Fund Profile

Disclaimer

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Mid Wynd International. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Overview
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Overview

Mid Wynd International (MWY) offers investors a portfolio of global equities, with the aim of maximising capital growth. Since 2014, the trust has been run by the Global Select team at Artemis, utilising a thematic approach to portfolio construction. However, in choosing themes and underlying stocks, the team’s preference for sustainability runs all the way through their investment process.

MWY’s portfolio is currently allocated across nine distinct themes, with each one not only having a promising five-year growth trajectory but also including some of the best quality growth companies available. While quality growth often commands a premium, the team retain a strong valuation sensitivity, ensuring the portfolio is not ‘growth at any price’.

Of late, the team have increased the trust’s allocation to theme involving ‘high-quality assets’, which capture companies which are out of favour but still retain all the hallmarks of a high-quality business. One industry which is captured by this is mining, which overlaps with the team’s sophisticated understanding of ESG. As we highlight in our Portfolio and ESG sections, MWY has the prerequisites of a fully ESG-aligned strategy. Yet the team do not look to solely exclude companies with high ESG risk, instead taking a more real-world and practical view of investment opportunities presented by sustainability and governance.

MWY has generated a sound track record of performance under Artemis. Not only does MWY have a long-term track record of outperformance, but the team also demonstrate consistency, having outperformed peer group, benchmark or both in every full calendar year since taking over (see Performance).

Kepler View

In our view MWY continues to offer investors a strong ‘core’ equity exposure. Rosanna Burcheri, one of the three co-managers in the Global Select team, recently announced she is leaving Artemis. However, as the team have always worked in a collaborative manner as regards idea generation and implementation, we understand this will not materially impact the investment process nor the style.

MWY’s approach means it is differentiated from peers through the managers’ incorporation of top-down thematic analysis, but also through flexibility, where the team look to adapt the portfolio to changing market environments rather than be married to a single sector or theme. An example of this is the current overweight towards various themes involving ‘high-quality assets’. As a result, while value stocks have seen substantial recent momentum, MWY has performed well compared to those peers who have purely growth exposures. This approach has given attractive risk/return characteristics over the long term, as evidenced by the five-year Sharpe ratio of 1.04, far in excess of the benchmark’s 0.84 and peers’ 0.81, thanks to MWY’s superior returns and lower volatility.

We believe that investors of all types will find MWY of interest, given the team’s practical approach to ESG. It is clear to us that they have a full understanding of the role ESG plays when investing, both from a negative and positive perspective. While this leads them to incorporate some unconventional sectors in the name of sustainability (e.g. mining), it has also led them to operate a far more rigorous exclusion policy than many of their peers (tourism).

bull bear
Sophisticated and holistic approach to ESG integration Can underperform during a strong value rally
Good long-term performance record and risk-adjusted returns Valuation sensitivity means that MWY may not fully capitalise on growth momentum
Adaptable approach to global equity investing, incorporating top-down and bottom-up factors Investing through thematic allocations can increase sensitivity to specific risk factors
Continue to Portfolio

Fund History

19 Jan 2022 Apples and pears
We examine the relationship between the demand for open- and closed-ended funds, and ask whether investor behaviour can be predicted...
05 Jan 2022 Fund Analysis
MWY may be an opportunity for more cautious investors to gain exposure to global equity markets…
08 Dec 2021 We are the (ESG) champions
Investment trusts tend to be amongst the best-performing ESG strategies in the combined open- and closed-ended universe…
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
16 Jun 2021 A better class of travel*
Sharing many features of a traditional family office, investment trusts offer a sophisticated, cost effective solution for managing family wealth...
16 Jun 2021 Fund Analysis
MWY's approach to sustainability adds significant robustness to process…
10 Jun 2021 Green is good!
2021 will see billions dedicated to sustainable initiatives, which brings with it a host of possible investment opportunities...
10 Mar 2021 Spring Conference '21
Audio and presentations from 21 of the UK’s leading investment trust managers…
04 Mar 2021 Slides and Audio: Mid Wynd International
Download the presentation and listen to the audio from our 'Ideas for your ISA' Spring Conference on 04 March...
16 Dec 2020 My haven’t you grown!
How sustainability has gone from zero to hero in 2020…
19 Nov 2020 Hope springs eternal
The US election has given long-suffering value investors new hope of a 'great rotation' in their favour, but that light at the end of the tunnel could in fact be a train…
29 Oct 2020 Fund Analysis
MWY is a core global equity offering, with both upside potential and downside protection…
15 Oct 2020 Nice guys finish first
ESG has moved from hippy pipe-dream to corporate mainstream, but what is it really and where do we see opportunities?
09 Jul 2020 The next big thing: two mega-trends that everyone should own
Tech has beaten almost everything hands down – but nothing lasts forever. Where else should investors be looking for secular growth themes?
05 Jun 2020 Deep impact
Audio and presentations from our conference this week, where fifteen of the world's best fund managers described a profoundly altered investment landscape...
20 May 2020 Riding for a fall?
We consider the risks which could derail the multi-year tech boom…
13 May 2020 Braving the new world
Join 15 of the UK's best known fund managers at the Kepler Trust Intelligence Virtual Summit to find out how they see the world after the pandemic...
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
15 Apr 2020 Fund Analysis
MWY has been a standout trust over the past three years, capturing less downside than its peers in negative phases and outperforming during the rising markets…
08 Apr 2020 Children of the Revolution
The outperformance of technology hints at an exciting possible future for the market when the virus is beaten…
10 Mar 2020 Kepler Spring Conference: presentations and audio
Audio and presentations from our spring conference at The May Fair Hotel last week…
09 Jan 2020 Full house
The KTI team’s ‘top picks’ for 2019 have delivered strong results…
12 Dec 2019 Regime change: how manager changes impact performance
Does a change in manager result in improved trust performance?
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
11 Sep 2019 Fund Analysis
Mid Wynd aims to identify companies which can generate long-term growth whilst keeping a sharp eye on protecting investors’ wealth during negative periods…
13 Jun 2019 Real growth in a world of fake news
Presentations and audio from our event at the London Stock Exchange, where six fund managers set out their stall for an exciting future...
01 May 2019 Should you worry about what Sterling will do next?
Mid Wynd International Investment Trust's Sim Edelsten thinks not...
20 Mar 2019 A prudent approach
Alex Illingworth talks to Martin Stott about the team’s thematic approach to growing assets.
27 Feb 2019 A marathon not a sprint
Our research shows that investment trusts' structural advantages give them a significant edge for investors seeking long term capital growth...
04 Feb 2019 History repeating
We speak to Professor Russell Napier, founder of Edinburgh's Library of Mistakes - and find out why he thinks past performance really can be a guide to the future...
14 Jan 2019 Fund Analysis
A trust that aims to grow real wealth through investing in high-quality stocks across the world...
31 Dec 2018 Ladies, gentlemen and non-binary persons, start your engines…
With Britain only months away from the bright, sunlit uplands of Brexit and America officially ‘great’ again, we present our best ideas for what looks set to be a fascinating year…
13 Dec 2018 Efficiency is everything
With fee structures under increasing scrutiny, we analyse which trusts limit their costs without sacrificing standards...
08 Aug 2018 Fund Analysis
Mid Wynd International is a core global equity offering which aims to grow wealth steadily through the cycle...
08 Aug 2018 Feeling giddy?
As valuations continue to soar, we consider a few equity trusts with different approaches to diversification and risk management...
13 Dec 2017 Fund Analysis
A global equity offering which aims to grow wealth with a clear focus on delivering steady returns throughout the cycle, and in particular avoiding downside capture during negative phases...
22 Feb 2017 Fund Analysis
22 Feb 2017 Into the wilderness
As the West heads deeper into uncharted territory, we examine the way in which global fund managers are positioning in the face of vertiginous valuations and seismic political change...
21 Feb 2017 Fund Analysis
21 Feb 2017 Fund Analysis
21 Feb 2017 Don't wanna be an American idiot
We highlight various routes to US exposure for those who are not sure how much faith they place in the 'Trump Bump'...
13 Oct 2015 Global funds for income, growth and stormy weather
We compare investment trusts and funds across five global equity sectors, and highlight four of the best...
13 Oct 2015 Of fear and cheer…
The team behind Mid Wynd investment trust discuss a year of highs and lows, and their strategy for dealing with a choppy outlook...
10 Jun 2015 Liquidity: Punching above their weight
Five small yet highly liquid trusts which should be on your radar
View all

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