Miton Share Discussion Threads

[skyship] 04/9/2019 07:28

So, should have added after all. Still, a very nice little bonus this morning. Incidentally, the share price suggests a very well kept secret:
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The Boards of Premier Asset Management Group PLC ("Premier") and Miton Group plc ("Miton") are pleased to announce that they have reached agreement on the terms of a recommended all-share merger of Premier and Miton, to be effected by means of a court-sanctioned scheme of arrangement between Miton and the Miton Shareholders under Part 26 of the Companies Act 2006 (the "Merger").

Under the terms of the Merger, holders of Miton Shares will be entitled to receive:
0.30186 Premier Shares in exchange for each Miton Share

Based on this exchange ratio (the "Exchange Ratio") and the Closing Price of 171.75 pence per Premier Share on 3 September 2019 (being the Latest Practicable Date), the Merger values each Miton Share at 56.74 pence, comprising an equity value of 51.84 pence and a special dividend of 4.9 pence per Miton Share.

[riverman77] 03/9/2019 20:21

Yes I agree the investment style is probably a factor, and the Miton fund seems to have a quality bias

[diviincomesearch] 03/9/2019 17:48

It’s more the investment style than just the performance on its own. The Miton fund has a quality bias, albeit not as high conviction (no 9% holdings etc). So those wanting a similar home should gravitate towards it.

The incoming replacement manager from Columbia Threadneedle ran a much more cyclical style fund. How that going to marry up I don’t know. Could be beneficial for the Miton fund!

[riverman77] 03/9/2019 17:39

That's a good point about the Jupiter European fund that I hadn't considered. I just checked and it's big - 5.7bn - and a lot of that will be looking for a new home now the manager is leaving. The Miton Euro Opps fund looks an obvious alternative - number one in that sector over 3y, albeit without the long term record of the Jupiter fund.

[robow] 03/9/2019 14:04

Nice yield too

[skyship] 03/9/2019 14:03

Glad to read those last two posts. I saw the cheaper offer this morning; but as I was in the process of taking my liquidity above 50%, I decided to postpone my planned doubling up...

I'm just concerned that at the moment we have absolutely no idea who will be in No.10 in 2 month's time; or indeed whether we will be in or out of the EU!

[riverman77] 03/9/2019 13:42

Back in too, fallen too far. Around 8.5 PE or under 6 on cash adjusted basis. Yes the very strong performance of Euro Opps fund clinched it for me - number 1 fund in its sector over 3y and by some distance too. The other funds are generally doing ok too, with notable exception of UK small caps, but I guess even that has potential to bounce back if we get some sort of brexit resolution.

[diviincomesearch] 03/9/2019 13:01

Bought in here this morning. £25.5mn net cash in the company. Small cap fund having a mare but their EU opps fun is in prime place to pick up a lot of the Jupiter European fund which is shedding assets as the long time fund manager Darwall is leaving.

Compare that Liontrust’s purchase of Neptune which is bleeding assets- £2.6bn AUM- purchase price of £40mn.

Interesting new funds- global infrastructure income off to a good start- and a new incentive scheme for managers rather than being dilutive for existing shareholders.

Worth a dabble IMO!

[skyship] 27/8/2019 14:26

Bought back in for a few at 42p.


free stock charts from uk.advfn.com

[riverman77] 14/8/2019 18:55

As I've previously flagged, recent fund performance has been a bit mixed and inflows have dried up as a result. Coupled with general market weakness, I think the sell-off here isn't entirely unexpected.

[dmdmdmdm1] 14/8/2019 13:52

Looking forward to this picking up again at some point soon. Are people selling on some sort of news - usually coincides with MGR updating its holdings?

[undervaluedassets] 29/7/2019 16:34

Considering weird markets .. Brexit .. not bad at all.

bit of a sleeper Miton Group

[dmdmdmdm1] 12/7/2019 09:16

Update doesnt sound too bad...

[riverman77] 27/6/2019 22:46

Just had a quick check of the funds managed by Gervais Williams (which make up a big chunk of the AUM and the main driver of earlier flows) - the performance is really going off the boil, in the case of the UK Smaller Companies fund extremely poor. I think I'll wait a bit longer on the sidelines before I invest again here.

[its the oxman] 26/6/2019 15:28

Hope this is not going back to low 40s but seems to be breaking downward. Positive news required perhaps.

[riverman77] 13/6/2019 18:11

I would add that this seems to be more than priced in based on recent price falls. I'm thinking of taking a small position as I think they've got some good funds and flows should hopefully pick up.

[mammyoko] 13/6/2019 18:06

Thank you for explaining how you have calculated that there may be a small outflow up to the end of May

[riverman77] 13/6/2019 17:49

You can work it out from the factsheets on their website, although if you want to be completely accurate you'll have needed to saved April's figures (these factsheets will now have expired).

Then its just a case of taking the difference between April and May fund sizes, with an adjustment for the monthly performance.

I don't monitor it that closely as I don't hold anymore, so in this case, I just added up all of the funds (there's only about 15 funds and I believe that covers all of their AUM) and saw the AUM was slightly below the 4.6bn figure from the end of Mar. Given that markets were slightly up over that time, it looks likely there were small outflows. Not a disaster, but a big reversal from last year when they were getting 100-200m flows each month.

[mammyoko] 13/6/2019 17:39

As I understand it, the monthly performance is a combination of the funds flows and the market/investment performance. The fact sheet shows the combination of the two. While the total of the two may be negative if you add up all the funds (I don't know that it is) this is a combination of both funds flows and investment performance. The fact sheets show cumulative and discrete performance for 1m and 3m. the only way you can tell what the total performance (both funds flow and investment performance) is for April and May is to add the 1m total performance for April and May for all the funds. Is that what you have done? I think that will only give the total performance not the split between the funds flow and the investment performance

[mammyoko] 13/6/2019 17:29

Would be interested to know where you are getting that information from. Here is the link to the Balanced Multi-Asset Fund Fact Sheet on the website. Please could you let me know how you are getting the funds flows from this?

hxxps://resources.mitongroup.com/srp/lit/Nn10G7/Fact-Sheet_LF-Miton-Balanced-Multi-Asset-Fund-B-Acc-GBP_31-05-2019.pdf

Thanks

[riverman77] 13/6/2019 17:02

This is not speculation. The fund factsheets show the fund sizes and the monthly performance. Pretty easy to figures out flows from that. Looks like Miton has seen modest outflows since end of March.

[mammyoko] 13/6/2019 16:46

Not possible to speculate on the flows unless you work for the company. Last quarter was marginal inflow. No way of inferring anything from that

[riverman77] 13/6/2019 16:26

By my calculation inflows have dried up and probably in net outflow now. Performance of multi cap income fund a little weak - this is still their largest fund at more than quarter of AUM.

[dmdmdmdm1] 13/6/2019 16:23

Not sure... been dropping for a while before it was more general news?

[robow] 13/6/2019 16:14

fallout from Woodford?