Our portfolio in detail
Access to extensive global opportunities
Owing to our portfolio being widely diversified by region, by investment sector, and at the company level, we avoid an undue concentration of risks arising from individual companies, sector influences or local economic and political risks. The principal driver of our investment decisions, however, is the potential for returns. The country, sector and individual stock weightings arise from decisions made by our external managers about which companies are judged to offer the best prospects, not from a pre‐ordained template for the portfolio’s structure. The resulting asset mix is, of course, monitored and can be adjusted when considered appropriate.
| TYPE | % | Color |
|---|---|---|
| North America | 44 | #b3ffb3 |
| Europe | 21 | #b3ffd9 |
| UK | 14 | #000099 |
| Asia | 6 | #99ccff |
| Japan | 3 | #33ccff |
| Other | 1 | #b3ffb3 |
| Investment Companies | 11 | #52D0DE |
As at 31.08.24
Asset allocation
Our managers make investment decisions based on company-specific characteristics, in line with their particular investment style rather than by imposing a regional or top-down sectoral approach. Managers undertake extensive research not only of the company under consideration but also the sector and its peers before any investment decision is made.
"We look for companies with competitive advantages which are growing, as well as supported by exemplary corporate cultures."
MIKE TRIGG, WCM INVESTMENT MANAGEMENT
| TYPE | % | Color |
|---|---|---|
| Financials | 17 | #b3ffb3 |
| Information Technology | 15 | #000099 |
| Industrials | 14 | #33ccff |
| Consumer Staples | 9 | #7166DB |
| Health Care | 9 | #A099E7 |
| Consumer Discretionary | 9 | #99ccff |
| Communication Services | 8 | #b3ffd9 |
| Materials | 5 | #AEF1D3 |
| Energy | 2 | #b3ffb3 |
| Real Estate | 1 | #7166DB |
| Utilites | 0 | #75D9E5 |
| Investment Companies | 11 | #3E9DA8 |
As at 31.08.24
Active management
Our portfolio is different from the benchmark. Our investment approach is selective, aiming to deliver higher returns than our equity benchmark. We are not passive (or indexed) investors.
Achieving outperformance requires the individual and combined portfolios to differ from the benchmark. Our managers typically run concentrated, high-conviction portfolios, of between 15 and 70 stocks. It is important that manager diversification does not suppress the benefits sought when selecting active managers.
Companies are chosen for their own attributes not because they appear in a particular index or because of their weight in that index. Indices are a representation of what has been successful in the past rather than what might be a successful investment in the future. Unconstrained investing allows managers to buy what they consider to be the best available companies and allocate capital according to their assessment of a balance between opportunity and risk.
Sustainable businesses
We have set a target that by 2030, Witan's listed equity portfolio will entirely consist of sustainable businesses.
These are quality businesses with sustainable cash flows: companies with a long-term outlook, which exhibit good corporate behaviour plus a respect for their shareholders, the environment and wider society. Such businesses are likely to provide better returns to shareholders by compounding recurring cash flows over the long run.
Top 20 holdings
| iShares MSCI ACWI ETF | 8.9% |
| UK T-BILL 0% 30/09/24 GBP | 3.9% |
| Vanguard FTSE 250 ETF | 2.5% |
| Taiwan Semiconductor | 2.3% |
| Apax Global Alpha | 2.1% |
| VH Global Sustainable Energy | 2.1% |
| Amazon.com | 1.8% |
| Diageo | 1.6% |
| Microsoft | 1.5% |
| Unilever | 1.4% |
Data as at 31.08.2024
| Nintendo | 1.3% |
| UnitedHealth | 1.2% |
| Canadian Pacific Kansas City | 1.1% |
| Nvidia | 1.1% |
| Novo Nordisk | 1.1% |
| Intuit | 1.1% |
| FICO | 1.1% |
| Princess Private Equity | 1.1% |
| Saint-Gobain | 1.0% |
| Prysmian | 1.0% |
| TYPE | % | Color |
|---|---|---|
| Other Holdings | 60.8 | #F4F4F4 |
| iShares MSCI ACWI ETF | 8.9 | #b3ffb3 |
| UK T-BILL 0% 30/09/24 GBP | 3.9 | #33ccff |
| Vanguard FTSE 250 ETF | 2.5 | #A099E7 |
| Taiwan Semiconductor | 2.3 | #000099 |
| Apax Global Alpha | 2.1 | #99ccff |
| VH Global Sustainable Energy | 2.1 | #b3ffd9 |
| Amazon.com | 1.8 | #7166DB |
| Diageo | 1.6 | #AEF1D3 |
| Microsoft | 1.5 | #b3ffb3 |
| Unilever | 1.4 | #7166DB |
| Nintendo | 1.3 | #29686F |
| UnitedHealth | 1.2 | #75D9E5 |
| Canadian Pacific Kansas City | 1.1 | #FEC3D2 |
| Nvidia | 1.1 | #3E9DA8 |
| Novo Nordisk | 1.1 | #28A46D |
| Intuit | 1.1 | #52D0DE |
| FICO | 1.1 | #3E9DA8 |
| Princess Private Equity | 1.1 | #29686F |
| Saint-Gobain | 1.0 | #AEF1D3 |
| Prysmian | 1.0 | #28A46D |
39.2% of portfolio in top holdings