3rd Mar 2020 13:14
(Alliance News) - Mid Wynd International Investment Trust PLC on Tuesday reported growth in net assets over the first half, outperforming its benchmark.
At December 31, Mid Wynd's NAV per share stood at 581.10 pence, 5.5% higher than the 553.16p seen at June 30.
The trust's net assets grew 16% in the period, rising to GBP262.3 million from GBP226.0 million six months earlier. Mid Wynd International issued 4.3 million shares in the period.
Mid Wynd declared an interim dividend of 3.0p, 52% higher than the 1.98p distributed in the first half the year prior. The company noted the sharp increase reflects its decision to balance its interim and final dividend.
The trust's NAV total return in the six-month period was 5.8%, outperforming the MSCI All Country Index, which gained 4.6% over the same period.
Mid Wynd's fund managers, Simon Edelsten, Alex Illingworth and Rosanna Burcheri, from Artemis Fund Managers, said: "Although some investors have been discussing so-called 'value' opportunities, your portfolio performed best in 'growth' areas: our online services theme (including financial technology companies such as Fiserv) and our automation theme. However, some of our more 'value' oriented investments, such as Vodafone, also contributed. Indeed, the diversification in the company worked well with returns coming from many different themes, sectors and lesser-known stocks."
The trio continued: "Relative to the index, the worst thing we did was to hold no Apple, which has come back into favour since its poor numbers at the start of the year. The very high weight of Apple in the index makes this exception a large negative to relative performance."
Chair Malcolm Scott added: "The six months, and in particular the last quarter, brought some renewed positivity to the global stage. The expectation of forthcoming clarity over Brexit, however distant, and the increased likelihood of better US-China trade relations, produced a calmer start to 2020.
"That being said, the recent outbreak of the coronavirus in China has created some market uncertainty. The investment manager continues to ensure the portfolio is both balanced and diverse so that the company is in a good position to react to market conditions by taking opportunities or defending as situations require."
Shares in Mid Wynd International were 2.1% higher in London on Tuesday at 579.64 pence each.
By Paul McGowan; [email protected]
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