Premier Miton Multi-Asset Global Growth fund: August 2026 update

• This fund has been managed by the same team since launch in 2010

• It’s a highly diversified multi-asset fund focused on capital growth

• The fund has outperformed peers since launch, despite its high fees

• This fund doesn’t currently feature on the Wealth Shortlist of funds chosen by our analysts for their long-term performance potential

How it fits in a portfolio

The Premier Miton Multi-Asset Global Growth fund aims to grow an investment over the long term by investing in other funds. At least 75% of the fund invests in shares, with the remainder invested in other assets such as bonds, property and cash.

It’s not currently on the Wealth Shortlist because we prefer larger funds that have greater resilience to periods of weak performance or investor redemptions.

The fund could be used to provide diversification to an adventurous portfolio or add some growth potential to a cautious one.

Manager

The fund has been run by the multi-manager investment team at Premier Miton since December 2012. Ian Rees has been Head of the Multi-Manager team since 2024. Rees joined Premier Miton in 2000 and the multi-manager team in 2005. He has been Head of Research since 2006 and was Deputy Head of the team from 2017.

Rees is supported by David Thornton and Mark Rimmer, who have worked at Premier Miton since 2006 and 2015 respectively.

Although the team has a lot of experience managing multi-asset funds, David Hambidge, most recently an adviser to the team but previously Head of the team, retired in January 2026. He’d been part of the team since 1995. The loss of his knowledge and experience is a shame for the team. However, his retirement had been planned for many years in advance, and t his has helped to smooth the transition of his responsibilities to the rest of the team.

Process

The managers start by considering their views on where opportunities are across different asset classes and regions. This helps them to identify where they might want to add new funds or change managers they are invested in. In general, when looking for new ideas, they tend to focus on parts of the market that have underperformed but have the potential to recover. This means they typically have a bias towards the value style of investing.

The fund invests 75-100% in shares, 0-25% in other assets such as bonds or property and 0-25% in cash.

Within shares, the fund invests up to 30% each in the US, Europe, Japan and UK, and up to 20% each in Asia and Emerging Markets.

Up to 5% can be invested in a single fund, and 15% from an individual asset manager. This helps to reduce the risk of investing too much in a single company or fund and helps with diversification.

The result is a fund that’s usually invested in 30-50 underlying funds across multiple regions and asset classes.

At the end of June 2026, the fund invested in 43 funds. The managers had 88.9% invested in shares, with 17.4% in the UK, 13.8% in Japan and 12.7% in European stock markets. 3.2% was invested in bonds, 2.9% in property, 2.8% in alternative investments and 2.3% in cash.

|Although the fund is highly diversified, the managers invest in emerging markets and smaller companies, which adds risk. The manager can also invest in derivatives, which adds risk if used.

Culture

Premier Miton gives managers the freedom to manage their funds according to their own investment and market views. For example, there isn’t a central ‘house view’ around which asset classes or regions offer best value. The company simply asks managers not to deviate from their investment processes.

Fund managers are supported and challenged by an investment risk team that highlight areas of particular concern or where a fund might have a lot of risk in a single factor such as the oil price.

Managers’ remuneration is tied to the performance of the funds they manage and are invested in their own funds. We think that this helps to align their interests with those of investors.

ESG Integration

ESG factors are considered across Premier Miton’s range of funds with the aim of improving investment decision-making and long-term investor outcomes. The firm generally views governance as the most important of the three ESG pillars, and its investment teams tend to pay particular attention to issues such as board composition, management quality, capital allocation and alignment of interests. All Premier Miton funds exclude controversial weapons, such as anti-personnel mines, cluster munitions and chemical weapons.

Voting and engagement are led by investment teams, supported by the Responsible Investing team. The firm provides quarterly voting records, accessible via its website, as well as an annual Stewardship and Responsible Investing report, complete with engagement case studies.

Although there are some company-wide policies relating to ESG, the quality of ESG integration varies across the business. The firm gives fund managers the freedom to run their portfolios according to their own investment and market views.

The managers assess all funds that they invest in through a responsible investing lens. They are looking for funds that consider ESG related risks appropriately within their investment process. As the fund has a large universe of potential investments, across different asset classes and regions, there are naturally some areas where it’s hard to avoid ESG related risks. We are comfortable that these risks are considered and understood by the managers before they invest.

Although the team look at how ESG analysis is incorporated into the investment processes of the underlying fund managers, this is not a sustainably invested fund.

Cost

This fund has an ongoing annual charge of 1.34%. This means that it’s one of the more expensive funds in the IA Flexible Investment sector. The fund of funds structure tends to result in a higher fee compared to funds that are directly invested because there are two layers of charging – the fee from the manager of this fund and the fee from the managers of the underlying funds.

The HL platform fee of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform fee applies.

Performance

Since the team took over managing the fund in December 2012, the fund has returned 219.79%* to the end of June 2026, ahead of its peers in the IA Flexible Investment sector that have returned 163.04% on average.

We think that this is a good outcome for long-term investors in the fund and highlights that although costs are high compared to much of the peer group, this hasn’t held back performance. Although, past performance is not a guide to future returns.

That said, more recent returns have broadly been in line with peers. Over the 10 years to 30 June 2026, the fund returned 111.88% compared to 105.96% for the peer group. And over the last five years, the fund has returned 33.13% compared to 34.32%.

Over the 12 months to end June 2026, the fund has outperformed peers, returning 19.38% compared to 18.69%. More recently, investments in emerging market shares have added most value, while Japanese and Asian shares have also been positive. Although all areas have been positive more recently, investments in UK shares haven’t grown as much as other areas.

We think that the fund has potential to outperform across multiple market environments. However because of the bias towards the value style, it’s more likely to outperform when this style is in favour. It has potential to lag broader global stock markets when they are driven by momentum.