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Private Investors

Mid Wynd International Investment Trust PLC

All data as at 31 October 2014 except where specified
  • Summary
  • Performance
  • Composition
  • Key facts
  • Investment insights
  • Literature
  • How to invest

Summary

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. Read about how they manage money (PDF, opens in a new window).

Current prices

Share price278.50p
Portfolio yield1.4%
Dividend yield1.4%

Fund manager review

Equity markets and economies worldwide are increasingly out of step with one another. In the US, growth has been sufficiently robust for the Fed to bring quantitative easing (QE) to an end. In contrast, Japan’s recovery has been so slow that Kuroda-san surprised the market by increasing the country’s QE programme. Not surprisingly, the dollar has strengthened while the yen (to which we hedge much of our exposure) has weakened.

Visa, meanwhile, performed strongly on the back of better-than-expected earnings and as China ended the monopoly of UnionPay, the country’s dominant credit card provider.

Our cashflow based approach continues to indicate that a number of quality US stocks merit inclusion in the portfolio. Boston Scientific, for example, rallied by over 10% in October in response to reassuring financial results. Similarly, results from AmerisourceBergen and Walgreens confirmed our view that they are beneficiaries of generic drugs’ increased penetration of the US pharmaceuticals market. Visa, meanwhile, performed strongly on the back of better-than-expected earnings and as China ended the monopoly of UnionPay, the country’s dominant credit card provider.


In the oil market, an increase in supply from US shale fields has not been met by the expected increase in demand from emerging markets. Having taken profits in a number of our energy investments in September, we sold oil-service companies Flowserve and Ebara in October.

The most important decision we took this month was to utilise fully the leverage that the company has in place (8%). We had previously been happy to run cash levels almost equal to the size of the debt, leaving the company fully invested but with 0% leverage. As share prices fell, however, we felt it was sensible to use the leverage capability that we have in place. The bottom of the recent sell-off came on 16 October. We invested the available cash on 21 October. Between that date and the end of the month, the MSCI All World Index rose by 4.3%.

24 October 2014

Simon Edelsten: “we like choppy conditions”

Simon says that he is looking for companies that are isolated from economic conditions. He is keen on the healthcare sector, where the fund has around 20% of its assets *.

He also discusses the wider macro situation, particularly Europe, China and the USA.

* source Artemis as at 22 October 2014

Value of £100 invested at 1 May 2014

Value of £100 invested at 1 May 2014

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 31 October 2014.
Source: Lipper Limited and Artemis, bid to bid in sterling with net income 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 October 2014. Please note figures may not add up to 100% due to rounding.

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Simon Edelsten: “we like choppy conditions”





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Performance

Performance

5 years3 years1 year6 monthsSince Artemis appointment date*
Mid Wynd NAV69.5%32.8%5.7%6.2%6.2%
Mid Wynd share price87.5%24.0%4.7%4.1%4.1%
MSCI AC World NR GBP70.3%45.5%8.2%8.0%8.0%
FTSE World TR GBP76.6%49.7%8.9%8.0%8.0%
Please remember that past performance is not a guide to the future. All data as at 31 October 2014. All figures show total returns. Source: Artemis. * Artemis was appointed investment manager on 1 May 2014.

Percentage growth

20142013201220112010
12 months to 30 September6.5%15.6%5.7%4.4%44.9%
20142013201220112010
12 months to 31 October4.7%16.8%1.4%-2.0%54.3%
Please remember that past performance is not a guide to the future. All data as at 31 October 2014. All figures show total returns. Source: Artemis.

Value of £100 invested at 1 May 2014

Value of £100 invested at 1 May 2014

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


Composition

Top 30 holdings

Company% holding
Time Warner2.8%
Union Pacific Corp2.6%
Google Inc2.6%
Bayer AG2.3%
Unibail-Rodamco SE2.3%
Essilor International SA2.3%
AmerisourceBergen Corporation2.2%
VF Corp2.1%
AbbVie Inc2.1%
Global Logistic Properties2.1%
Boston Scientific Inc2.1%
Walgreen Co2.1%
China Merchants Holdings (International) Co2.1%
Nestle2.1%
Capital One Financial2.0%
Sumitomo Mitsui Financial Group2.0%
LVMH1.9%
Perrigo Co1.9%
Pernod-Ricard1.9%
Telenor ASA1.9%
East African Breweries Ltd1.9%
Bank Of China1.9%
Colgate-Palmolive Co1.9%
Singapore Telecommunications1.9%
L'Oreal1.9%
Premier Inc1.9%
Visa1.8%
Cheung Kong Infrastructure Hldgs1.8%
Smith & Nephew1.8%
Shimano Inc1.8%
Without cash. Source: Artemis as at 31 October 2014.

Market sector split

Sector% holding
Healthcare21.2%
Financials18.9%
Consumer Discretionary18.7%
Consumer Staples14.4%
Industrials13.2%
Information Technology4.4%
Telecommunication Services3.8%
Energy3.6%
Utilities1.8%
Without cash. Source: Artemis as at 31 October 2014. Please note figures may not add up to 100% due to rounding.

Theme split

Theme% holding
Healthcare21.1%
Emerging Market Consumer13.8%
Asset growth13.7%
Mobile Data & eCommerce11.3%
Retiree Spending Power10.0%
Energy in a Gas Glut6.8%
Distribution6.2%
Frontier Investments5.5%
Media Content4.5%
Emerging Market Financials3.9%
Business Investment3.2%
Without cash. Source: Artemis as at 31 October 2014. Please note figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 31 October 2014. Please note figures may not add up to 100% due to rounding.


Key Facts

Fund information

Launch21 October 1981
Artemis appointment date1 May 2014
Year end30 June
AGM date27 October
Dividends datesApril, October
Fund size (net assets)£63.22m
Fund Size (Market cap)£61.18m
Net gearing5.9%
Gearing range0%-30%

Ordinary shares

SEDOLB6VTTK0
ISINGB00B6VTTK07
TickerMWY LN
Shares In Issue21,966,021
Net asset value287.79p
(Discount)/Premium on diluted NAV(3.2)%

Investment information

Management fee (on market cap)0.50%
Ongoing charge0.80%

Current prices

Share price278.50p
Portfolio yield1.4%
Dividend yield1.4%

Fund managers

Manager

Simon Edelsten

Since 1 May 2014

Manager

Alex Illingworth

Since 1 May 2014

Manager

Rosanna Burcheri

Since 1 May 2014

Corporate information

DirectorsRRJ Burns (chairman)
HJ Morgan
RAR Napier
AG Scott
MCN Scott QC
Registered office42 Melville Street
Edinburgh EH3 7HA
Registered numberSC042651
RegistrarsComputershare Investor Services plc
Bridgwater Road
Bristol BS99 6ZZ
Tel 0870 707 1186
Company announcementsView announcements
Fund Intro
An introduction to Mid Wynd International Investment Trust
Simon Edelsten explains his investment approach and how he and his fellow managers build the trust’s portfolio.
17 Nov 2014
In the press
Edelsten: Companies losing faith in prospects for global growth
11 Nov 2014
Hunters' Talk
The Owl of Minerva - investing in a time of deflation
Fund manager Simon Edelsten of Artemis Global Select explores the possible effects of deflation and whether this has any impact on stock selection...
24 Oct 2014
Filmclub
Simon Edelsten: “we like choppy conditions”
The manager of Artemis’ Global Select and Mid Wynd funds updates investors on their positioning and says the current market volatility creates opportunities for investment.
16 Oct 2014
Hunters' Talk
The Owl of Minerva – Abenomics
After two years of ‘Abenomics’, the Artemis Global Select and Mid Wynd Investment Trust team reviews progress on the ground ...
11 Sep 2014
In the press
“Mid Wynd’s new manager seeks quality to quell volatility”
15 Aug 2014
In the press
Edelsten: global stocks to consider if the economic recovery fails

Fund literature finder

Download fund factsheets, application forms, brochures and more





IMPORTANT INFO

You should download and use all pages of the selected documents to ensure you have the full picture. We update documents in this library regularly, so when you download an item, please bear in mind that it is subject to change without notice.

Buy shares directly

Investors can buy and sell shares in Mid Wynd International Investment Trust directly through a stockbroker, or indirectly through a lawyer, accountant or other professional adviser

Speak to your financial adviser

We always recommend you speak to a financial adviser if you need advice on making an investment

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Invest via an investment plan

Investors can also buy shares in Mid Wynd International Investment Trust through the product range offered by Alliance Trust Savings, which includes an investment dealing account, a stocks and shares ISA and a SIPP

Visit Alliance Trust Savings

External website
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Risk warnings

This information does not constitute an offer, invitation or solicitation to deal in securities.
The value of shares in Mid Wynd International Investment Trust PLC, and any income from them, can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Stock market prices, currencies and interest rates can move irrationally and can be affected unpredictably by diverse factors, including political and economic events.
How the shares have performed in the past is not a guide to how they will perform in the future.
A proportion of the investment trust may be invested in emerging markets. Investment in emerging markets can involve greater risk than is customarily associated with more mature markets meaning above average price movements both positive and negative can be expected.
The investment trust may invest in the securities of smaller and/or medium sized companies. This can involve greater risk than is customarily associated with investment in larger, more established companies. The market for securities in smaller companies is often less liquid than that for securities in larger companies, meaning above average price movements both positive and negative can be expected.
The investment trust may borrow money in order to make further investments, which is known as 'gearing'. This can enhance investment returns in rising markets but conversely may reduce returns in falling markets.
This information is issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS.

Financial advisers and retail investors
The Company currently conducts its affairs so that the ordinary 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 ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

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