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(Alliance News) - Mid Wynd International Investment Trust PLC on Thursday reported a rise in net assets over its financial year, outperforming its benchmark.
At June 30, Mid Wynd's NAV per share stood at 553.16 pence each compared to 493.23p at the same points a year earlier, representing a 12% increase.
The global equity investor's net assets jumped 23% over the same period to GBP226.1 million from GBP183.5 million the year before. The trust issued 3.7 million new shares during the period.
The trust upped its total dividend by 5.0% to 5.83p compared to the 5.55p distributed the year before.
Mid Wynd International's NAV total return over the 12 months was 13.3%, ahead of its benchmark, the MSCI All Country World Index, which added 9.7% in the same period.
The trust investment managers, Simon Edelsten, Alex Illingworth & Rosanna Burcheri, said: "Global equities have enjoyed another year of strong returns, despite many disturbances from the political arena and a sharp correction in markets in the last quarter of 2018."
The three managers, working for Artemis Fund Managers, added: "However, the companies we select are generally in higher growth areas and tend to invest in new products, which may allow them to continue to grow even when economies slow. The valuations of some such stocks have become rather high on our measures, but the global equity area is broad and we continue to find less well-known, quality investments offering value for money."
Regionally, the trust saw a 9.2% from its North America-based portfolio holdings, with Europe adding 1.9% as the next best performer.
Chair Malcolm Scott added: "Whilst political uncertainties both at home and abroad continue to cause concern, the board along with the investment manager believes that the portfolio is sufficiently diversified, robust and forward-thinking to steer a path through the current times."
Shares in Mid Wynd International Investment Trust closed flat in London on Thursday at 596.00 pence each.