MW Balanced Fund
Fund launch date
Fund size
at 16/08/2018
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12pm on
Change in price (+/-)
Dividend yield
Calculate your fund holding value

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.


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.


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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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%
  • 60%
  • 34%
  • 5%

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

Geographic allocation
  • 28%
  • 14%
  • 34%
  • 7%
  • 11%
    Emerging Markets
  • 1%
  • 5%

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

The state of the world economy is reasonably encouraging for investment prospects, even if stock valuations seem stretched in many markets and there is considerable political uncertainty.

Growth in the US economy seems solidly based with positive business and consumer sentiment positive and low unemployment. Valuations look particularly high for US companies, however, and the country's direction under Trump's presidency remains open to question. A string of judicial challenges and legislative defeats have stalled most of his declared policies.

The UK is facing the upheaval of Brexit. There is still no framework for the future relationship between the UK and the eurozone, and negotiations are likely to be complicated further by UK government's fragile majority. In these circumstances, the ultimate impact of 'Brexit' for the UK and eurozone is difficult to assess. Rising consumer debt in the UK is a concern, particularly since spending is likely to be hurt by the lack of growth in real incomes. By contrast, the outlook for the eurozone has brightened with the strongest economic growth since 2011 and falling unemployment.

Prospects for developing markets are improving. Fast-growing countries with successful reform programmes, such as India, have made further progress, and there has been some recovery in recession-hit Latin American economies.

Economic data from Japan has also been encouraging, even if it has failed to translate into a meaningful increase in consumption. The most attractive investment opportunities continue to be in exporting companies.

Monetary policy remains supportive for investment in most regions. Although central banks are beginning to unwind their accommodative stances in the UK and Europe, they have indicated that this will be an extremely gradual process. Even in the USA, the Federal Reserve is stressing that any further interest rate rises are likely to be made in very small steps.

Recent company earnings results have been generally positive, but market gains have been heavily concentrated. Active investors have favoured growth stocks, particularly large technology companies. This tight market focus has been accentuated by their passive counterparts being merely committed to buying more and more shares in a rising market.

Our investment approach continues to be broadly diversified. The notion of a permanently low-growth low-interest rate environment seems misconceived. Accordingly our allocations include some exposure to gold to balance the weightings in equities and bonds held in portfolios.

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 2018
1 year
3 years
5 years
10 years
Since launch
Cumulative return
Annualised return
Discrete annual returns
Total return (%)
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
12 months to 31st July
  • 7.4
  • 4.1
  • 18.8
  • 8.6
  • 1.0
  • 18.2
  • 2.0
  • 14.3
  • 19.9
  • 0.7
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
Launch date
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
Bank of New York Mellon (International) Limited 
Fund size (at 16/08/2018)
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
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
Regular savings facility
£100 monthly minimum investment 
Reporting periods
28th February and 31st August 
Current tax year ISA/JISA limits
£20,000 / £4,128 
Dividend information
Ex-dividend dates
1st March and 1st September 
Payment dates
On or before each 30th April and 31st October 
Most recent dividends:
Personal class
Unit class
Personal class
Launch date
Unit price
(at 16/08/2018)
Dividend yield
Fees and charges
Personal class
Initial charge
Ongoing charges figure
(including 1.00% annual management charge)
Exit charge
Performance fee

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.


+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
PO Box 12177
CM99 2EA

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

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