Interim Management Statement

RNS Number : 5156D

Mid Wynd Inter Inv Trust PLC

29 April 2013

 

Mid Wynd International Investment Trust PLC

Interim Management Statement - 3 Months to 31 March 2013

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 13.9% compared to a total return of 14.4% from the FTSE World Index (in sterling terms). The share price total return was 14.1% as the discount (based on a mid market share price) decreased from 3.1% to 2.9%. ¾  During the period 150,000 shares were bought back at a cost of £371,000. These shares are held in Treasury. ¾  The interim dividend of 1.3p was paid on 4 April 2013 to shareholders on the register on 22 February 2013. ¾  During the quarter additions were made to Sky Deutschland and East African Breweries, which joined the Top Twenty Holdings as a result, and a part sale was made of The Biotech Growth Trust, which left the Top Twenty Holdings as a result. All other changes to the Top Twenty were as a result of market movements other than Odontoprev where the movement was also affected by a part sale.

Top Twenty Holdings (as a % of total assets)			31/03/13 %	31/12/12 %
		IP Group	6.1	5.5
		Reinet Investments SCA	3.9	3.8
		Kone	3.0	3.0
		Schindler	2.9	3.0
		Level E Maya Fund	2.7	3.2
		Ocean Wilsons	2.7	2.8
		Fuchs Petrolub	2.2	2.0
		Visa	2.1	1.9
		Sky Deutschland	1.9	0.8
		Nanoco	1.9	1.2
		East African Breweries	1.7	1.1
		BIM Birlesik Magazalar	1.6	1.6
		Odontoprev	1.6	2.5
		Seek	1.6	1.1
		Better Capital	1.5	1.7
		Genus	1.5	1.4
		Reynolds Group 9.5% 2017	1.4	1.5
		Naspers	1.4	1.5
		IMAX	1.3	1.2
		Priceline.com	1.3	1.3
Total			44.3	42.1

Total Return Performance		%
				3 Months	1 Year		3 Years		5 Years
		Share Price		14.1	4.2		47.9		72.4
		NAV		13.9	8.8		23.7		43.2
		Comparative Index		14.4	17.5		27.6		50.3
		Source: Morningstar/Baillie Gifford & Co Comparative Index is FTSE World Index (in sterling terms) Past performance is not a guide to future performance
General Information						31/03/13		31/12/12
		Share price (at mid market price)				251.5p		221.5p
		Net asset value per share† (after deducting borrowings at fair value)				259.1p		228.6p
		Net asset value per share† (after deducting borrowings at par)				259.5p		229.0p
		Discount (borrowings at fair value)				2.9%		3.1%
		Discount (borrowings at par)				3.1%		3.3%
		Total assets (before deduction of  borrowings)				£74.4m		£66.4m
		Total borrowings (at fair value)				£5.1m		£5.0m
		Total borrowings (at par)				£5.0m		£4.9m
		Gearing*				7.2%		1.1%
		† 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 * Calculated per AIC (debt at par, less cash, divided by shareholders' funds).
		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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