Miton's Gray: There is no value anywhere in the market

Miton's Martin Gray said he has struggled to find value anywhere in the market in recent months, with his funds taking a performance hit as a result of his defensive positions.

The Miton Special Situations fund and the Strategic portfolio have lagged peers over the past year, returning 5.1% and 2.3% respectively compared to a sector average of 13.5% (to 11 October). Over three years, they have returned 7.9% and 5.1% against an average 20.7%, according to Morningstar. “The funds have been a bit stuck, we have been too defensive. We have struggled to find value in any asset classes – it is very hard at the moment. Investors believe central banks are going to save the world, but I am very cynical about that. It is an experiment, as central banks seem content to...