MWGT Miton Worldwide

 
TIDMMIGO 
 
MITON GLOBAL OPPORTUNITIES PLC 
(formerly Miton Worldwide Growth Investment Trust PLC) 
Half-Yearly Report for the period ended 31 October 2015 
 
Miton Global Opportunities plc ("the Company") has today released its 
Half-Yearly Report for the six months ended 31 October 2015. 
 
Key Information: 
 
  * The Company's name has been changed to more accurately reflect the 
    investment approach, which seeks principally to exploit pricing 
    inefficiencies in closed-end investment funds. 
 
  * The Company has been reclassified into the AIC's new Flexible Investment 
    sector, being companies "whose policy allows them to invest in a range of 
    asset types". 
 
  * Shareholders have approved new provisions within the Articles to enable 
    shareholders to elect, in 2018 and then at three year intervals, for the 
    realisation of all or part of their shareholding. 
 
  * Investment Manager believes that the current environment increases the 
    potential for pricing inefficiencies and provides a number of interesting 
    opportunities. Despite maintaining a cautious view about the general 
    direction of equity markets, the Company is fully invested. 
 
The Half-Yearly Report and other information is available via 
www.mitongroup.com/migo. 
 
Enquiries: 
 
Miton Group plc 
David Barron 
DDI: +44 (0) 203 714 1474 
Email: david.barron@mitongroup.com 
 
Numis Securities Limited 
Nathan Brown, Corporate Broking and Advisory 
DDI: +44 (0) 20 7260 1426 
Email: n.brown@numis.com 
 
 
HALF-YEARLY REPORT 
 
Miton Global Opportunities plc is an investment trust which was launched on 6 
April 2004. 
 
CAPITAL STRUCTURE 
 
At a General Meeting of the Company held on 9 September 2015, shareholders 
approved proposals to remove the requirement for future continuation votes in 
the Company's Articles of Association and instead include provisions enabling 
shareholders to elect, in 2018 and then at three year intervals, for the 
realisation of all or part of their shareholding. The Company's share capital 
therefore comprises Ordinary shares of 1p each with one vote per share and 
Realisation shares of 1p each, when in issue, with one vote per share. 
 
The rights of holders of Ordinary shares (being shares in respect of which no 
election for realisation has been made) and of Realisation shares (being shares 
in respect of which an election for realisation has been made), when in issue, 
will be as follows: the portfolio will be split into two separate and distinct 
pools, namely a continuation pool comprising assets attributable to the 
continuing Ordinary shares (the "Continuation Pool") and a realisation pool 
comprising the assets attributable to the Realisation shares (the "Realisation 
Pool"). The assets in the Realisation Pool will be managed in accordance with 
an orderly realisation programme with the aim of making progressive returns of 
cash to holders of Realisation shares as soon as practicable. The precise 
mechanism for any return of cash to holders of Realisation shares will depend 
upon the relevant factors prevailing at the time and will be at the discretion 
of the Board. 
 
As at 31 October 2015 and the date of this report, there were 25,279,985 
Ordinary shares in issue, none of which were held in Treasury. 
 
INVESTMENT OBJECTIVE 
 
The objective of the Company is to outperform 3 month LIBOR plus 2% over the 
longer term, principally through exploiting inefficiencies in the pricing of 
closed-end funds. This objective is intended to reflect the Company's aim of 
providing a better return to shareholders over the longer term than they would 
get by merely placing money on deposit. 
 
The benchmark in the investment objective is a target only and should not be 
treated as a guarantee of performance of the Company or its portfolio. 
 
INVESTMENT POLICY 
 
The Company invests in closed-end investment funds traded on the London Stock 
Exchange's Main Market, but has the flexibility to invest in investment funds 
listed or dealt on other recognised stock exchanges, in unlisted closed-end 
funds (including, but not limited to, funds traded on AIM) and in open-ended 
investment funds. The funds in which the Company invests may include all types 
of investment trusts, companies and funds established onshore or offshore. The 
Company has the flexibility to invest in any class of security issued by 
investment funds including, without limitation, equity, debt, warrants or other 
convertible securities. In addition, the Company may invest in other 
securities, such as non-investment fund debt, if deemed to be appropriate to 
produce the desired returns to shareholders. 
 
The Company is unrestricted in the number of funds it holds. However, at the 
time of acquisition, no investment will have an aggregated value totalling more 
than 15% of the gross assets of the Company. Furthermore, the Company will not 
invest more than 10%, in aggregate, of the value of its gross assets at the 
time of acquisition in other listed closed-end investment funds, although this 
restriction does not apply to investments in any such funds which themselves 
have stated investment policies to invest no more than 15% of their gross 
assets in other listed closed-end investment funds. In addition, the Company 
will not invest more than 25%, in aggregate, of the value of its gross assets 
at the time of acquisition in open-ended funds. 
 
There are no prescriptive limits on allocation of assets in terms of asset 
class or geography, save that no more than 80% of the Company's gross assets 
can be held in any one geographical region. 
 
There are no limits imposed on the size of hedging contracts, save that their 
aggregated value will not exceed 20% of the portfolio's gross assets at the 
time they are entered into. 
 
The Board permits borrowings of up to 20% of the Company's net asset value 
(measured at the time new borrowings are incurred). 
 
The Company's investment objective may lead, on occasions, to a significant 
amount of cash or near cash being held. 
 
 
REVIEW OF THE PERIOD 
 
Over the period, the Company's net asset value decreased by 4.37% and the share 
price decreased by 2.76% (capital return). 
 
During the period, the shares traded between a 6.01% and an 11.55% discount, 
ending the period on an 8.89% discount (source: Bloomberg). 
 
As at 31 October 2015, the Company had short-term borrowings of GBP5,000,000. 
 
 
FINANCIAL HIGHLIGHTS 
 
                                  31 October      30 April 
                                     2015           2015 
 
Net asset value per Ordinary 
share (including revenue            173.70p       181.63p 
reserves) 
 
Net asset value per Ordinary 
share (excluding all revenue        175.07p       182.25p 
reserves) 
 
Share price                         158.25p       162.75p 
 
Discount to net asset value            8.89%        10.40% 
 
Total net assets (after 
deduction of borrowings)             GBP43.91m       GBP45.92m 
 
Total borrowings                      GBP5.00m        GBP3.00m 
 
Ongoing charges                        1.32%         1.16% 
 
 
TOTAL RETURN PERFORMANCE TO 31 OCTOBER 2015 
 
                            6 months      1 year       Since 
                                   %           %      launch 
                                                           % 
 
Net asset value*                (4.4)        2.3        78.5 
 
Share price **                  (2.8)        4.8        58.3 
 
MSCI World Index in             (3.6)        5.4       137.8 
Sterling** 
 
FTSE All-Share Index**          (5.7)        3.0       132.7 
 
Sterling 3 month LIBOR +2%*      1.3         2.6        68.3 
** 
 
Sources: 
*           Based on initial NAV of  97.33p (after launch expenses). 
**          Bloomberg. Net income reinvested GBP. 
***        Miton Asset Management Limited (Sterling 3 month LIBOR +2% at the 
beginning of the accounting period). 
 
 
ANNUAL GENERAL MEETING/GENERAL MEETING 
 
In accordance with the Articles of Association, a continuation vote was put to 
shareholders at the Annual General Meeting of the Company held on 9 September 
2015 and approved. Over 67% of shareholders voted on this resolution, with 99% 
voting in favour. 
 
A General Meeting was held on the same date, at which proposals were approved 
to amend the Articles of Association. The changes removed the requirement for 
future continuation votes and instead shareholders will be offered the 
opportunity to elect to exit the Company at three year intervals, through the 
conversion of all or part of their holding of Ordinary shares into Realisation 
shares. 
 
As a result of the changes to the Articles, the management and performance fees 
payable by the Company to the Manager have also been amended to reflect new fee 
arrangements that would apply in respect of the share reorganisation that would 
take place on the issue of Realisation shares. As this was a related party 
transaction, a resolution was put to, and approved by, shareholders at the 
General Meeting on 9 September 2015. Details of the fee changes are set out in 
Note 9 below. 
 
 
CHANGE OF NAME 
 
The Directors believe that the Company's name should be simplified and more 
accurately reflect the investment approach. Accordingly, with effect from 5 
January 2016, the name of the Company was changed from Miton Worldwide Growth 
Investment Trust PLC to Miton Global Opportunities plc. A change of name is 
permitted by the Company's Articles of Association and does not require a 
shareholder vote. The Company's ticker has changed to MIGO. 
 
 
AIC SECTOR 
 
With effect from January 2016, the AIC has introduced a new sector 
classification: Flexible Investment. The definition for this sector is 
"Companies whose policy allows them to invest in a range of asset types". Miton 
Global Opportunities is one of the companies that has been reclassified into 
this new sector. 
 
 
INTERIM MANAGEMENT REPORT 
for the period ended 31 October 2015 
 
The period under review was a tough period for equity markets. During the 
summer, the major indices fell to levels around 15% below where they had 

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