Miton UK Microcap Trust cuts fees as portfolio outperforms

Positive return mirrors benchmark’s negative

Miton UK Microcap Trust has cut its annual management fee in response to outperformance driving a widening discount to net asset value (NAV) on its share prices.

As of 1 September, the annual management fee for the trust has been reduced from 1% to 0.9% of NAV per annum. Why the UK 'could be set for particular attention' when investors return to equities The trust has also enjoyed strong outperformance year-to-date, which it attributed to its micro-cap investments being "less reliant on the growth of the UK economy" and also to a put option it placed against FTSE100 stability. The option would "marginally detract" from the trust's returns if markets were stable, but as the year played out in the way it has thus far, it was able to sell the ...