CORRECT: Mid Wynd International NAV underperforms on capital loss
(Corrects dividend amounts.)
Mid Wynd International Investment Trust PLC – investor in international equities managed by Artemis –
During the year ended June 30, the total net asset value return underperformed the benchmark. Total return minus 7.5%, compared to minus 4.2% for its benchmark, the MSCI All Country World Index. Net asset value per share fell 8.3% to 692.01 pence from 754.43 pa a year ago. Additionally, looks to a pre-tax loss of £38.5m on a profit of £81.8m.
Pays a total dividend of 7.20p per share, up 13% from 6.40p a year ago. The company is offering a special dividend of 3.00p compared to none a year ago.
The total return is a loss of 62.75p per share due to an income gain of 11.72p and a capital loss of 74.47p, explains the Edinburgh-based company. “Rising inflation has brought challenges that many businesses and investors have not seen before. Rising interest rates have also led to further dislocation in the stock market,” Chairman Russell Napier said.
Looking ahead, the company says: “Markets seem to be expecting inflation to return to manageable levels quite easily. We do not do this and so we try to ensure that the stocks we select for the portfolio sell essential commodities, have the ability to pass on cost inflation by increasing prices and have only modest exposure to discretionary consumer spending.
Current share price: 723.00 pence
Change over 12 months: decrease of 9.4%
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