MW Balanced Fund
 
Fund launch date
 23/02/1990
Fund size
at 04/06/2020
£813m
Personal class
Unit class launch date
01/01/2013
Unit class size
£813m
Current price
per personal unit
at 12 noon on
 04/06/2020
 
£53.175xd
Change in price (+/-)
 +£0.491
Dividend yield
 
1.5%
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.

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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 65%
    Equities
  • 29%
    Bonds
  • 5%
    Gold

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

Geographic allocation
  • 26%
    UK
  • 19%
    Europe
  • 29%
    USA
  • 9%
    Japan
  • 12%
    Emerging Markets
  • 5%
    Gold

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

Prospects for world economic growth have been overwhelmed by massive and unprecedented disruption occasioned by the coronavirus pandemic. Global recession now looks imminent. Saudi Arabia's shock decision to increase its output of oil, following a disagreement with Russia, triggered the largest single-day decline in the price of crude since the start of the Gulf War in 1991. It will continue to have a negative impact on share prices until such time as production targets are agreed. Equity markets have come under considerable pressure, pulling company valuations down to more attractive levels.

As to the future, much will depend on the success of COVID-19 containment. It is hard to see any sustained recovery until this has been achieved. In the meantime, governments have set out massive spending packages to support economic activity and central banks have cut interest rates sharply. A low oil price will also assist disposable incomes. Eventually, these factors should support a resumption of economic growth and stock markets should strengthen accordingly, once health concerns subside.

The outlook for the US economy was deteriorating before the spread of the virus gained momentum, even while employment levels and real wage growth remained at high levels. It has now worsened dramatically, and unemployment is rising steeply. The US general election depends on the perceived success of the government's handling of the pandemic and its economic consequences.

Forecasts for the UK have also been overtaken by the health crisis, after beginning to look more positive following the Conservative election victory. The country was already facing difficult negotiations with the EU to reach a trade agreement, now likely to be delayed. The trading bloc itself finished 2019 very weakly and by February was growing at its slowest rate in seven years.

Similarly, Japan began to slide into recession at the start of the year following a collapse in Chinese tourism and a hike in consumption tax implemented last autumn, while rising infections are now likely to undermine domestic demand. However, the Japanese Central Bank's share buying programme is providing some support to the local equity market.

Growth in China can be expected to rebound if the health emergency has really been brought under control there. The economy has deteriorated sharply in recent months. The rest of Asia has suffered from the effect of this slowdown, while domestic demand in India has been slackening for some time. Prospects for Latin America were also looking difficult, although there have been some signs of progress in Brazil.

The asset allocations in the portfolio have been relatively defensive for several years, but the investment case for holding government bonds is weakening in the face of shrinking, and in some cases negative, returns.

At the same time, company valuations were stretched at the start of the calendar year, but subsequent market falls are starting to give rise to new investment opportunities, even if earnings are vulnerable in the short-term. Provided the global economic fabric is not irretrievably damaged, equities and many markets are now looking more reasonably valued again for investors with a longer-term horizon.

As such, the equity allocation was increased to 65% in March, with a corresponding decrease in the bond holdings.

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

You must upgrade your browser in order to view this chart.

Total return (£)
Value of initial £1,000 investment
Retail Price Index (RPI)
Total returns
Total return (%)
to 31st May 2020
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 23/02/1990
Cumulative return
5.3
15.4
39.2
119.4
947.1
Cumulative Retail Price Index (RPI)
1.5
8.1
13.4
31.3
144.9
Annualised return
5.3
4.9
6.8
8.2
8.1
Annualised Retail Price Index (RPI)
1.5
2.6
2.5
2.8
3.0
Discrete annual returns
Total return (%)
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
12 months to 31st May
  • 5.3
  • 5.0
  • 4.4
  • 17.5
  • 2.6
  • 11.2
  • 1.7
  • 19.8
  • 2.1
  • 14.1
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
Bank of New York Mellon (International) Limited 
Fund size (at 04/06/2020)
£813m
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
GBP 
IA sector
Mixed Investment 40-85% shares GBP 
Valuation and dealing
12 noon 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
28th February and 31st August 
Current tax year ISA/JISA limits
£20,000 / £9,000 
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
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
31.000p
02.09.19
31.10.19
Final
50.573p
02.03.20
30.04.20
Unit class
Personal class
Launch date
 01/01/2013
Unit price
(at 04/06/2020)
 
£53.175xd
Dividend yield
 1.5%
SEDOL
 B7RRJ16
ISIN
 GB00B7RRJ163
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.14%
(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

By using our site you accept the terms of our cookie policy.