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Private investors

Mid Wynd International Investment Trust plc

All data as at 30 September 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)400.50p
Dividend yield1.1%

Fund manager review

September was a solid month for the Company. Although its share price fell slightly, its net asset value rose by 1.9%, outperforming the MSCI All Country World Index by 0.4%.

The Company’s holdings in Chinese banks, savings companies and Tencent, the country’s leading internet company, all performed-well during the month.

Despite September’s developments, markets remained subdued. Opec seemed to be trying to reinvigorate its cartel. There were worries that the fines being imposed on European banks by the US Department of Justice could cause instability, especially given the state of Italy’s banking system. Yet markets continued to be reassured by low interest rates and by stable, if dull, economic conditions. Meanwhile, Donald Trump’s outbursts no longer seem to be winning him additional votes. Macroeconomic news from China has been particularly encouraging. The Company’s holdings in Chinese banks, savings companies and Tencent, the country’s leading internet company, all performed-well during the month.

Detractors during the month include Nike, whose sales figures were taken badly. Certainly its rivals are trying to seize market share from Nike in the US, but it is not clear that they can afford to expand: Nike’s operating margin of 13% compares favourably with both Under Armour (less than 10%) and Adidas (less than 8%). Meanwhile Nike’s sales outside the US continue to grow rapidly with orders in China climbing by 36% year-on-year. The 10% fall in Nike’s share price in response to one quarter’s sales figures demonstrates how the market’s short-termism gives long-term investors opportunities to add to their holdings.

Regionally, our stock selection in America was the greatest contributor to performance. On a stock level, some newer additions to the portfolio, including our shale oil producers active in the Permian Basin performed well, making positive contributions alongside old favourites such as MasterCard and Lamar Advertising, the billboard company.

14 September 2016

Simon Edelsten: Opportunities in Asia …

Given that political uncertainties abound in most developed markets, Simon Edelsten is looking to opportunities elsewhere.

Value of £100 invested at launch to 30 September 2016

Value of £100 invested at launch to 30 September 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 30 September 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 September 2016. Please note figures may not add up to 100% due to rounding.

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Simon Edelsten: Opportunities in Asia …

Security Code

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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