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Private investors

Mid Wynd International Investment Trust PLC

All data as at 31 March 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)337.75p
Dividend yield1.3%

Fund manager review

Markets continued to rise over the month. Although the Company’s net asset value also rose, our defensive stance and high cash holdings caused it to lag the index. Our stock selection proved poor in the US, but this was offset by a positive performance in Europe. Emerging markets, meanwhile, rallied strongly. This is an area where we are cautious for the medium term. Given Brazil’s recession, inflation and political turmoil, to see the country’s stockmarket rise almost 20% this year seems curious. Brazil's second richest man, Joseph Safra, has just been charged with corruption. As Warren Buffet put it, “you only find out who is swimming naked when the tide goes out.”

The US Federal Reserve certainly appears concerned a strong dollar might destabilise emerging markets.

The US Federal Reserve certainly appears concerned a strong dollar might destabilise emerging markets. It plans only gradual increases in interest rates even if core inflation continues rising. Worrying about levels of dollar-denominated borrowings among businesses in emerging markets seems wise. The month ended with a Chinese company failing to raise sufficient funding in dollars and withdrawing its bid for Starwood Hotels and Resorts Worldwide.

Meanwhile, many of our investments in the developed world have been growing steadily. Yield again attracted investors and the month saw strong performance from property shares. We used this rally to trim some of our holdings. Germany's largest retailer, Metro, announced a restructuring and rose sharply too. This is one of our 'deep value' rather than growth holdings, so it is pleasing to see the value we identified being realised.

The Company issued more shares during the month to meet demand.

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 March 2016

Value of £100 invested at launch to 31 March 2016

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

FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

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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