OREANDA-NEWS. Miton Global Opportunities (MIGO) aims to produce returns ahead of an absolute benchmark by exploiting inefficiencies in the pricing of closed-ended funds. This niche strategy differentiates it from peers in the flexible investment sector, while its wide spread of exposures, including Berlin residential property, forestry, second-hand life policies and an Indian equity fund, suggests its performance may also be differentiated from conventional equity funds. 

MIGO is trading at a discount of 10.9% to cum-income NAV, modestly above its five-year average. The c 10% habitual level may narrow as the prospect of a realisation opportunity at the time of the 2018 AGM draws closer. This gives investors a clear prospect of a chance to realise NAV, while allowing the manager to maintain his investment approach in the meantime. Allowing for the discount of the underlying funds held in the portfolio, we calculate a look-through discount of c 28% pointing to the upside if the manager's opportunistic selections deliver.

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