MIDAS INCOME & GROWTH TRUST MOMENTUM MULTI-ASSET VALUE TRUST
MONTH END SEPTEMBER 2022
FOR PROFESSIONAL ADVISERS ONLY
INVESTMENT OBJECTIVE | INVESTMENT TEAM |
Over a typical investment cycle, the Company seeks to achieve a total return of at least CPI plus 6% per annum after costs with low volatility and aims to increase the dividends paid to Shareholders at least in line with inflation, through the application of a Multi-Asset Investment Policy.
The manager takes active allocation decisions within defined ranges. These tactical moves are made through a combination of direct investment and commitments to third party funds, both open and closed ended.
Gary Moglione | Richard Parfect | Mark Wright | Tom Delic |
Lead Oversight | Second Oversight | Portfolio Manager | Portfolio Manager |
Portfolio Manager | Portfolio Manager |
Our investment approach is team based with all portfolio managers having specific areas of research focus and access to and input from the wider Momentum Global Investments team.
FIVE YEAR HISTORICAL CUMULATIVE PERFORMANCE
60%
30%
0%
-30%
MAVT | MSCI UK All Cap | Benchmark ^ | ||
Source: MGIM, Bloomberg Finance LP. The value of the underlying funds and the income generated from them can go down as well as up, and is not guaranteed. Investors may not get back the original amount invested. The value of investments involving exposure to foreign currencies can be affected by currency exchange rate fluctuations. Past performance is not a guide to future performance.
Rebased to zero as at 30.09.2017.
CUMULATIVE | 1 | 3 | 6 | 1 | 3 | 5 |
PERFORMANCE | ||||||
month | months | months | year | years | years | |
(%) | ||||||
Trust share price (bid) | (8.0) | (8.9) | (15.0) | (17.9) | (3.5) | 4.2 |
Trust NAV | (8.9) | (8.8) | (16.3) | (18.5) | (1.7) | 5.5 |
Benchmark^ | 1.2 | 3.8 | 7.5 | 13.5 | 30.7 | 53.4 |
DISCRETE ANNUAL | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep |
PERFORMANCE | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
(%) | |||||
Trust share price (bid) | (17.9) | 40.5 | (16.4) | 8.4 | (0.3) |
Trust NAV | (18.5) | 39.5 | (13.6) | 7.7 | (0.3) |
Benchmark^ | 13.5 | 7.5 | 7.1 | 8.0 | 8.7 |
MONTHLY COMMENTARY
- The principal cause of the sharp falls in markets during September was the persistence of high inflation rates across much of the developed world, triggering increasingly hawkish policy moves by central banks, with the Fed in the vanguard dispelling any doubts about their resolve to bring inflation firmly under control, even if that means higher unemployment, a weak housing market and an extended period of below trend growth.
- Capita announced that the company agreed the sale of Pay360 for £150m which will further strengthen the balance sheet. We took the opportunity to increase our allocation to this holding on the back of the good news.
- Phoenix Group is now yielding around 10% and is well placed to benefit from rising government bond yields. It is one of the smaller positions in the UK equity portfolio and recent market volatility provided a good opportunity to increase our holding.
- In specialist assets, we reduced our allocation to digital infrastructure trusts, Cordiant and Digital 9 Infrastructure, on valuation grounds and due to increased uncertainty.
Source: MGIM, Bloomberg Finance LP
TRUST CODES & DETAILS
SEDOL | 0876999 |
ISIN | GB0008769993 |
CITICODE | IS61 |
Bloomberg ticker | MAVT LN |
Investment Manager | Momentum Global Investment Management Ltd (MGIM) |
Financial Times | Investment Companies |
AIC sector | Flexible Investment |
ISA eligible | Yes, the trust is fully ISA eligible |
NAV with income | 151.35p |
Share price (mid) | 151.00p |
DIVIDEND PAYMENTS | |||||
Year | 2019 | 2020 | 2021 | 2022 | 2023 |
March | 1.64p | 1.68p | 1.68p | 1.68p | 1.80p* |
June | 1.68p | 1.68p | 1.68p | 2.16p | 1.80p* |
September | 1.68p | 1.68p | 1.68p | 1.80p | |
December | 1.68p | 1.68p | 1.68p | 1.80p* |
Source: Company Secretary/RNS
*Dividend note: As announced in the RNS of 22.08.2022, the Company will continue at least to maintain the 1.80p per share quarterly dividend rate for at least the financial year to 30 April 2023, barring unforeseen circumstances.
Cumulative & discrete figures are sourced from MGIM, Bloomberg Finance LP, Trading Economics & Morningstar. Share prices calculated on a total return basis with net dividends reinvested. NAV returns based on NAVs including income and with debt valued at par. Returns do not include current year revenue. ^Benchmark: CPI plus 6%. For the periods ending 30.09.2022, a forecast CPI is used. The information on this factsheet is as at 30.09.2022 unless otherwise stated. MGIM defines a typical investment cycle as one which spans 5-10 years, and in which returns from various asset classes are generally in line with their very long term averages. Low volatility is defined as being lower volatility than that which would be typical of a pure equity portfolio.
ASSET ALLOCATION | INCOME GENERATION |
UK equity | 32.3% |
Overseas equity | 21.9% |
Credit | 7.2% |
Specialist assets | 31.5% |
Defensive assets* | 3.8% |
Cash & equivalents | 3.3% |
UK equity | 26.8% |
Overseas equity | 19.8% |
Credit | 9.4% |
Specialist assets | 42.7% |
Defensive assets* | 0.0% |
Cash & equivalents | 1.3% |
As at 30.09.2022, allocations subject to change. Source: MGIM
*Defensive assets have reduced/negative correlation to equity markets to provide a more defensive element during times of stress Defensive assets consists of a variety of investments such as gold**, government bonds, short ETFs, alternative/uncorrelated strategies and managed futures strategies. **Exposure to physical gold is achieved through investments in exchange traded certificates (ETC) which aim to provide the performance of gold, as measured by the LBMA Gold Price (PM), which is a recognised benchmark for gold. A Gold ETC is a certificate which is secured by gold bullion, held within the vaults of a nominated custodian.
TOP FIVE HOLDINGS BY ASSET CLASS | TRUST FACTS | ||||||
UK EQUITIES | KEY FACTS | ||||||
1. | Babcock International Group | 2.3% | Current dividend yield¹ | 4.45% | |||
2. | Diversified Energy | 2.2% | Total net assets² | £44.02m | |||
3. | Origin Enterprises | 1.7% | % Net gearing ratio³ | 14.29% | |||
4. | Accrol Group Holdings | 1.7% | Year end | 30 April | |||
5. | Conduit Holdings | 1.6% | Interim | October | |||
Premium (discount) | -0.23% | ||||||
OVERSEAS EQUITIES | Ongoing charges⁴ | 1.66% per account | |||||
1. | Morant Wright Fuji Yield | 4.2% | |||||
2. | CIM Dividend Income | 3.6% | |||||
PLATFORM AVAILABILITY | |||||||
3. | Samarang Asian Prosperity | 3.0% | |||||
4. | Prusik Asian Equity Income | 2.6% | |||||
5. | JP Morgan European Investment Trust | 2.6% | |||||
CREDIT | |||||||
1. | Absalon Emerging Markets Corporate Debt | 2.5% | |||||
2. | TwentyFour Select Monthly Income | 2.3% | |||||
3. | Royal London Short Duration Global High Yield | 1.3% | |||||
4. | Royal London Sterling Extra Yield Bond | 1.1% | |||||
- | - | ||||||
SPECIALIST ASSETS
1. | Fair Oaks Income | 3.1% |
2. | Ediston Property Investment Company | 2.5% |
3. | Doric Nimrod Air Two | 2.1% |
4. | Syncona | 2.1% |
5. | Round Hill Music Royalty | 2.0% |
As at 30.09.2022. Source: MGIM
TRUST RATINGS
CONTACT US
EMMA CLIFT | STEVE HUNTER | RONA GRANT |
Head of Distribution Services | Head of Business Development | Company Secretary Juniper Partners Limited |
D 020 7618 1806 | T 0151 906 2481 | T 0131 378 0500 |
E distributionservices@momentum.co.uk | E steve.hunter@momentum.co.uk | E rgrant@junipartners.com |
IMPORTANT INFORMATION
¹Current yield: the yield calculation is based on the latest quarterly dividend, annualised, compared against the month end share price. ²Excl. current period revenue and debt. ³Gearing is the
proportion of the debt to its total net assets. ⁴Based on expenses as at 30.04.2022. Annual Investment Management Fee. Based on Market Cap (from 01.07.2014): below £50m = 0.90%.
above £50m = 0.65%. Source: Juniper Partners Limited, MGIM, Bloomberg Finance LP.
The views of Momentum Global Investment Management Limited (MGIM) do not constitute investment advice. Whilst MGIM 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. Investment in the Trust may not be suitable for all investors. This document is for information only and does not provide you with all the facts that you need to make an informed investment decision. Investors. Before investing you should refer to the Key
Information Document (KID) for details of the principle risks and information on the fees and expenses. Net Asset Value (NAV) performance may not be linked to share price performance, and shareholders could realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The KID, Investor Disclosure Document and latest Annual Report are available at momentum.co.uk. MGIM is the Investment Manager of the Trust (0151 906 2450). MGIM is registered in England and Wales (Company Registration No. 3733094). The registered address is The Rex Building, 62 Queen Street, London, EC4R 1EB. MGIM is authorised and regulated by the Financial Conduct Authority in the United Kingdom (232357).
Past performance is no guarantee of future results. All calls are recorded. Your capital is at risk.
Ratings: Profile published 16.09.2022 by Distribution Technology based on data and information as at 30.06.2022. FE Crown Fund Ratings as of 28.07.2022, do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision.
Momentum Global Investment Management Ltd
The Rex Building, 62 Queen Street, London EC4R 1EB
T 0151 906 2450 E info@momentum.co.uk W momentum.co.uk
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Momentum Multi-Asset Value Trust plc published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2022 12:31:02 UTC.
