MW Balanced Fund
 
Fund launch date
 23/02/1990
Fund size
at 21/08/2017
£658m
Personal class
Unit class launch date
03/01/2013
Unit class size
£658m
Current price
per personal unit
at 12pm on
 21/08/2017
 
£47.418xd
Change in price (+/-)
 -£0.015
Dividend yield
 
1.6%
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Your fund holding value based on above price: £

Objectives and policy

The investment objective of the Balanced Fund is to maximise the total return to unitholders, by preserving and growing the real value of investors’ capital and income, placing an equal emphasis on the generation of income and on capital growth. 

The fund may invest in any geographical area and any economic sector. In accordance with the firm’s ethical principles, the fund has no investments in tobacco companies or companies directly involved in the development of arms.

Composition

The fund holds a portfolio of direct investments in a diversified range of international equities and fixed-interest securities. Asset and geographic allocations are continually evaluated and adjustments made according to the relative merits of each asset class and the opportunities offered by different international markets.

Structure

The fund is structured as an authorised unit trust. Its structure provides investors with certain institutional safeguards and simplicity of administration. Furthermore, as no tax is suffered on capital gains realised within the fund, there are no tax constraints on active management of fund holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.

Asset allocation
  • 1%
    Cash
  • 60%
    Equities
  • 34%
    Bonds
  • 5%
    Gold

If you cannot see this chart, please download the Quarterly Fact Sheet

Geographic allocation
  • 28%
    UK
  • 14%
    Europe
  • 37%
    USA
  • 6%
    Japan
  • 9%
    Emerging Markets
  • 1%
    Australasia
  • 5%
    Gold

If you cannot see this chart, please download the Quarterly Fact Sheet

Political uncertainty is weighing on investment prospects, even if the state of the world economy is otherwise reasonably encouraging. 

The USA’s direction under a Trump Presidency remains open to question.  His pledges for tax cuts and massive infrastructure spending may be more difficult to implement than some investors initially anticipated, leaving companies with optimistically high valuations vulnerable.  Nevertheless, growth in the US economy seems solidly based; for now at least, business and consumer sentiment have been positive and unemployment is low. 

The UK and Europe, too, face considerable political uncertainty. There is still no framework for the future relationship between the UK and the eurozone and negotiations are likely to be complicated further by the results of the UK's general election.  In these circumstances, the ultimate impact of ‘Brexit’ for the UK and eurozone is difficult to assess.  While the UK economy has been performing relatively strongly, consumer spending is likely to be impacted by the lack of growth in real incomes. However the economic outlook in Europe has improved with a modest increase in inflation and a pick-up in manufacturing activity.

In Asia, expectations have brightened.  Growth has accelerated in countries such as India, Indonesia and the Philippines, and the picture in China is brightening.  Japan remains home to some excellent companies with strong market positions, even if the overall success of the much-touted ‘Abenomics’ programme continues to be debatable.

Monetary policy remains supportive for investment in most regions, with central banks retaining accommodative stances in the UK, Japan and Europe. Even in the USA, the Federal Reserve has indicated that any further interest rate rises are likely to be gradual.

Elevated equity valuations give rise to some concern, particularly in the USA, and look vulnerable to any delay or legislative difficulties in implementing the eagerly anticipated tax cuts.  Meanwhile rising inflation could further unsettle bond investors, and possibly equity markets too.  Against this background, we continue to favour a relatively cautious approach based upon a wide diversification of investments, both by region and asset class, including some allocation to gold.

Total return on investment
net of charges and assuming re-investment of dividends

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Total return (£)
Value of initial £1,000 investment
RPI inflation
Total returns
Total return (%)
to 31st July 2017
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 23/02/1990
Cumulative return
4.1
34.3
60.4
127.3
797.5
Annualised return
4.1
10.3
9.9
8.6
8.3
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
12 months to 31st July
  • 4.1
  • 18.8
  • 8.6
  • 1.0
  • 18.2
  • 2.0
  • 14.3
  • 19.9
  • 0.7
  • 0.6
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
General
Launch date
23/02/1990 
Manager
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
BNY Mellon Trust & Depositary (UK) Ltd 
Fund size (at 21/08/2017)
£658m
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
GBP 
IA sector
Mixed Investment 40-85% shares GBP 
Valuation and dealing
12pm on each UK business day 
Valuation basis
Forward, single-price basis 
Unit type
Income (reinvestment facility available) 
Min. initial and subsequent investment
£1,000 
Regular savings facility
£100 monthly minimum investment 
Reporting periods
30th April and 31st October 
Current tax year ISA/JISA limits
£20,000 / £4,128 
Dividend information
Ex-dividend dates
1st May and 1st November 
Payment dates
On or before each 30th June and 31st December 
Most recent dividends:
Personal class
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
31.000p
01.11.16
30.12.16
Final
42.609p
02.05.17
30.06.17
Unit class
Personal class
Launch date
 03/01/2013
Unit price
(at 21/08/2017)
 
£47.418xd
Dividend yield
 1.6%
SEDOL
 B7RRJ16
ISIN
 GB00B7RRJ163
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.12%
(including 1.00% annual management charge)
Exit charge
 Nil
Performance fee
 Nil

If you are considering investing in the fund or wish to manage existing investments all the information and forms you need can be downloaded using the links below. All investments require the completion of the appropriate form which should then be sent to the postal address below.

Our funds are also available from various platforms. These are categorised as either Retail (for anyone investing directly in their own right) or Advisor (for investments made via a professional intermediary).

Please do not hesitate to contact our Unit Trust Team should you have any questions.

Fund documentation
Contact us
If you require further information or clarification, or would simply like to discuss any aspect of the services we provide, please call us on the number below and we will make sure the right person speaks to you.

Telephone

+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
PO Box 12177
Chelmsford
CM99 2EA

Forms
Application – for initial investments and regular savings plans
Transfer – to move existing ISA/JISA investments
Top up – to add to existing investments
Switch – to move investments between funds
Other

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