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Private investors

Mid Wynd International Investment Trust plc

All data as at 30 December 2016 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)418.50p
Dividend yield1.0%

Fund manager review

Having kept up with the index for much of last year, the Company’s portfolio proved too conservative to keep up with an exuberant year-end rally. European markets were led higher by Italian banks, as investors welcomed the refinancing of UniCredit. Asian markets, to which the portfolio has greater exposure, lagged the global rally - particularly China, where the renminbi remains under pressure. Nonetheless, having produced a share-price return of 24.4% for the year, the Company finished the year with its share price at an all-time high and at a small premium to net asset value.

... having produced a share-price return of 24.1% for the year, the Company finished the year with its share price at an all-time high and at a small premium to net asset value.

Some of the Company’s European holdings performed well, with ITV being the beneficiary of some takeover speculation following Twenty-First Century Fox’s bid for Sky. Among the larger holdings in the portfolio, LVMH performed well as did US financials. We took profits in Charles Schwab, whose valuation had begun to appear full and started a new investment in Credit Suisse, which has a credible plan to increase its profitability over the medium-term. With crude prices having risen sufficiently to encourage some US operators to resume fracking, we have taken profits in some oil holdings.

2017 holds the prospect of improved economic growth - but also of higher interest rates and slightly higher inflation. For companies with new products coming through and strong market positions, these conditions can help to increase shareholder value. While many such equities seem very highly valued at present, we believe that our portfolio holds a range of strong companies that also trade on reasonable valuations. We believe this remains the best way to achieve investment returns that are well ahead of inflation over the next few years.

24 November 2016

Update on Mid Wynd International Investment Trust

 

Value of £100 invested at Artemis appointment to 30 December 2016

Value of £100 invested at Artemis appointment to 30 December 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 30 December 2016.
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 30 December 2016. 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 does not constitute an offer, invitation or solicitation to deal in the securities of this fund.

The value of any investment, and any income from it, can rise and fall with movements in stockmarkets, currencies and interest rates. These can move irrationally and can be affected unpredictably by diverse factors, including political and economic events. This could mean that you won’t get back the amount you originally invested.

The fund’s past performance should not be considered a guide to future returns.

The fund may invest in emerging markets, which can involve greater risk than investing in developed markets. In particular, more volatility (sharper rises and falls in unit/share prices) can be expected.

The fund may invest in the shares of small and medium-sized companies. Shares in smaller companies carry more risk than larger, more established companies because they are often more volatile and, under some circumstances, harder to sell. In addition, information for reliably determining the value of smaller companies – and the risks that owning them entails – can be harder to come by.

The fund may borrow money to make further investments, an investment approach known as 'gearing'. This can enhance investment returns in rising markets but will reduce returns when markets fall.

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 personal investors

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