Fund Research

Witan

Last update 15 April 2019

Witan is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed.

Please see the important information by following this link or at the bottom of the page.

Investment objective

Long-term growth in income and capital through active investment in global equities, using a multi-manager approach.

As at:

12/04/2019

Group/Investment

Witan Investment Trust

Ticker

WTAN

Management Company

Witan Investment Services

Manager Name

Multiple

Association of Investment Companies (AIC) Sector

Global

12 Mo Yield

2.20%

Dividend Distribution Frequency

Quarterly

Latest Market Capitalisation

£1,867,120,378

Gearing

11%

Latest Ongoing Charge Ex Perf Fee 

0.75%

Shares Outstanding

 177,056,114

(Discount)/ Premium (Cum Fair)

-2.5%

Daily Closing Price

10.54p

Witan follows a highly active ‘manager of managers’ approach, using a range of third-party managers to gain exposure to global equity markets. Currently, the company consists of ten managers, who run a collection of concentrated portfolios under the overall asset allocation plan set by CEO Andrew Bell and the management team. Alongside this, the executive team runs up to 12.5% of the portfolio, investing in specialist collective funds and smaller managers that could be constituents in the future.

The trust’s objective is to generate long-term NAV growth and to deliver income at a rate greater than inflation. Since adopting the multi-manager approach in 2004, the trust has performed strongly. Over five and ten-year periods, to the end of 2018, Witan has delivered an NAV total return of 52.1% and 207.1% respectively, compared with the benchmark’s 44.6% and 163.4%. For most of 2018, Witan’s returns were positive and ahead of the benchmark. However, Q4 hit the trust particularly hard and the macro and political uncertainty, coupled with the trust's gearing, meant the trust ended in negative territory.

Alongside capital appreciation, the trust offers investors a decent income stream. The trust has an enviable track record of 44 years of dividend increases, and the 2018 dividend of 23.5p was 11.9% greater than the 21p paid in 2017 and once again greater than the rate of inflation and fully funded by earnings. As of the most recent annual report (December 2018), the trust has revenue reserves that cover the dividend by 1.5x, adding further reassurance to income dependent investors.

Over the past few years, the discount has narrowed significantly. After trading on a discount of close to 10% to NAV in 2016, the trust now trades at a discount of 2.5%. The board places a high degree of importance on creating sustainable liquidity at or near to asset value and has buyback authority which it continues to use as necessary.

William Sobczak

Important information

Witan is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed.

Please see the important information by following this link or at the bottom of the page.

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Fund History: Witan

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