Interim Management Statement

RNS Number : 1276R

Mid Wynd Inter Inv Trust PLC

22 October 2013

 

Mid Wynd International Investment Trust PLC

Interim Management Statement - 3 Months to 30 September 2013

Mid Wynd seeks to meet its objective of achieving capital and income growth through investment principally in a portfolio of international quoted equities.

Review of the Period		¾  Over the period, the Company's net asset value total return was 7.0% compared to a total return of 1.3% from the FTSE World Index (in sterling terms). The share price total return was 3.9%. At the end of the period the Company's share price (mid market) stood at a 1.5% discount to its net asset value compared to a 1.4% premium at the start of the period. ¾  During the quarter, an addition was made to the holding in Marine Harvest bringing it into the Top Twenty and part sales were made of Odontoprev and BIM Birlesik Magazalar, which dropped out of the Top Twenty as a result. All other changes to the Top Twenty were as a result of market movements. ¾  At the Annual General Meeting held on 7 October 2013 all Resolutions were passed. The final dividend of 2.10p per ordinary share was paid on 11 October 2013 to shareholders on the register on 6 September 2013. ¾  Following the AGM the Company released the following statement: 'Michael MacPhee, the named manager of Mid Wynd International Investment Trust, will retire from Baillie Gifford & Co on 30 April 2014 after 25 years with the firm. The Board is discussing successor arrangements with Baillie Gifford and an announcement will be made in due course.' ¾  During the period 280,000 ordinary 5p shares were bought back at a cost of £735,000, enhancing NAV per share by 0.03%. These shares are held in Treasury.
Top Twenty Holdings (as a % of total assets)			30/09/13 %	30/06/13 %
		IP Group	5.8	5.7
		Reinet Investments SCA	3.5	3.8
		Kone	3.2	3.2
		Level E Maya Fund	2.8	2.9
		Schindler	2.8	2.9
		Ocean Wilsons	2.5	2.5
		Sky Deutschland	2.5	2.5
		Visa	2.2	2.3
		Fuchs Petrolub	2.0	2.2
		Nanoco	2.0	1.6
		Naspers	1.9	1.6
		Seadrill	1.9	1.9
		Priceline.com	1.8	1.7
		East African Breweries	1.7	2.0
		ASOS.com	1.6	1.5
		Better Capital	1.5	1.5
		Marine Harvest	1.5	1.0
		Tripadvisor	1.4	1.3
		Zillow	1.4	1.2
		Reynolds Group 9.5% 2017	1.4	1.4
Total			45.4	44.7

Total Return Performance		%
				3 Months	1 Year		3 Years		5 Years
		Share Price		3.9	15.6		27.6		95.8
		NAV		7.0	20.2		23.5		73.1
		Comparative Index		1.3	19.0		34.5		65.1
		Source: Morningstar Comparative Index is FTSE World Index (in sterling terms) Past performance is not a guide to future performance
General Information						30/09/13		30/06/13
		Share price (at mid market price)				264.5p		256.6p
		Net asset value per share† (after deducting borrowings at fair value)				268.6p		253.1p
		Net asset value per share† (after deducting borrowings at par)				268.8p		253.3p
		(Discount)/Premium (borrowings at fair value)				(1.5%)		1.4%
		(Discount)/Premium (borrowings at par)				(1.6%)		1.3%
		Total assets (before deduction of  borrowings)				£75.1m		£71.9m
		Total borrowings (at fair value)				£5.1m		£5.1m
		Total borrowings (at par)				£5.0m		£5.1m
		Gearing*				4.7%		7.1%
		† These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. The Company's Net Asset Value is calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com * Calculated per AIC (debt at par, less cash and cash equivalents, divided by shareholders' funds).
		This interim management statement and up to date NAV and Share Price information are available at 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  0131 275 3181  [e-mail]

 

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