Acorn Income Fund Limited - February 2020 - Premier Asset Management
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Acorn Income Fund Limited February 2020
Important information
The information contained in this presentation may have been provided by third parties and therefore Premier Miton cannot be held
responsible for its accuracy. It is subject to material updating, revision and further amendment without notice. Any investment decision
must be made solely on the basis of the information contained in the prospectus published by Acorn Income Fund Limited (the
‘Company’) on 29 November 2016 (and, if applicable, any supplemental prospectus published by the Company) in connection with the
admission of shares in the Company to the Official List of the UK Listing Authority and to trading on the main market for listed securities
operated by the London Stock Exchange PLC. A free English language copy of the prospectus document, Key Information Document
and Pre-investment disclosure document, which include further information about the specific investment risks, charges, and investment
policy and objectives, are available on the website premiermiton.com, or copies can be sent on request.
All data is sourced to Premier Miton Investors unless otherwise stated.
This document is for information purposes. The information given and opinions expressed are subject to change and should not be
interpreted as investment advice. Reference to any particular stock or fund does not constitute an investment recommendation. Persons
who do not have professional experience in matters relating to investments should always speak with a financial adviser before making an
investment decision.
Past performance is not a guide to future returns. The price of shares and any income from them may go down as well as up and there
is the possibility of a loss to your original investment. Where investments are denominated in currencies other than sterling, changes in
exchange rates may cause their sterling value to rise or fall. These investments are typically intended as long term investments.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has
been licensed for use by Premier Miton Investors. ICE Data and its Third Party Suppliers accept no liability in connection with its use. See
www.premiermiton.com/indices for a full copy of the Disclaimer.
Issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers
Limited is registered in England no. 02274227. Miton Asset Management Limited is registered in England no. 01949322. Miton Trust
Managers Limited is registered in England no. 04569694. All these companies are authorised and regulated by the Financial Conduct
Authority and are members of the ‘Premier Miton Investors’ marketing group and subsidiaries of Premier Miton Group plc (registered in
England no. 06306664). Registered office for Premier Portfolio Managers Limited, Premier Fund Managers Limited and Premier Miton
Group plc: Eastgate Court, High Street, Guildford, Surrey GU1 3DE. Registered office for Miton Asset Management Limited and Miton Trust
Managers Limited: 6th Floor, Paternoster House, 65 St. Paul’s Churchyard, London EC4M 8AB.
1
One fund – two management companies
— Independently owned and managed company
established in 2000
— Specialists in UK small and mid cap companies, AIM &
UK Smaller Companies fledgling markets
portfolio — Experienced, committed, and well-resourced investment
team with >100 years of combined experience
— Assets under management £1.3 billion*
— AIM listed since 2016
— £11.6 billion** under management
— Premier Miton is a UK retail asset management group
Income portfolio with a focus on delivering good investment outcomes
for investors through relevant products and active
management across our range of investment strategies,
which include multi-asset, equity and absolute return
funds.
*Data as at 30.09.2019, issued by Unicorn Asset Management. **Data as at 31.12.2019.
2
What is an investment trust?
— Closed-ended investment fund that pools investor money to raise a fixed amount of capital by issuing
shares. The shares are then listed on a stock exchange for investors to buy and sell them
— Authorised and regulated in Guernsey
— Issues two share types, ordinary and zero dividend preference shares (ZDPs)
— Ordinary shares receive a dividend based on fund performance
— ZDPs do not receive a dividend but do have a fixed maturity date and value and take preference over the
ordinary shares in the event the Company is wound up
3
Acorn Income Fund Limited
The company is currently made up of Continuation vote
— 15.817m Ordinary shares in issue — At September 2021 AGM
— 21.231m ZDPs, redeeming on — Every five years the shareholders vote
28 February 2022 at 167.2p per share on whether to continue to run the
company or wind it up.
— £96.0m gross assets
— £63.565m net assets
— Gearing of 51.4%
Managed by an independent £ Management fee
Board of Directors
— Nigel Ward (Chairman) — 0.70% per annum
— David Warr — Charged 75% to revenue, 25% to
capital
— Nigel Sidebotttom
— Performance fee where payable,
— Sharon Parr
charged 100% to capital.
Data as at 30.09.2019.
4Acorn Income Fund Limited
Gross assets Total return1 Dividend yield
12.6% 6.0%
£96.0m Share price annualised
12 month historic
total return since launch
Portfolio breakdown: Portfolio breakdown:
Dividend growth
Smaller Companies Income
22.3% p.a. 70-80% 20-30%
Over 5 years approximately approximately
Data as at 30.09.2019. 1Source: FE Analytics. Data from 26.02.1999 to 30.09.2019, on a bid to bid, annualised total return.
Past performance is not a guide to future returns.
5Acorn Income Fund Limited
Zero Dividend Preference shares
— The ZDP shares are due to redeem on 28 February 2022 at 167.2p per share
— The ZDPs are currently covered 2.5x by the gross assets of the company
— The current Gross Redemption Yield is 3.1%1
— The underlying portfolio is invested in listed securities
— Ordinary share dividends are paid from revenue, not from capital
Data as at 30.09.2019. 1For definition see glossary on page 23.
Value of shares can fall as well as rise and you may not get back your original investment.
6Gearing and leverage
— The ordinary shares are geared by the ZDP shares which have a fixed entitlement to capital and rank
ahead of the ordinary shares for repayment on any winding up of the Company
— The effect of gearing is that the net asset value of the ordinary shares is expected to rise faster than the
increase in the value of the gross assets of the Company in a rising market but fall faster than the decline
in the value of the gross assets in a falling market. This increases the risks associated with investing in the
ordinary shares but enhances the potential return
— As the ZDPs have no entitlement to a dividend, the ordinary shares will have potential for a higher
dividend than would be the case if the Company was ungeared. The ZDPs can be considered as a more
defensive and lower risk investment than the ordinary shares but their potential return is limited by their
fixed capital entitlement on the repayment date. The potential return, if held to redemption, is shown by
the Gross Redemption Yield
— The Company’s policy is not to employ any further gearing through long term bank borrowings
Your capital is at risk. Value of shares can fall as well as rise and you may not get back your original
investment.
7Performance - 10 years
The graph below shows how the Company has performed over the last 10 years from 30.09.2009 to 30.09.2019.
800 Acorn - share price total return
700 Acorn - NAV total return
600 Numis Smaller Companies ex IT Index
FTSE All-Share Index
Total return %
500
Comparator benchmark1
400
300
200
100
0
-100
Source: FE Analytics. Data from 30.09.2009 to 30.09.2019, based on a bid to bid, total return, UK Sterling basis. Acorn Income
Fund performance is based on Ordinary Shares. 1Comparator benchmark represents 25% Bank of America Merrill Lynch Sterling
Non-Gilts Index / 75% Numis Smaller Companies ex IT Index. Acorn Income Fund was incorporated on 5 January 1999 and
commenced its activities on 11 February 1999.
Past performance is not a guide to future returns. 8Dividend record - 10 years
The chart below shows the dividend paid in pence per share over the last 10 years from 2009 to 2019*.
25
Introduction of ZDP leverage
19.8p
20
18.0p
Pence per share
15.5p 15.6p
15 13.8p The Company’s policy is to provide
12.8p
12.0p 12.0p Ordinary shareholders with a high
income relative to the average dividend
10 yield of the UK Smaller companies
7.0p
6.0p 6.3p comprised in the Numis Smaller
Companies Index ex Investment
5
Companies
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YT D*
*2019 distribution history includes three out of four payments
Source: Bloomberg, data as at 30.09.2019.
Income is not guaranteed and will fluctuate.
9Unicorn Asset Management
Smaller Companies Portfolio
Smaller Companies Portfolio data issued by Unicorn Asset Management.
10Smaller companies portfolio
— Smaller & medium sized companies: 100% weighting
— Market capitalisation: c.£550m weighted average of companies held
— High conviction: 46 holdings
— Long term: 3-5+ years investment horizon
Source: Unicorn Asset Management and FE Analytics as at 30 September 2019.
Past performance is not a guide to future returns.
11Smaller companies portfolio
Sector weighting Market capitalisation weighting
Cash 3.9%
Consumer goods 1.0% Industrials 40.7% Cash 3.9% < £75m 5.6%
Telecommunications 3.3%
£1bn+ 13.5% £75m -
Technology 7.0% £250m 34.9%
Consumer
services 13.2% £500m -
£1bn
19.8%
Financials 30.8% £250m -
£500m 22.2%
Data as at 30.09.2019, based on % of smaller companies portfolio.
Please note that the asset allocation may be above or below 100% due to rounding.
12FDM
Example of a smaller company held in the portfolio
— Provides qualified IT staff to large organisations Market capitalisation £807m
— Recruits graduates and ex-armed forces personnel
Software & computer
— High margin, scalable business model Sector
services
— Strong, regulatory growth drivers
Index FTSE 250
Share price movement
Since purchase of shares on 12.05.2015 5 years to 30.09.2019
300%
300%
250%
250%
200% 200%
150% 150%
100% 100%
50% 50%
0% 0%
-50% -50%
May 15 May 16 May 17 May 18 May 19 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19
Source: Bloomberg & Unicorn Asset Management, data to 30.09.2019. Charts reflect movement in share price.
Value of shares can fall as well as rise.
13Somero
Example of a smaller company held in the portfolio
— Manufactures laser-guided machinery used in horizontal
concrete placement
— Advances the productivity, concrete flatness and efficiency of Market capitalisation £106m
the jobsite
— Addresses c. 99% of the global market Sector Industrial engineering
— 70% of revenues* from US exposure
Index FTSE AIM All Share
— Highly cash generative – regular special dividends
— Dividend pay-out ratio increased to 50% in 2018
Share price movement
Since purchase of shares on 29.10.2014 5 years to 30.09.2019
350% 300%
300% 250%
250%
200%
200%
150%
150%
100%
100%
50%
50%
0% 0%
-50% -50%
Oct 14 Sep 19 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19
Source: Bloomberg & Unicorn Asset Management, data to 30.09.2019. *Bloomberg, data as at 31.12.2018, FY 2018 Results. Charts
reflect movement in share price.
Value of shares can fall as well as rise.
14Premier Miton Investors
Income Portfolio
15Current asset allocation - income portfolio
The income portion of the portfolio makes up between 20-30% of the total portfolio.
Cash
5.8%
Structured investments
4.5%
Investment companies
23.9%
Bonds
54.2%
Index-linked bonds
4.5%
Convertible bonds
7.1%
Data as at 30.09.2019. Please note that the asset allocation may be above or below 100% due to rounding.
16For further information
— Factsheet
— KID
— Ordinary shares
— ZDP
— Prospectus
— Pre-investment disclosure document
17Appendices
18Investment team
— Simon joined Unicorn Asset Management in — Chun joined Premier Miton Investors in
2008. Since 2013 he has been the manager 2016. He previously worked as co-manager
of the Unicorn UK Smaller Companies Fund of the Waverton Sterling and Global
and co-manager of the Unicorn UK Income Bond Funds at Waverton Investment
Fund & Acorn Income Fund. He is an active Management. Chun holds an MA in Finance
member of the Investment Committee and Investment from the University of
and has been since 2008. Prior to joining Exeter, and is a Chartered Member of
Unicorn, Simon worked as a research analyst the Chartered Institute of Securities and
at JM Finn & Co. Stockbrokers and spent Investments.
Simon Moon three years in the NHS graduate finance Chun Lee
scheme
Fund Manager Fund Manager
— Fraser joined Unicorn Asset Management — Robin joined Premier Miton Investors in
in 2008 and has been an active member of 2015, as an investment company specialist
the Investment Committee at Unicorn since providing analysis and risk management
joining the firm. He has been manager of of investment strategies that utilise closed
the Unicorn UK Growth fund since February end investments. He previously worked
2011 and co-manager of the Unicorn UK at Cayenne Asset Management as a fund
Income Fund & Acorn Income Fund since manager and investment companies analyst
2013. Prior to joining Unicorn, Fraser held and at Fortis Prime Fund Solutions as an
positions at F&C Asset Management and investment accountant.
Geoghegan & Co Chartered Accountants.
Fraser Mackersie Fraser is a Fellow of the Association of Robin Willis
Chartered Certified Accountants.
Fund Manager Fund Manager
19Investment risks
General risks of investing Fund performance will be affected by investment decisions made by
All types of investment carry a degree of risk. It is possible you could the fund manager.
lose some, or all, of the money you invest. The level of risk varies Fund specific risks
depending on the type of investment. Some of the main specific risks of investing in this fund are
Typically, you are less likely to lose money over the long term from summarised here. Further detail is available in the prospectus for the
an investment that is considered low risk, although potential returns fund.
may also be lower. Investments considered higher risk typically offer Alternative investments
greater opportunities for better long-term returns, though the risk of
These typically behave differently to traditional investments such
losing money is also likely to be higher.
as bonds and equities. They can include a range of assets such as
When you invest, it is important that you understand the risk to your specialist lending, private equity, hedge funds and gold. Adding
money and are comfortable with that level of risk. If you are unsure, alternative investments to a portfolio can help to make it more diverse
we would recommend that you consult a financial adviser. but can also make it more volatile.
Past performance of a fund is not an indication of how it will perform Call options
in the future. The share price of funds, therefore the value of your
A type of derivative. Call options can be used for a number of reasons;
investment in the funds, and any income from them, can go down as
they can be used to generate income or to gain exposure to an asset.
well as up, and you could get back less than you invested.
These can make a fund more volatile from time to time.
The value of your investment might not keep up with any rise in the
Collective investment schemes (funds)
cost of living.
Where other funds are held in a portfolio, or where there is indirect
You could lose money if financial markets fall.
exposure to other funds, these could include higher-risk investments
There is no guarantee that the investment objective of the fund will like hedge funds, property funds or commodity funds (e.g. investing in
be achieved. gold, oil), which would increase the overall risk in the fund.
The levels of taxation that apply to income or capital gains from the Counterparty credit
fund, including any tax relief that may be available, will depend on
Some securities or financial instruments rely on payments or
your personal tax situation.
guarantees from a counterparty. This is a role usually undertaken by a
Funds with similar objectives may not perform in the same way as bank or similar entity.
they are likely to have different holdings.
20Investment risks continued
Currency Geographic concentration
Where investments in a fund are denominated in currencies other Funds that have a strong focus on a particular country or region can
than sterling (for example, if a fund holds assets priced in euros), carry a higher risk than funds with a more diversified portfolio.
its value will be affected by changes in the relevant exchange rate. Hedging
Certain other investments, such as the shares in companies with
A hedge is designed to offset the risk of another investment falling in
profits from other countries, will also be effected.
price. It can also act as a limit on potential gains if the investment that
Derivative has been hedged increases in value.
A contract whose value is based on the change in price of a specific Inflation
asset or index. When derivatives are used within a fund, it doesn’t
Higher inflation can lead to some investments falling in value,
necessarily increase risk. However, price changes in the underlying
particularly those with a fixed level of interest, for example
asset can translate into big swings in the value of derivatives (up and
government bonds and corporate bonds.
down), which has a direct effect on the value of the fund.
Interest rate
Equities
Changes in central bank interest rates can affect all types of assets, in
Equities (shares) can experience high levels of price fluctuation.
particular, securities such as government bonds and corporate bonds
Fixed interest securities that generally offer a fixed level of interest. If interest rates go up, the
Government and corporate bonds generally offer a fixed level of value of a bond may fall, and vice versa.
interest to investors, so their value can be affected by changes in Issuer credit
interest rates. When central bank interest rates fall, investors may
There are times when the issuer of a security (for example, a company
be prepared to pay more for bonds and bond prices tend to rise. If
that has issued a bond) is unable to make income payments or repay
interest rates rise, bonds may be less valuable to investors and their
its debt. When this happens it can result in losses for the fund.
prices can fall.
Legal and tax
Gearing / leverage
The income or capital gains from investments can sometimes be
Funds that use gearing / leverage (this can be achieved by the use of
affected by changes in legal and tax regulations or how these rules
derivatives) can experience significantly higher price fluctuations.
are applied.
21Investment risks continued
Liquidity Put-options
In some instances, for example, when market conditions generally A type of derivative. Put-options can be used for a number of reasons.
are difficult, holdings in a fund may be difficult to sell and buy at the For example, they can be used to protect the value of an underlying
desired price. The fund value could fall as a result. investment or group of investments against a fall in value. They can
Non-investment grade bonds be thought of as an insurance policy. These can make a fund more
volatile from time to time.
Bonds with a higher risk that the bond issuer might not meet its
income or repayment obligations, as assessed by independent bond Smaller companies
rating companies. Investment in smaller companies is typically higher risk than
Operational investment in larger companies. Shares in smaller companies can
experience greater levels of volatility.
Processes, systems and controls around your investment might fail.
The more complex or unusual the investments that the fund holds, Structured investments
the more likely this is to happen. For example, developing markets These investments are built around a derivative and have specific
may have less reliable systems or lower standards of governance than criteria that need to be met to deliver a positive return. If these criteria
more developed markets. are not met, the investment can fall sharply in value.
Over The Counter derivatives (OTC) Unregulated collective investment schemes
These are types of derivatives that are not traded on a public These investments can carry additional risks as they are not subject to
exchange. Agreed privately between two parties, OTC derivatives can the same level of regulation as authorised or regulated schemes.
be tailored to meet the exact needs of each party. They can make a Zero dividend preference shares (ZDPs)
fund more volatile from time to time.
Issued by investment trusts. ZDPs have a maturity date, pay no
Property and Real Estate Investment Trusts income but pay a set amount at maturity. Serious falls in market levels
Property values can rise and fall sharply depending on the strength of can alter their structure and lead to falling values.
a country’s economy.
22Glossary
Bonds Gross Redemption Yield (GRY)
Bonds refers to different types of investments that allow investors The internal rate of return, expressed as an annual percentage,
to loan money to governments and companies, usually in return for assuming the share is bought at the current share price and repaid at
the offer of the pay out of a regular fixed amount of money until the the pre-determined redemption price.
bond’s maturity date, plus the return of the original value of the bond
at a set maturity date. The price of bonds will vary and the investment Market capitalisation
terms of bonds will also vary. The total market value of a company’s shares, calculated by
multiplying the total number of shares by the current market price.
Convertible bonds
Allow bond holders to convert their creditor position to that of an Net Asset Value (NAV)
equity holder at an agreed-upon price. Other convertible securities Net Asset Value per share is the total of a company’s assets minus its
can include notes and preferred shares, which can possess many liabilities, divided by the number of shares in issue
different traits.
Structured investments
Dividend cover These investments have an embedded derivative and may, if certain
criteria are met, experience a swift change in value.
This is calculated by dividing a company’s earnings per share by the
dividend paid per share, expressed as a multiple. It shows how much Total return
of company’s net profits it pays out in dividends. The higher the
When measuring performance, this is the actual rate of return of
dividend cover, the more affordable the dividend is.
an investment or a pool of investments, over a given evaluation
Dividend growth period. Total return includes interest, capital gains, dividends and
distributions.
The annualised percentage rate of growth that a dividend undergoes
over a period of time. Yield
Gearing Dividend payments made in the preceding 12 months divided by the
share price at a particular date, expressed as a percentage.
The amount of a company’s borrowed funds to its equity and is a
measure of a company’s financial leverage.
23Contact us
Claire Long, Premier Miton Investors, Head of Investment Trusts
+44 (0) 1483 400 463 (Direct)
+44 (0) 1483 306 090 (Switchboard)
+44 (0) 07780 603 724
claire.long@premiermiton.com
LGBR Capital, Distributor
unicorn@lgbrcapital.com
020 7071 3940
www.lbgrcapital.com
Company Broker: Numis Securities
Sales: Chris Gook +44 (0) 20 7260 1378 c.gook@numis.com
Dave Luck +44 (0) 20 7260 1301 d.luck@numis.com
Corporate: Nathan Brown +44 (0) 20 7260 1426 n.brown@numis.com
24Important information
The information contained in this presentation may have been provided by third parties and therefore Premier Miton cannot be held
responsible for its accuracy. It is subject to material updating, revision and further amendment without notice. Any investment decision
must be made solely on the basis of the information contained in the prospectus published by Acorn Income Fund Limited (the
‘Company’) on 29 November 2016 (and, if applicable, any supplemental prospectus published by the Company) in connection with the
admission of shares in the Company to the Official List of the UK Listing Authority and to trading on the main market for listed securities
operated by the London Stock Exchange PLC. A free English language copy of the prospectus document, Key Information Document
and Pre-investment disclosure document, which include further information about the specific investment risks, charges, and investment
policy and objectives, are available on the website premiermiton.com, or copies can be sent on request.
All data is sourced to Premier Miton Investors unless otherwise stated.
This document is for information purposes. The information given and opinions expressed are subject to change and should not be
interpreted as investment advice. Reference to any particular stock or fund does not constitute an investment recommendation. Persons
who do not have professional experience in matters relating to investments should always speak with a financial adviser before making an
investment decision.
Past performance is not a guide to future returns. The price of shares and any income from them may go down as well as up and there
is the possibility of a loss to your original investment. Where investments are denominated in currencies other than sterling, changes in
exchange rates may cause their sterling value to rise or fall. These investments are typically intended as long term investments.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has
been licensed for use by Premier Miton Investors. ICE Data and its Third Party Suppliers accept no liability in connection with its use. See
premiermiton.com/ indices for a full copy of the Disclaimer.
Issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers
Limited is registered in England no. 02274227. Miton Asset Management Limited is registered in England no. 01949322. Miton Trust
Managers Limited is registered in England no. 04569694. All these companies are authorised and regulated by the Financial Conduct
Authority and are members of the ‘Premier Miton Investors’ marketing group and subsidiaries of Premier Miton Group plc (registered in
England no. 06306664). Registered office for Premier Portfolio Managers Limited, Premier Fund Managers Limited and Premier Miton
Group plc: Eastgate Court, High Street, Guildford, Surrey GU1 3DE. Registered office for Miton Asset Management Limited and Miton Trust
Managers Limited: 6th Floor, Paternoster House, 65 St. Paul’s Churchyard, London EC4M 8AB.
25Important notes
This presentation has been created for retail clients and is for information purposes only. The information provided and the opinions expressed
in this presentation may change and should not be considered investment advice or a recommendation to invest. This presentation is not a
prospectus/listing particulars and material contained in this presentation does not constitute an offer or recommendation to buy or sell an
investment. No representations or warranties, express or implied, are made by Acorn Income Fund, Premier Fund Managers Limited, Numis
Securities Limited or any other person as to the accuracy of the information contained in this presentation and no reliance must be placed on
it in relation to any share issue in the companies to which this presentation relates or for any other purpose whatsoever.
The Company currently conducts its affairs so that both the Ordinary shares and Zero Dividend Preference shares issued by the Company
can be recommended by IFAs to retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and
intends to continue to do so for the foreseeable future. Acorn Income Fund’s shares fall outside the regulations which apply to non-mainstream
investment products because Acorn Income Fund invests substantially in shares, debentures or government and public securities and also
because Acorn Income Fund would qualify for approval as an investment trust if it was resident in the United Kingdom.
The information has been taken from sources we believe to be reliable though this is not guaranteed, and the information stated, opinions
expressed and estimates given constitute best judgement at the time of publication and are subject to change without notice.
Source: FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used
by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor
its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of
FTSE Data is permitted without FTSE’s express written consent.
Issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers Limited
is registered in England no. 02274227. Miton Asset Management Limited is registered in England no. 01949322. Miton Trust Managers Limited
is registered in England no. 04569694. All these companies are authorised and regulated by the Financial Conduct Authority and are members
of the ‘Premier Miton Investors’ marketing group and subsidiaries of Premier Miton Group plc (registered in England no. 06306664). Registered
office for Premier Portfolio Managers Limited, Premier Fund Managers Limited and Premier Miton Group plc: Eastgate Court, High Street,
Guildford, Surrey GU1 3DE. Registered office for Miton Asset Management Limited and Miton Trust Managers Limited: 6th Floor, Paternoster
House, 65 St. Paul’s Churchyard, London EC4M 8AB.
26For more information:
premiermiton.com
0333 456 9033
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