MW Balanced Fund
 
Fund launch date
 23/02/1990
Fund size
at 22/05/2017
£643m
Personal class
Unit class launch date
03/01/2013
Unit class size
£643m
Current price
per personal unit
at 12pm on
 22/05/2017
 
£46.636xd
Change in price (+/-)
 +£0.225
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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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

Critically for financial investments, monetary policy remains supportive in most regions.  Negative interest rates have been introduced in the eurozone and Japan, and both the European Central Bank and the Bank of Japan are sustaining their policies of quantitative easing.  Even in the USA, the Federal Reserve has indicated that any further interest rate rises are likely to be very gradual.

The timing and nature of the UK’s withdrawal from the EU is unclear.  The UK government faces difficult political decisions.  A hard choice will have to be made between access to the single market and any refusal to accept the principle of the free movement of labour.  A similar dilemma is evident between remaining in the European customs union or having the ability to negotiate bilateral trade deals with third parties.  Negotiations are likely to be complicated by the elections in Germany and France next year.  In these circumstances, the ultimate impact of the decision for the UK and eurozone economies is difficult to assess.

In the USA, Donald Trump has won the presidential election.  Here too, there is considerable uncertainty about how the rhetoric of his campaign will translate into practical policy, but any move towards protectionism would be likely to damage global economic prospects.  For now at least, data for US business and consumer sentiment have been positive and unemployment continues to be low.  Yet US equity market valuations seem stretched given the muted prospects being expressed by corporate America.

In Asia, the outlook has improved.  Growth has accelerated in countries such as India, Indonesia and the Philippines and the picture in China is brightening.  By contrast, conditions are still difficult in Japan where the strength of the currency is beginning to stifle recovery expectations.

Political uncertainty and increasingly divergent trends across global markets make it all the more important to ensure portfolios are well-diversified.  This has always been our approach.  As a further precaution, gold has been added to the portfolio via two securities backed by physical gold bullion.

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 30th April 2017
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 23/02/1990
Cumulative return
14.7
32.9
54.8
121.2
781.7
Annualised return
14.7
9.9
9.1
8.3
8.4
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
12 months to 30th April
  • 14.7
  • 4.4
  • 11.0
  • 2.4
  • 13.7
  • 3.3
  • 12.6
  • 24.5
  • -5.1
  • 3.9
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 22/05/2017)
£643m
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
42.566p
03.05.16
30.06.16
Unit class
Personal class
Launch date
 03/01/2013
Unit price
(at 22/05/2017)
 
£46.636xd
Dividend yield
 1.6%
SEDOL
 B7RRJ16
ISIN
 GB00B7RRJ163
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.13%
(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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