11th Sep 2025 11:14
(Alliance News) - Mid Wynd International Investment Trust PLC on Thursday said tech firms such as Apple Inc, Adobe Inc and Alphabet Inc were the main detractors as its net asset value fell in its financial year.
The Edinburgh-based investor in international stocks, which is managed by Bermuda-based Lazard Asset Management Ltd said net asset value per share fell 6.1% to 760.96 pence each at June 30 from 810.22p a year prior.
NAV total return was negative 5.1% in the financial year ended June 30, underperforming against its reference index, the MSCI All Country World index in sterling, which had a positive total return of 7.2%.
A year ago, Mid Wynd reported a positive NAV total return of 13.9%, below its reference index's 20.1%.
The company said the five principal detractors to performance were Apple, Adobe, Thermo Fisher Scientific Inc, Iqvia Holdings Inc, and Alphabet.
California-based Apple was the largest detractor, with a negative 1% impact on total return.
"Apple remains the world's leading smartphone vendor. It benefits from a substantial installed base, the network effects of its iOS platform, and a diversified and growing high-margin revenue stream of software and services. We believe the market has overly discounted the impact of potential tariffs or Google Search royalties," Mid Wynd said.
The five principal contributors were Amphenol Corp, Dollarama Inc, Visa Inc, Intercontinental Exchange Inc, and Taiwan Semiconductor Manufacturing Co Ltd.
Amphenol, a Connecticut-based producer of electronic and fibre optic connectors, was the top contributor, accounting for 1.3% of the total return.
"Company earnings have been driven by its solutions for artificial intelligence datacenters, where it provides a critical component at low cost where performance and reliability are prioritised over price. Additionally, we are attracted to its capital discipline in consolidating fragmented markets," Mid Wynd said.
The investment firm declared a final dividend of 4.35p per share, up 4.8% from 4.15p a year ago. This brings the total payout to 8.35p, up 4.4% from 8.00p.
Looking ahead, Chair David Kidd commented: "Uncertainties and dangers abound. The geopolitical environment continues to be uncertain and shifting tariffs may cause further market dislocations. In such conditions, it is important to focus attention on the quality of the company's investments. The investment manager's report summarises the characteristics of the company's investments which give them a large degree of protection from market related headwinds, and which did indeed enable portfolio companies to grow during the last year. Whilst our portfolio companies have suffered from the style shift away from quality companies, such shifts in sentiment do not generally last for long periods."
Mid Wynd shares were down 0.1% at 759.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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