Mid Wynd International (MWY) was listed in 1981 although it can trace its corporate roots back to the 18th century. It has been a global equity trust equity for the last four decades, managed by Baillie Gifford up to 2014 and then Artemis for nearly a decade before the team of Louis Florentin-Lee and Barnaby Wilson at Lazard took over in October 2023. The trust still runs a fairly concentrated portfolio but it now has more of a quality/low-turnover style bias. MWY performed very well under Artemis and its tight discount control policy saw its share count grow from 22.5m to 66m. The team at Laz...
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My notes include some further random thoughts. Stuart Watson's profile this week is of Blackrock Throgmorton, which you could argue has been the most successful of the many excellent small and midcap trusts in the last few years, but is now feeling the pressure of a falling asset values and what is by recent standards a rare discount. We also have another discount opportunity note.
Bear market blues The worst thing about bear markets is that they can appear so relentless. Yes, there are always rallies, which induce hope that the worst may be over. Yet once they become established, they do ...
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Our latest Q and A for premium subscribers is with Simon Edelsten, the manager of the MidWynd investment trust, a global thematic fund in which he owns a substantial personal stake. We last had a Q and A with Simon a year ago (link here), and the trust was also the subject of one of our recent in-depth profiles. It is a member of the 2010 Money Makers portfolio.
In the Q and A I start by asking Simon to explain why he recently described market conditions as "weird" and we also discuss why he thinks those market conditions have changed in the last 12 months and "chiselling out" good real ret...
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Mid Wynd International is one of a select group of global trusts that has established a decent track record of beating world markets. While it was listed in 1981, it can trace its roots back to the late 1700s and a textile business set up by the Scott family who still own shares in the trust today. It has been managed by the Global Select team at Artemis, comprising of Simon Edelsten and Alex Illingworth, since 2014 and it runs a fairly diverse portfolio of 55-75 stocks, usually split over eight to ten different themes. Portfolio turnover is quite high, typically over 100%, but the trust's inc...
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Simon Edelsten is a fund manager at Artemis and has been managing the Mid Wynd investment trust since 2014 with two colleagues, Alex Illingworth and Rosanna Burcheri. After graduating from Trinity College, Oxford, he joined Phillips & Drew in 1985 and moved to Dresdner Kleinwort Benson in 1997 as head of European equity sales. From there he went to the boutique investment firm Taube Hodson Stonex (THS) in 2001 with joint responsibility for global equities in a five-man team. He joined Artemis in 2011. The firm won the mandate to manage Mid Wynd, whose origins date back to the nineteenth ce...
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