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Mid Wynd International Investment Trust PLC - investor in international stocks managed by Artemis -
In the year ended June 30, net asset value total return underperforms against benchmark. Total return at negative 7.5%, compared to a negative 4.2% from its benchmark, the MSCI All Country World Index. NAV per share falls 8.3% to 692.01p from 754.43p a year ago. Further, turns to a pretax loss of GBP38.5 million from a profit of GBP81.8 million.
Pays 3.00p per share dividend, less than half of 6.40p a year ago. Proposes special dividend of 3.70p versus 3.30p a year prior, up 12%.
The total return is a loss of 62.75p per share due to revenue gain of 11.72p and capital loss of 74.47p, Edinburgh-based company explains. "Rising inflation has brought challenges that many companies and investors have not seen before. Rising interest rates have also brought further dislocation to the equity market," says Chair Russell Napier.
Looking ahead, firm states: "Markets seem to expect inflation to fall back to manageable levels fairly easily. We do not and so we are trying to ensure the stocks we select for the portfolio sell essential products, have the ability to pass on cost inflation through raising prices and have only modest exposure to discretionary consumer spending."
Current stock price: 718.79 pence
12-month change: down 9.9%
By Tom Budszus; tombudszus@alliancenews.com
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