Three MAM Funds take 12% stake in Williams' Diverse Income trust

Three MAM Funds portfolios, including Martin Gray's £619m Miton Special Situations fund, hold a total 12% stake in Gervais Williams' Diverse Income trust, which listed in April.

Managing director Williams’ first launch through MAM had a minimum fundraising target of £50m, with the intention to cap it if it reached £100m. Three of MAM’s own funds have a combined 12% stake in the trust, which has assets under management of £49m. Gray’s portfolio has a £2m holding, a 0.3% position in Special Situations but 4% of the closed-ended vehicle. The majority of Gray’s portfolio is focused on international opportunities, as he has been a long-term bear on the outlook for the UK, with just a 7% weighting in the region, including Mark Barnett’s Invesco Perpetual UK Strate...