09 Feb 2012

Mid Wynd Investment Trust Announces Interim Results 

Mid Wynd Investment Trust PLC announces its results for the six months to 31 December 2011.

In the six months to 31 December 2011, Mid Wynd International Investment Trust PLC’s net asset value per share (after deducting borrowings at fair value) declined 13.0% to 218.8p while the FTSE World Index in sterling terms fell 9.3%. Mid Wynd’s share price decreased by 13.0%.

In the last six months, evidence of slower global growth has continued to mount, with the notable exception of the US. Markets remain fixated with Europe while central banks remain accommodating. Change and uncertainty provide both specific business and investment opportunities and Mid Wynd continue to favour companies where managements have demonstrated that their interests are aligned with those of shareholders, which have growing cash flows and the scope for rising margins and returns, and which can finance their growth using internally generated resources.

During the period Mid Wynd had a 5-for-1 share subdivision with the aim of improving liquidity in the Company’s shares. In addition, 250,000 new shares have been issued at a premium to net asset value with none being bought back. Mid Wynd hopes that liquidity will be improved by the creation of a band within which issuance and buybacks take place as a matter of routine.

Mid Wynd is a global growth investment trust with the objective of achieving capital and income growth by investing on a worldwide basis. The Trust has total assets of £63.8m (before deduction of banks loans of £5.6m) as at 31 December 2011.

More details on the results, including the Half-Yearly Management Report, can be found in the press release transcript at the top of this page.

You can also find up to date performance information about Mid Wynd on Baillie Gifford’s website.

Standardised Past Performance

Please remember that past performance is not a guide to future performance. The value of your investment may go down as well as up and you may not get back the amount originally invested.  You should regard your investment as long term.

The Trust invests in overseas securities and changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

Mid Wynd can borrow money to make further investments (sometimes known as "gearing"). The risk is that when this money is repaid by the trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the trust will make a loss. If the trust's investments fall in value, any borrowings will increase the amount of this loss.