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Premier Miton Pan European Property Share
Premier Pan European Property Share does not invest in 'bricks and mortar' property, but in the shares of property companies across Europe, including the UK. Its target is twofold: to generate income, while also providing an attractive level of growth.
Previously Premier Pan European Property Share
Our opinion
Alex is incredibly knowledgeable about his sector. Being pan European, the fund provides a good level of diversification for investors, as well as a reasonable yield. Premier Pan European Property Share has managed to differentiate itself meaningfully from both its benchmark and its sector and makes a worthy satellite contender for a diversified portfolio.
Company description
Premier Miton Investors was formed in November 2019 following the merger of Premier Asset Management Group plc and Miton Group plc. The combined company manages around £11.2 billion of assets on behalf of a wide range of individual investors and institutions. The two principle areas of focus are outcome-based, multi-asset investment, and single-strategy, active equity investment. Premier Miton was awarded the Elite Provider for Equities rating in 2021.
Fund manager
Alex Ross joined Premier in 2005 from Aberdeen Asset Management, where he managed its highly successful Property Share Fund. He has more than fifteen years' experience managing real estate securities and moved to Premier with the specific task of designing and managing this fund.
The key theme of this fund is targeting proactive, hands-on real estate managers.
Alex RossFund manager
Investment process
Premier Pan European Property Share's universe is the approximately 150 property stocks listed in the UK and Europe, spread across diverse geographic regions and real estate sub-sectors. Companies in the fund’s universe are categorised by a quality ranking. They are assessed on a number of different factors, amongst which are the quality of management, corporate governance, sustainability and rental income defensiveness, and growth potential. Companies that are actively managing their portfolios and improving and enhancing their properties are preferred. Alex will also consider the level of leverage and how a company is financed. Valuation is considered on a relative basis and Alex will take advantage of share price volatility to trade the portfolio.
ESG
ESG - Integrated
Premier Miton as a firm believes managers should have the autonomy to make their own investment decisions based on the inputs available to them, and therefore have no house view on ESG limitations. It does however believe that ESG considerations should be fully integrated into the investment process and considered alongside financial factors. This allows the managers to then make a call as to what level of risk they are prepared to take. With this fund, Alex primarily focuses on the supply and demand factors behind a property and its sector. He will also consider the environmental sustainability behind each company to ensure there will not be excessive costs in either running a building or having to upgrade it. Governance is also a major factor, with honest, disciplined management teams essential in an asset class with such long term assets and therefore long risk exposures.
Risk
Premier Pan Eureopan Property Share fund is totally unconstrained by any benchmark and the manager can take large positions if he sees opportunities. This can add risk to the portfolio, although it is intended to create considerable value through a full market and economomic cycle.
The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.