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Private Investors

Mid Wynd International Investment Trust PLC

All data as at 30 January 2015 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.

Current prices

Share price314.50p
Portfolio yield1.21%
Dividend yield1.21%

Fund manager review

The European Central Bank (ECB) announced its long-awaited quantitative easing (QE) programme in January, driving yields on government bonds lower. The Swiss National Bank anticipated QE by ending the Swiss franc’s peg to the euro. We anticipated QE - and falling yields on eurozone bonds - by investing in a range of European property shares such as Deutsche Annington and Unibail-Rodamco. These performed strongly in January. Later in the month, Syriza’s victory in the Greek elections was not enough to slow a surging European equity market.

As more viewers watch content streamed over the internet, fewer are watching TV adverts. This change should benefit the strongest media companies. In response, we have added to the company’s holding in Disney but have sold Time Warner while the situation develops.



Media companies in the US are experimenting with offering their programmes by subscription using the internet, cutting out the middle men: cable and satellite broadcasters. As more viewers watch content streamed over the internet, fewer are watching TV adverts. This change should benefit the strongest media companies. In response, we have added to the company’s holding in Disney but have sold Time Warner while the situation develops.

One of the results of this disintermediation - the cutting out of cable and satellite broadcasters - is that traditional TV advertising models and pricing structures are being challenged. The increasing prevalence of time-shifted viewing makes TV advertising easier to avoid. But even as TV advertising models change, billboards have retained their importance. They are difficult to avoid and are an essential part of building new brands and promoting new products. Digital billboards, which carry higher margin potential, are being installed in new locations. The supply of billboard sites is fixed and regulated - so new entrants are unlikely. We therefore added a position in Lamar Advertising to the company’s portfolio in January. This is one of the dominant billboard companies in the US and taps into less cyclical local advertising markets.

Among the company’s emerging-market holdings, we reduced its exposure to Africa by reducing its position in East African Breweries. After a strong run, and having visited the company, we sold the holding in Ulker Biskuvi, a Turkish biscuit company, due to our concerns about its valuation and acquisition strategy.

11 December 2014

Investing in cruise liners and spectacle lens makers on the back of oil price falls

Whilst falling oil prices have been bad news for the emergent fracking industry, Simon explains why they mean increased disposable income for retirees. As a result, he has been investing in cruise line stocks and spectacle lens makers, amongst others.

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 30 January 2015.
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 30 January 2015. Please note figures may not add up to 100% due to rounding.

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Investing in cruise liners and spectacle lens makers on the back of oil price falls





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Performance

Performance

5 years3 years1 yearSince Artemis appointment date*6 months
Mid Wynd NAV74.0%44.4%16.1%17.4%15.0%
Mid Wynd share price98.2%46.3%15.2%17.5%15.6%
MSCI AC World NR GBP70.2%45.2%16.9%13.0%9.9%
FTSE World TR GBP76.7%49.4%17.3%13.1%10.2%
Please remember that past performance is not a guide to the future. All data as at 30 January 2015. All figures show total returns. Source: Artemis. * Artemis was appointed investment manager on 1 May 2014.

Percentage growth

20142013201220112010
12 months to 31 December11.8%27.0%1.6%-14.5%60.9%
20152014201320122011
12 months to 31 January15.2%17.1%8.4%-12.5%55.0%
Please remember that past performance is not a guide to the future. All data as at 30 January 2015. 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 30 January 2015.
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
Google Inc2.4%
China Merchants Holdings (International) Co2.4%
AmerisourceBergen Corporation2.2%
Burberry Group2.2%
Boston Scientific Inc2.1%
Sysco2.1%
Smith & Nephew2.1%
MasterCard Inc2.1%
Singapore Telecommunications2.0%
Pernod-Ricard2.0%
Capitamall Trust2.0%
Bayer AG1.9%
Actavis1.9%
AstraZeneca1.9%
DISH Network Corp1.9%
Colgate-Palmolive Co1.9%
Unibail-Rodamco SE1.9%
Spectra Energy Corp1.9%
Cabela's Inc1.8%
VF Corp1.8%
Global Logistic Properties1.8%
Hospira1.8%
Eastern Co SAE1.7%
CVS Group1.7%
Walt Disney Co1.7%
Henry Schein Inc1.7%
Bank Of China1.7%
Novartis1.7%
Essilor International SA1.7%
Premier Inc1.7%
Without cash. Source: Artemis as at 30 January 2015.

Market sector split

Sector% holding
Healthcare23.7%
Financials23.2%
Consumer Discretionary18.7%
Consumer Staples12.8%
Industrials9.7%
Information Technology4.5%
Telecommunication Services3.2%
Energy1.9%
Utilities1.3%
Materials1.0%
Without cash. Source: Artemis as at 30 January 2015. Please note figures may not add up to 100% due to rounding.

Theme split

Theme% holding
Healthcare23.5%
Asset growth15.3%
Retiree Spending Power13.3%
Distribution10.8%
Emerging Market Consumer9.8%
Mobile Data & eCommerce9.1%
Infrastructure and Environment5.0%
Media Content4.9%
Frontier Investments4.3%
Emerging Financials4.0%
Without cash. Source: Artemis as at 30 January 2015. Please note figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 30 January 2015. 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)£75.64m
Fund Size (Market cap)£74.75m
Net gearing3.19%
Gearing range0%-30%

Ordinary shares

SEDOLB6VTTK0
ISINGB00B6VTTK07
TickerMWY LN
Shares In Issue23,768,630
Net asset value318.25p
(Discount)/Premium on diluted NAV(1.2)%

Investment information

Ongoing charge0.80%
Ongoing charges includes the annual management fee of 0.50% (which is on net assets)

Current prices

Share price314.50p
Portfolio yield1.21%
Dividend yield1.21%

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 Feb 2015
News
Mid Wynd International Investment Trust, six months to 31 December 2014
This was a busy but rewarding six months for the Company. Having largely completed re-structuring the portfolio by the end of June, we let the Company’s new holdings go to work in the market over the last six months of the year.
9 Jan 2015
Market Matters
Outlook for 2015
Artemis managers share their outlook for equities in 2015 – UK, European, US and global – and fixed income markets.
19 Dec 2014
The Hunters' Tails
Grand Central banks...
The Fed did it and, through [N]ZIRP, still does. The Japanese do it – and the euroc[r]ats will. The ECB to start QE, as in buying sovereign bonds, at its next meeting...
11 Dec 2014
Filmclub
Investing in cruise liners and spectacle lens makers on the back of oil price falls
Simon Edelsten, manager of the Artemis Global Select Fund and Mid Wynd investment trust, looks at the investment themes benefiting from falling oil prices.
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 ...
9 Oct 2014
Market Matters
Markets’ metamorphosis…
This edition of our investment review, ‘Artemis Accounts’, reviews the markets and Artemis’ funds over the last six months.
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

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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

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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

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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.

UK personal investors

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