In conversation with GMO: Climate change and the investment opportunities ahead

Friday, 22 March 2023

Investment Director, James Hart, talks to Lucas White, Portfolio Manager of GMO’s Climate Change Strategy, to find out why 2023 was a challenging year for the GMO fund, how quickly Lucas thinks that the transition to a clean energy will feed into shareholder returns, the hoped-for effects of the EU’s Green Deal Industrial Plan and the US’s Inflation Reduction Act on climate change, and whether 2024’s major elections might provide a political risk to these initiatives. GMO is a manager in Witan’s specialist portfolio, having been appointed in 2019.

This material is a marketing communication issued and approved by Witan Investment Services Limited (registered in England no. 5272533) FRN:446227 on 22 March 2024, which is authorised and regulated by the Financial Conduct Authority. It is for information purposes only and does not constitute a solicitation or a personal recommendation in any jurisdiction. Opinions expressed are current opinions as at the date of appearing in this material. No reliance may be placed for any purpose on the information and opinions contained in the presentations or their accuracy or completeness. The views expressed herein represent those of the fund manager and not those of Witan Investment Services. Any financial instruments and investments discussed are for information purposes only and are examples used to demonstrate aspects of the fund manager’s investment process. They do not represent investment advice or personal recommendations.

Witan Investment Trust is an equity investment. Please remember past performance is not a guide to future performance and the value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested.

At the time that this video was filmed (February 2024) the discrete performance of the Trust was:

Discrete performance (%) †

Q4 2018 Q4 2019

Q4 2019 Q4 2020

Q4 2020 Q4 2021

Q4 2021 Q4 2022

Q4 2022 Q4 2023

Share Price

22.1

2.7

11.9

-9.8

10.1

Net Asset Value‡

21.3

4.2

15.8

-10.3

12.8

Benchmark#

20.1

9.5

19.9

-6.2

14.7

NAV-Benchmark Relative

1.3

-5.3

-4.2

-4.1

-1.9

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.
# 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 of a more international strategic asset allocation, together with an index simplification from 2020.
For more information go to www.witan.com/support/legal-information.

For a full overview of the Trust’s performance please visit www.witan.com.

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