Mid Wynd’s interim results for the six months ended 31 December 2014 returned 11.3% on its net asset value as compared to 7.6% for the company’s benchmark index, the MSCI All Country World Index. The company expanded by just over £4m net as investors responded positively to the company’s new investment approach and manager.
The major contributors to performance were
Walgreens Boots Alliance +0.7%
Eastern Tobacco +0.6%
Bank of China +0.6%
Time Warner +0.5%
Visa +0.5%
and the major detractors from performance were
Ebara -0.3%
Continental Resources -0.2%
Google -0.2%
Global Logistic Properties -0.2%
Dreamworks Animation -0.2%
Terms have been agreed in principle with Scotiabank to provide a three-year revolving credit facility of US$16m. The Board, following discussions with the investment manager, decided on a US dollar denominated facility to act as a natural hedge against the Company holding assets priced in US dollars. As for the increase in the size of the facility, the Board considers this to be far from imprudent in relation to the net assets of the Company (potential gearing of up to 14 per cent); while a revolving credit facility provides the Company with a greater level of flexibility in how these borrowings are utilised. Gearing can be increased or decreased to reflect the investment manager’s views on stockmarkets and investment opportunities.
MWY : Mid Wynd outperforms and grows