Mid Wynd International Investment Trust PLC Fund O Inc
Rated Fund 2017-19. Looks for global trends to generate superior returns
Mid Wynd, named after a small street in Dundee, became a global investment trust in 1988. However, its history since 2014 is more interesting because the current investment team – Simon Edelsten, Alex Illingworth and Rosanna Burcheri at Artemis – has been running it over that period.
Since 2014 performance has improved. The managers choose stocks by identifying reliable global trends and finding the right firms at the right prices to exploit these trends.
The trends the managers are currently looking at include rising consumer spending in emerging markets, growth in demand for healthcare in developed markets, and technological change in the internet and energy industries. The managers believe that by focusing on firms that benefit from these themes, they can deliver superior returns.
Within each investment theme’s universe of companies, they select high-quality companies with proven records of profitability, high cash generation, strong balance sheets and established barriers to entry protecting their markets. Such companies sometimes lag the market when share prices are rising strongly, but they tend to protect capital when economic conditions become more testing.
Once the managers have identified an investment opportunity, they will only buy when a company’s shares are on a reasonable valuation.
They aim to run a diversified portfolio of 55-70 holdings spread across eight to 10 themes.
Morningstar upgraded the trust’s analyst rating to silver from bronze in 2018, to reflect its increased confidence in the strategy. Over the past three years, the trust’s shares have traded between a 5.7% discount and a 5.7% premium to underlying asset value.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
|LVMH Moet Hennessy Louis Vuitton SE||2.69 %|
|Microsoft Corp||2.53 %|
|Boston Scientific Corp||2.44 %|
|Thermo Fisher Scientific Inc||2.34 %|
|Norfolk Southern Corp||2.34 %|
|Avery Dennison Corp||2.24 %|
|Mastercard Inc A||2.23 %|
|Unibail-Rodamco SE||2.19 %|
|UnitedHealth Group Inc||2.19 %|
|United States||55.53 %|
|Communication Services||9.29 %|
|Financial Services||9.22 %|
|Real Estate||7.34 %|
|Consumer Cyclical||7.17 %|
Simon manages the Artemis Global Select Fund and Mid Wynd International Investment Trust with Alex Illingworth and Rosanna Burcheri. After graduating from Trinity College, Oxford, he joined Phillips & Drew in 1985 and moved to Dresdner Kleinwort Benson in 1997 as head of European equity sales. From there he went to Taube Hodson Stonex (THS) in 2001: in a five-man team, Simon had joint responsibility for global equities. He joined Artemis in 2011.
Rosanna manages the Artemis Global Select Fund and Mid Wynd International Investment Trust with Simon Edelsten and Alex Illingworth. After graduating in economics from Bocconi University in 1996, she joined Paribas Asset Management as a junior fund manager. In 2000, she moved to M&G as a fund manager and director responsible for pan-European equity portfolios. As a senior European portfolio manager at Shell Pension Management Service from 2004, she controlled 710m of assets. Then, in 2006, Rosanna became a partner and pan-European fund manager for FrontPoint Management (UK). She came to Artemis in 2011.
Alex manages the Artemis Global Select Fund and Mid Wynd International Investment Trust with Simon Edelsten and Rosanna Burcheri. After graduating from Durham, Alex began his career running global funds at Rothschild Asset Management. In 2003 he was appointed a director of global equity at Insight Investment, responsible for long-only, ethical and absolute return funds. He joined Artemis in 2011.
Data provided by Morningstar.
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