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RNS
Mid Wynd Inter Inv Trust PLC   -  MWY   

Half-year Report

Released 14:10 01-Mar-2019

RNS Number : 6376R
Mid Wynd Intnl Inv Trust PLC
01 March 2019
 

Mid Wynd International Investment Trust PLC (the 'Company')

LEI: 549300D32517C2M3A561

Half-Yearly Financial Report (unaudited) for the six months ended 31 December 2018

 

This announcement contains regulated information

 

Financial Highlights

Total returns

 

Six months ended

31 December 2018

Six months ended 31 December 2017

Net asset value per share

(7.0)%

8.6%

Share price

(5.9)%

11.1%

MSCI All Country World Index

(5.7)%

6.8%

Revenue and dividends

 

 

 

 

Revenue earnings per share

2.36p

3.05p

Dividends per share*

 

 

1.98p

1.80p

Ongoing charges

 

 

0.7%

0.7%

Capital

As at 31 

December 2018

 

As at 31 December 2017

Net asset value per share

455.49p

477.30p

Share price

 

 

465.00p

489.38p

Net gearing/(cash)

 

 

0.8%

(2.9)%

 

*The interim dividend for the six months to 31 December 2018 will be paid on 29 March 2019 to shareholders on the register at the close of business on 15 March 2019.

Alternative Performance Measure

 

Chairman's statement

Performance

For the six months ended 31 December 2018 the Company's share price fell by 5.9%, on a total return basis with dividends assumed to be re-invested. This compares to a negative total return from the MSCI All Country World Index (GBP) of 5.7%.

 

The Company's net asset value per share decreased by 7.7%, in capital only terms, and by 7.0% on a total return basis. Since Artemis' appointment, as Investment Manager on 1 May 2014, the net asset value per share has increased by 76.1%, on a total return basis, against the benchmark's increase of 60.1%.

 

As at 31 December 2018 the shares stood at a 2.1% premium to net asset value.

 

Further details of the performance of the Company during the period are included in the Investment Manager's review.

 

Earnings and Dividend

The net return for the six months to 31 December 2018 was a loss of 35.57 pence per share, comprising a revenue gain of 2.36 pence per share and a capital loss of 37.78 pence per share. The Board is proposing an interim dividend of 1.98 pence per share which, will be paid on 29 March 2019 to those shareholders on the register at the close of business on 15 March 2019. This represents an increase of 10.0% on last year's interim dividend of 1.80 pence. It continues to be the aim of the Board to grow the dividend but this will not be done at the expense of capital or if market conditions dictate otherwise.

 

 

 

 

Share capital

Since June 2018 when the Company's shares were promoted to the FTSE Small Cap Index, part of the FTSE All-Share Index, demand for the Company's shares has been strong and they have typically traded at a premium to net asset value.

 

The Board is pleased to report that for the period from 1 July 2018 to 31 December 2018, 1,800,000 new ordinary shares have been issued in the market, raising £9.2 million. This represents an increase of 4.83% of the share capital at the start of the year. As at signing date a further 490,000 new ordinary shares have been issued.

 

Borrowings

The Company has in place a three year, US$30 million multi-currency facility with Scotiabank. This is due to expire 19 February 2021. During December 2018, amounts of US$3.0m and €3.0m were drawn down. As at 31 December 2018, this equated to £5.0m. This facility provides flexibility for the Investment Manager to take advantage of attractive markets.

 

Outlook

The six months to 31 December 2018, and in particular the last quarter, has been a volatile period for equity investments. The uncertainties discussed in the Annual Report persist with no clear end as yet to the geo-political ramifications of Brexit. We do find ourselves, however, looking at solidly attractive equity valuations amongst our holdings and an overall equity market back at comforting levels. We can therefore afford to be more positive about the prospect for the next year. Balance is the watchword given the potential for swings in world markets. With this in mind, we are continuing to focus on a balanced and diversified defensive portfolio with strong asset backings as well as earnings potential.

 

Contact us

Shareholders can keep up to date with developments between formal reports by visiting midwynd.com where you will find information on the Company and a factsheet which is updated monthly. In addition, the Board is always keen to hear from shareholders.

 

Should you wish to, you can e-mail the Chairman at midwyndchairman@artemisfunds.com.

 

Malcolm Scott

Chairman

1 March 2019

 

 

Investment Manager's review

 

Review

Stockmarkets fell over the period, with particularly poor performance in the last quarter of the year. In reaction to slowing growth in the US and China many investors took profits across the board. Although we had prepared the portfolio by selling some of the more expensive holdings, the Company was not immune to the market's correction and its net asset value (NAV) fell by around 7.0% while the MSCI AC World Index fell 5.7%. Given lower share prices and positive results from companies, we are now less concerned about valuations. And with some of the speculative excess having been taken out of the market, prospects for a continued bull market are improved. Indeed, in the first weeks of the new year we have seen a rebound.

 

Issues over trade and the unpredictable nature of politics both at home and abroad may cause further turbulence. Accordingly, this has become a larger factor in managing the fund. So we have positioned the portfolio a little more defensively than fundamental valuations suggest and have increased our range of holdings in strong, defensive stocks that are relatively unreliant on benign economic conditions.

 

Performance

The Company's largest exposure - to companies that can deliver affordable healthcare - performed well over the period, despite facing significant profit-taking late in the year. Also our Scientific Equipment investments performed well, despite the threat of becoming tangled in trade disputes. It is particularly

pleasing to see Boston Scientific as the leading contributor, having been the biggest detractor from performance last year. Investment is a long-term occupation.

 

Our Automation theme, which had contributed strongly to returns last year, saw orders delayed this year, mainly because of the US-China trade dispute. However, prospects for automation longer term are now much stronger as companies respond to tariffs by automating their supply chain and offshore manufacturing.

 

Five largest stock contributors

 

Company

 

Theme

Contribution

(%)

Boston Scientific

Healthcare Costs

0.4

Anthem

Healthcare Costs

0.4

PerkinElmer

Scientific Equipment

0.4

Thermo Fisher Scientific

Scientific Equipment

0.4

Agilent Technologies

Scientific Equipment

0.3

 

 

Five largest stock detractors

 

 

Company

 

Theme

Contribution

(%)

IPG Photonics

Automation

(0.6)

Unibail-Rodmaco-Westfield

High Quality Assets

(0.5)

Apple

Screen Time

(0.5)

Harmonic Drive Systems

Automation

(0.4)

Japan Airport Terminal

Tourism

(0.3)

 

 

Artemis' investment process

 

Our aim is to identify areas of reliable commercial growth around the world and invest in attractively valued companies that give the Company exposure to this growth. Our preference is to select high-quality companies, with proven profitability, high levels of cash generation, strong balance sheets and established barriers to entry. Such companies sometimes lag rising equity markets but they protect capital well when economic conditions become more testing. Over time, we have found this approach to investment gives a solid framework to deliver consistent returns to investors.

 

Current investment themes

 

Healthcare Costs (18% of investments) - While this was the best contributor to performance over the period, this strength meant many holdings faced profit-taking late in the year. The major private insurance companies continue to deliver high-quality care without premiums rising too rapidly. This area remains politically contentious in the US and will, no doubt, see grandstanding as the next election approaches. Yet we still think the private sector seems to do a better job of cost control than the state for the majority of Americans.

 

Scientific Equipment (8% of investments) - Our investments in scientific equipment have continued to produce consistent growth. But valuations have become stretched in places. We reduced our exposure here by taking profits in Waters.

 

Automation (15% of investments) - This theme suffered from delayed orders as the US-China trade clash continued. We have, however, found evidence that longer-term automation plans are increasing as companies automate their offshore production to offset the cost of tariffs. When many companies established offshore manufacturing (often decades ago) the plants used relatively cheap labour. This labour is no longer cheap and so factories in countries such as Mexico and China were due for increased automation. Timing, of course, is everything - some of our Japanese investments have seen their share prices halve this year. We are adding to our holdings at these attractive levels, but slowly and cautiously; the US president does not always act as common sense might suggest.

 

Online Services (14% of investments) - Our disciplined approach to valuation led us to sell many of our successful holdings in this area over the last year. We had also become concerned about the governance of some companies - notably Facebook. In the recent market turbulence we benefited from no longer having Facebook, Tencent or Netflix in the portfolio. Amazon's share price is still above the level at which we sold. Again, we prefer to invest where we feel there is good support for the valuation and we still do not find it here. Our remaining investments saw profit-taking over the last quarter but, on our analysis, companies such as Mastercard and Microsoft are much more strongly supported by cash flows than the other fashionable stocks in this area.

 

Emerging Market Consumer (10% of investments) - We have deliberately reduced our exposure to emerging markets as they often struggle when the US raises interest rates. Over the third quarter of the year, this was a successful policy, but over the last quarter we have started to increase exposure again as the threat from rising US rates receded. We still struggle to find good value investing directly in emerging markets, but we have added some investments such as Prudential whose growing Asian business makes up for the dull prospects from its UK businesses.

 

Tourism (11% of investments) - Our tourism theme had a dull period, with Japan Airport Terminal suffering when a major typhoon damaged its airport outside Osaka. Also, Beijing's second airport is now expected to take passengers more rapidly from the city's other airport (owned by our holding Beijing Capital International Airport) and extra flight paths are only slowly being released by the Chinese military. We are wary of such government action against the interests of foreign shareholders and have therefore reduced our exposure.

 

Screen Time (12% of investments) - Over the last six months, we sold our remaining holdings in our Retiree Spending Power theme, but started a new theme based on the seemingly unstoppable rise in the amount of time we spend looking at screens. This now dominates how products are promoted, how data is collected and services delivered. We are highly unlikely to reduce our payments for connections to the internet with good bandwidth, even during economic downturns. Our investments therefore focus on providers of broadband: AT&T and Comcast in the US and Singapore Telecommunications and Nippon Telegraph & Telephone in Japan. These investments trade on very modest earnings and cash flow multiples, while giving the portfolio balance in markets sensitive to fears of recession

 

High Quality Assets (13% of investments) - We have aimed to balance our 'growth' investments with more defensive and/or asset-backed investments. This should help protect capital somewhat when markets become more difficult. Asset-backed stocks held up well in the bear markets of 2008, 2000-3, 1987 and 1973-4. Markets have not always recognised the attractiveness of some of these investments and our investment in Unibail-Rodamco-Westfield, Europe's largest property company, fell more than the market during the recent turbulence. We will be patient.

 

Thematic attribution

Theme

Contribution (%)

Healthcare Costs

0.3

Scientific Equipment

0.2

Emerging Market Consumer

0.0

Retiree Spending Power

(0.3)

Tourism

(1.0)

Screen Time

(1.2)

Online Service

(1.3)

High Quality Assets

(1.7)

Automation

(1.9)

 

Regional attribution

Region

Contribution (%)

North America

0.3

UK

0.3

Developed Asia

0.2

Emerging Markets

(0.3)

Europe

(0.8)

Japan

(0.9)

 

Outlook

Markets have been turbulent in recent months. Yet many of the greater threats to the markets' levels are now behind us. We have seen the effect of the end of quantitative easing - indeed this may have pulled the rug from beneath equities in the last six months. We have also seen the US economy grow rapidly and be stimulated, but interest rates have only risen modestly and inflation is still very subdued.

 

Indeed European economies still seem prone to deflation. Lastly, emerging markets have slowed, notably China, but rising US interest rates have not caused the emerging market crises so common in the past.

 

President Trump's administration is following a dangerous and unwise policy on trade. Threatening China will only speed up and embolden its 'Made in China' strategy - it makes sense for this emerged economy to rely less on exports. Tensions with Europe now seem likely to rise with threats of tariffs on European cars, challenges on barriers to US farm exports and European anti-trust policies against US technology companies. At the same time, President Trump hopes to be re-elected in 2020 and seems unlikely to risk trade issues damaging the creation of US jobs in the run-up to that campaign.

 

The slowdown in Chinese imports may also affect the German economy. Together with the UK potentially departing the EU, that leaves fewer strong economies to balance continued problems in Italy and Greece. Much has been written about the effect on the UK economy of Brexit, more will now be written about how changed relations with the UK could make existing economic challenges faced by Europe worse.

 

We hope that trade disputes will be resolved as common sense and prudent economics would suggest. In that case, valuations seem attractive and growth prospects still fair. However, with political factors playing a greater role, we have positioned the portfolio more defensively than fundamentals might suggest. In this way, we believe we should achieve very attractive further real returns over the next few years, while protecting our investors from the worst of falls should politics get in the way of business.

 

 

Simon Edelsten, Alex Illingworth &

Rosanna Burcheri

Fund Managers

1 March 2019

 

Responsibility statement of the Directors in respect of the Half-Yearly Financial Report

The Directors confirm that to the best of their knowledge, in respect of the Half-Yearly Financial Report for the six months ended 31 December 2018:

•         the condensed set of financial statements has been prepared in accordance with Financial Reporting Standard ('FRS') 104: 'Interim Financial Reporting';

•         having considered the expected cash flows and operational costs of the Company for the 18 months from the period end, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis of accounting continues to be used in the preparation of the Half-Yearly Financial Report;

•         the Chairman's statement to shareholders and Investment Manager's review includes a fair review of the information required by:

(a)      DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b)       DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

The Half-Yearly Financial Report for the six months ended 31 December 2018 was approved by the Board and the above responsibility statement has been signed on its behalf by:

 

Malcolm Scott

Chairman

1 March 2019

 

 

 

 Condensed statement of comprehensive income

 

 

For the six months ended

For the six months ended

For the year ended

31 December 2018

31 December 2017

30 June 2018

(unaudited)

(unaudited)

(audited)

 

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

(Loss)/Gains on sales of investments

-

(14,137)

(14,137)

 -

11,469

11,469

 -

15,885

15,885

Currency gains

-

74

74

 -

238

238

 -

384

384

Income

1,300

-

1,300

1,331

 -

1,331

3,114

 -

3,114

Investment management fee

(121)

(363)

(484)

(95)

(284)

(379)

(200)

(600)

(800)

Other expenses

(131)

(35)

(166)

(107)

(3)

(110)

(254)

(14)

(268)

Net return/(loss) before finance costs and taxation

 

1,048

 

(14,461)

 

(13,413)

 

1,129

 

11,420

 

12,549

2,690

15,655

18,345

Finance costs of borrowings

(9)

(28)

(37)

(17)

(51)

(68)

(36)

(109)

(145)

Net return/(loss) on ordinary activities before taxation

 

 

1,039

 

 

(14,433)

 

 

(13,450)

1,112

11,369

12,481

 

 

2,654

 

 

15,546

 

 

18,200

Taxation on ordinary activities

(137)

 -

(137)

(114)

 -

(114)

(253)

 -

(253)

Net return/(loss) on ordinary activities after taxation

 

 

902

 

 

(14,433)

 

 

(13,587)

 

 

998

 

 

11,369

 

 

12,367

 

 

2,401

15,546

17,947

Net return/(loss) per ordinary share

2.36p

(37.78)p

(35.57)p

3.05p

34.80p

37.85p

7.14p

46.20p

53.34p

 

The total column of this statement is the profit and loss account of the Company.

 

All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the period.

 

The net return/(loss) for the period disclosed above represents the Company's total comprehensive income.

 

Condensed statement of financial position

 

As at

31 December 2018

(unaudited)

£'000

As at

31 December 2017

(unaudited)

£'000

As at

30 June 2018

(audited)

£'000

Non current assets

 

 

 

Investments held at fair value through profit or loss

175,515

161,315

179,699

Current assets

 

 

 

Debtors

801

313

772

Cash and cash equivalents

7,896

825

9,350

 

8,697

1,138

10,122

Creditors

 

 

 

Amounts falling due within one year

(6,516)

(5,462)

(6,284)

Net current assets/(liabilities)

2,181

(4,324)

3,838

Total net assets

177,696

156,991

183,537

Capital and reserves

 

 

 

Called up share capital

1,951

1,645

1,861

Capital redemption reserve

16

16

16

Share premium

61,265

30,816

52,173

Capital reserve

111,872

122,184

126,361

Revenue reserve

2,592

2,330

3,126

Shareholders' funds

177,696

156,991

183,537

Net asset value per ordinary share

455.50p

477.30p

493.23p

 

Condensed statement of changes in equity

 

 

For the six months ended 31 December 2018 (unaudited)

 

 

 

 

 

Share

capital

£'000

Capital

redemption

reserve

£'000

Share

premium

£'000

Capital

reserve1,2

£'000

Revenue

reserve2

£'000

Shareholders'

funds

£'000

Shareholders' funds at
1 July 2018

1,861

16

52,173

126,361

3,126

183,537

Net (loss)/return on ordinary activities after taxation

-

-

-

(14,489)

902

(13,587)

Issue of new shares

90

-

9,092

-

-

9,182

Dividend paid

-

-

-

-

(1,436)

(1,436)

Shareholders' funds at 31 December 2018

1,951

16

61,265

111,872

2,592

177,696

 

 

For the six months ended 31 December 2017 (unaudited)

 

 

 

 

 

 

Share

capital

£'000

Capital

redemption

reserve

£'000

Share

premium

£'000

Capital

reserve1,2

£'000

Revenue

reserve2

£'000

Shareholders'

funds

£'000

Shareholders' funds at
1 July 2017

1,627

16

29,144

110,815

1,456

143,058

Net return on ordinary activities after taxation

-

-

-

11,369

998

12,367

Issue of new shares

18

-

1,671

-

-

1,690

Dividend paid

-

-

-

-

(124)

(124)

Shareholders' funds at 31 December 2017

1,645

16

30,816

122,184

2,330

156,991

 

 

For the year ended 30 June 2018 (audited)

 

 

 

 

 

Share

capital

£'000

Capital

redemption

reserve

£'000

Share

premium

£'000

Capital

reserve1,2

£'000

Revenue

reserve2

£'000

Shareholders'

funds

£'000

Shareholders' funds at
1 July 2017

1,627

16

29,144

110,815

1,456

143,058

Net return on ordinary activities after taxation

-

-

-

15,546

2,401

17,947

Issue of new shares

234

-

23,029

-

-

23,263

Dividends paid

-

-

-

-

(731)

(731)

Shareholders' funds at 30 June 2018

1,861

16

52,173

126,361

3,126

183,537

 

1   Capital reserve as at 31 December 2018 includes unrealised gains of £4,690,000 (31 December 2017: £21,919,000; 30 June 2018: £20,253,000).

2   These reserves form the distributable reserves of the Company.

 

 

Condensed statement of cash flows

 

 

 

For the six

months ended

31 December 2018

(unaudited)

£'000

For the six

months ended

31 December 2017

(unaudited)

£'000

For the year ended

30 June 2018

(audited)

£'000

Cash generated in operations

 570

 573

1,610

Interest received

 49

 15

39

Interest paid

 (37)

 (68)

 (144)

Net cash generated/(used) from operating activities

12

(53)

(105)

Cash flow from investing activities

 

 

 

Purchase of investments

 (131,576)

 (83,481)

 (192,944)

Sale of investments

121,274

77,039

 174,063

Realised currency gains

113

30

146

Net cash used in investing activities

(10,189)

(6,412)

 (18,735)

Cash flow from financing activities

 

 

 

Issue of new shares, net of costs

9,021

1,487

22,668

Drawdown of credit facility

582

1,533

808

Dividends paid

 (1,436)

 (124)

 (731)

Credit facility renewal fee

1

-

(7)

Net cash generated from financing activities

8,168

2,896

22,738

Net (decrease)/increase in cash and cash equivalents

(1,439)

(2,996)

5,508

Cash and cash equivalents at start of the period

9,350

3,819

3,819

(Decrease)/increase in cash in the period

(1,439)

(2,996)

 5,508

Unrealised currency (losses)/gains on cash and cash equivalents

(15)

2

23

Cash and cash equivalents at end of the period

7,896

825

9,350

 

 

 

Notes to the Half-Yearly Financial Report

 

1        Accounting policies

The financial statements have been prepared in accordance with the Company's accounting policies as set out in the Annual Financial Report for the year ended 30 June 2018 and are presented in accordance with the Companies Act 2006 (the 'Act'), FRS 104 and the requirements of the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP') issued by the Association of Investment Companies (the 'AIC') in November 2014 and updated in February 2018.

The financial information contained within this Half-Yearly Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Act. The financial information for the year ended 30 June 2018 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's report on those accounts was not qualified and did not contain statements under sections 498(2) or (3) of the Act.

 

2        Return per share

Return per share has been calculated based on the weighted average number of ordinary shares in issue for the six months ended 31 December 2018 being 38,199,568 (31 December 2017: 32,668,713; 30 June 2018: 33,647,608).

 

3        Dividends

An interim dividend for the six months ended 31 December 2018 of 1.98 pence per ordinary share (31 December 2017: 1.80 pence) has been declared. This dividend will be paid on 29 March 2019 to those shareholders on the register at close of business on 15 March 2019.

 

4        Borrowing facilities

The Company has entered into a three year agreement with Scotiabank (Ireland) Designated Activity Company for a US$30 million multi-currency revolving credit facility on revised terms to February 2021, of which US$3.0 million (£2.4 million) was drawn down at 31 December 2018 (31 December 2017: US$7.0 million (£5.2 million); 30 June 2018: US$3.6 million (£2.7 million)) and €3.0 million (£2.7 million) was drawn down at 31 December 2018 (31 December 2017: nil; 30 June 2018: €1.2 million (£1.1 million)). On 23 August 2018 the Company repaid the ¥95.6 million (£0.7 million) which was drawn down at 30 June 2018. These amounts are recognised in amounts falling due within one year in the condensed statement of financial position.

The Company pays interest separately on each currency drawn down. Interest is charged on each currency at variable rates equivalent to 1.05% over the relevant currency LIBOR i.e. Sterling, US dollar and Japanese yen, and the Euro interbank offered rate (EURIBOR) is used for Euro. The US$ interest rate applied as at 31 December 2018 was 3.566% (31 December 2017: 2.452%; 30 June 2018: 3.138%). The € interest rate applied as at 31 December 2018 was 1.05% (31 December 2017: nil; 30 June 2018: 1.05%). The ¥ interest rate applied as at 31 December 2018 was nil (31 December 2017: nil; 30 June 2018: 1.05%).

 

5        Fair value hierarchy

All investments are designated at fair value through profit or loss on initial recognition in accordance with FRS 102. The following table provides an analysis of these investments based on the fair value hierarchy as described below which reflects the reliability and significance of the information used to measure their fair value.

The disclosure is split into the following categories:

Level 1 - Investments with unadjusted quoted prices in an active market;

Level 2 - Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable;

 Level 3 - Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable).

 

 

31 December

2018

£'000

31 December

2017

£'000

30 June

2018

£'000

Level 1

175,515

 161,315

179,699

Total financial asset investments

175,515

161,315

179,699

 

6        Share capital

As at 31 December 2018 there were 39,011,416 ordinary shares in issue (31 December 2017: 32,891,416; 30 June 2018: 37,211,416).

In the six months ended 31 December 2018 1,800,000 ordinary shares were allotted with total proceeds of £9,206,000 (six months ended 31 December 2017: 360,000 ordinary shares were allotted with total proceeds of £1,689,000; year ended 30 June 2018: 4,680,000 ordinary shares were allotted with total proceeds of £23,273,000).

There are no ordinary shares held in treasury.

 

7        Related party transactions

The Directors are considered to be related parties. No Director has an interest in any transactions which are, or were, unusual in their nature or significant to the nature of the Company.

 

The Directors receive fees for their services. During the six months to 31 December 2018, £56,000 was paid to Directors (31 December 2017: £43,000; 30 June 2018: £112,000) of which £14,000 was outstanding at the period end (31 December 2017: £14,000; 30 June 2018: nil).

 

8        Transactions with the Investment Manager

The investment management fee payable to Artemis Fund Managers Limited for the six months ended 31 December 2018 was £484,000 (31 December 2017: £379,000; 30 June 2018: £800,000) of which £233,000 was outstanding at the period end (31 December 2017: £193,000; 30 June 2018: £218,000).

 

9        Principal risks and uncertainties

Pursuant to DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the principal risks faced by the Company include general market risk, regulatory, operational, financial and gearing risks.

These risks, which have not materially changed since the Annual Financial Report for the year ended 30 June 2018, and the way in which they are managed, are described in more detail in the Annual Financial Report which is available at midwynd.com.

Availability of Half Yearly Financial Report

Copies of the Half-Yearly Financial Report for the six months ended 31 December 2018 will be sent to shareholders shortly and will also be available from the registered office at 42 Melville Street, Edinburgh, EH3 7HA as well as on the Company's website midwynd.com.

For further information, please contact:

 

Artemis Fund Managers Limited

Company Secretary

Telephone number: 0131 225 7300

 

1 March 2019


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Half-year Report - RNS