Interim Management Statement

RNS Number : 0109B

Mid Wynd Inter Inv Trust PLC

10 April 2012

 



Mid Wynd International Investment Trust PLC

Interim Management Statement - 3 Months to 31 March 2012

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		¾  Over the period, the Company's net asset value total return was 10.9% compared to a total return of 9.0% from the FTSE World Index (in sterling terms). The share price total return was 11.4% as the premium increased from 1.0% to 1.4%. ¾  The interim dividend of 1.30p was paid on 5 April 2012 to shareholders on the register on 24 February 2012. ¾  During February the Company's yen, euro and sterling loans with Lloyds TSB Scotland expired, and were replaced with three-year, fixed-rate loans of £2.5m and €3m with Scotiabank. ¾  During the quarter, an addition was made to Yoox.com, which joined the Top Ten Holdings as a result, and a part sale was made of Seadrill, which left the Top Ten Holdings as a result. All other changes to the Top Ten were as a result of market movements. ¾  At the start of February, half the Company's equity index futures contracts were closed out.
Sector Analysis (as a % of total assets)			31/03/12 %	31/12/11 %
		Oil and Gas	9.7	9.4
		Basic Materials	5.5	6.7
		Industrials	16.2	16.0
		Consumer Goods	6.2	4.4
		Health Care	9.2	9.0
		Consumer Services	12.5	11.1
		Telecommunications	-	1.6
		Utilities	0.9	1.0
		Financials	11.6	8.4
		Investment Holding Companies	13.6	14.5
		Technology	6.8	6.4
		Fixed Interest	4.6	4.6
		Net Liquid Assets	3.2	6.9
Total			100.0	100.0

Top Ten Holdings (as a % of total assets)						31/03/12 %		31/12/11 %
		IP Group				4.9		3.1
		Odontoprev				3.3		3.2
		Level E Maya Fund				3.2		3.6
		Reinet				2.7		2.9
		Yoox.com				2.3		1.3
		Kone				2.2		2.3
		Ocean Wilsons				2.2		2.1
		MMX Mineracao e Metalicos				1.7		1.4
		BIM Birlesik Magazalar				1.6		1.3
		Schindler				1.5		1.7
Total						25.6		22.9
Total Return Performance		%
				3 Months	1 Year		3 Years		5 Years
		Share Price		11.4	-2.3		112.0		64.0
		NAV		10.9	-3.3		78.6		36.2
		Comparative Index		9.0	0.4		59.8		25.0
		Source: Thomson Reuters Datastream/Baillie Gifford & Co Comparative Index is FTSE World Index (in sterling terms) Past performance is not a guide to future performance
General Information General Information (Ctd)						31/03/12		31/12/11
		Share price				244.8p		221.0p
		Net asset value per share† (after deducting borrowings at fair value)				241.4p		218.8p
		Net asset value per share† (after deducting borrowings at par)				241.8p		218.8p
		Premium (borrowings at fair value)				1.4%		1.0%
		Premium (borrowings at par)				1.2%		1.0%
		Total assets (before deduction of  borrowings)				£69.3m		£63.8m
		Total borrowings (at fair value)				£5.1m		£5.6m
		Total borrowings (at par)				£5.0m		£5.6m
		Potential gearing (borrowings at par)				7.8%		9.6%
		Actual gearing (borrowings at par)				(0.9%)		(2.4%)
		Effective gearing (taking into account sales of equity index futures and purchases of equity index call options, borrowings at par)				3.1%		(10.2%)
		Potential gearing (borrowings at fair value)				7.9%		9.6%
		Actual gearing (borrowings at fair value)				(0.8%)		(2.4%)
		Effective gearing (taking into account sales of equity index futures and purchases of equity index call options, borrowings at fair value)				3.2%		(10.2%)
		† These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. The Company's Net Asset Value is calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com
		This interim management statement and up to date NAV and Share Price information are available at www.midwynd.co.uk ‡ ‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information, contact: Robert O'Riordan  0131 275 3181  [e-mail]

 

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