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Mid Wynd International Investment Trust plc

All data as at 31 March 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)437.50p
Dividend yield1.0%

Fund manager review

Despite the stalemate over healthcare reform in the US and the UK starting the process of leaving the European Union, stockmarkets moved modestly higher in March. The dollar was weak, depressing our holdings in Japanese exporters. Although indicators of business confidence continue to reflect optimism, few companies are seeing improving conditions.

our holdings in US shale producers may be the victors in a competition that is not worth winning

During the month we further reduced our exposure to oil. Our US shale companies are again increasing production rapidly and this seems to have more than offset improving discipline among members of Opec. Although demand for fuel from emerging markets has grown steadily, global stockpiles of crude have also risen. This suggests to us that the industry does not offer good long-term growth: our holdings in US shale producers may be the victors in a competition that is not worth winning.

Meanwhile our tourism theme is working well. Samsonite, the luggage company, had good results and its shares responded. Its recent acquisition of the up-market brand Tumi is progressing well and generating cash rapidly enough to reduce the group’s debt.

Although healthcare reform has stalled in the US, there is agreement to reduce support from the state. This allows private health insurers to fill the gap in provision, so we have made an investment in UnitedHealth Group, the leader in the market. During the long election process, many US healthcare companies saw their valuations fall and so may offer opportunities for long-term investors.

During March, the Company’s share price was stable and its net asset value (‘NAV’) rose modestly. This is the fourth consecutive month of gains for the NAV and a good start to the year. We do not expect this positive performance to continue without some volatility along the way, but we do still believe that the portfolio has a diverse set of holdings that can withstand most economic and political scenarios.

24 November 2016

Update on Mid Wynd International Investment Trust

 

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

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

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 31 March 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 March 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.

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 institutional investors and consultants

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