Mid Wynd International Investment Trust plc (the "Company")
Interim Management Statement (the "IMS") for the three months ended 30 September 2014
Introduction
The Company has prepared this IMS to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. The IMS covers the three months ended 30 September 2014.
Investment objective
The Company aims to achieve capital and income growth by investing on a worldwide basis.
Material events
On 9 September 2014 the results for the year ended 30 September 2014 were published along with a proposed final dividend of 2.50 pence per share. The dividend was approved by shareholders at the Annual General Meeting held on 27 October 2014, and will be paid on 31 October 2014 to those shareholders on the register on 3 October 2014.
Material transactions
During the period the Company purchased a total of 534,440 shares into treasury. These shares were bought at a price representing an average discount to the prevailing net asset value of 2.7% which enhanced the net asset value for continuing shareholders by 0.15 pence per share.
Performance to 30 September 2014
|
3 months |
Since 1 May 2014* |
1 year |
3 years |
5 years |
Net asset value** |
1.8% |
4.0% |
6.3% |
35.8% |
61.3% |
Share price |
2.2% |
3.9% |
6.6% |
30.2% |
97.0% |
MSCI All Country Index† |
3.0% |
5.9% |
11.2% |
52.4% |
59.4% |
FTSE World Index† |
3.1% |
5.9% |
11.9% |
56.8% |
65.1% |
*The date Artemis was appointed as investment manager.
** Cum-income with borrowings at fair value.
† In Sterling.
Source: Artemis Fund Managers Limited.
All figures show total returns and assume the reinvestment of dividends.
General financial information
30 September 2014 |
30 June 2014 |
|
Shareholders' funds |
£62.4 million |
£62.8 million |
Net asset value per share (borrowings at fair value) |
284.3p |
279.2p |
Net asset value per share (borrowings at par) |
284.4p |
279.3p |
Share price |
280.5p |
274.5p |
Discount of share price to net asset value (borrowings at fair value) |
(1.3)% |
(1.7)% |
Gearing |
3.5% |
5.6% |
Top thirty investments
Company |
Region |
% of investments at 30 September 2014 |
% of investments at 30 June 2014 |
Time Warner |
North America |
2.8% |
2.4% |
|
North America |
2.7% |
2.5% |
Union Pacific |
North America |
2.5% |
2.1% |
Unibail-Rodamco |
Europe |
2.3% |
2.4% |
Ebara |
Japan |
2.3% |
2.4% |
Bayer |
Europe |
2.1% |
1.6% |
Essilor International |
Europe |
2.1% |
- |
Capital One |
North America |
2.1% |
2.3% |
China Merchants Holdings International |
Developed Asia |
2.1% |
1.8% |
Mapletree Logistics Trust |
Developed Asia |
2.1% |
2.4% |
Amerisourcebergen |
North America |
2.0% |
1.8% |
East African Breweries |
Emerging |
2.0% |
2.0% |
Walgreen |
North America |
2.0% |
1.7% |
Actavis |
North America |
2.0% |
1.7% |
Shimano |
Japan |
1.9% |
1.6% |
Singapore Telecommunications |
Developed Asia |
1.9% |
1.9% |
Global Logistic |
Developed Asia |
1.9% |
- |
Telenor |
Europe |
1.9% |
- |
Louis Vuitton Moet-Hennessy |
Europe |
1.9% |
- |
Premier Inc |
North America |
1.9% |
1.5% |
VF Corp |
North America |
1.8% |
1.6% |
Seven & I Holdings |
Japan |
1.8% |
- |
Perrigo Co |
North America |
1.8% |
2.0% |
Discovery Communications |
North America |
1.8% |
- |
Bank of China |
Developed Asia |
1.8% |
1.7% |
Boston Scientific |
North America |
1.8% |
- |
Deutsche Annington Immobilien |
Europe |
1.7% |
1.6% |
Asics |
Japan |
1.7% |
- |
Nestle |
Europe |
1.7% |
- |
Visa |
North America |
1.7% |
1.6% |
Sector analysis
Sector |
% of investments at 30 September 2014 |
% of investments at 30 June 2014 |
Health Care |
18.3% |
12.5% |
Consumer Discretionary |
18.2% |
14.7% |
Industrials |
18.2% |
19.4% |
Financials |
17.9% |
21.3% |
Consumer Staples |
12.9% |
11.3% |
Energy |
4.7% |
7.5% |
Information Technology |
4.4% |
9.4% |
Telecommunications Services |
3.8% |
1.9% |
Utilities |
1.6% |
1.4% |
Materials |
- |
0.6% |
Theme analysis
Theme |
% of investments at 30 September 2014 |
% of investments at 30 June 2014 |
Healthcare |
18.1% |
14.2% |
Asset Growth |
13.2% |
17.4% |
Energy in a Gas Glut |
12.0% |
13.5% |
Mobile Data & eCommerce |
11.5% |
11.9% |
Retiree Spending Power |
10.6% |
10.2% |
Emerging Market Consumer |
10.2% |
5.2% |
Distribution |
7.7% |
9.6% |
Frontier Investments |
5.9% |
5.5% |
Media Content |
5.5% |
4.1% |
Business Investment |
3.5% |
6.7% |
Emerging Market Financials |
1.8% |
1.7% |
Further information relating to the Company can be found at midwynd.co.uk.
Artemis Fund Managers Limited
Company Secretary
Tel: 0131 225 7300
27 October 2014