Mid Wynd substantially restructured under Artemis

MWY : Mid Wynd substantially restructured under Artemis

Mid Wynd results for the period ended 20 June 2014 were announced on 9 September 2014. These showed the fund generating a total return on net assets of 11.7%, ahead of the 10% return on the FTSE World Index. The shares moved to trade on a small discount resulting in a total return to shareholders of 8.4%. The dividend for the year is 3.8p, up from 3.4p in the prior year.

The major change in the period was the move to Artemis from Baillie Gifford as managers of the fund. This followed the retirement of the fund’s manager. The new team comprises Simon Edelsten, Alex Illingworth and Rosanna Bucheri. The portfolio has been subject to a “substantially restructuring” at some cost to the NAV – contributing to underperformance by Mid Wynd in the second half of its accounting year (outperformance in the first half meant that the fund beat the Index over the year as a whole). The weighting to the UK was reduced and Japanese and Chinese exposure increased. The portfolio was reorganised on a thematic basis.

The fund shrank as holders of the fund through the Baillie Gifford share plan and ISA sold their investment.


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