Miton believes that adaptive asset allocation is the key to successful long term investment as different asset classes suit different stages of the investment cycle and it is crucial to change the portfolio accordingly. Miton implement their asset allocation strategy by adopting a multi manager approach using both Funds and Investment Trusts which enables the portfolios to leverage off the skills and expertise of specialist managers available for each selected asset class.

The Miton process begins at the macro level with the investment team taking an overview of world economic activity, looking at interest rate variables and direction, inflation , GDP, earnings growth, currency movements etc, to assess the implied and relative valuations of markets for equities, bonds, cash, property and commodities. The team also looks at market momentum, liquidity for each region and asset classes and the Bull:Bear ratio to measure sentiment. Often the ‘herd mentality' will stretch valuations way beyond implied measures, creating both buying opportunities in the upward rush and selling opportunities when confidence falls. Value is best found where others are not looking and the team has the experience and patience to often take contrarian positions.