The Great Unwind
* As of 30 September 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.
| 30 September 2026 | % of NAV |
|---|---|
| VH Global Energy Infrastructure | 12.2 |
| Gresham House Energy Storage | 9.5 |
| Chrysalis Investments | 7.4 |
| Home REIT | 7.1 |
| Oakley Capital Investments | 6.5 |
| Baker Steel Resources Trust | 6.2 |
| US Solar Fund | 4.6 |
| Tufton Assets | 4.1 |
| Partners Group PE | 3.9 |
| Living REIT | 3.8 |
| Total | 65.3 |
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.
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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