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Private investors

Mid Wynd International Investment Trust PLC

All data as at 30 October 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 price (ordinary)337.00p
Dividend yield1.1%

Fund manager review

After two months in which global stockmarket indices fell, October saw equity markets regaining most of what they lost in late summer despite a rather muted results season. Emerging markets rebounded somewhat but it was the developed economies which really drove global market indices higher.

October saw equity markets regaining most of what they lost in late summer despite a rather muted results season

In the portfolio, meanwhile, the Company’s European property shares benefited from a fall in bond yields as Mario Draghi’s rhetoric suggested further quantitative easing. Some of our Japanese holdings came through with good results, helping their share prices to grind higher. Overall, however, there were few highlights or lowlights. The premium to net asset value at which the Company’s shares trade remained stable, allowing us to sell more shares from Treasury.

The healthcare sector, to which the Company has a significant level of exposure, was in the news and under pressure throughout October. Drug pricing became a political issue after Hillary Clinton tweeted that she would look into it. Our healthcare theme focuses on owning companies that can help healthcare systems with restricted budgets to save costs. So we were already wary of those drug companies that had been raising their prices. Having sold Endo Pharma in the summer, we disposed of holdings in Allergan in late September and Novartis and Smith & Nephew early in October. This allowed us to avoid the worst of the sell-off.

Meanwhile, we became concerned that ad-blocking software is going to become popular with mobile users, which could inhibit Google from selling space on its mobile site. So we also sold our large holding in Alphabet (Google’s new holding company). It then announced a buy-back which sent its shares sharply higher. Fortunately our other holdings in ‘online services’ had strong results. Amazon is now the Company’s largest investment and our two online travel businesses, TripAdvisor and Priceline (which owns and OpenTable), both performed well.

Although value started to reappear in markets during the summer, the October rally has made us inclined to do less rather than more. For instance, we are not (meaningfully) using our leverage facility. We have, however, diversified the portfolio to cope with differing conditions. We are beginning to see value in Asia, so have added some Hong Kong-quoted Chinese stocks. One example is China Resources Beer, which owns leading brand Snow. The company has jettisoned its other loss-making businesses, such as clothing, to concentrate on brewing, which remains lucrative.

07 October 2015

Mid Wynd: cautiously cheerful …

As long as the US economy is doing well and global companies selling the right products are seeing good sales in China, Simon remains optimistic about the outlook for the Trust – as he tells Alexis Xydias.

Value of £100 invested at launch to 30 October 2015

Value of £100 invested at launch to 30 October 2015

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 30 October 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 October 2015. Please note figures may not add up to 100% due to rounding.

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Mid Wynd: cautiously cheerful …

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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 (, 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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