Interim Management Statement

RNS Number : 9450P

Mid Wynd Inter Inv Trust PLC

11 October 2011

 



MID WYND INTERNATIONAL INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 30 September 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 -13.3% compared to a benchmark total return of -14.7%. The share price total return was -11.7%.
·	The final dividend of 10p per share was approved by shareholders at the AGM on 10 October and will be paid on 14 October to shareholders on the register on 9 September 2011.
·	A five for one share split was also approved by shareholders at the AGM and the new ordinary shares of nominal value 5p were listed on the London Stock Exchange on 11 October 2011. Following the split there were 26,363,830 shares in issue as at 11 October 2011.
·	At the start of the quarter, the Company's exposure to stock markets was reduced through the sale of equity index futures on the FTSE 100, S&P 500 and Eurostoxx 50 indices, to provide protection against sudden falls, with call options purchased on the same indices to reduce the negative impact of the futures should markets rise.
·	Transactions on the Top Ten Holdings comprised a partial redemption of the Athena Debt Opportunities Fund and some profit taking from ASOS. 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 30/09/11	% of total assets at 30/06/11		Name	% of total assets at 30/09/11	% of total assets at 30/06/11
Oil and Gas	7.9	7.2		Level E Maya Fund	3.5	3.4
Basic Materials	7.4	4.7		Odontoprev	3.4	3.2
Industrials	14.9	12.5		Ocean Wilsons	2.6	2.4
Consumer Goods	3.9	4.3		Kone	2.1	2.4
Health Care	9.1	11.6		IP Group	1.9	1.7
Consumer Services	12.7	14.8		Dragon Oil	1.6	1.6
Telecommunications	3.5	4.5		Seadrill	1.6	1.7
Utilities	1.0	1.0		YOOX	1.6	1.9
Financials	7.8	9.6		ASOS	1.5	2.4
Investment Holding				Schindler	1.5	1.5
Companies	13.6	13.0
Technology	9.7	8.8
Fixed Interest	3.6	6.0
Net Liquid Assets	4.9	2.0
Total	100.0	100.0		Total	21.3	22.2

Past performance is not a guide to future performance

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	-11.7	4.4	60.2	58.9
NAV (debt at fair value)	-13.3	-3.4	35.7	29.0
Comparative Index	-14.7	-4.0	17.8	13.2

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
	30/09/11	30/06/11
Total assets (before deduction of  bank loan)	£62.6m	£71.8m
Bank loan	£5.6m	£5.5m
Equity shareholders' funds	£57.0m	£66.3m
Net asset value per ordinary share (after deducting    borrowings at fair value)*	1,080.7p	1,257.2p
Net asset value per ordinary share (after deducting    borrowings at par)*	1,080.7p	1,257.2p
Share price	1,112.5p	1,270.0p
Premium (after deducting borrowings at fair value)	2.9%	1.0%
Potential gearing (after deducting borrowings at fair value) unadjusted for derivative instruments	9.9%	8.3%
Gearing less cash and fixed interest (after deducting borrowings at fair value) unadjusted for derivative instruments	(0.2%)	0.7%
Effective exposure (adjusted for derivative instruments,  less cash and fixed interest rated BBB or above and maturing within 1 year)	(10.1%)	8.0%

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

Per share figures have not been adjusted for the 5 for 1 share sub-division that took place subsequent to the quarter end.

This interim management statement and up to date NAV and share price information is available on the Managers' website 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 on 0131 275 3181

 

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