Mid Wynd
International is a theme-based global investment trust. The strategy is to hold
around 60 - 70 holdings between 8 to 10 themes.
Current themes include
Automation/Robots 16%, Emerging Market Consumer 9%, Tourism 13%, Healthcare
& Immunology 15%, Online Services 13%, Low Carbon World 2% and Scientific
Equipment 11%.
The
management team led by Simon Edelsten have built a portfolio of high-quality
holdings which focus on a number of trends which offer the prospect of long
term growth.
The shares
were added to my portfolio in April at the price of 474p. In June the price
received a boost when the company entered the All Share Index and therefore the
shares were in demand from the growing number of index trackers.
Results
Mid Wynd
have recently announced results for the full year to end June 2018 (link via
Investegate). This has been another good year with share price total return up
13.4% compared to the All Country World Index 8.9%.
I have
acquired this trust mainly for growth but it does offer a yield of around 1.0%.
The total dividend for the full year will be increased by 11% to 5.55p which is
covered by revenues of 7.14p.
Outlook
Concluding
his outlook, chairman Malcolm Scott said:
" Of course the bull market
that began in March 2009 will not go on forever. Ultimately recessions cause
bear markets. Many commentators are predicting a US, and indeed a global,
recession in 2020. The catalyst for that will be apparent only in hindsight. In
the meantime, we continue to believe that a diversified portfolio of companies
exposed to growth around the world, and whose share prices are clearly
supported by their underlying cashflows, will continue to serve your Company
well over the longer term - come bull or bear."
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3 Yr Comparison v Scottish Mortgage & Polar Technology (click to enlarge) |
This
is early days for me, just 5 months in. The share price is currently 535p so a
rise of 13% since purchase. It certainly seems to be less volatile compared to
my other tech holdings, Scottish Mortgage and Polar Cap Technology Trust.
Interesting
that the managers have hardly any UK-listed holdings. They say this is because
all the best firms are unlisted and of the rest, they over-pay in dividends and are under-invested in the
business as a result. (This seems to tie in with my previous post on returns between
the UK and US.)
For
now, this can return to the bottom drawer but I may well add to my holding as
my income-generating holdings are sold off. Currently however, the fall in the
value of sterling does not offer such tempting deals.
As ever, this article is merely a record of my personal investment decisions and should not be regarded as an endorsement or recommendation - always DYOR!
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