Miton Uk Microcap Share Discussion Threads

[sphere25] 19/12/2023 15:57

Behind.

Decent read.

Some good snippets in there too:

"Domestic institutions, predominately pension funds and insurance companies, have been dramatically cutting their weightings in UK equities. They owned more than half the market in the 1990s. Now they own just 4%, as they have conformed to world index weightings. Contrarians should find valuations attractive, with UK equities trading on around 11 times 2023 earnings per share, versus Continental Europe on 14 times and the US on 20 times. You might reasonably wonder how relevant this is to the performance of the Company. In short, the macro trends affecting UK equities have been felt most acutely at the lowest market capitalisation end of the market. The SmallCap index has lost around 5% of its constituents this year thus far, suffering a 20% reduction in its market capitalisation as a result.

Thanks to the inexorable retreat from UK small cap equities, hastened by attractive 5%+ yields on short-dated gilts, the market has been 'offer' only, except in a rare few companies. Nowadays, market makers hold very little inventory and even sales of small quantities of stock are sufficient to trigger double digit percentage falls in prices. The flip side is that when the mood music changes, the gains in the better companies will be explosive. The foundations for big gains in the next small cap bull market are being laid now, for those brave enough to invest in quality stocks with solid balance sheets in the AIM sector. The Numis Alternative Markets index peaked on 6 September 2021 and, by the end of October this year had fallen 46.8% - that is some bear market!"


Definitely been the case with those market maker shares. Just complete residency in ClobberVille. The tide is gradually turning, but there are still enormous overhangs out there in the smaller caps.

Roll on those "explosive moves" when those overhangs do eventually properly clear.

BANG!

Fireworks!

All imo
DYOR

[quepassa] 14/12/2023 07:35

hmmm...

"We therefore feel that UK quoted microcaps are at the start of a supercycle that has the potential to persist for decades. In short, Martin and I believe the prospects for the Trust's strategy are the best they have been for thirty years."


predicting the start of a multi-decade microcap supercycle - what chutzpah!

paraphrasing the immortal words of Mandy Rice-Davies, " Well they would say that, wouldn't they".

not convinced.

good luck all.

all imo. dyor.
qp

[quepassa] 15/11/2023 10:28

Two things:-

1 . USA smallcap Russell Index was up a whopping 5.4% yesterday. Much talk on the Street about growing appetite for the USA smallcap sector.

If that happens (as is likely) it will inevitably blow across the Pond and lead to a renewed interest in UK smallcaps.


2. How can one forget Obi-Wan Kenobi's words just before entering The Cantina with a very young Luke Skywalker:-


"You will never find a more wretched hive of scum and villainy. We must be cautious".


He clearly had not yet visited the AIM universe.


ALL IMO. DYOR.
QP

[cf456] 15/11/2023 10:17

"In our view, the principal beneficiary of a change in UK fund flows may be the Alternative Investment Market (AIM) which is made up of smaller, more risky companies, also called small-cap company shares. After its substantial underperformance recently, the shares of many companies on the AIM stock market stand on what we consider to be low valuations. As the selling of UK funds ceases, then even modest sums of new cash could drive up smallcap share prices."

"At Premier Miton we are proposing that a portion of the annual ISA investment is ring-fenced for UK quoted companies in the forthcoming Autumn Statement in November.

Renewed ISA investment into the UK, together with a change in the direction of UK fund flows, could in our view be positive for AIM-listed company share prices. An example of how much AIM-listed company shares can recover, occurred after the pandemic."

Gervais Williams on 30th Sept

[umitw] 13/9/2021 12:06

Why would any body buy a one share, unless there is another meaning on this trade?

[tartshagger] 10/8/2021 09:01

The problem with highly illiquid ITs like Mini is that there is very little free float in the shares. So it's hard to buy stock when you want to because of lack of availability. It's even harder to sell, especially during a severe market pullback. Plus the ginormous spread makes the whole prospect uneconomic. Avoid - there are much more liquid small cap IT's available if you look

[riverman77] 09/7/2021 07:34

Sounds like he is severely confused! You can't close an investment trust - it is a company, so it would be like saying BP shares were closed - doesn't make sense. Perhaps there was just no stock available as it is fairly illiquid.

[umitw] 09/7/2021 06:08

Broker told me that it's closed for now!

[riverman77] 08/7/2021 19:08

I think you're talking about the open ended fund - MINI is closed ended so soft closure is not applicable. You can always buy MINI shares as long as their is a willing seller.

[umitw] 08/7/2021 18:48

It's not possible to buy this fund right now. It's soft closed.Not sure when it will be available to public again.

[umitw] 28/6/2021 10:28

Quite a lot of sells going through every day.?

[ga_dti] 19/5/2021 06:25

Kepler's Investment Trust Research Analyst Callum Stokeld discusses the MINI strategy, considerations around stock selection and potential performance:

[ga_dti] 07/4/2021 09:15

Gervais Williams discusses the performance of the Miton UK MicroCap Trust:

[tartshagger] 07/1/2021 13:34

I managed to get a few extra this morning. The MM has narrowed the spread now, must be looking for stock. There obviously isn't much of a free float

[viking24] 07/1/2021 10:32

The fund is still at nice discount to NAVAs mentioned the fund has several winners.It will catch up with the NAVKeep buying an there are only buyers!

[yieldsearch] 06/1/2021 14:52

none available today it seems

[viking24] 06/1/2021 14:00

Certainly a few winners in the portfolio, incl. I3E etc

[the bull] 06/1/2021 00:17

Probably because of their Jubilee Metals holding

[viking24] 05/1/2021 12:11

NAV 80p!!The fund is no 1 in the U.K. in micro cap area in 2020, best performing.

[tartshagger] 04/1/2021 11:33

I like the UK small cap sector and the team that run this trust are clearly good stock pickers. I would invest more here but the huge spread and difficulty in getting quotes on my platform puts me off.

[viking24] 30/12/2020 16:27

NAV 75!!Strong buy

[viking24] 24/11/2020 16:59

nice buying in the fund over the last couple of days.Thank you Rathbones

[viking24] 20/10/2020 14:35

Deep discount to NAV