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Private investors

Mid Wynd International Investment Trust PLC

All data as at 29 April 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)343.50p
Dividend yield1.3%

Fund manager review

Markets continued to regain confidence in April. Oil prices bounced, easing fears that oil-dependent companies and countries might default on their debts. Meanwhile, some economic news from emerging markets, especially China, seems less bleak. This could allow the US to raise interest rates in the latter part of the year. Yet while global equities continued their rally, a modest recovery in sterling offset those gains for UK-based investors: like its benchmark, the Company’s net asset value (NAV) ended April slightly lower. In share price terms, however, the Company’s performance was better, rising by 1.7% during the month.

In share price terms, however, the Company’s performance was better, rising by 1.7% during the month.

Although it did not derive significant benefit from the bounces in cyclical and commodity sectors, results from many of the Company’s larger investments were well received. Its biggest holding is Boston Scientific, the leader in coronary stents, and its shares rose 11% after good results. Updates from Facebook and Amazon were also positive. In contrast, Alphabet disappointed despite growing revenues by more than 15%. Meanwhile, China Resources Beer Holdings performed well after announcing healthy sales of its main brand Snow. April’s detractors were mostly in the ‘healthcare costs’ theme where the rhetoric of electioneering has worried investors. For the most part, we feel our stocks are positioned to help authorities save money.

Over the last few months we have invested more in China, where sentiment seems unduly negative. Meanwhile we have slightly reduced the Company’s weightings in Japan. Negative interest rates seem unlikely to encourage savers to take more risk - indeed, unconventional financial conditions generally make them nervous. We doubt that Kuroda-san, governor of the Bank of Japan, expected the yen to rise after he cut rates. Perhaps Abenomics is stalling?

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 29 April 2016

Value of £100 invested at launch to 29 April 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 29 April 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 29 April 2016. Please note figures may not add up to 100% due to rounding.

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Mid Wynd: cautiously cheerful …

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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