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Witan is an investment trust which aims to grow shareholders’ wealth and outperform through active investment primarily in listed individual companies across a broad spread of global equity markets.

Portfolio structure

We select our strategic asset allocation and structure our portfolio to offer our shareholders a broad range of investment opportunities using a variety of approaches. Our portfolio is monitored on an ongoing basis and adjusted when considered appropriate.

Principal portfolio 0 %
Global 0 % +/- 5%
UK 0 % +/- 5%

Managers employ a range of approaches to select from a broad universe of high-quality companies throughout the world.

The core portfolio includes companies with enduring cash flows, underappreciated growth prospects or undervalued, often cyclical businesses.

Specialist portfolio 0 % (1) Indicative allocation +/- 10%.

Managers with the potential to deliver superior growth through specialist regional or sectoral expertise.

Direct Holdings in collective funds. Actively managed with no fixed allocation.

Provides exposure to specialist asset classes and other opportunities including Emerging Markets, Climate Change, Private Equity and Life Sciences.

Choosing our managers

The Executive team works closely with the Board to select third-party managers from across the world. The team uses of a variety of networks, databases and comprehensive due diligence to identify and interview potential managers. Shortlisted managers present to the Board, which takes the final decision on appointment.

What we look for from our Managers

We aim to appoint managers with the following attributes who have an identifiable ‘edge’ to enable them to outperform over the long term

People Talented and accountable investment leadership, committed to serving their clients’ interests

Process High-conviction portfolio construction, using clear and simple processes, with analysis taking account of secular change

Portfolio Investments characterised by long-term growth in sustainable cash flows and the integration of ESG principles 

Performance Potential for material outperformance over the long term, after fees

Capital Allocation

The Executive team seeks to add to performance by varying the use of gearing and a range of additional levers to adapt to different conditions.

Capital allocation framework

The Company seeks to set gearing at levels appropriate for market conditions, borrowing more when markets are attractively valued and less when returns are expected to be poorer.

Witan uses derivatives as transparent, cost-effective tools for efficient portfolio management and to help control risk.

Value creation

We aim to generate total returns which exceed the benchmark over the long term.

Outperformance of benchmark

0 / 0 years to 31/12/2020

Dividend growth over past ten years

0 % p.a to 31/12/20

NAV total return over past ten years

0 %
vs
0 % for benchmark to 31/10/2021

Underpinned by:
Stringent Risk Management & Commitment to responsible investment

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Please note that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuation and you may not get back the amount originally invested.

Discrete performance (%) 

  Q3 2016
Q3 2017
Q3 2017
Q3 2018
Q3 2018
Q3 2019
Q3 2019
Q3 2020
Q3 2020
Q3 2021
Share Price  24.8 10.5 0.3 -11.2 34.5
Net Asset Value  19.2 9.6 1.4 -6.3 33.0
Benchmark#  15.5 9.1 5.4 2.6 23.3
NAV-Benchmark Relative 3.7 0.5 -4.0 -8.9 9.7

 

Relative numbers may not add up due to rounding.

† Source: Morningstar / Witan, total return includes the notional reinvestment of dividends.
‡ The Net Asset Value figures value debt at fair value and include the notional reinvestment of dividends.
# Witan’s benchmark is a composite of 85% Global (MSCI All Country World Index) and 15% UK (MSCI UK IMI Index). From 01.01.2017 to 31.12.2019 the benchmark was 30% UK, 25% North America, 20% Asia Pacific, 20% Europe (ex UK), 5% Emerging Markets. From 01.10.2007 to 31.12.2016 the benchmark was 40% UK, 20% North America, 20% Europe (ex UK) and 20% Asia Pacific. The benchmark changes since 2007 reflect a shift from the UK in favour a more international strategic asset allocation, together with an index simplification from 2020.
For more information go to www.witan.com/support/legal-information.