The Great Unwind
* As of 30/09/2026
** As of 31 October 2025
MIGO invests in discount opportunities in the closed-ended sector where the managers believe there is a catalyst to extract the value. The trust is able to invest in any geography or asset class providing it is held in an investment trust structure.
Together with the Annual Report for the year ended 30 April 2024, shareholders should also note the document entitled “2024 Realisation Opportunity” which is available under “Disclosures” together with a Form of Election for shareholders who wish to realise some or all of their shares.
More information on the 2024 Realisation Opportunity can be found in the annual report, in particular the Chairman’s Statement, the Business Report, the Directors’ Report and the Notice of AGM together with Explanatory Notes thereto.
As of 30/06/2026
MIGO Opportunities Trust (MIGO) was established in 2004 to invest in closed-ended opportunities. The trust was previously run by Premier Miton plc before moving to Asset Value Investors in 2023.
At MIGO, we believe that integrating ESG and sustainability factors into our investment process, alongside traditional financial factors, is important to enable us to deliver strong and durable performance to our clients and to meet our broader investment responsibilities. ESG matters, including climate change, are part of our analysis and risk assessment when deciding whether an investment should be made. Climate change poses both risks and opportunities. The transition to a low-carbon economy will affect all businesses, irrespective of their size, sector, or geographic location. Therefore, no company’s revenues are immune, and the assessment of such risks must be considered within any effective investment approach.
As active investors, once we have invested in a company, we take our stewardship responsibilities seriously. MIGO acknowledges that it can have an indirect impact on communities and the environment through the companies it holds in its portfolio. We look to engage with boards and management on an ongoing basis and create an active dialogue on various ESG factors. Often, engagement with investee boards is undertaken with a view to helping realise value or to address potential issues with governance. We seek to ensure good governance practices are being upheld and encourage adherence to responsible and ethical conduct. MIGO also views voting at company meetings to be an important lever in our stewardship responsibilities and will vote at company meetings when we have the opportunity to do so.
See the sections below for further insights into the ESG work at MIGO
AVI has developed a proprietary ESG monitoring system that allows us to track the extent to which our portfolio companies are effectively managing ESG issues and their progress against defined ESG metrics. This process helps to highlight trends and identify weaknesses where we can engage constructively with companies to build resilience to ESG risks and promote responsible business practices.
AVI became a signatory to the UN-supported Principles for Responsible Investment (PRI) on 09 April 2021.
We are aligned with the PRI’s belief that an economically efficient, sustainable global financial system is a necessity for long-term value creation. Such a system will reward long-term, responsible investment and benefit the environment and society as a whole.
We consider proxy voting to be an important lever in engaging with our portfolio companies and ensuring that our perspectives on environmental, social and governance issues are represented.
As responsible, active stewards of our clients’ capital, we have a duty to vote carefully and thoughtfully on their behalf, and we take this duty seriously. We aim to vote at every general meeting for which we are eligible.
As part of our responsible investing initiative, we have compiled a new report detailing our approach to ESG and sustainability at AVI.
To read the full report, please click the button below.
The Association of Investment Companies (AIC) has released a series of videos to help investors understand investment companies. The animated series explains key topics such as diversification and collective investments, as well as investment company terminology
Watch the videos below:
Please note, by clicking on these links, you will be taken to a third party website of which AVI does not have any control. The information provided in these videos has not been verified by AVI; the videos do not constitute an offer or invitation to anyone to invest in any AVI products and has not been prepared in connection with any such offer. AVI does not accept any responsibility to you or any other third party as a result of how you interpret and use the information. AVI does not provide tax, accounting or legal advice. If you require such advice, you should consult your respective tax, accounting or legal advisers
The AIC has also produced a guide to investment trusts for people who want to learn more about the key concepts of investing, the advantages of using diversified funds to invest and the specific features of investment companies.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU. AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
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Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
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As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
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As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided, please consult your financial adviser or other professional adviser.
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The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third-party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility and liability for the content on third party sites.
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For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
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We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
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Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions.
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These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
The content of this website is issued by Asset Value Investors Limited (“AVI”), 2 Cavendish Square, London W1G 0PU.
AVI is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a registered investment adviser with the Securities and Exchange Commission of the United States. While the Investment Manager is registered with the SEC as an investment adviser, it does not comply with the Advisers Act with regard to its non-U.S. clients.
Intended Audience
The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website. The information contained on this website is subject to change without notice.
This website is primarily intended for UK residents. It is not intended for distribution to, or use by, any U.S. persons or persons in any other country where such distribution or use would be contrary to local law or regulation.
It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.
No Tax or Legal Advice
Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.
Money Laundering
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.
Investment Decisions
As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided, please consult your financial adviser or other professional adviser.
No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, AVI cannot guarantee the accuracy or completeness of such information, either expressly or implied. Neither AVI, any of its directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of AVI, or of any vendor providing software or services support.
All information and content on this website is subject to applicable statutes and regulations, furnished “as is”, without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.
In no event shall AVI be liable to any indirect, incidental, special or consequential damages arising out of or in connection with the use of this website, the inability to use this site or any products or services obtained or stored in or from this website, whether based on contract, tort, strict liability or otherwise. These limitations also apply to any third-party claims against users.
Intellectual Property
Everything on this website is the valuable intellectual property of Asset Value Investors Limited, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.
Copyright Policy
No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.
Hyperlinks
The existence of hyperlinks should not be construed as an endorsement, approval or verification by AVI of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website’s sponsoring organization. We do not review any of these third-party sites. AVI reserves the right to require written consent for, or request the removal of, any links to our website.
AVI disclaims all responsibility for the content of third-party sites
Security
For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error.
You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by AVI.
Privacy Policy
We encourage you to read AVI’s Privacy Policy which can be obtained by clicking the Privacy Policy button found on the Homepage.
General Terms
Deliberate misuse of any element of this website including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the website, and at our discretion, pass information to the legal authorities.
We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.
You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of this website, any breach of any applicable law, statute, ordinance, regulation or third party rights and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website.
These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.
INVESTOR – Risk Warnings
It is very important that you read this warning and disclaimer before proceeding, as it explains certain legal and regulatory restrictions applicable to any investment services and products we provide.
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MIGO had a dull third quarter in performance terms, with the NAV up 0.1% on a total return basis, lagging the SONIA + 2% benchmark (1.4% for the quarter).
MIGO’s focus remains very much on generating absolute returns from exploiting inefficiencies in listed closed-end funds, and we note our low level of underlying listed equity exposure and correlation to equity indices.
The London-listed closed-end fund market is ripe with opportunity – discounts remain wide, and corporate activity an important source of returns. The portfolio has been carefully constructed to benefit from a continuation of M&A, wind-downs, and elevated buybacks and tender offers, supplemented by our own engagement and activism.
In early August it was announced that MIGO’s investment manager – Asset Value Investors (“AVI”) – is to be acquired by Pacific Asset Management (“Pacific”), the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group, subject to certain conditions including regulatory approval. The transaction represents the next stage in AVI’s development, providing the business with an enhanced platform from which to grow while preserving everything that has made the firm successful.
AVI will continue to operate under its own brand as an independent investment boutique, with no changes to its investment teams, philosophy, decision-making or the management of its investment trusts and funds.
In early August it was announced that MIGO’s investment manager – Asset Value Investors (“AVI”) – is to be acquired by Pacific Asset Management (“Pacific”), the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group, subject to certain conditions including regulatory approval. The transaction represents the next stage in AVI’s development, providing the business with an enhanced platform from which to grow while preserving everything that has made the firm successful.
AVI will continue to operate under its own brand as an independent investment boutique, with no changes to its investment teams, philosophy, decision-making or the management of its investment trusts and funds.
MIGO had a strong second quarter, with the NAV up 5.9%. This return outpaced that of the SONIA + 2% benchmark (1.4% for the quarter). MIGO’s focus remains very much on generating absolute returns from exploiting inefficiencies in listed closed-end funds, and we note our low level of underlying listed equity exposure (<5% of NAV) and correlation to equity indices.
The London-listed closed-end fund market is ripe with opportunity – discounts remain wide, and corporate activity an important source of returns. The portfolio has been carefully constructed to benefit from a continuation of M&A, wind-downs, and elevated buybacks and tender offers, supplemented by our own engagement and activism.
Over May 2026 MIGO’s NAV returned 4.1%. In light of MIGO’s increased concentration and engagement with investee companies, we have decided to cease publishing our top ten holdings and providing commentary on a monthly basis. Going forward, we will do so quarterly.
The next newsletter to contain the top ten and portfolio commentary will be as at 30 June 2026. The MIGO management team remain available for shareholder meetings – please contact info@assetvalueinvestors.com