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Private investors

Mid Wynd International Investment Trust plc

All data as at 28 February 2017 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)436.50p
Dividend yield1.1%

Fund manager review

In dollar terms, the MSCI World Index rose by 3.5% between Trump’s election and the end of 2016. It then rose 2.4% in January and by another 2.9% in February. Economies seem to be growing well, inflation is subdued and the results season fell only modestly short of expectations. What could possibly go wrong?

After a year of very attractive returns in sterling terms, our main priority is preserving these gains were markets to fall.

The Company’s net asset value has lagged this soaring market. After a year of very attractive returns, our main priority is preserving these gains were markets to fall. Paradoxically, were the world economy to now see a boom, this might unsettle bond markets - they would worry about rising inflationary pressures - and that could cause equity markets to fall back. Another threat is that most of the announcements made by President Trump have been well received by Wall Street, but as time goes on, some may not have the desired effect on the real economy. The next month should see more detail on reforms of corporate tax, personal tax breaks and changes to tax on imports. This could challenge the bulls.

The Company’s best performing holdings were - again - US banks. Its worst performers tended to be the Japanese holdings. We took profits in the Company’s investments in China, thereby reducing its exposure to any US-China conflict over trade. We believe the portfolio is well balanced to cope with a range of potential developments.

24 November 2016

Update on Mid Wynd International Investment Trust

 

Value of £100 invested at Artemis appointment to 28 February 2017

Value of £100 invested at Artemis appointment to 28 February 2017

Relative performance, value of £100 invested on 1 May 2014, the date Artemis was appointed as investment manager, to 28 February 2017.
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 28 February 2017. 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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