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CF Miton UK Multi Cap Income Fund marks first two years since launch with 61.4% return


The CF Miton UK Multi Cap Income, managed by Gervais Williams and Martin Turner, is the fourth best performing fund in its sector since launch, returning 61.4%.

Over the same period the FTSE All Share Index has delivered a total return of 32.2%, and the average equity income fund has delivered a total return of 36.8%. Even after its appreciation, the fund still has an historic net yield of 4.1%*.  The fund is also differentiated in that it has the lowest volatility of any UK equity income fund in the sector, and is complementary to more conventional UK equity funds. It has grown in size to GBP196.7m AUM (as at 14.10.13).    

Miton was one of the first investment manager’s to propose a UK multi cap income strategy given we anticipated that equities with premium income, especially those across the full range of market capitalisations, were well placed to outperform in 2011. Following the launch of the Diverse Investment Trust in April 2011, we launched our open-ended version, the CF Miton UK Multi Cap Income Fund, on 14 October 2011. These funds differ from others in that they invest primarily in quoted UK companies with a wide range of market capitalisations but with a long-term bias toward small and micro cap equities.

Gervais Williams, manager of the CF Miton UK Multi Cap Income fund and managing director of the Miton Group, says: “Unlike many traditional UK equity income funds, we favour stocks at the smaller end of the market capitalisation range since they appear to have better prospects for dividend growth. The great advantage of smallness is that selected businesses can deliver attractive growth even in the absence of worldwide economic expansion, along with highly prudent balance sheets. Yet to the casual observer the AIM market is synonymous with volatility, risk and underperformance. We believe there is still significant scope for stocks with good and growing income to appreciate, given the sub-market valuations and the potential for smaller and micro cap stocks to resume their previous trend of several decades of outperformance.”

Miton Group plc Head of Sales, Neil Bridge, says: “The fund’s complementary nature to more mainstream UK equity income funds has made this proposition very popular among wealth managers and the wider intermediary market. To reach over £180m AUM in just two years is a significant milestone and we hope to continue growing assets and delivering strong performance for our clients.”

The CF Miton UK Multi Cap Income Fund does not have a formal index benchmark but rather has an objective to provide attractive levels of dividends coupled with capital growth over the long term.

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