Despite having to deal with a small percentage of its members who no longer want it to exist, The International Wine Investment Fund enjoyed a relatively successful half-year to conclude 2003. With a 22% ratio of borrowings to total assets (excluding cash reserves), the IWIF currently has borrowings of $51.9 million. It recorded an Underlying Business Profit of $2.71 million for the six months, during which time it profitably traded securities in Constellation, Fosters Group and McGuigan Simeon Wines. The IWIF currently owns twelve investments, 58% of which is within Australia, 17% overseas, and 25% within Constellation Brands, the owners of The Hardy Wine Company. The Fund owns 10.1% of Evans & Tate, and while it currently has no stake in Southcorp, the performance of the company’s new management has ‘changed the long-term view of the company’ to the extent that it may decide to reinvest.
