* As of 31 October 2024
** As of 30 April 2024
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.
31 October 2024 | % of NAV |
---|---|
VinaCapital Vietnam Opp Fund Ord | 5.4 |
Oakley Capital Investments Ord | 4.8 |
Baker Steel Resources Ord | 4.4 |
JPMorgan Indian Ord | 4.1 |
Georgia Capital PLC | 4.0 |
Aquila European Renewables Ord | 3.8 |
Tufton Oceanic Assets | 3.8 |
Chrysalis Investments Ltd | 3.6 |
Phoenix Spree Deutschland | 3.4 |
Cordiant Digital Infrastructure | 3.4 |
Total | 40.7 |
MIGO Opportunities Trust (MIGO) was established in 2004 in order to invest in opportunities in the closed-ended sector. The trust was previously run at Premier Miton plc before moving to Asset Value Investors in 2023. As at 31 August 2024 the total assets under management of MIGO was £92m.
MIGO’s process begins with the investment trust universe, which consists of approximately 600 trusts. Using the following questions, we filter down these trusts.
Once we have a shortlist we undertake due diligence with meetings and research in order to find the best ideas for the portfolio.
The stocks within the portfolio are continuously monitored and a deep dive is undertaken every 6 months.
MIGO focuses on creating diversification whilst also ensuring position sizing is large enough to contribute to performance. Individual stocks rarely exceed 6% of NAV and a theme is capped at 8%.
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 responsibility. 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 the community and the environment through the companies it holds in its portfolio. We look to engage with the boards and management of constituent holdings on an ongoing basis and create an active dialogue on ESG factors. Often, engagement with investee boards is undertaken with a view to helping realise value or to address potential issues with the trust’s 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.
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.
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As anticipated, October was a turbulent month, marked by a series of high-stakes political events. From the Georgian election to the UK budget and the decisive US presidential election, the global political landscape underwent significant change. Throughout this period, the trust adopted a cautious approach, making minimal adjustments to the portfolio. We believe this approach was prudent, given the difficulty of predicting such binary outcomes and we came out relatively unscathed.
MIGO’s NAV fell by 1.0% in September
After a tumultuous August, September was generally a quieter month. In performance terms it was an underwhelming period with our net asset value declining nearly a percent. Despite very little share price reaction there were two events which could be described as potentially game changing for our portfolio.
MIGO’s NAV fell by 1.9% in August
August started with a spectacular collapse in markets triggered by heightened recessionary fears on the back of weaker than expected jobs data in the US. A rise in Japanese interest rates resulted in the unwinding of the Yen carry trade. We could not identify any deterioration in fundamentals and took the view that sudden and unexpected falls such as this reflect significant leverage now to be found in many corners of financial markets.
MIGO’s NAV increased by 2.0% in July
July proved to be a quiet month with global markets static. Nevertheless, there was some progress in investment trust share prices as the sector started to get to grips with the problems of oversupply. Our winners included RTW Biotech, Duke Capital (corporate mortgagees), Amedeo A4 (aircraft leasing) and Tufton Oceanic (shipping). These names highlight the extent of the diversification a holding in MIGO Opportunities Trust brings to a client portfolio.
MIGO’s Share Price decreased by 0.8% in June.
All eyes continue to be on technology companies in the US. Nvidia overtook Microsoft to become the world’s largest company helping bolster US market returns. In the UK the market remained subdued, falling modestly.