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Mid Wynd International Investment Trust plc

All data as at 31 October 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)409.25p
Dividend yield1.1%

Fund manager review

October was another solid month for the Company: a rise towards the end of the month took its share price to an all-time high of 409.25p. And while the net asset value (and the premium on which the shares trade) was more volatile, it ended the month 2.8% higher. That the index rose by more than this was due to the strong performance from some of the more cyclical parts of the market.

The results season in the US saw volatility return to the market along with some takeover activity.

The results season in the US saw volatility return to the market along with some takeover activity. Time Warner, the Company’s largest holding, received a bid from AT&T. For now, however, the share price trades at a discount of around 20% to the value of the bid as markets assume the process of gaining regulatory approval will be long and complex. Elsewhere, slightly disappointing financial statement from Waters produced a 12% fall in its share price and triggered a more modest decline in Thermo Fisher Scientific, despite the latter producing excellent numbers.

Meanwhile, the prospect of political change in the US hung over the healthcare sector. Mr Trump vowed to dismantle Obamacare while Mrs Clinton promised lower drug prices for (voting) pensioners - so the sector was caught between a rock and a hard place. Anticipating political risk, we reduced our healthcare investments. We have also reduced the Company’s exposure to stocks trading on somewhat high p/e multiples, such as Agilent Technologies, 3M, VF and Amazon.

Financials and mining shares, bêtes noires of the market in recent years, performed well in October. We can find good value in certain US banks and have bought holdings in JPMorgan Chase and Citigroup. The former consistently produces healthy returns on equity, the latter’s performance is improving as excess risk-taking - and costs - are cut.

24 November 2016

Update on Mid Wynd International Investment Trust

 

Value of £100 invested at Artemis appointment to 31 October 2016

Value of £100 invested at Artemis appointment to 31 October 2016

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 31 October 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 October 2016. Please note figures may not add up to 100% due to rounding.

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Update on Mid Wynd International Investment Trust





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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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