANNUALISED PERFORMANCE | 6.47% |
No OF HOLDINGS | 50-75 | 5-YEAR ANNUALISED PERFORMANCE | 5.44% |
SET UP DATE | 30 Dec 97 | TOTAL EXPENSE RATIO | 1.74%* |
MANAGER START DATE | 30 Dec 97 and 4 Jun 08 | YIELD | 0.00% |
MINIMUM INVESTMENT | £1,000 | MORE DETAILS | www.mamfundsplc.com |
VOLATILITY | 4.9%* |
Source: Morningstar, *MAM Funds.
Performance data as at 1 March 2012
Top five holdings as at 31 January 2012
GLG Japan CoreAlpha Prof Acc | 3.3 |
UK Gilt 4.25% 2027 | 3.2 |
Schroder Asian Bond | 2.8 |
Goldman Sachs Yen Reserve | 2.8 |
Thames River Global Bond Fund | 2.6 |
Asset Allocation | Percentage |
Managed cash | 36.2 |
Alternatives | 12 |
UK equities | 10.4 |
Global bonds | 8.1 |
Japanese equities | 7.2 |
Property | 6.8 |
UK fixed interest | 5.8 |
US equities | 4.3 |
Asian equities | 3.8 |
European equities | 2.00 |
Resources | 1.90 |
Zeros | 1.20 |
Emerging markets | 0.30 |