FUND IN FOCUS
Miton
CF Miton Total Return Fund
Not for retail investors
‘Our focus is on steady
incremental returns from a
diversified approach’
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Fund highlights
About the fund
The CF Miton Total Return Fund aims for
steady, incremental returns with a focus
on low volatility.
- The fund seeks long term returns ahead of
cash
-Ideally suited to investors looking for
cash-style returns over a 3-5 year period
Three year volatility comparison:
- A fund with an absolute return focus aimed
at the more cautious investor
- The fund adopts a multi asset approach
giving freedom to the fund manager to
deliver the fund’s objective
- Managed by experienced multi asset
experts James Sullivan and Martin Gray
since Q3 2008
Over three years (to end July 2013)
the volatility of the fund is a low 2.76
compared to equities 12.54 (FTSE
All Share), gilts 8.08 (FTSE British
Government All Stocks) and corporate
bonds 6.88 (iBoxx sterling non-gilts all
maturities).
The fund has delivered a positive return
every year, apart from 2008, since launch.
Launched in November 2006 the fund
has been managed by proven multi asset
managers James Sullivan and Martin
Gray since Q3 2008.
Broker desk 0118 338 4033
www.mitongroup.com
“Our focus is on steady, consistent,
incremental returns with low volatility,
adhering to our benchmark at all times.”
Fund Manager, James Sullivan
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Fund objective
The fund aims to deliver total positive returns on an annual basis throughout all market conditions and cycles. The fund
offers no element of capital preservation and no guarantee of a positive return. The fund will invest in a broad spread of
asset classes with the intention of providing investors with a diversified return with relatively low risk.
The fund will invest predominantly in units and/or shares in collective investment schemes (including, but not restricted
to, equity funds, bond funds and property funds).
The fund may also invest in hedge funds and other asset classes, including transferable securities, money market
instruments, cash and near cash and deposits as permitted under COLL for non-UCITS retail schemes. The fund may
also invest in derivative instruments and forward transactions for the purposes of hedging only.
A fund for more cautious investors seeking a long term return ahead of cash.
Key reasons to invest:
•
Alternative to cash based returns
•
Sound, low risk philosophy in a low interest rate environment
•
Focus on managing to a low volatility and defending downside risks
•
Has delivered a positive return in every calendar year, apart from one, since launch
•
Low correlation to traditional equity portfolios
•
Unconstrained mandates gives the manager freedom to pursue the investment objective
•
Managed by highly rated duo of James Sullivan and Martin Gray of CF Miton Special Situations Portfolio, CF Miton
Strategic Portfolio and the Miton Global Diversified Income Fund
Performance over three years
14.9%
11.8%
Three year performance chart from month end 31.07.2010 to month end 31.07.2013
Source for all performance data: FE Analytics. Basis: Bid to bid, net income reinvested and net of fees in UK Sterling terms.
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Performance analysis
Cumulative
performance (%)
YTD
1 year
3 years
5 years
Since launch
Fund
+4.7
+5.9
+14.9
+15.4
+18.0
LIBOR +3%
+2.0
+3.6
+11.8
+23.1
+42.9
Discrete annual
performance (%)
31.07.2013
31.07.2012
31.07.2011
31.07.2010
31.07.2009
Fund
+5.9
+3.0
+5.4
+4.0
-3.4
LIBOR +3%
+3.6
+4.0
+3.8
+3.7
+6.2
James Sullivan and Martin Gray have managed the fund since Q3 2008.
Fund statistics over 3 years
Annualised volatility (%)
Annualised alpha (%)
FE risk score
2.8
2.4
19
CF Miton Total Return Fund
Annualised Volatility
A measure which describes the fluctuation of a fund’s price over time. While volatility is specific to a fund’s particular
mix of investments, higher volatility is generally considered to equate to higher risk.
Annualised Alpha
A measure of a fund’s performance by comparison to its sector representing the return of the fund when the sector
is assumed to have a return of zero and indicates the extra value that the manager’s activities have contributed.
FE risk score
Measures the volatility of the fund relative to the FTSE 100 index, which has a risk rating of 100. Funds more
volatile than the FTSE 100 have a score above 100 and vice versa.
Source for all performance data: FE Analytics. Basis: Bid to bid, net income reinvested and net of fees in UK Sterling terms.
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Asset allocation
Cash
25.1%
Global bonds
21.4%
18.6%
ZDP*
15.6%
Alternatives
11.7%
Global equities
5.3%
Property
Market Neutral
2.3%
*Zero Dividend Preference Shares.
The fund invests across a broad spread of asset classes, with allocations decided on the basis of the conviction
of managers James Sullivan and Martin Gray.
Key facts
Fund managers
James Sullivan & Martin Gray (since Q3 2008)
Launch date
21 November 2006
Fund size
£13.0m
No. of holdings
35
A Share class (Retail)
B Share class (Institutional)
N Share class (Retail)
Minimum investment
£1,000 lump sum
£50 regular premium
£100,000 lump sum
£1,000 lump sum
£50 regular premium
Maximum initial charge
5.00% (currently fully discounted)
1.00%
5.00% (currently fully discounted)
Annual management
charge
1.25%
0.50%
0.75%
Ongoing charges
1.96%*
1.21%*
1.46%**
SEDOL
B1GDTL3
B1GDTQ8
B846MV4
ISIN
GB00B1GDTL32
GB00B1GDTQ86
GB00B846MV47
Bloomberg
CFMARCR:LN
CFMARCI:LN
CFMARNA:LN
IMA sector
Absolute Return
Type of share
Accumulation only
Base currency
GBP
Fund basis
Non UCITS Retail Scheme (NURS)
Capita dealing line
0845 606 6182
*Based on expenses as at 30.04.2013
**Estimated as at 30.04.2013
Source for all performance data: FE Analytics. Basis: Bid to bid, net income reinvested and net of fees in UK Sterling terms.
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Investment philosophy & style
Our philosophy is that we don’t believe in relative performance. We try to deliver the most attractive return possible in the
most efficient risk-adjusted manner. The aim of the CF Miton Total Return Fund is not only to select investments from the best
performing asset classes but to blend negatively correlated assets to produce smooth returns. When building a portfolio it is
important to balance the level of risk to achieve the target rate of return whilst not exposing the investor to undue or unrewarded
risk. The CF Miton Total Return Fund will seek to generate outperformance by actively managing the top down asset allocation
process and then adding further value by the addition of carefully selected holdings within the selected asset classes. This fund
is aimed at lower risk investors who would like a return slightly ahead of cash over the period of a full investment cycle.
Macro
Economics
Macro
Economics
Cash
Private
equity
Macro
Economics Resources
Bonds
Miton Total
Return
Hedge
Property
Macro
Economics
Broker desk 0118 338 4033
Equities
Macro
Economics
www.mitongroup.com
Macro
Economics
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Investment team
James Sullivan
Martin Gray
James has worked in the finance
industry since 1999 when he joined
the investment team at the law firm
Foot Anstey. The team then became
the founder members of iimia plc in
April 2002 when the law firm out
sourced the investment operation.
Rapid growth of the iimia business
witnessed the merger with Miton Asset Management
and Miton Capital Partners. James was
subsequently appointed as co-manager to Martin
Gray on the CF Miton Special Situations and CF
Miton Strategic Portfolios and in May 2012 the Miton
Global Diversified Income Fund. James is lead
manager on the CF Miton Total Return Fund.
Martin began his fund management
career in 1979, he established the
investment division of a UK
authorised company in 1987,
becoming a director in 1990.
Martin joined Miton Group as a fund
manager and director in 1994
and has been responsible for the
management of the CF Miton Strategic Portfolio since
launch in December 1996 and also the CF Miton
Special Situations Portfolio which was launched a
year later. Martin has won numerous fund
management awards including the coveted asset
allocator of the year award. Martin became a
manager of the CF Miton Total Return Fund in August
2008 and the Miton Global Diversified Income Fund
in May 2012.
Available from
The fund is available through some or all of the products of the above companies.
Please contact the relevant distribution partner to confirm the basis on which deals can be made.
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com
FUND IN FOCUS
CF Miton Total Return Fund
Miton
Business development team
Neil Bridge, Head of Business Development
T: 07850 740642 E: neil.bridge@mitongroup.com
Jake Lewis, Business Development Manager
T: 07912 271452 E: jake.lewis@mitongroup.com
Ceri Morris, Business Development Manager
T: 07831 750657 E: ceri.morris@mitongroup.com
Broker support desk
T: 0118 338 4033 E: brokersupport@mitongroup.com
Important information
Past performance should not be seen as an indication of future performance. The information in this document is as at
31.07.2013 and relates to the A share class unless otherwise stated. All performance figures have been sourced from
FE Analytics. The value of investments and any income will fluctuate and investors may not get back the full amount
invested. The views expressed are those of the fund manager at the time of writing and are subject to change without
notice. They are not necessarily the views of Miton and do not constitute investment advice. Whilst Miton has used all
reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee
the reliability, completeness or accuracy of the content. This document is provided for the purpose of information only.
Before investing you should read the key investor information document as it contains important information regarding the
fund, including charges, tax and fund specific risk warnings and will form the basis of any investment. Capita Financial
Managers, from whom the prospectus, key investor information document and application forms are available, act as
Authorised Corporate Director of the Fund (0845 606 6182) while Miton is the Investment Manager of the Fund (0118 338
4033).
Miton is a trading name of Miton Asset Management Limited. Miton Asset Management Limited is authorised and
regulated by the Financial Services Authority and is registered in England No. 1949322 with its registered office at
10-14 Duke Street, Reading, Berkshire, RG1 4RU. MFP13/316.
Broker desk 0118 338 4033
www.mitongroup.com
brokersupport@mitongroup.com