Premier Miton US Opportunities

Hugh and Alex focus on companies which have a sustainable competitive advantage versus their peers. No matter whether the sector they operate in is very large or rather niche, it’s about choosing the companies which are the best in their field. While they allocate a significant amount of their portfolio to small and medium-sized companies, they will avoid start-ups or immature businesses, focusing on company fundamentals such as good and growing turnover, a balance sheet with plenty of headroom and where valuation is not reflecting the company’s prospects. The fund typically holds around 35-45 stocks. The process and strategy is well considered, with a methodical valuation discipline, however the fund’s small- and mid-cap bias, and lack of large-caps, has hurt performance recently.

Nick Ford, Hugh Grieves

Nick Ford and Hugh Grieves have run this fund together since launch in March 2013. Nick has more than 20 years experience managing equity funds and has previously worked at Scottish Widows, Gartmore, Sun Alliance, Clerical Medical and F&C (now BMO). Hugh also has over two decades’ worth of investment experience. He worked on the US smaller companies fund at Gartmore between 1995 and 2000. He was a co-manager, and then sole manager, of the technology funds at Societe Generale Asset Management between 2000 and 2009, and he worked on the Herald Worldwide fund before joining Miton. Hugh is a CFA charterholder.

We think Premier Miton US Opportunities fund has an excellent, well-defined process, whilst its managers also have the flexibility and pragmatism to adjust the portfolio to different market environments. We like its ability to invest down the market cap spectrum. We also believe that the emphasis on capital-light, high return on capital businesses is a good way to invest.

Nick and Hugh are both highly experienced and performance has been strong since launch in 2013. In our view this is one of the most compelling options available to investors in the IA North American sector.