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Private Investors

Mid Wynd International Investment Trust PLC

All data as at 27 February 2015 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 price321.50p
Dividend yield1.20%

Fund manager review

Markets welcomed the eurozone’s fudged solution to the Greek debt crisis and European equities continued to rise in February. In part, the gains were underwritten by ultra-low interest rates. But modestly improving economic data also helped. Over the last six months, we have moved away from our formerly negative stance on Europe. Although we continue to believe that deflation will persist, this is now more widely recognised by markets. We have added Beiersdorf to the Trust’s portfolio, a German company best known for its Nivea range of skincare products. The recent performance of the Trust’s European property holdings has been excellent; as (positive) bond yields vanish, investors are looking for sources of reliable yield in the equity market.

The recent performance of the Trust’s European property holdings has been excellent; as (positive) bond yields vanish, investors are looking for sources of reliable yield in the equity market.


Although most attention has been focused on the rally in Europe, we should mention that the Nikkei rose by more than the European index in February. In fact, most of the Trust’s best performers in February were Japanese. Last year, a report on competitiveness by Japanese economist Professor Ito indicated that large companies should target a return on equity of at least 8%. Many Japanese companies are now trying to improve returns. In addition, the Abe government has published new guidelines on corporate governance. This should help tackle complacency among the often ‘clubby’ boards of Japanese companies, which may have contributed to the often poor returns on equity seen in the past. The Trust has recently made investments in Kyocera and Fuji Media. These are both healthy businesses whose strength has been obscured by their over-capitalised balance sheets. Any decision to increase shareholder returns by increasing dividends or buying back shares could send these companies’ share prices soaring. Meanwhile, the Japanese economy seems to be recovering. In the recent results season, earnings growth in Japan has been running at over 20% which compares favourably with earnings growth of just 8% in Europe.

The other area of particular strength in February was the Trust’s healthcare theme. Boston Scientific, which makes medical devices, rose by 14% over the month (in dollar terms) as it reached an agreement in its longstanding court battle with Johnson & Johnson. Meanwhile, another large pharmaceutical company, Pfizer, bought the Trust’s holding in Hospira, the maker of generic injectable drugs. Pfizer is looking for growth and paid a 40% premium for its acquisition. There were relatively few disappointments in February, although a couple of the Trust’s African holdings ended the month lower.

Finally, we renegotiated the Trust’s debt facility in February. The new loan carries an interest rate of US$LIBOR +0.9%. Although we have kept the leverage level at 8%, this loan gives us the flexibility to double the level of gearing should the opportunity arise. We will continue to take an opportunistic approach to deploying leverage, as we did in October. We continue to see a number of asset-backed equities that have visible cashflows and that pay dividends that are well in excess of the Trust’s cost of debt. We will continue to use leverage to take advantage of those opportunities.

05 March 2015

Do equities still offer good value?

Equity markets have recovered strongly over the past three years, in some countries to near-record highs. Some commentators are asking if this can continue.

Artemis managers Peter Saacke, Mark Page, Cormac Weldon and Simon Edelsten make their cases.

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 27 February 2015.
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 27 February 2015. Please note figures may not add up to 100% due to rounding.

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Do equities still offer good value?





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Performance

Performance

5 years3 years1 yearSince Artemis appointment date*6 months
Mid Wynd NAV68.5%39.5%13.2%21.0%16.1%
Mid Wynd share price102.6%35.7%14.5%20.6%16.5%
MSCI AC World NR GBP63.8%43.6%16.6%15.9%8.5%
FTSE World TR GBP70.1%47.9%17.1%16.1%8.8%
Please remember that past performance is not a guide to the future. All data as at 27 February 2015. 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%
20152014201320122011
12 months to 28 February14.5%16.0%2.2%-1.9%52.2%
Please remember that past performance is not a guide to the future. All data as at 27 February 2015. 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 27 February 2015.
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%
China Merchants Holdings (International) Co2.3%
Boston Scientific Inc2.3%
AmerisourceBergen Corporation2.2%
Bayer AG2.1%
MasterCard Inc2.1%
Walt Disney2.1%
Smith & Nephew2.0%
Sysco2.0%
Actavis2.0%
Burberry Group1.9%
DISH Network Corp1.9%
VF Corp1.9%
Capitamall Trust1.9%
Colgate-Palmolive Co1.9%
Pernod Ricard NV1.8%
Premier Inc1.7%
Global Logistic Properties1.7%
ASICS Corp1.7%
Spectra Energy Corp1.7%
Henry Schein Inc1.6%
Essilor International SA1.6%
Nike Inc1.6%
Bank Of China1.6%
TLG Immobilien1.6%
Mizuho Financial Group1.6%
Rakuten, Inc.1.6%
Perrigo Co1.6%
Carnival1.5%
Walgreen Co1.5%
Without cash. Source: Artemis as at 27 February 2015.

Market sector split

Sector% holding
Financials24.0%
Consumer Discretionary21.4%
Healthcare20.1%
Consumer Staples12.3%
Industrials7.8%
Information Technology6.9%
Telecommunication Services3.8%
Energy2.6%
Materials1.1%
Without cash. Source: Artemis as at 27 February 2015. Please note figures may not add up to 100% due to rounding.

Theme split

Theme% holding
Healthcare19.6%
Retiree Spending Power15.4%
Asset growth14.7%
Emerging Market Consumer11.4%
Mobile Data & eCommerce10.9%
Distribution9.3%
Media Content6.6%
Infrastructure and Environment4.8%
Emerging Market Financials4.7%
Frontier Investments2.6%
Without cash. Source: Artemis as at 27 February 2015. Please note figures may not add up to 100% due to rounding.

Asset allocation

Asset allocation

Without cash. Source: Artemis as at 27 February 2015. 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)£77.6m
Fund Size (Market cap)£76.37m
Net gearing4.75%
Gearing range0%-30%

Ordinary shares

SEDOLB6VTTK0
ISINGB00B6VTTK07
TickerMWY LN
Shares In Issue23,755,630
Net asset value326.66p
(Discount)/Premium on diluted NAV(1.58)%

Investment information

Ongoing charge0.80%

Current prices

Share price321.50p
Dividend yield1.20%

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.
5 Mar 2015
Filmclub
Do equities still offer good value?
After three years of strong market growth, is there still value to be found by investing in equities? Four Artemis managers give their views, from a European, US and global viewpoint.
17 Feb 2015
News
Mid Wynd International Investment Trust, six months to 31 December 2014
This was a busy but rewarding six months for the Company. Having largely completed re-structuring the portfolio by the end of June, we let the Company’s new holdings go to work in the market over the last six months of the year.
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

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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

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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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