MW Income Fund
 
Fund launch date
 24/03/1994
Fund size
at 04/12/2020
£215m
Personal class
Unit class launch date
01/01/2013
Unit class size
£215m
Current price
per personal unit
at 12 noon on
 04/12/2020
 
£26.976xd
Change in price (+/-)
 +£0.134
Historic dividend yield 1
 
2.6%
1 Historic dividend yield reflects distributions declared over the past 12 months as a percentage of the unit price. You should remember that the price of units and the income from them may go down as well as up. Past performance should not be used as a guide to future performance.
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Your fund holding value based on above price: £

Objectives and policy

The investment objective of the Income Fund is to preserve and to grow the real value of investors’ capital and income, with an emphasis on the generation of income. 

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 are 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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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

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Geographic allocation
  • 47%
    UK
  • 11%
    Europe
  • 27%
    USA
  • 10%
    Emerging Markets
  • 5%
    Gold

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Prospects for world economic growth have been overwhelmed by the massive and unprecedented disruption caused by the coronavirus pandemic. Business activity, which had started to pick up as lockdown measures were relaxed in many countries, has been hit by a second wave of viral infections. Nevertheless much has changed since the original devastation caused by Covid in the first half of the year. Medical management of the illness is more effective, and extensive measures to support employment have preserved discretionary consumer expenditure, albeit at a considerable future cost to public sector finances. Economies have made considerable strides in adapting to the new environment. Global supply chains have been preserved and industrial production has recovered. Indeed, September’s business sentiment survey in the US reached its highest level for over a year. China’s relative success in suppressing the impact of the virus has resulted in a sustained recovery with growth of 2% forecast for the full year. The announcement of potential vaccines will reinforce confidence and provide hope of a more positive 2021.

Loose monetary policies remain firmly in place across the world, and authorities look set to err on the side of caution before raising interest rates. Indeed the Bank of England may be forced to switch to negative interest rates as it has increasingly less scope for further quantitative easing at a time when it already owns over 40% of outstanding gilts.

Governments have directly intervened in an unprecedented way into a wide range of commercial activities. Financial and regulatory support for ‘national champions’ is likely to undermine competition. Against this background, it is alarming that the nature of the UK’s future relationship with Europe remains unresolved. In the US, Joe Biden’s presidential election victory was initially well-received by equity investors. While it is too early to judge how successful his economic policies will be, he is expected to implement a return to more normal international trading relationships.

Looking ahead, much depends on whether renewed outbreaks of the pandemic can be successfully contained.
In particular, the efficacy and availability of any vaccine are clearly critical. However, the world now looks far better positioned to cope with the disease. We expect the global economy to regain momentum in the new year, but many equity valuations already discount some recovery.
A relatively cautious and diversified approach to investment remains the preferred strategy for balanced portfolios.

Until there is a credible resolution to the crisis, businesses will be understandably anxious to keep cash balances as high as possible. Consequently, company dividend payments have fallen sharply and are likely to remain below last year’s levels. This will in turn impact distributions from the fund.

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 October 2020
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 24/03/1994
Cumulative return
-3.2
4.5
23.5
65.8
499.0
Cumulative Retail Price Index (RPI)
1.1
7.0
13.4
30.6
107.1
Annualised return
-3.2
1.5
4.3
5.2
7.0
Annualised Retail Price Index (RPI)
1.1
2.3
2.5
2.7
2.8
Discrete annual returns
Total return (%)
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
12 months to 31st October
  • -3.2
  • 9.3
  • -1.3
  • 2.7
  • 15.1
  • 2.3
  • 2.1
  • 16.1
  • 8.1
  • 2.4
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
General
Launch date
24/03/1994 
Manager
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
Bank of New York Mellon (International) Limited 
Fund size (at 04/12/2020)
£215m
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, 1st June, 1st September and 1st December 
Payment dates
On or before 30th April, 31st July, 31st October and 31st January 
Most recent dividends:
Personal class
 
 
Dividend
rate
Ex-dividend
date
Payment
date
 Interim
 13.000p
 01.09.20
 30.10.20
 Interim
 12.500p
 01.06.20
 31.07.20
 Final
 28.169p
 02.03.20
 30.04.20
 Interim
 17.000p
 02.12.19
 31.01.20
Unit class
Personal class 1
Launch date
 01/01/2013
Unit price
(at 04/12/2020)
 
£26.976xd
Historic dividend yield 2
 
2.6%
SEDOL
 B8KQRW4
ISIN
 GB00B8KQRW41
1 A Legacy Class Unit (SEDOL 0558509 & ISIN GB0005585095) existed until the legacy class was closed on 21st December 2016. The Legacy Class Unit was the only class of unit until 1st January 2013 when it was replaced as the principal unit class by the Personal Class Unit. The Personal Class Unit is the only class of unit now available.

2 Historic dividend yield reflects distributions declared over the past 12 months as a percentage of the unit price. You should remember that the price of units and the income from them may go down as well as up. Past performance should not be used as a guide to future performance.
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.15%
(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
Investor Administration
64 St James's Street
Nottingham
NG1 6FJ

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