Interim Management Statement

RNS Number : 4463E

Mid Wynd Inter Inv Trust PLC

06 April 2011

MID WYND INTERNATIONAL INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 March 2011

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 0.4% compared to a total return of 2.2% from the FTSE World Index (in sterling terms). The share price total return was -2.6% as the premium fell from 3.1% to 0.3%.
·	The interim dividend of 6.50p per share was paid on 1 April 2011 to shareholders on the register on 25 February 2011.
·	Sales of £9.0m were matched by acquisitions totalling £9.3m during the three months to 31 March 2011. OGX Petróleo e Gás Participacoes and Baillie Gifford Japanese Smaller Companies Fund dropped out of the Top Ten Holdings as a result of sales, while an addition was made to Odontoprev.
·	During March the Company issued 50,000 shares, raising funds of £612,500 and bringing the total shares in issue to 5,222,766.

Sectoral Analysis of Total Assets			Top Ten Holdings
Sector	% of total assets at 31/03/11	% of total assets at 31/12/10	Name	% of total assets at 31/03/11	% of total assets at 31/12/10
Oil and Gas	10.7	12.3	Level E Maya Fund	3.5	3.4
Basic Materials	6.1	6.2	Odontoprev	3.1	2.6
Industrials	12.3	13.9	Athena Debt Opportunities
Consumer Goods	4.1	3.9	Fund	2.2	2.2
Health Care	11.6	12.5	Kone	2.2	2.2
Consumer Services	12.1	7.9	Ocean Wilsons	2.0	2.5
Telecommunications	4.3	4.4	Dragon Oil	1.8	1.6
Utilities	0.9	0.8	Seadrill	1.8	1.7
Financials	9.2	9.4	ASOS	1.7	1.6
Investment Holding			China Merchants Bank	1.7	1.6
Companies	12.1	14.5	Cetip	1.5	1.3
Technology	8.4	7.1
Fixed Interest	5.4	5.3
Net Liquid Assets	2.8	1.8
Total	100.0	100.0	Total	21.5	20.7

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-2.6	45.4	69.4	70.5
NAV (Par)	0.4	17.8	36.2	41.8
Comparative Index	2.2	8.2	27.4	28.1

Source: Thomson Reuters Datastream.

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

Past performance is not a guide to future performance

General Information
	31/03/11	31/12/10
Total assets (before deduction of bank loans)	£71.5m	£71.2m
Bank loan	£5.4m	£5.5m
Equity shareholders' funds	£66.1m	£65.7m

Net asset value per ordinary share (after deducting borrowings at fair value)	1,265.8p	1,270.4p
Net asset value per ordinary share (after deducting borrowings at par)	1,265.8p	1,270.8p
Share price	1,270.0p	1,310.0p

Premium (borrowings at fair value)	0.3%	3.1%
Premium (borrowings at par)	0.3%	3.1%

Potential gearing (after deducting borrowings at fair value)	8.2%	8.4%
Gearing less cash and fixed interest (after deducting borrowings at fair value)	0.4%	(1.1%)