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Private investors

Mid Wynd International Investment Trust PLC

All data as at 31 May 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)343.00p
Dividend yield1.3%

Fund manager review

Despite it becoming clear the US is likely to put up interest rates soon, global equity markets rose during the month and many of the Company’s investments performed well. Financial statements from the holdings in our scientific equipment theme confirmed healthy demand for their products, suggesting that globally, spending on research and development also remains strong. The dollar recovered some vigour, allowing the yen to weaken; thus some of the Company’s holdings in Japanese exporters recovered well too. Asics, which makes running shoes, performed best but that was offset somewhat by Nike performing poorly.

The largest contribution to returns in April came from our energy stocks. Shares in companies like Hurricane Energy, Africa Oil and Providence Resources jumped higher.

During the month we made new investments in Prudential, Charles Schwab and China Life. As interest rates rise, savings companies will be able to offer more attractive investment products. In the case of Prudential, over a third of its business comes from south-east Asia, especially Malaysia and Indonesia. Despite the slower growth in these emerging economies, the rapid rise in savings continues and wealthier individuals are more likely to insure their lives and health. Prudential leads the market in both countries and enjoys healthy margins based more on well-designed products than successful investing.

We funded these new holdings by taking profits in others which have benefited from very low interest rates. Land Securities, which we bought earlier this year, has risen rapidly so its yield has become less attractive.

The Company’s net asset value rose by somewhat more than the market in May. This performance was broad-based both by sector and theme. Regionally, however, the benefit came mostly from those companies listed in Europe. The share price meanwhile, fell very slightly as the premium contracted near the end of the month.

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 31 May 2016

Value of £100 invested at launch to 31 May 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 31 May 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 31 May 2016. 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 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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