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Mid Wynd International Investment Trust plc

All data as at 31 January 2017 except where specified
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The fund’s aims

Mid Wynd aims to achieve both capital and income growth by investing on a worldwide basis.

Investment policy

In seeking to meet its objective, the portfolio will principally comprise international quoted equities. Investments will be selected for inclusion within the portfolio solely on the basis of the strength of the investment case. The Company is prepared to move freely between different markets, sectors, industries and market capitalisations as investment opportunities dictate.
Mid Wynd is managed by the Artemis Global Select team of fund managers.

Current prices

Share price (ordinary)433.00p
Dividend yield1.1%

Fund manager review

Equity markets started the year strongly. The Company’s share price rose along with the markets in early January and held those gains even as its net asset value (NAV) fell a little. This resulted in the premium on which the company’s shares trade expanding during the month.

That President Trump has acted on the issues he raised on the campaign trail has surprised commentators accustomed to politicians ignoring their pledges once in office.

That President Trump has acted on the issues he raised on the campaign trail has surprised commentators accustomed to politicians ignoring their pledges once in office. Although most of the portfolio’s investments are not greatly affected by political change, holdings in US banks and producers of shale oil should benefit from Trump’s policies. Others may benefit from lower rates of corporate tax. In contrast, attempts to unwind Obamacare seem more problematic so we have further reduced the trust’s exposure to US healthcare companies.

The results season helps to return the market’s focus to corporate fundamentals. Economic growth worldwide is currently quite healthy, even in Europe. Results from LVMH, Comcast and Boston Scientific have all been reassuring. Two of the smaller holdings in the portfolio, Line Corporation and DeNA, had disappointing earnings and have been sold.

We have rebalanced the portfolio in recent months to prevent the average multiple on which its holdings trade, relative to underlying cashflows, increasing. This inevitably involves selling holdings in fashionable parts of the market (such as consumer staples) and reinvesting in out-of-fashion sectors (such as financials.) We believe this means the portfolio is well balanced to cope with a year of rising interest rates and to benefit from the expansionary policies being introduced in larger economies. That said, the portfolio’s positioning continues to prioritise the protection of capital in case of volatility.

24 November 2016

Update on Mid Wynd International Investment Trust

 

Value of £100 invested at Artemis appointment to 31 January 2017

Value of £100 invested at Artemis appointment to 31 January 2017

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 31 January 2017.
Source: Lipper Limited and Artemis, bid to bid in sterling with dividends reinvested. All figures show total returns. Past performance is not a guide to future performance.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 31 January 2017. Please note figures may not add up to 100% due to rounding.

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Update on Mid Wynd International Investment Trust





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Risk warnings

THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY and should not be relied upon by retail investors.

This information does not constitute an offer, invitation or solicitation to deal in the securities of this fund.

The fund may invest in emerging markets.

The fund may invest in the shares of small and medium sized companies.

The fund may borrow money to make further investments, known as 'gearing'.

Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.

Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.

Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority.

Financial advisers and retail investors
The company currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (“FCA’s”) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

UK financial advisers and wealth managers

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The information contained in these pages should not be used or relied upon by private investors.