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Private Investors

Mid Wynd International Investment Trust PLC

All data as at 31 December 2014 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 price306.00p
Portfolio yield1.30%
Dividend yield1.30%

Fund manager review

Oil prices continued to fall in December. Markets had hitherto regarded the falling price of oil as a welcome transfer of wealth from oligarchs to the masses. But in December they began to worry that the rapidity of the fall could create liquidity issues, particularly in Russia. We remain cautious about those emerging markets that are dominated by commodity exports, such as Russia, Brazil and South Africa. In contrast, commodity importers such as China and India are beneficiaries of cheaper oil. The company’s holdings in Chinese banks, for example, have been performing well.

Lower oil prices did have an impact on some of the company’s holdings in December. We viewed this as an opportunity to add to them at attractive prices.


Lower oil prices did have an impact on some of the company’s holdings in December. We viewed this as an opportunity to add to them at attractive prices. Examples included Spectra, the US gas pipeline. Energy prices may have fallen but the volume of gas travelling down Spectra’s pipes has not. It now yields over 4% which we believe represents good value. Similarly, shares in US railroad Norfolk & Southern fell on fears that low crude prices will result in reduced volumes of shale oil being transported by rail. And, while we expect that some less profitable operators will pull back from shale production, larger producers continue to make adequate returns and so will maintain output. Norfolk & Southern is more sensitive to production volumes than it is to oil prices, so we have added to the company’s holding.

One new holding in December was in Sysco. This company has built enormous barriers to entry in the food delivery business and has assembled an enviable distribution network. The company offers exposure to thriving US domestic demand and is also a beneficiary of the lower oil price. Overall, the fund’s investments in high-quality US listed companies delivered good performance in a tricky month. In early December, we successfully placed a substantial block of stock out of treasury. We were pleased by the support this action received from the market.

11 December 2014

Investing in cruise liners and spectacle lens makers on the back of oil price falls

Whilst falling oil prices have been bad news for the emergent fracking industry, Simon explains why they mean increased disposable income for retirees. As a result, he has been investing in cruise line stocks and spectacle lens makers, amongst others.

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 31 December 2014.
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 31 December 2014. Please note figures may not add up to 100% due to rounding.

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Investing in cruise liners and spectacle lens makers on the back of oil price falls





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Performance

Performance

5 years3 years1 yearSince Artemis appointment date*6 months
Mid Wynd NAV65.2%46.6%10.5%13.7%11.3%
Mid Wynd share price98.5%44.3%11.8%14.4%12.5%
MSCI AC World NR GBP60.6%48.1%10.6%10.5%7.6%
FTSE World TR GBP66.8%52.3%11.3%10.8%7.8%
Please remember that past performance is not a guide to the future. All data as at 31 December 2014. All figures show total returns. Source: Artemis. * Artemis was appointed investment manager on 1 May 2014.

Percentage growth

20142013201220112010
12 months to 31 December11.8%27.0%1.6%-14.5%60.9%
20142013201220112010
12 months to 31 December11.8%27.0%1.6%-14.5%60.9%
Please remember that past performance is not a guide to the future. All data as at 31 December 2014. 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 31 December 2014.
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 Inc2.4%
Smith & Nephew2.2%
Walgreen Boots Alliance Inc2.1%
AmerisourceBergen Corporation2.1%
Bank of New York Mellon Corp2.1%
Unibail-Rodamco SE2.1%
Bayer AG2.1%
Spectra Energy Corp2.1%
China Merchants Holdings (International) Co2.0%
Capital One Financial2.0%
Singapore Telecommunications2.0%
Capitamall Trust2.0%
VF Corp2.0%
Eastern Co SAE2.0%
Time Warner2.0%
Walt Disney2.0%
Boston Scientific Inc1.9%
Nestle1.9%
Sumitomo Mitsui Financial Group1.9%
MasterCard Inc1.9%
Actavis plc1.9%
Global Logistic Properties1.8%
Perrigo1.8%
Burberry Group1.8%
Norfolk Southern1.8%
Colgate-Palmolive Co1.8%
Cabela's Inc1.8%
Agricultural Bank of China1.8%
Premier1.7%
Henry Schein1.7%
Without cash. Source: Artemis as at 31 December 2014.

Market sector split

Sector% holding
Financials24.2%
Healthcare21.2%
Consumer Discretionary18.6%
Consumer Staples14.0%
Industrials11.4%
Information Technology4.3%
Energy2.1%
Telecommunication Services2.0%
Utilities1.7%
Materials0.5%
Without cash. Source: Artemis as at 31 December 2014. Please note figures may not add up to 100% due to rounding.

Theme split

Theme% holding
Healthcare21.1%
Asset growth15.4%
Emerging Market Consumer12.3%
Retiree Spending Power11.9%
Distribution9.8%
Mobile Data & eCommerce7.8%
Infrastructure and Environment6.8%
Emerging Financials6.1%
Frontier Investments4.9%
Media Content3.9%
Without cash. Source: Artemis as at 31 December 2014. Please note figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 31 December 2014. 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)£73.23m
Fund Size (Market cap)£72.73m
Net gearing1.70%
Gearing range0%-30%

Ordinary shares

SEDOLB6VTTK0
ISINGB00B6VTTK07
TickerMWY LN
Shares In Issue23,768,630
Net asset value308.09p
(Discount)/Premium on diluted NAV(0.70%)

Investment information

Management fee (on market cap)0.50%
Ongoing charge0.80%

Current prices

Share price306.00p
Portfolio yield1.30%
Dividend yield1.30%

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.
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.
19 Dec 2014
The Hunters' Tails
Grand Central banks...
The Fed did it and, through [N]ZIRP, still does. The Japanese do it – and the euroc[r]ats will. The ECB to start QE, as in buying sovereign bonds, at its next meeting...
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

Download fund factsheets, application forms, brochures and more





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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.

UK personal investors

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