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Private investors

Mid Wynd International Investment Trust PLC

All data as at 28 August 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 price318.00p
Dividend yield1.2%

Fund manager review

It has not been a quiet summer. Global equity markets fell sharply in August, led down by emerging markets. While concerns about changing media-viewing habits in the US affected holdings in that sector, our more cautious positioning - and the Company’s lack of leverage - contributed to it marginally outperforming its benchmark in net asset value (NAV) terms (return of -5.3% vs -5.5% from the index). That, in turn, helped smooth the volatility for investors in share price terms.

We are continuing to look to buy companies that can look after themselves despite the changeable economic conditions.

For a number of years, it has been our view that the law of large numbers makes it unlikely that China will grow as rapidly in the future as it has in the past. According to the World Bank, China’s GDP in 2000 was less than $1000 per capita. That figure is now over $7500. From this point, slower growth seems likely. And although we do have some concerns about the impact of the bursting of the stockmarket bubble, China’s equity markets are tiny compared with its economy. Recent results from our investment in the country’s main port company, China Merchants Holdings, showed that container volumes had risen by 5% over the year and that profits had climbed by 29% - so the real economy may be reasonably steady despite the market turbulence.

The Company’s holdings in Time Warner and Walt Disney fell sharply as investors worried about the impact of Netflix and other sources of cheap, streamed content. We have been following the trend away from watching real-time TV for some years. That trend has accelerated since last autumn. Because we believe consumers will continue to pay for media content by subscription (even if they do buy fewer packages from cable or satellite broadcasters), we invest in companies that make high-quality programmes or own sports rights.

Over the month as a whole, the oil price was little changed, but that masked a difficult month for the commodity, with earlier losses offset by significant gains towards the end of the month. The Company has little exposure to the oil price - or to commodities in general. Meanwhile, shareholder activism still appears rife, and we were pleased to see Nelson Peltz (of Trian) declaring a substantial stake in Sysco (and taking a seat on the board), which helped its share price significantly.

We are continuing to look to buy companies that can look after themselves despite the changeable economic conditions. So we used the opportunities presented by the sell-off late in the month to make modest additions to some of the Company’s positions with the goal of increasing the quality of the portfolio even further.

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 28 August 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 28 August 2015. Please note figures may not add up to 100% due to rounding.

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Mid Wynd: our repositioning is rewarded

Security Code

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.

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.

UK personal investors

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