Small funds and investment trusts that fly below the media radar can sometimes offer better returns for discerning investors than many bigger and better known counterparts backed by heavy marketing spend. One example is Mid Wynd International, a £60m investment trust managed since 1998 by Michael MacPhee, a partner at Edinburgh-based Baillie Gifford. The trust, which targets stocks that are too specialist to sit comfortably in Baillie Gifford’s two larger investment trusts, Scottish Mortgage and Monks, has returned 75% over ten years, three times the return of the FTSE All-Share index over the same period. Michael MacPhee gives his latest views in this Q and A.
Richard Oldfield, the subject of our latest Q and A, is the founder and chief executive of Oldfield Partners, a privately owned investment management firm with $2.8 billion under management, invested wholly in equities “on a concentrated, value-focused, index-ignorant basis”. Before founding Oldfield Partners in 2005 he was for nine years chief executive of a family investment office. He is chairman of the Oxford University investment committee and of Keystone Investment Trust plc.