Gervais Williams believes a major market rotation could be gathering pace, with investors shifting away from highly rated mega-cap growth stocks towards income-producing companies with stronger cash generation. In this interview, the Premier Miton UK Multi Cap Income Fund Co-Fund Manager explains why UK equities could be a key beneficiary, how the fund has delivered strong long-term returns despite a difficult backdrop for smaller companies, and where he is finding overlooked opportunities across Victorian Plumbing, Personal Group, ACG Metals, PayPoint, Diversified Energy and CMC Markets.
Key Moments
00:11 — UK equities quietly outperform global markets — Why Williams believes the UK’s recent strength could have further to run.
01:44 — What makes the fund different — Income growth, smaller companies and opportunities beyond traditional UK equity income.
04:01 — What has driven long-term performance — Why cash generation and dividend growth have mattered more than takeover activity.
05:07 — Can the fund sustain its income — How strong balance sheets could support dividends through very different economic outcomes.
07:45 — Victorian Plumbing’s next leg of growth — Why new distribution capacity, tiles and furniture could widen the opportunity.
09:57 — Personal Group’s transformation — How improved execution and rising insurance sales are driving growth.
12:03 — ACG Metals moves into cash generation — Why first copper production at Gediktepe could mark an important inflection point.
14:07 — Why PayPoint still looks overlooked — Strong cash generation, shareholder returns and a valuation Williams believes fails to reflect the progress.
16:03 — Diversified Energy expands in the Permian Basin — How the Birch acquisition could strengthen cash generation and create further upside from US gas prices.
18:54 — CMC Markets becomes a broader technology story — Why institutional growth and API partnerships could improve the quality and diversity of earnings.
Premier Miton manages the Premier Miton UK Multi Cap Income Fund, which invests across large, mid-sized and smaller UK-listed companies with an emphasis on income, dividend growth and the potential for capital appreciation. The strategy can also invest in less widely followed small-cap and AIM-listed businesses, where Williams believes attractive valuations and stronger income growth can create differentiated return opportunities
