MW Balanced Fund
Fund launch date
Fund size
at 13/09/2019
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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 26%
  • 19%
  • 31%
  • 7%
  • 11%
    Emerging Markets
  • 1%
  • 5%

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

The state of the world economy remains reasonably positive for investment prospects. Generally GDP growth and corporate profits are holding up well. Interest rates look set to be raised at a measured pace as central banks unwind stimulatory policies. However stock valuations seem stretched in some markets, and political uncertainty in the USA, UK and Europe continues to disconcert investors.

The prospect of a global trade war is a major concern. President Trump's 'America First' policy is likely to prove very harmful to cross-border commerce. Higher US tariffs on selected imports have already triggered retaliation from other countries. Although only a few sectors have been involved to date, extensive damage to the international trading system cannot be ruled out.

Nevertheless, the US economy is in vigorous health, recording 4.1% growth in the second quarter. Unemployment has touched its lowest level since 1969. Against this background, the Federal Reserve is almost certain to raise interest rates further this year, although it has indicated that it expects that this will be a gradual process. At present, real wage growth remains restrained but recent tax cuts may put upwards pressure on bond yields and, by extension, interest rates overall.

There is still little clarity over the likely outcome or implications of Brexit negotiations. Deep divisions cut across the UK political spectrum on the issue. Meanwhile, there are increasingly shrill warnings from UK companies of the impact on business in an already lagging economy.

The eurozone is expected to grow a further 2% this year, despite a recent slowdown in new orders and a decline in business confidence. With underlying inflation still below 2%, the European Central Bank is set to move cautiously in unwinding its accommodative policy, particularly when the Italian government has pledged to defy the currency union's fiscal rules.

Despite short-term pressures from rising energy costs, India and China are growing much faster than Western economies. However developing markets are vulnerable to a strengthening of the US dollar and, of course, to any widespread imposition of tariff barriers. Elsewhere, political concerns are impacting Turkey and Latin American countries, and the resulting sharp currency movements and falls in asset values may prove contagious for other financial markets.

In Japan, the economy has made an encouraging recovery after the longest upswing in nearly three decades ended in the first quarter. The country remains home to many globally competitive businesses and some exporting companies continue to offer attractive investment opportunities.

Portfolio allocations reflect a degree of caution and include a weighting in gold. Corporate results have been upbeat but valuations remain high, while bond yields are still at historically low levels. Political developments, particularly on the trade front, could easily upset market sentiment. At the same time, the prospect of further rises in interest rates is likely to add to uncertainty among investors. 

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
Retail Price Index (RPI)
Total returns
Total return (%)
to 31st August 2019
1 year
3 years
5 years
10 years
Since launch
Cumulative return
Cumulative Retail Price Index (RPI)
Annualised return
Annualised Retail Price Index (RPI)
Discrete annual returns
Total return (%)
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
12 months to 31st August
  • 6.9
  • 6.3
  • 5.4
  • 22.6
  • 2.5
  • 6.3
  • 14.1
  • 11.1
  • 8.3
  • 13.6
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 13/09/2019)
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 / £4,368 
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 13/09/2019)
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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