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Mid Wynd - where next

Posted: March 30th, 2020, 2:06 pm
by richfool
I bought into Mid Wynd (MWY) last year to gain some exposure to global growth and because I liked the holdings and the managers cautious outlook. Not my usual choice of IT as it has a very low yield, less than 1%. Though its cautious stance didn't seem to protect the trust from the C19 falls.

However, I came across this Citywire article over the weekend, in which the manager, Simon Edlesten gives a good assessment of his thinking and strategy.
Simon Edelsten: which stocks will the Covid-19 crisis affect?

https://citywire.co.uk/investment-trust ... -news-list

Re: Mid Wynd - where next

Posted: April 1st, 2020, 5:20 pm
by Aminatidi
I read that and am also interested to know the changes.

I have some in Mid Wynd because the manager seems reasonably visible plus has a significant personal holding in the trust.

Re: Mid Wynd - where next

Posted: April 11th, 2020, 10:06 am
by richfool
Mid Wynd reducing the US and shifting its investment focus to the Far East:
The managers of investment trust Mid Wynd have not been slow in reacting to the economic turmoil resulting from the coronavirus pandemic.

In recent weeks, the Artemis team that runs the £250million trust has been busy shifting the portfolio geographically towards the East, buying new stakes – or topping up existing ones – in both Japanese and Chinese companies.

In contrast, selective holdings in US companies have been disposed of.

The result is a global investment fund that's now far more defensive than it was a month ago.

https://www.thisismoney.co.uk/money/inv ... slump.html

Re: Mid Wynd - where next

Posted: April 11th, 2020, 3:03 pm
by Aminatidi
I'm surprised this trust seems to go by reasonably anonymously.

Re: Mid Wynd - where next

Posted: April 18th, 2020, 11:04 am
by Swanmore22
I have a built a small holding in Mid Wynd over the past year and continue to drip feed monthly

I was attracted by their holding in Thermo Fisher..US lab testing co. which i also own.

Manager looks to have a decent brain on him .

Swan.

Re: Mid Wynd - where next

Posted: November 7th, 2020, 12:22 pm
by richfool
Some extracts from Mid Wynd's Simon Edelsten's view on how to prepare for a Democrat win: (Simon Edelsten is co-manager of Mid Wynd International (MWY) investment trust and the Artemis Global Select fund).
It looks like the Democrats may sweep the Senate as well as the White House. Wall Street prefers a Republican president and certainly a Republican Senate. So with more than half of my global equity portfolios invested in American companies, should I be worried?

Listen to some Democrats and you might think that the banks and big pharma are doomed. Banks have been demonised and pharmaceutical companies are facing enormous pressure to drop drug prices.

On the back of this, bank stocks have been badly beaten up.

As for pharma – Obama had two terms in office and made little progress. Government can negotiate but it cannot dictate drug prices. That said, we have long recognised that with an ageing global population there is an imperative internationally to find ways to bring down the costs of healthcare.

That is why one of our investment themes (taking up around 10% of the fund) is not ‘healthcare’ but ‘healthcare costs’ – we skew towards companies that are finding cost-saving solutions. This includes companies like Becton Dickinson (BDX.N), which manufactures diagnostic equipment to enable speedier and cheaper diagnosis. This equipment can enable lower-cost early interventions.

We might also expect the Democrats to increase expenditure in certain areas – typically infrastructure. Biden has promised to spend $1.7tn making the US a 100% clean-energy economy with net-zero emissions by 2050. Our third biggest theme, after online services, is ‘low carbon world’ and our second biggest holding is Trane Technologies (TT.N).

It is one of our sustainability principles not to hold oil stocks, so we have little anxiety around the impact of a Biden presidency on the American oil industry.


Finally, in the wake of a Democrat clean sweep we might see more pressure on Amazon (AMZN.O), Apple (AAPL.O), Alphabet (GOOGL.O) and Facebook (FB.O), whose heads have been quizzed recently by an antitrust hearing in the US Congress.

The case against them is not as clear as some politicians might make out, but the combination of their high market power and low tax payments may prompt more action and drag on these stocks. We hold Amazon and Apple at just 2.3% and 1.9% of the portfolio respectively. We are alert to this regulatory risk and will be closely monitoring what happens next.

We have reduced exposure to the US by modestly taking profits in tech but if these stocks fall and continue to produce good results, we may buy back in. We have no problem with the investment case for most but think valuations have become stretched in some cases.

So much for preparing American stocks in the portfolio for a Biden presidency, the advantage of being a global investor is that we can move money elsewhere, too. With the money released from the US, we have increased our exposure to Japan, which now represents 14% of the portfolio.

https://citywire.co.uk/wealth-manager/n ... n/a1420474

Re: Mid Wynd - where next

Posted: November 8th, 2020, 9:49 am
by Swanmore22
Tks Richfool for update .
I am a fan of Mr Edelsten.
And continue to add to Mid Wynd and also to Thermo Fisher



Swan

Re: Mid Wynd - where next

Posted: November 8th, 2020, 11:00 am
by richfool
Swanmore22 wrote:Tks Richfool for update .
I am a fan of Mr Edelsten.
And continue to add to Mid Wynd and also to Thermo Fisher

Swan

Yes, me too.

I just found this one, (dated 19th October), also on Citywire. It also includes some discussion of Amazon and Alphabet and ESG matters:
Artemis seeks ‘newer growth’ in air con after trimming tech

Artemis global equities manager Simon Edelsten is hunting for new areas of growth amid the pandemic after cutting back on high-flying 'FAANG' stocks.

Artemis’ Simon Edelsten believes the coronavirus pandemic has provided an inflection point for air conditioning (AC) companies, with a reassessment of our needs in daily life driving further demand on top of climate change.

It is one of the ‘newer growth’ areas that the co-manager of the £249m Artemis Global Select fund and Mid Wynd International (MWY), a £359m trust run along similar lines, is on the hunt for after trimming ‘FAANG’ stocks in the global strategies.

‘We’d kept an eye on air conditioning companies for a while inside of our “low carbon world” theme. More efficient, more fuel-efficient air conditioning has been a key subject, particularly in hot countries, for years,’ said Edelsten.

However, the pandemic has reinforced the need for cleaner and more regularly circulated air, especially in buildings like tower blocks.

This year, Mid Wynd’s shareholders have received a 12.8% return as Artemis Global Select has delivered 11.8% and the MSCI AC World index risen 7.2%.
Over three years, the trust has returned 47% and the fund 41%, outpacing the index’s 28% gain.

https://citywire.co.uk/wealth-manager/n ... h/a1414767

Re: Mid Wynd - where next

Posted: November 8th, 2020, 8:22 pm
by Bouleversee
richfool wrote:
Swanmore22 wrote:Tks Richfool for update .
I am a fan of Mr Edelsten.
And continue to add to Mid Wynd and also to Thermo Fisher

Swan

Yes, me too.

I just found this one, (dated 19th October), also on Citywire. It also includes some discussion of Amazon and Alphabet and ESG matters:
Artemis seeks ‘newer growth’ in air con after trimming tech

Artemis global equities manager Simon Edelsten is hunting for new areas of growth amid the pandemic after cutting back on high-flying 'FAANG' stocks.

Artemis’ Simon Edelsten believes the coronavirus pandemic has provided an inflection point for air conditioning (AC) companies, with a reassessment of our needs in daily life driving further demand on top of climate change.

It is one of the ‘newer growth’ areas that the co-manager of the £249m Artemis Global Select fund and Mid Wynd International (MWY), a £359m trust run along similar lines, is on the hunt for after trimming ‘FAANG’ stocks in the global strategies.

‘We’d kept an eye on air conditioning companies for a while inside of our “low carbon world” theme. More efficient, more fuel-efficient air conditioning has been a key subject, particularly in hot countries, for years,’ said Edelsten.

However, the pandemic has reinforced the need for cleaner and more regularly circulated air, especially in buildings like tower blocks.

This year, Mid Wynd’s shareholders have received a 12.8% return as Artemis Global Select has delivered 11.8% and the MSCI AC World index risen 7.2%.
Over three years, the trust has returned 47% and the fund 41%, outpacing the index’s 28% gain.

https://citywire.co.uk/wealth-manager/n ... h/a1414767


Can it be certain that air conditioning won't increase the spread of aerosol infection? I presume the air will be filtered before re-entry but couldn't it cause aerosols to be carried around indoors rather than localised within a short distance of an infectious person?

Is Japan in recovery mode, then? An article I read today said it had been a disaster area for the author.

Re: Mid Wynd - where next

Posted: August 31st, 2021, 8:43 am
by richfool
Just spotted this interesting Trustnet article about Mid Wynd (MWY):
Mid Wynd Investment Trust manager: Why I sold out of China for my highest ever weighting to US stocks
25 August 2021

Simon Edelsten explains why he has sold out of China entirely and invested the proceeds into American companies.

Few managers have the ability to time markets, but Simon Edelsten’s call to sell out of all things China and buy into America has been a master stroke so far this year.

The manager of the Mid Wynd International Investment Trust sold all of his China allocation – 6% at the start of the year – to make room for American stocks.

China has been one of the worst places investors could have put their cash this year, with the MSCI China index down 18% compared with a 16.4% gain for the MSCI World. Conversely, the US has remained a prosperous region for investors, with the S&P 500 up 19.6% in 2021.

https://www.trustnet.com/news/13271293/ ... -us-stocks

Re: Mid Wynd

Posted: September 15th, 2022, 8:58 pm
by richfool
From the AIC website:
Mid Wynd pays special dividend after ‘disappointing’ half-year
15 September 2022
The Artemis managed global trust takes some of the sting out of a bruising half year result with an additional dividend to mop up an increase in investment income.

Mid Wynd International (MWY ) has reported a bruising half year to the end of June after 80% of the global growth investment trust’s themes dented net asset value (NAV).

In total, with a dividend included, NAV fell 7.5% in sterling terms, compared with a 4.2% fall for the MSCI AC World Index. The shares fell 9.5%.


Asia Pacific excluding Japan was the only positive region contributing 0.4% of the underlying 7.5% return. By contrast, Japan was the biggest detractor, knocking 2.5% off assets as the yen tumbled against the pound.

The shining light in the ‘disappointing’ set of results was the healthcare costs theme, which contributed 3% to investment returns, as US health insurance companies benefited from rising employment and policy sales, and fewer medicals claims.

Scientific equipment was positive on the whole, contributing 0.1% chiefly because US group Thermo Fisher produced strong returns.

The Artemis-managed trust did benefit from a 72% jump in earnings, comprised mostly of dividends. To that end, the 1%-yielder’s board is proposing a final dividend of 3.7p per share and a special dividend of 3p, in keeping with investment trust status which requires 85% of earnings to be distributed in the form of dividends.


The total dividend, including the special payout for the six-month period of 10.2p per share, represents an increase of 59.4% over a year ago.

The managers of the £468m global equity trust Simon Edelsten (pictured below) and Alex Illingworth anticipate a ‘tough’ year ahead as fuel prices remain high and interest rates rise to contain inflation, testing business models.

They have taken the opportunity to buy companies at ‘attractive valuations’, adding stocks that sell ‘essential products’ and have proven resilient in recent months, such as Nestle, the largest position, Adobe and IBM, according to Morningstar.

‘It would not surprise us if investing continues to be challenging as markets see more of the effects of stubborn inflation, but we believe companies chosen for their business quality will continue to cope with these conditions,’ they said.

The automation sector, which includes Cognex, KION Group and Hoya, was the worst performer, detracting 4.3%. The larges automation market is Covid-riddled China which hurt companies and Japanese holdings underperformed in sterling terms as the yen materially declined.

Other detractors included digital banking, which lost 1.7%, as financials performed badly as concerns of a recession grew, and sustainable consumer, which detracted 1.3%, which was hit by pressures on consumer spending.

Further falls in digital banking were avoided by the sale of several investments in financial technology such as Paypal, while within the sustainable consumer theme, Louis Vuitton’s high-end offering helped it to buck the trend seen in other consumer businesses.

According to the September factsheet, the automation and sustainable consumer themes are the trust’s largest exposure at 16.9% apiece. Healthcare remains the largest sector exposure at 23.2%, followed by tech, which has a 16.6% weighting.

Other top positions incclude Thermo Fisher Scientific and health insurance provider Elevance Health, formerly known as Anthem, which constitute 9% of total assets.

In 2022, total returns have fallen 13.7%, compared to the benchmark’s 4.4%, and the shares, 18.5% to trade at a 2.1% discount to NAV. Over 10 years, the shares have generated a total return of 227% beating the MSCI index’ 204% gain.

https://www.theaic.co.uk/aic/news/cityw ... -half-year

As a holder of Mid Wynd, I had been slightly disappointed with their performance over this year, so it was good to see that they are paying a special dividend, and it was re-assuring to note their current investments and investment strategy.

MWY goes ex dividend on 22nd September and pays the dividend (3.7p + 3.0p special, per share) on 4th November.

Re: Mid Wynd

Posted: September 17th, 2022, 6:56 pm
by scotia
richfool wrote:As a holder of Mid Wynd, I had been slightly disappointed with their performance over this year, so it was good to see that they are paying a special dividend, and it was re-assuring to note their current investments and investment strategy.

yes - since January it has fallen considerably, and has lost all of its earlier gains compared to a world tracker over 5 years.
Developed World Tracker (Vanguard VEVE) 5 year total return 62.4%
All World Tracker (Vanguard VWRL) 5 year total return 58.3%
Mid Wynd 5 year total return 56.1%
I hold Mid Wynd, along with VWRL, VEVE (and other assorted ITs, ETFs and OEICs).

Re: Mid Wynd

Posted: September 20th, 2022, 3:38 pm
by dlp6666
scotia wrote:
richfool wrote:As a holder of Mid Wynd, I had been slightly disappointed with their performance over this year, so it was good to see that they are paying a special dividend, and it was re-assuring to note their current investments and investment strategy.

I hold Mid Wynd, along with VWRL, VEVE (and other assorted ITs, ETFs and OEICs).

Do you intend to continue to hold, or to sell due to that poor recent performance?

I was thinking of starting a position in my SIPP, but might be better off simply adding to my world tracker.

Re: Mid Wynd

Posted: September 20th, 2022, 4:13 pm
by scotia
dlp6666 wrote:
scotia wrote:
richfool wrote:As a holder of Mid Wynd, I had been slightly disappointed with their performance over this year, so it was good to see that they are paying a special dividend, and it was re-assuring to note their current investments and investment strategy.

I hold Mid Wynd, along with VWRL, VEVE (and other assorted ITs, ETFs and OEICs).

Do you intend to continue to hold, or to sell due to that poor recent performance?

I was thinking of starting a position in my SIPP, but might be better off simply adding to my world tracker.

Currently I'm only putting new money into VEVE - a developed world tracker.
I'm watching Mid-Wynd, and also Fundsmith, but have no current plans to sell.

Re: Mid Wynd - where next

Posted: February 24th, 2023, 12:41 pm
by SoBo65
Both managers leaving:

The Board of Mid Wynd International Investment Trust plc (the "Company" or "Mid Wynd") announces that Simon Edelsten, 61, lead manager of Mid Wynd will retire as a partner of Artemis Investment Management LLP ("Artemis") at the end of 2023. Simon will be replaced, as lead manager, by Alex Stanic who will join Artemis as Head of Global Equities on 1 March 2023. Simon and Alex will work together over the period up until Simon's retirement to ensure an orderly handover. Alex Illingworth is also leaving the business. In due course Alex Stanic will be joined by two other new members of the global equity team to supplement analysts, Bobby Powar and May Laghzaoui.

Re: Mid Wynd - where next

Posted: February 24th, 2023, 4:52 pm
by scotia
SoBo65 wrote:Both managers leaving:

The Board of Mid Wynd International Investment Trust plc (the "Company" or "Mid Wynd") announces that Simon Edelsten, 61, lead manager of Mid Wynd will retire as a partner of Artemis Investment Management LLP ("Artemis") at the end of 2023. Simon will be replaced, as lead manager, by Alex Stanic who will join Artemis as Head of Global Equities on 1 March 2023. Simon and Alex will work together over the period up until Simon's retirement to ensure an orderly handover. Alex Illingworth is also leaving the business. In due course Alex Stanic will be joined by two other new members of the global equity team to supplement analysts, Bobby Powar and May Laghzaoui.

Alex Illingworth, who was the joint "Global Select" manager with Simon Edelston at Artemis, is reported to be leaving Artemis at the end of this month. Alex Stanic is coming from the management of the J.P. Morgan Asset Management International Equity Group.

Re: Mid Wynd - where next

Posted: February 28th, 2023, 6:25 am
by richfool
I must admit to being in two minds about Mid Wynd. I held for a while when growth was in vogue, but then sold out in favour of a bit more yield and MWY's loss of momentum.

However, we kept my wife's holding, as she has a longer term time frame than me. However it has continued to underperform, particularly as compared with FCIT and BUT (Brunner) in the same sector. And now the managers are leaving that has further undermined its SP. I like the holdings, but at the end of the day, it needs to perform! So we are considering offloading my wife's holding, albeit at a loss.

Re: Mid Wynd - where next

Posted: February 28th, 2023, 8:20 am
by monabri
Decades of good performance and then a decline. It's not just MWY but similar reversals are seen with other funds in the 2020s column.

https://www.itinvestor.co.uk/2020/06/20 ... -compared/

Image

Re: Mid Wynd - where next

Posted: February 28th, 2023, 8:51 am
by 77ss
monabri wrote:Decades of good performance and then a decline. It's not just MWY but similar reversals are seen with other funds in the 2020s column.

https://www.itinvestor.co.uk/2020/06/20 ... -compared/

Image


I don't think that one can draw any conclusions whatsoever about the 2020s from that data - which only goes up to the 22nd May 2020

Re: Mid Wynd - where next

Posted: February 28th, 2023, 2:56 pm
by richfool