Interim Management Statement

RNS Number : 2370F

Mid Wynd Inter Inv Trust PLC

22 April 2014

 



Mid Wynd International Investment Trust PLC

Interim Management Statement - 3 Months to 31 March 2014

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 1.3% compared to a total return of 0.7% from the FTSE World Index (in sterling terms). The share price total return was 2.3% as the discount (based on a mid market share price) decreased from 1.8% to 0.9%. ¾  During the period 33,000 shares were bought back at a cost of £94,000. These shares are held in Treasury. ¾  The interim dividend of 1.3p was paid on 3 April 2014 to shareholders on the register on 21 February 2014. ¾  During the quarter an addition was made to East African Breweries which joined the Top Twenty Holdings as a result. The complete sale of Level E Maya Fund and a part sale of Naspers resulted in them leaving the Top Twenty. All other changes to the Top Twenty were as a result of market movements other than IP Group, Kone and Schindler where the movement was also affected by additions.
Top Twenty Holdings (as a % of total assets)			31/03/14 %	31/12/13 %
		IP Group	8.9	6.7
		Reinet Investments SCA	3.7	3.2
		Kone	3.1	3.0
		Schindler	2.8	2.6
		Ocean Wilsons	2.7	2.6
		Visa	2.3	2.4
		Sky Deutschland	2.2	2.8
		Fuchs Petrolub	1.9	1.9
		Seek	1.7	1.3
		Sarine Technologies	1.7	1.3
		Avangardco 10% 2015	1.7	1.8
		East African Breweries	1.6	1.4
		Tripadvisor	1.6	1.5
		Zodiac Aerospace	1.5	1.6
		ASOS.com	1.5	1.8
		Marine Harvest	1.4	1.6
		Priceline.com	1.4	1.6
		Seadrill	1.3	1.6
		Alnylam Pharmaceuticals	1.3	1.3
		M3	1.3	1.0
Total			45.6	43.0

Total Return Performance		%
				3 Months	1 Year		3 Years		5 Years
		Share Price		2.3	13.8		15.8		151.4
		NAV		1.3	11.4		17.2		116.1
		Comparative Index		0.7	7.6		27.0		102.1
		Source: Morningstar Comparative Index is FTSE World Index (in sterling terms) Past performance is not a guide to future performance
General Information						31/03/14		31/12/13
		Share price (at mid market price)				282.5p		277.5p
		Net asset value per share† (after deducting borrowings at fair value)				284.9p		282.5p
		Net asset value per share† (after deducting borrowings at par)				285.1p		282.6p
		Discount (borrowings at fair value)				0.9%		1.8%
		Discount (borrowings at par)				0.9%		1.8%
		Total assets (before deduction of  borrowings)				£78.9m		£78.4m
		Total borrowings (at fair value)				£5.0m		£5.0m
		Total borrowings (at par)				£5.0m		£5.0m
		Gearing*				4.0%		4.4%
		† 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: James Budden  0131 275 2816 [e-mail]

 

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