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‘Midas investors will reap long-term rewards’

The Midas funds have suffered a setback in performance because their overseas prop-erty holdings have continued to trade at a discount to net asset value. High volatility has also affected the quoted value of some structured holdings and a preference for value stocks has hurt as these have been hit by the credit crunch.

Midas is wary of investing over 1.5 per cent in any one stock so it did not benefit when big sectors such as mining outperformed. Miton concedes that in hindsight, its cautious stance has not been cautious enough but it is confident that its multi-asset investment strategy will come good.

Head of business development David Thomas says: “Over the short term, the full benefits of multi-asset investing have been less apparent. That said, there is now a great deal of value in the Midas funds and we are absolutely convinced that our multi-asset approach will reward patient investors.”

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