Premier Miton Tellworth UK Select

This fund targets a return of 8-10% on an annual basis, with much lower volatility than the stock market. The fund is factor and style neutral, meaning it doesn’t favour any particular investment style (like growth or value) or factor (such as momentum or quality). Instead, it aims to provide broad, balanced exposure to the market — avoiding overexposure to any single approach and helping to deliver more consistent performance across different market conditions. The portfolio typically holds 30–50 positions on both the long side (share prices the managers think will rise) and the short side (stocks they believe will fall). Although the fund can invest in companies of all sizes, it typically has a bias toward mid and large-cap businesses.

John Warren, Johnnie Smith

John Warren joined Premier Miton in 2024 when the firm acquired boutique asset manager Tellworth Investments. John founded Tellworth in 2017 and is a highly experienced manager, having previously managed similar strategies at Cazenove and Schroders. John has also previously worked at UBS, Investec Bank, HSBC and PriceWaterhouseCoopers.

Johnnie Smith also joined Premier Miton following the acquisition of Tellworth in 2024. He has worked for Tellworth since June 2020. Previously he worked as an analyst researching UK mid and large-cap companies at CZ Capital. Prior to that he worked in equity sales as a UK specialist at JP Morgan.

This is a really impressive absolute return fund, managed by a very experienced manager with a great long- term track record. The fund has delivered consistent returns by adding value on both the long and the short side and has had very small drawdowns thus far. This is exactly what you want from an absolute return fund, but very difficult to find in practice. We also like that the fund is factor and style neutral as this makes it much more resilient to different market environments. With its solid, proven process, we see no reason why this fund shouldn’t continue to deliver in the future.