30th Apr 2014 12:51
LONDON (Alliance News) - Mid Wynd International Investment Trust PLC Wednesday said it has moved to replace its retiring investment manager, Michael MacPhee, appointing Artemis Investment Management LLP to the role.
The change means Artemis will manage Mid Wynd International Investment Trust's GBP76.2 million portfolio, replacing Baillie Gifford & Co, which managed the trust since it floated in 1981, steering it through the crash of 1987, the exit from the ERM, the dotcom boom and the credit crunch.
Rosanna Burcheri, Simon Edelsten, and Alex Illingworth will manage the trust on a day-to-day basis, who at the end of March managed more than USD600.0 million, including the Artemis Global Select Fund, which has returned 10.4% since its inception against a 7.8% rise in the MSCI AC World Index.
The trio will manage the trust's portfolio from May 1 on roughly the same commercial terms as those agreed with Baillie Gifford, said the firm.
"The company will necessarily incur certain costs, predominantly those associated with transfer of management control over the portfolio from Baillie Gifford to Artemis. The Board, Baillie Gifford and Artemis will work together to ensure that any transition costs are kept to a minimum," the trust said in a statement.
The Artemis Global Select strategy focuses on a concentrated portfolio of high quality companies that stand to benefit from stable growth trends, the trust said, adding that investment decisions are based on a fundamental, bottom-up process with intensive accounts-based analysis driving stock selection.
The strategy is benchmark agnostic and is focused on real returns with a capital protective bias.
The management fee remains unchanged at 0.5% of net asset value, but the notice period will be halved to six months.
The trust said its board will maintain its aim of limiting the discount of the share price to the NAV per share to a maximum of 2.0%.
Baillie Gifford shall continue as the trust's secretary during a transitional period following which Artemis will take on the duties.
Baillie Gifford has waived any termination fee.
The trust's objective is to achieve capital and income growth by investing mainly in international quoted equities.
By Samuel Agini; [email protected]; @samuelagini
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