The Company’s strategy is to create value for shareholders, by addressing its investment objective, in pursuing that objective and by communicating effectively with existing and potential shareholders. The Company invests its shareholders’ funds primarily in a broad spread of global equity markets. The objective is to profit from opportunities created by global economic growth and to outperform a representative equity benchmark, thereby generating long-term capital growth for shareholders, together with an income that rises faster than the rate of inflation. (Please see disclaimer)



The Company’s benchmark, used as a reference point for comparing performance, is a combination of global equity markets, which reflect the investment universe from which most of the portfolio holdings are chosen. Since October 2007 the benchmark (based on the FTSE All-World indices) has been:

40% UK

20% North America

20% Europe ex-UK

20% Asia Pacific (including Japan)

Witan’s benchmark has evolved over time to reflect changes in the investment universe from which most of the portfolio holdings are chosen. In December 2016, the Company announced the following changes taking effect from 2017:

30% UK

25% North America

20% Asia Pacific (including Japan)

20% Europe ex-UK

5% Emerging Markets


Key Performance Indicators

Success in implementing the Company’s strategy is monitored against a range of Key Performance Indicators (KPIs) which are viewed as significant measures of success over the longer term. The principal financial KPIs are set out below:

  1. Investment Performance
    1. Outperformance compared with Witan’s equity benchmark
    2. A positive long-term total return, after inflation, for shareholders
    3. Long-term investment outperformance by the individual managers relative to the relevant benchmark
  2. Annual growth in the dividend per share ahead of the rate of inflation
  3. A positive contribution to investment returns from the use of borrowings
  4. A share price trading at a sustainable low discount (or a premium) to NAV (including income, with debt at fair value), taking account of prevailing investment conditions
  5. A competitive level of ongoing charges, below the costs of other multi-manager funds, balancing the need to pay for high quality investment management with the aim of keeping the costs of managing the business as low as possible

Why Witan?