Mid Wynd International Investment Trust Plc

Meet Mid Wynd International Chairman David Kidd

David reflects on why he loves investment trusts and what makes Mid Wynd different.

David Kidd

David Kidd became a Director of the Company in 2016, and Chairman in 2024. He has over 40 years’ investment management experience, having been chief investment officer of the Royal Bank of Scotland’s investment management arm, the charity specialists Chiswell Associates and the private bank Arbuthnot Latham. He is chairman of The Baillie Gifford Japan Trust plc. David is also the Chair of Trustees of the Associated Board of The Royal Schools of Music Pension Scheme. He was previously a non-executive director of Martin Currie Global Portfolio Trust plc, Shires Income plc, The Salvation Army International Trustee Company, The Law Debenture Pension Trust Corporation and The Golden Charter Trust. David is the Chairman of the Board having assumed the role on the retirement of Mr Russell Napier at the 2024 Annual General Meeting.

David Kidd sharpened his observational skills watching sport. As well as being a keen racegoer, the chairman of Mid Wynd International Investment Trust at one point held season tickets for three football clubs: Falkirk, Cheltenham Town and Oxford United. Fans of other teams might remark that this suggests a proclivity for quantity over quality. He laughs at the thought. But in the investment arena his experience is seen as premier league, and his insights highly valued.

David became Chief Investment Officer for Royal Bank of Scotland’s investment management division at the age of 29. He has also worked for private bank Arbuthnot Latham and was director of the Salvation Army international trustee company for nine years.

His heart, though, lies with investment trusts. He is chairman of the Baillie Gifford Japan Trust, was also recently on the board of the Martin Currie Global Portfolio Trust (now Franklin Global Trust) and worked with the pensions side of the Law Debenture business during the Truss/Kwarteng crisis. David first joined Mid Wynd in 2016 and became chairman in October 2024.

I’ve seen the downsides of open-ended funds and the difficulties of having large inflows and outflows every single day.
David Kidd, Chairman of Mid Wynd International

He says: “I’ve lived through some tumultuous times in the investment world. In particular, I’ve seen the downsides of open-ended funds and the difficulties of having large inflows and outflows every single day. The closed-ended nature of investment trusts has a lot of benefits.

“I made my first personal investment in a trust in 1984 and got my first non-executive director position in 2004. We’re coming out of a difficult cycle where trusts have been under pressure. We’ve seen 17 mergers, acquisitions or liquidations in the first half of 2025 alone compared with nine in the same period last year. But I think there will be times – and I suspect not too far ahead – where we see trusts issuing shares again and the launch of new trusts.

“I think this structure still has benefits and relevance today. Investment trusts have a long history of meeting the needs of investors. There’s the opportunity to use gearing when it’s cost-effective, costs tend to be lower, and the independent board is able to exercise some control and governance. The single most important people are the shareholders and potential shareholders. They come way above anybody else, and our primary job as a board is to represent them.

“Boards try to do this in several ways. They must try to ensure that the investment managers employed are the right investment managers. If circumstances change, they can make changes ¬– as the Mid Wynd board has in the past. That means investors can put their money in for the long term, knowing somebody experienced is keeping a close eye on the management of the assets.

“On the governance side, a board will look at risk control measures, succession plans and reporting. It will ensure that the reports and accounts are clear and fit for purpose. Importantly, the board should ensure that communications and marketing are of high quality and that shareholders are being kept well informed about their investments.

“In the past, when investment trust AGMs were sometimes accompanied by a three-course meal and wine, you could get 150 private investors along. These days the refreshments at AGMs are much more modest, travel costs are higher, and so a lot fewer turn up. That’s disappointing to me, because I used to meet a lot of investors year after year. I valued those meetings and the feedback and insights I would get from them.

“Today we have to be more creative in how we reach out to shareholders. This is why we encourage investors and prospective investors to sign up to our newsletter – so we can share factsheets, manager videos and investment articles to keep them abreast of what’s happening in the trust and the wider economy. I would still encourage investors to come to the AGM, though – it’s good to meet the board and the managers face to face.”

What makes Mid Wynd distinctive?

David replies: “I think it has a very clear, well-developed and powerful investment philosophy centred on quality compounders that have been shown to deliver strong returns over the long term. I would also say that it has a very clear and well-run discount control mechanism. One of the potential downsides of investment trusts is that discounts can widen in times of market stress. Mid Wynd’s commitment to ensuring that the discount doesn’t go far beyond 2% gives investors a lot of reassurance.”

He adds: "We've seen the discounts of some rival trusts in our sector sink to between 25% and 30% in the past year. On the one hand that can present a buying opportunity for newcomers. However, for existing holders who might need to sell some units for income or other needs, that can be very painful indeed. In some ways it's hurt Mid Wynd not to let the discount just widen – it's made the trust less attractive to new shareholders, though that's changing as discounts have started coming in again generally. But it's been good for existing shareholders. It’s an article of faith for us that we control the discount to protect the interests of our loyal supporters. And from the conversations I've had with investors, it's something that's really valued."

Interview by Martin Stott, CEO of Bulletin PR

First published in: The Association of Investment Companies 17 July 2025

Further Information

Company Secretary

Juniper Partners Limited 
Tel: 0131 378 0500 
Email: cosec@junipartners.com
Post: Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR

Registrars

Computershare 
Tel: 0370 707 1186 
Web: https://www.computershare.com/uk/

Investment Manager

Tel: 0800 374 810 
Email: mwy@lazard.com

Press Enquiries

Tel: 0115 907 8410 
Email: martin.stott@bulletin.co.uk

Directors

David Kidd (Chair) 

Hamish Baillie 

Diana Dyer Bartlett 

Anulika Malomo 

Alan Scott

Complaints*

Complaints are to be sent to
the Company Secretary.

Email: cosec@junipartners.com

Tel: +44 (0) 131 378 0500

Post: Juniper Partners Limited, 28 Walker Street, Edinburgh EH3 7HR.

*As a shareholder of the Company, you are not able to refer complaints about the management of the Company to the Financial Ombudsman Service (FOS). We welcome feedback and ask that any comments be passed on to the Company Secretary.

Risks

The value of your investment may rise or fall, and your capital is at risk.

Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing:

Past performance
Past performance is not a reliable indicator of future returns and does not guarantee future results.

The value of your investment
The value of shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

Market volatility
The value of the Company and any income from it can fall or rise because of movements in stock markets, currencies and interest rates, each of which can move irrationally and be affected unpredictably by diverse factors, including political and economic events.

Emerging and Developing Markets
Emerging and developing markets can face significant political, economic or structural challenges. The portfolio may experience delays in buying, selling and claiming ownership of investments and there is an increased risk that the portfolio may not get back the money invested.

Concentration
In view of the concentrated nature of the portfolio, the level of risk is expected to be higher than for broader based portfolios and the value may be more volatile.

Smaller companies
Securities of smaller companies may be less liquid, and exhibit more volatile returns, than the securities of larger companies.

Currency
The Company’s assets may be priced in currencies other than the portfolio base currency. Changes in currency exchange rates can therefore affect the Company’s value.

Charges from capital
Where charges are taken wholly or partly out of the Company’s capital, distributable income may be increased at the expense of capital, which may constrain or erode capital growth.

Leverage
The Company may operate with a significant amount of leverage. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested. Leverage may result in large fluctuations in the Company’s value and therefore entails a high degree of risk including the risk that losses may be substantial.

Important Information

Shares in the Company are a form of equity investment.

This information has been issued and approved by Lazard Asset Management Limited (“Lazard”), 20 Manchester Square, London, W1U 3PZ. Lazard is investment manager to Mid Wynd International Investment Trust plc (the “Company”) and is authorised and regulated by the Financial Conduct Authority.

This is a marketing communication and does not in any way constitute investment advice or an offer or an invitation to deal in securities.

Further information about the Company, including a Key Information Document, is available on the Company’s website www.midwynd.com.

Before investing, potential investors should also read the Company’s Investor Disclosure Document, in particular the ‘Risk Factors’, the Company’s Key Information Document (“KID”) and its most recent Annual or Interim Report.

Forecasted or estimated results do not represent a promise or guarantee of future results and are subject to change. Past performance is not a reliable indicator of future results.

The value of investments and the income from them can fall as well as rise and you may not get back the amount you invested.

Investments in securities, derivatives and commodities involve risk, will fluctuate in price, and may result in losses.

Certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance.

There can be no assurance that the Company’s objectives or performance target will be achieved. Any investment is subject to fees, taxation and charges within the Company and the investor will receive less than the gross yield.

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Further Information

Tax Rates
The tax treatment of each investor may vary, and you should seek professional tax advice. The contents of these materials are confidential and should not be disclosed other than to the person or persons for whom it is intended.

Regulation
The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

Information Subject to Change
The information and opinions expressed here are as of the published date and are subject to change without notice.

Non-Mainstream Pooled Investment (NMPI) status
The Company currently conducts its affairs so that its shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (“FCA’s”) rules regarding non-mainstream investment products and intends to do so for the foreseeable future.

Shares in Mid Wynd International Investment Trust plc are excluded from the restrictions in the FCA rules which apply to non-mainstream pooled investment products, because they are shares in an investment trust.

The shares in the Company may also be suitable for institutional investors who seek a combination of capital and income growth.

Private investors should consult an independent financial adviser specialising in the acquisition of shares and other securities before acquiring shares. Investors should be capable of evaluating the risks and merits of such an investment and should have sufficient resources to bear any loss that may result.