Interim Management Statement

RNS Number : 9771J

Mid Wynd Inter Inv Trust PLC

09 April 2010

 



MID WYND INTERNATIONAL INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 March 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 10.0% compared to a benchmark total return of 9.9%. The share price total return was 7.9%.
·	The interim dividend of 6.50p per share was paid on 1 April 2010 to shareholders on the register on 5 March 2010.
·	Equity sales of £6.0m were matched by equity investment of £5.7m, with reductions in the oil and gas sector funding investments in biotechnology.

Sectoral Analysis of Total Assets				Top Ten Holdings
Sector	% of total assets at 31/03/10	% of total assets at 31/12/09		Name	% of total assets at 31/03/10	% of total assets at 31/12/09
Oil and Gas	11.8	13.5		Baillie Gifford Developed	3.5	3.3
Basic Materials	4.0	3.9		Asia Pacific Fund
Industrials	11.1	12.2		OGX Petróleo e Gás	2.5	2.2
Consumer Goods	7.0	7.9		Baillie Gifford Japanese
Health Care	14.0	11.9		Smaller Companies Fund	2.3	2.2
Consumer Services	7.1	6.6		China Merchants Bank	2.1	1.8
Telecommunications	1.3	1.6		Athena Debt Opportunities
Utilities	1.1	0.9		Fund	2.0	1.9
Financials	12.3	11.0		Kone	2.0	2.8
Investment Holding				Oceans Wilsons Holdings	1.9	2.0
Companies	18.0	19.7		Vision Opportunities China
Technology	3.9	3.2		Fund	1.9	1.1
Fixed Interest	6.2	5.7		Essilor International	1.8	1.7
Net Liquid Assets	2.2	1.9		Reinet Investments	1.8	1.8
Total	100.0	100.0		Total	21.8	20.8

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	7.9	49.3	15.5	68.2
NAV (Par)	10.0	56.8	19.6	61.7
Comparative Index	9.9	47.1	15.0	55.1

Source: Thomson Financial Datastream.

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

Past performance is not a guide to future performance

General Information
	31/03/10	31/12/09
Total assets (before deduction of  bank loan)*	£60.2m	£55.4m
Bank loan	£5.3m	£5.1m
Equity shareholders' funds*	£54.9m	£50.3m
Net asset value per ordinary share (after deducting    borrowings at par)*	1,092.5p	999.4p
Net asset value per ordinary share (after deducting    borrowings at fair value)*	1,091.9p	998.8p
Share price	886p	827.5p
Discount (after deducting borrowings at fair value)*	18.9%	17.2%
Potential gearing (after deducting borrowings at fair value)*	9.7%	10.4%
Gearing less cash and fixed interest (after deducting borrowings at fair value)*	1.3%	2.2%

*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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