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Miton enjoys ride in the theme park

Miton Asset Management says the consistent outperformance of its special situations fund over the last 10 years is due to long-term asset allocation without following any particular investment style or benchmark.

The CF Miton special situations fund is ranked first in the Investment Management Association’s balanced managed sector since launch in January 1998, rising by over 215.1 per cent compared with the sector average of 73.5 per cent.

It has outperformed its sector in nine out of 10 years and is top decile in eight years.

The global fund of funds is run by lead manager Martin Gray in a way that avoids benchmarks and index tracking. Gray takes a top-down approach to fund selection, investing in themes he thinks will play out successfully over the long term.

Gray says: “The fund has been consistent since launch. It has lost less in the market downturn and risen more than other funds, except in 2006. I felt the credit and debt crisis was inevitable and that is partly why the end of 2006 was not good for the fund – I called it a bit too early.

“There was greater correlation between markets last year, so I chose to be a bit more defensive while looking at ways to improve risk and reward. I try to find funds that are undervalued and build a position that will reward investors when it comes to fruition but if I have got it wrong, I am not afraid to accept it.”

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