The Board of Witan Investment Trust confirmed at its annual general meeting, held on 28 April 2009, that the following changes to its portfolio have been implemented:

• An increase in the Trust’s gearing to 6% (zero as at 31.12.2008);
• UK active managers, Artemis Investment Management and Marathon Asset Management awarded £10million each to add to their existing mandates;
• Investment into the PIMCO Global Credit Fund of £10million.

Witan Investment Trust has increased its gearing level from zero to 6%. The gearing has been deployed to increase the Trust’s UK exposure through a £20million pound investment split between two of Witan’s UK active managers; Artemis Investment Management and Marathon Asset Management were each awarded an additional £10million during late February. These new investments have resulted in the Trust’s UK exposure increasing from 32% to around 34%.

In addition the Board has confirmed that in early April an initial £10million investment was made into the PIMCO Global Credit Fund as the Trust looked to gain exposure to fixed income. 

WITAN INVESTMENT TRUST CONFIRMS CHANGES TO THE TRUST’S PORTFOLIO

The PIMCO Global Credit Fund looks to maximise returns through a combination of capital preservation and prudent investment. The Fund invests in a diversified portfolio of investment grade corporate fixed income instruments.

Mark Lynam, Witan’s Chief Investment Officer commented, “The Board decided to degear Witan’s portfolio during the first half of 2008. Following the extremely volatile conditions witnessed in the final quarter of 2008 and early 2009, we felt that market levels had reached an attractive level: we therefore took steps to increase Witan’s gearing to top up the Trust’s UK exposure. The active element of the Trust’s UK portfolio was increased, with Artemis Investment Management and Marathon Asset Management both awarded an additional £10million. Both managers have delivered significant outperformance since inception last May: Artemis have outperformed its benchmark by 13.9% and Marathon by 8.7%.

“The Board also took the decision to use the gearing to facilitate an investment into the PIMCO Global Corporate Bond Fund. This has enabled the Trust to add an initial fixed income element to complement the Trust’s long standing equity bias.

“These latest developments in the Trust’s multi-manager structure are evidence of the Board’s commitment to look for ways to enhance returns for our shareholders and evolve the Trust’s management in line with the overall economic environment.”

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Witan Investment Trust plc

Established in 1909, Witan is one of the UK’s largest investment trusts, managing some £1bn (as at 31.1.09, source AIC) on behalf of some 60,000 investors. Witan is listed in the ‘Global Growth’ sector.

www.witan.com

Witan Investment Services Limited is a wholly owned subsidiary of Witan Investment Trust plc.

Registered as an Investment Company in England No 101625.

Witan Manager Team

Witan Pacific Investment Trust plc

Witan Pacific Investment Trust is an Asia-Pacific (including Japan) Trust with assets of £104m (as at 31.1.09, source AIC). The Trust moved to a multi-manager structure on 27 May 2005 with Witan Investment Services as Executive Manager. The investment managers are Aberdeen Asset Management and Nomura Asset Management. Each manages 50% of the Trust to the same Asia-Pacific mandate.

Witan Pacific Investment Trust plc is registered as an Investment Company in England No 91798.