Complete your registration today for a chance to win £50 John Lewis vouchers in our weekly draw Enter now
Fund Profile


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.

A new version of this profile is available. View Latest

Mid Wynd International (MWY) provides investors with a portfolio of listed global equities with a focus on generating long-term returns to increase the real wealth of their shareholders in a consistent manner. As discussed in the Portfolio section, there is an emphasis on ‘quality growth’ throughout the portfolio, but the managers, Simon Edelsten and Alex Illingworth, maintain a flexible approach and rotate between a range of core themes that they believe will generate sustainable sources of growth for investors. In addition, they emphasise the importance of valuations and favour companies that can provide evidence of future cash flow stability to support elevated share price levels. If not, they have been happy to book profits and recycle into more cheaply valued companies and sectors to try and exploit pricing inefficiencies. Over the past 12 months, Simon and Alex have increased the portfolio’s exposure to more consistent, somewhat inflation-protected, sectors such as telecommunications and healthcare.

As discussed in the Performance section, MWY has performed particularly well over the long term. It has been a tough market environment in 2022. However, the trust has maintained a degree of outperformance versus its growth-dominated Morningstar Global Investment Trust sector peer group, reflecting the benefits of the managers’ flexibility and focus on downside risks. In fact, risk-adjusted performance has also been particularly strong over the long term compared to both peer group and benchmark. We believe that this is notable when the severity of the drawdowns experienced by their ‘quality growth’ peers is considered. As mentioned in the Discount section, MWY remains one of two trusts to trade at a slight premium amongst its global sector peer group.

As discussed in the Management section, MWY has introduced recently two new analysts to the team, in an effort to enhance their demonstrably strong ESG characteristics and to expand the team’s diversity of thought – aiming to impact positively the overall portfolio’s construction.

Analyst's View

In our view, MWY has the potential to form a ‘core’ equity holding for a broad range of investor types. The trust offers a more diversified exposure to global equities compared to some of the large-cap-focused global equity trusts in its peer group. Additionally, Simon and Alex allocate across a range of themes that aim to benefit from the structural shifts taking place in the global economy, such as automation, a low carbon world and digital banking. As a result of the low carbon theme, we believe that the portfolio is likely to appeal also to ESG-conscious investors. In addition, we find the managers’ flexibility and willingness to shift their investment style to accommodate a greater allocation to value in the evolving economic landscape to be refreshing. Indeed, over the long term, the managers have proven their capabilities to provide a portfolio that has been able not just to beat consistently the benchmark and the peer group in terms of upside return generation, but also in terms of downside protection. We believe that this may suit the more cautious investor in an historically volatile sector.

Although it has been a tough first half of the year for the trust, we believe that it would be unfair to scrutinise MWY’s strategy too harshly as this has been a broad-based quality growth sell-off over a particularly turbulent period. Considering this, we have been pleased to see that MWY has maintained its outperformance over the past 12 months and indeed year-to-date versus the global peer group. The reduction in the portfolio’s growth-focussed technology holdings and rotation into sectors likely to benefit from recent events such as healthcare costs and inflation-backed assets, together with the discount/premium control policy, should dampen the volatility and provide some consistency with respect to shareholder value relative to NAV.


  • Highly experienced management team that remain flexible in an evolving macro-environment
  • Differentiated thematic approach, investing in core themes likely to benefit from the global focus on sustainability
  • Actively used discount control mechanism has reduced the impact of relative share price discount


  • Traditional quality-growth strategy may lag in a value-driven environment
  • Investing through thematic allocations can increase sensitivity to specific risk factors
  • Increased emphasis on ‘value’ stocks may detract from returns as managers adapt to a more ‘blended’ investment style
Continue to Portfolio

Fund History

12 Oct 2023 Fund Analysis
Introducing MWY’s new management team…
06 Oct 2023 Are you ready for your closeup?
We explain how the professionals go about building a peer group…
04 Oct 2023 To gear, or not to gear...
We examine the impact that rising rates have had on fund managers' appetite for gearing as a means to spice up returns...
16 Jun 2023 Known unknowns
How should investors prepare for a prospective economic downturn?
11 May 2023 Tipping point
Battered growth strategies have staged a comeback recently, but what happens now?
15 Feb 2023 Lost in translation
We argue Japanese equities look attractive on both a short and long-term view…
07 Feb 2023 Fund Analysis
The flexibility of the managers continues to provide a resilient, core global equity solution for long-term investors…
21 Dec 2022 Reasons to be cheerful
We find reasons to be cheery this Christmas in the long-term trends which are going to transform society and generate returns…
31 Aug 2022 Fund Analysis
MWY’s flexible approach has proven relatively resilient compared to its global equity focused peers…
22 Jun 2022 Spider's web
We outline our new quantitative system for mapping the crucial performance characteristics of investment trusts…
18 May 2022 Riding out the storm
We look at trusts with tightly governed discounts which may appeal to investors in volatile markets…
11 Apr 2022 Go with the flow
MWY has responded well to changing markets…
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 ordinary investors a cost-effective solution to 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 seems to beat every other sector hands down – in both up and down markets – 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 ask what 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…
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…
28 Jun 2019 Trusted by families
In a guest addition of our 'view from the top' series, a descendant of the founding family of Mid Wynd investment trust, who sits on the trust's board, explains why the trust still works 70 years on...
01 May 2019 Should you worry about what Sterling will do next?
Mid Wynd International Investment Trust's Sim Edelsten thinks not...
07 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 matters
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...
15 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 a selection of 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 Feeling giddy?
As markets look toppy, we consider a few equity trusts with different approaches to diversification and risk management...
08 Aug 2018 Fund Analysis
Mid Wynd International is a core global equity offering which aims to grow wealth steadily through the cycle...
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...
12 Oct 2017 Roaring back…
We analyse the drivers behind the significant outperformance of global active managers in 2017, following what was a very poor year for them in 2016...
28 Feb 2017 Don’t wanna be an American idiot…
After such a chaotic start to Donald Trump's presidency, we look at potential options for investors in the US equity space...
22 Feb 2017 Into the wilderness...
In this detailed study of the global equity sectors, we analyse how managers are positioned in a world of high valuations and seismic political changes...
21 Feb 2017 Fund Analysis
A core global equity portfolio with a flexible mandate and a focus on capital preservation…
05 Oct 2016 Analysis - Going global
As the prospect of a messy divorce from the EU becomes increasingly real, we look at ways to diversify your portfolio away from the UK...
27 Jun 2016 Broken Britain
As the UK enters a period of uncertainty the like of which has not been seen since the Suez Crisis, we highlight four trusts which have little exposure to our unfolding catastrophe....
View all

Welcome to Kepler Trust Intelligence

Please enter a valid email address
Please enter a valid password
Please enter a valid email address
Please check your email. If an account exists you'll be sent instructions on how to reset your password.
To ensure that we are able to provide content which is appropriate for you, please tell us a little about yourself.
Please choose an option
Please enter a company name
Please enter a location name
Please choose an option
Please enter a platform
Please choose an option
Please enter a trust
The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
Please confirm
Please select an option
See benefits
A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
Please select an option
Please enter your first name
Please enter your last name
Please enter a valid email address
An account already exists with this email - have you forgotten your password?
Please enter a valid password
Please enter a valid password
How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
Our Website uses Cookies Cookies are small text files held on your computer. They allow us to give you the best browsing experience possible and mean we can understand how you use our site. Some cookies have already been set. You can delete and block cookies, but parts of our site won’t work without them. By using our website you accept our use of cookies. For further information please refer to the Kepler Privacy Notice.
Need help?

One more thing...

Did you know, you can 'follow' individual trusts on Kepler Trust Intelligence? Use the functions below to set up alerts and we'll send you research and updates on your chosen trusts.

Suggested trusts to follow

Browse all funds
Need help?
Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.