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Mid Wynd International Investment Trust PLC

All data as at 29 May 2015 except where specified
  • Summary
  • Performance
  • Composition
  • Key facts
  • Investment insights
  • Literature
  • How to invest

Summary

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 price343.50p
Dividend yield1.1%

Fund manager review

Encouraged by the extraordinarily low returns on cash and bonds, investors remained bullish in May. The net asset value of the Trust rose in line with the index but its share price declined slightly.

May saw strong returns from many of the Trust’s Japanese investments, offset somewhat by a falling yen. Mitsubishi UFJ Financial Group and Mizuho Financial Group performed well, ahead of reducing cross shareholdings.


The last results season reassured us that most of the Trust’s holdings are seeing steady growth, in response to the investment themes we have identified. We are, however, having to reject more of the stocks we are assessing for inclusion in the portfolio; this is not because they do not have fine prospects, but because we feel the market is over-valuing them. Market commentators often dismiss bad news as being ‘in the price’. Certainly the two main issues for capital markets - rising interest rates in the US and finding a deal for Greece - have been much debated. But whether current share valuations reflect the various potential outcomes of either is hard to assess.

Although we have the flexibility to gear the Trust by a small amount, we have chosen not to, leaving it marginally net cash. We have, however, topped up some holdings, such as Shimano, the dominant producer of bicycle brakes and gears (retiree spending power). We also returned to Time Warner (media content).

May saw strong returns from many of the Trust’s Japanese investments, offset somewhat by a falling yen. Mitsubishi UFJ Financial Group and Mizuho Financial Group performed well, ahead of reducing cross shareholdings. After the spectacular run in Chinese shares, we have taken profits in Agricultural Bank of China (having sold Bank of China last month). We fear some of the rise has been powered by speculators using borrowed money. Although we are sure our banks make great efforts to avoid getting involved, we prefer to take profits.

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 29 May 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 29 May 2015. Please note figures may not add up to 100% due to rounding.

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Mid Wynd: our repositioning is rewarded





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Performance

Performance

5 years3 yearsSince Artemis appointment date*1 year6 months
Mid Wynd net asset value71.5%55.3%25.1%22.4%10.9%
Mid Wynd share price93.9%52.1%28.9%26.6%15.6%
MSCI AC World NR GBP66.0%56.5%18.8%15.5%5.8%
FTSE World TR GBP72.8%60.4%19.0%15.8%6.0%
Please remember that past performance is not a guide to the future. All data as at 29 May 2015. All figures show total returns. Source: Artemis. * Artemis was appointed investment manager on 1 May 2014.

Percentage growth

20152014201320122011
12 months to 31 March20.9%13.8%4.2%-2.3%45.4%
20152014201320122011
12 months to 31 May26.6%4.7%14.8%-8.9%39.9%
Please remember that past performance is not a guide to the future. All data as at 29 May 2015. All figures show total returns. Source: Artemis.

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 29 May 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.


Composition

Top 30 holdings

Company% holding
Google Inc2.3%
Boston Scientific Inc2.1%
Fresenius Medical Care AG & Co. KGaA2.1%
JPMorgan Chase2.1%
VF Corp2.0%
China Merchants Holdings (International) Co2.0%
HSBC2.0%
Walgreen Co1.9%
AmerisourceBergen Corporation1.9%
Capitamall Trust1.9%
LVMH1.9%
Spectra Energy Corp1.9%
Global Logistic Properties1.9%
Burberry Group1.8%
Essilor International SA1.8%
MasterCard Inc1.8%
Colgate-Palmolive Co1.8%
Apple Inc1.8%
TLG Immobilien1.8%
Pernod-Ricard1.8%
Carnival1.7%
Sysco1.7%
Dominion Resources1.7%
Nike1.7%
Mitsubishi UFJ Financial Group1.7%
Adidas1.7%
Premier1.6%
Bayer AG1.6%
Lamar Advertising1.6%
Smith & Nephew1.6%
Without cash. Source: Artemis as at 29 May 2015.

Market sector split

Sector% holding
Consumer Discretionary25.6%
Financials21.3%
Healthcare20.9%
Consumer Staples10.7%
Information Technology8.2%
Telecommunication Services3.9%
Industrials3.5%
Energy3.1%
Utilities1.7%
Materials1.1%
Without cash. Source: Artemis as at 29 May 2015. Please note figures may not add up to 100% due to rounding.

Theme split

Theme% holding
Healthcare19.8%
Retiree Spending Power15.9%
Emerging Market Consumer14.1%
Mobile Data & eCommerce11.9%
Asset growth11.8%
Media Content9.8%
Distribution8.5%
Infrastructure and Environment5.7%
Frontier Investments2.5%
Without cash. Source: Artemis as at 29 May 2015. Please note figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 29 May 2015. Please note figures may not add up to 100% due to rounding.


Key Facts

Fund information

Launch21 October 1981
Artemis appointment date1 May 2014
Year end30 June
AGM date27 October
Dividends datesApril, October
Fund size (net assets)£84.07m
Fund Size (Market cap)£85.54m
Net gearing0.0%
Gearing range0%-30%

Ordinary shares

SEDOLB6VTTK0
ISINGB00B6VTTK07
TickerMWY LN
Shares In Issue24,903,509
Net asset value337.58p
(Discount)/Premium on diluted NAV1.8%

Investment information

Ongoing charges (includes the annual management fee of 0.50%, which is on net assets)0.80%

Current prices

Share price343.50p
Dividend yield1.1%

Fund managers

Manager

Simon Edelsten

Since 1 May 2014

Manager

Alex Illingworth

Since 1 May 2014

Manager

Rosanna Burcheri

Since 1 May 2014

Corporate information

DirectorsRRJ Burns (chairman)
HJ Morgan
RAR Napier
AG Scott
MCN Scott QC
Registered office42 Melville Street
Edinburgh EH3 7HA
Registered numberSC042651
RegistrarsComputershare Investor Services plc
Bridgwater Road
Bristol BS99 6ZZ
Tel 0870 707 1186
Company announcementsView announcements
Fund Intro
An introduction to Mid Wynd International Investment Trust
Simon Edelsten explains his investment approach and how he and his fellow managers build the trust’s portfolio.
17 Jun 2015
Filmclub
Mid Wynd: our repositioning is rewarded
Manager Simon Edelsten marks the first anniversary of the Trust at Artemis by reflecting on his most successful investment themes – and on safeguarding returns as volatility increases.
5 May 2015
Hunters' Talk
The Owl of Minerva - Monetary policy and the unknown unknowns
Higher US rates will result in trickier market conditions, says fund manager Simon Edelsten of Artemis Global Select. But there are ways to protect capital and still make worthwhile investments. Simon calls it the Donald Rumsfeld defence.
5 Mar 2015
Filmclub
Do equities still offer good value?
After three years of strong market growth, is there still value to be found by investing in equities? Four Artemis managers give their views, from a European, US and global viewpoint.
17 Feb 2015
News
Mid Wynd International Investment Trust review, six months to 31 December 2014
This was a busy but rewarding six months for the Company. Having largely completed re-structuring the portfolio by the end of June, we let the Company’s new holdings go to work in the market over the last six months of the year.
9 Jan 2015
Market Matters
Outlook for 2015
Artemis managers share their outlook for equities in 2015 – UK, European, US and global – and fixed income markets.
11 Dec 2014
Filmclub
Investing in cruise liners and spectacle lens makers on the back of oil price falls
Simon Edelsten, manager of the Artemis Global Select Fund and Mid Wynd investment trust, looks at the investment themes benefiting from falling oil prices.
17 Nov 2014
In the press
Edelsten: Companies losing faith in prospects for global growth
11 Nov 2014
Hunters' Talk
The Owl of Minerva - investing in a time of deflation
Fund manager Simon Edelsten of Artemis Global Select explores the possible effects of deflation and whether this has any impact on stock selection...
24 Oct 2014
Filmclub
Simon Edelsten: “we like choppy conditions”
The manager of Artemis’ Global Select and Mid Wynd funds updates investors on their positioning and says the current market volatility creates opportunities for investment.
16 Oct 2014
Hunters' Talk
The Owl of Minerva – Abenomics
After two years of ‘Abenomics’, the Artemis Global Select and Mid Wynd Investment Trust team reviews progress on the ground ...
9 Oct 2014
Market Matters
Markets’ metamorphosis…
This edition of our investment review, ‘Artemis Accounts’, reviews the markets and Artemis’ funds over the last six months.
11 Sep 2014
In the press
“Mid Wynd’s new manager seeks quality to quell volatility”
15 Aug 2014
In the press
Edelsten: global stocks to consider if the economic recovery fails

Fund literature finder

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IMPORTANT INFO

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Buy shares directly

Investors can buy and sell shares in Mid Wynd International Investment Trust directly through a stockbroker, or indirectly through a lawyer, accountant or other professional adviser

Speak to your financial adviser

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Invest via an investment plan

Investors can also buy shares in Mid Wynd International Investment Trust through the product range offered by Alliance Trust Savings, which includes an investment dealing account, a stocks and shares ISA and a SIPP

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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.

This information is issued by Artemis Fund Managers Limited which is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk), 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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