MIGO Opportunities Trust (MIGO)

MIGO invests in closed-ended funds across the London Stock Exchange with the aim of outperforming the 3-month SONIA interest rate benchmark plus 2 per cent. The company sits within the AIC’s Flexible Investment sector, reflecting the fact its unconstrained approach allows it to range across the investment company sector to exploit pricing inefficiencies in out of favour segments of the market. In that vein, current key exposures include Georgian and Vietnamese equities, mining exploration, uranium investors, and private equity. 

In this interview, fund manager Nick Greenwood explains to John Hughman the thinking and process behind MIGO’s contrarian investment strategy, and his thoughts on the unusually wide discounts on offer across the sector; why there’s often a mismatch between the price of investment company shares and the NAV behind them, especially in illiquid sectors such as private equity; and why mining exploration companies are undervalued given the growing demand for critical metals to enable the energy transition.

In March it was announced that Mr Greenwood – who has run the company since 2004 - was leaving Premier Miton, which currently has MIGO’s mandate. Some have speculated that he may take the mandate with him to his new employer.