Interim Management Statement

RNS Number : 2393U

Mid Wynd Inter Inv Trust PLC

12 October 2010

 



MID WYND INTERNATIONAL INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 30 September 2010

Mid Wynd seeks to meet its objective of achieving capital and income growth through investment principally in a portfolio of international quoted equities. The proportion of the portfolio invested in UK companies will not normally exceed 25%.

Review of the Period

·	Over the period, the Company's net asset value total return was 13.3% compared to a benchmark total return of 8.7%. The share price total return was 16.5%.
·	The final dividend of 9.0p per share was approved by shareholders at the AGM on 22 September and will be paid on 7 October to shareholders on the register on 10 September 2010.
·	Eldorado Gold and the Baillie Gifford Developed Asia Pacific Fund dropped out of the Top Ten Holdings owing to part sales during the period, OGX Petróleo retained its position despite a part sale, MIPS Technologies moved into the Top Ten as a result of both an additional purchase and market movements. All other changes to the Top Ten were as a result of market movements.

Sector Analysis of Total Assets				Top Ten Holdings
Sector	% of total assets at 30/09/10	% of total assets at 30/06/10		Name	% of total assets at 30/09/10	% of total assets at 30/06/10
Oil and Gas	10.6	10.5		Level E Maya Fund	3.9	4.5
Basic Materials	3.9	4.7		OGX Petróleo e Gás
Industrials	13.8	12.0		Participacoes	2.6	2.8
Consumer Goods	5.1	5.9		Ocean Wilsons	2.3	2.1
Health Care	13.4	12.5		Kone	2.3	2.1
Consumer Services	8.1	8.9		Athena Debt Opportunities
Telecommunications	4.6	1.1		Fund	2.1	2.4
Utilities	0.9	1.1		Odontoprev	1.9	1.7
Financials	11.1	13.0		China Merchants Bank	1.9	2.0
Investment Holding				Healthspring	1.7	1.2
Companies	17.8	20.8		MIPS Technologies	1.7	0.6
Technology	4.8	3.3		Baillie Gifford Japanese
Fixed Interest	5.4	4.7		Smaller Companies Fund	1.7	1.9
Net Liquid Assets	0.5	1.5
Total	100.0	100.0		Total	22.1	21.3

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	16.5	44.9	35.3	69.1
NAV (debt at fair value)	13.3	22.8	18.1	45.4
Comparative Index	8.7	9.7	4.2	29.0

Source: Fundamental Data/Thomson Reuters Datastream.

Comparative Index is the FTSE World Index (in sterling terms).

Past performance is not a guide to future performance

General Information
	30/09/10	30/06/10
Total assets (before deduction of  bank loan)	£61.7m	£55.4m
Bank loan	£5.4m	£5.3m
Equity shareholders' funds	£56.2m	£50.1m
Net asset value per ordinary share (after deducting    borrowings at fair value)*	1,132.8p	1,008.2p
Net asset value per ordinary share (after deducting    borrowings at par)*	1,133.3p	1,008.7p
Share price	1,080.0p	935.0p
Discount (after deducting borrowings at fair value)	4.7%	7.3%
Potential gearing (after deducting borrowings at fair value)	9.7%	10.7%
Gearing less cash and fixed interest (after deducting borrowings at fair value)	3.5%	5.4%

*These figures have been calculated using the AIC cum income basis (includes current financial year retained income).

This interim management statement and up to date NAV and share price information is available on the Managers' website www.midwynd.co.uk  

For further information contact:-  Robert O'Riordan on 0131 275 3181

 

END

 

 

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