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Private investors

Mid Wynd International Investment Trust PLC

All data as at 31 July 2015 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 price331.00p
Dividend yield1.2%

Fund manager review

Over the last few months, we have noticed that companies whose revenues could potentially grow very quickly are trading on valuations not much higher than those of companies with more modest growth prospects. Given that, we invested in Facebook in March and Amazon.com in April. Both benefit from the global adoption of smartphones, which allow users to access the internet more easily, more often and in more locations. They are highly cash-generative and, although their valuations are - for now - towards the top of the range we find acceptable, their cashflows are growing very rapidly. Google, the fund’s largest holding, and Amazon both had very strong results in July.

Google, the fund’s largest holding, and Amazon both had very strong results in July.

At the same time, it has become apparent that the pace at which demand is growing in emerging markets is slowing, especially in China. So we have trimmed our holdings in those logistics companies which have built what may now turn out to be surplus capacity.

Elsewhere, a range of our holdings announced solid half-year earnings despite the patchy global economy - confirming that our investment themes are working. In the US, Walgreen Boots and VF Corporation performed well. So did Medipal and Fujifilm in Japan; the latter announced measures to improve shareholder returns. Our holdings in China Merchant Holdings and Fujitec (Asia’s leading elevator manufacturer) did weaken due to slowing demand in emerging markets - but we think both companies can weather the slowdown.

Although the volatility we saw in June continued into July, things ended on a more positive note. Despite this difficult environment, the Trust’s net asset value rose by 3.6% versus a return of 1.7% for the MSCI AC World index.

17 June 2015

Mid Wynd: our repositioning is rewarded

As Simon tells journalist Alexis Xydias, he still favours healthcare (particularly those companies that can bring costs down or benefit an aging population), the things older people like to spend their pensions on (for example, Shimano cycling kit), and avoiding oil and commodities. But, more than ever, cautious investors like him are hunting for businesses, with strong balance sheets, that will be able to withstand any economic turmoil.

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 July 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 31 July 2015. Please note figures may not add up to 100% due to rounding.

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Mid Wynd: our repositioning is rewarded





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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.

FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

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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