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.
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Jonathan Davis 