MAM's Greenwood invests third of Worldwide Growth in arb targets

MAM Funds' Nick Greenwood has upped arbitrageur plays to 33% in his £35m Miton Worldwide Growth investment trust.

Greenwood has added 4% to the space in the past month to take advantage of illiquidity in trusts with a market cap below £100m, making it the largest bet in the portfolio. It currently has 25 positions ranging from 0.5%-1.5. “We are seeing an opportunity in investment companies with a market cap below £100m as wealth mangers will not go near them. This creates distortion as the companies have £100m of assets but trade on a 40% discount so the market cap is £60m,” said Greenwood. “The fear of illiquidity and wide discounts attract activist investors who then attempt to build up s...