Nevertheless, with 29pc in IT stocks and 62pc in the US, this is no anti-tech fund. The biggest holding, at 5.3pc of assets, is Microsoft, a Magnificent Seven stock whose “ongoing ability to deploy capital at attractive rates” in software, cloud computing and AI delights the managers.
Other well-known tech stocks include Alphabet, owner of Google, and Taiwan’s TSMC, whose foundries make chips for Nvidia and others.
Less familiar additions are Cadence, a US company whose software enables semiconductor manufacturers to design and test their complex products, and VAT Group, a Swiss firm whose valves create the vacuum conditions essential for depositing minute quantities of silicon on circuit boards.
The managers also found space to bring in Diageo at a recent four-year low after a profits warning. They have also been long-term holders of Dollarama, the Canadian discount retailer and a “classic” compounder.
Mr Florentin-Lee says: “Stocks don’t have to be sexy to be good businesses and generate great returns for shareholders.”
Questor agrees. Having learned more about the managers’ philosophy, we are happy to reinstate Mid Wynd as a “buy”, although investors might want to hold off until after next week’s US election which could rock markets in the near term.
Questor says: buy
Ticker: LON:MWY
Closing price: 784p
Gavin Lumsden is editor of Citywire’s Investment Trust Insider website
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