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Private investors

Mid Wynd International Investment Trust PLC

All data as at 29 July 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)392.00p
Dividend yield1.1%

Fund manager review

July proved an exceptional month. The twin effects of a sharp rise in the Company’s holdings (in sterling terms) and a narrowing of the discount saw its share price rising by 11.4%. The discount had arisen in the immediate wake of the Brexit vote as the share price struggled to keep up with the volatility in stockmarkets but was eradicated in July.

we are pleased to have been able to increase the NAV by at least 5% in each of the last two months.

Over the last month, many of the Company’s larger investments have published financial results. Alphabet, LVMH, IMS Health Holdings and Waters all showed continued growth - suggesting that our ‘online services’, ‘emerging market consumer’, ‘healthcare costs’ and ‘scientific equipment’ themes continue to progress despite very dull economic conditions.

There have been some modest disappointments. Essilor, for example, sold fewer sunglasses this spring, while Dufry saw a slowdown in duty-free shopping in Europe, perhaps related to a rising fear of terrorism.

It would not surprise us if consumers and businesses sat on their hands over the summer. Economic conditions in Europe and Asia were fairly anaemic a few months ago; the Brexit vote and lack of further stimulus in Japan hardly suggest conditions will improve. However, economic growth in the United States and China seems to be picking up and together they comprise a third of global GDP.

Modest growth without inflation allows central banks to hold interest rates at very low levels. While that seems to encourage investors into equities, current valuations will need to be supported by growth in cashflows. It is therefore, particularly reassuring that recent results showed that the cashflows of the Company’s investments are moving steadily ahead.

Markets have been extremely volatile of late. Given this, we are pleased to have been able to increase the NAV by at least 5% in each of the last two months. While returns of this magnitude cannot be expected to continue, we hope that the consistency of these returns will further persuade investors of the attractions of global equities for UK-based investors.

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 July 2016

Value of £100 invested at launch to 29 July 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 29 July 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 July 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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