Mid Wynd's Illingworth: We are now running a 'semi-open' fund

Artemis' Alex Illingworth has said the Mid Wynd International investment trust's zero discount policy means the investment trust is effectively operating as a "semi-open" vehicle.

Mid Wynd introduced a zero discount policy, via a combination of share buybacks and the issue of shares at a small premium, in late 2012. But the policy has been tested following the board's decision to switch management from Baillie Gifford to Artemis last May.  Illingworth (pictured), who runs the trust with the other two members of Artemis' Global Select team – Simon Edelsten and Rosanna Burcheri – said the swathe of buybacks seen since the deal are evidence of a commitment to shareholders.  He said: "A lot of the trust was owned by Baillie Gifford savings schemes and after the mov...