Witan Investment Trust
Merger with Alliance Trust offers many benefits
23 September 2024
In June 2024, the boards of Witan Investment Trust (WTAN) and Alliance Trust (ATST) announced plans for a combination of the two companies to create Alliance Witan. Details of this transaction have now been released and suggest that the combination will hold several potential benefits for the shareholders of WTAN, ATST and the new Alliance Witan trust. Alliance Witan will have combined net assets of almost £5bn, offering significant liquidity, economies of scale and eligibility for UK 100 index inclusion. The new trust will aim to deliver a real return over the long term through a combination of capital growth and a rising dividend. It aspires to be the UK’s leading ‘one-stop shop’ for global equity investment, at the core of retail investors’ portfolios. Subject to shareholder approval, the deal is expected to be finalised in early October. MORE »
Investors to benefit from deal with Alliance Trust
27 June 2024
Following a review of Witan Investment Trust’s (WTAN’s) investment management arrangements, the boards of WTAN and Alliance Trust (ATST) have announced a combination of the two companies to create Alliance Witan PLC. Witan’s board unanimously recommended the deal, which ensures the continuation of its active multi-manager approach and a broadly similar investment strategy. With combined net assets of c £5bn, significant liquidity, economies of scale and eligibility for UK 100 index inclusion, Alliance Witan will aim to deliver a real-term return over the long term through a combination of capital growth and a rising dividend. It aspires to be the UK's leading ‘one-stop shop’ for global equity investment, at the core of retail investors’ portfolios. The combination is expected to be finalised in September or October this year, subject to shareholder approval, and should deliver what the announcement deemed ‘substantial benefits’ for shareholders of WTAN, ATST and the new Alliance Witan trust. MORE »
Back on track
10 September 2021
Witan Investment Trust (WTAN) has employed a multi-manager approach since 2004, including strategies that may be unavailable to the general investor. The trust is back on track following a period of weak performance in early 2020 due to its positioning during the extreme coronavirus-led market sell-off, and is ahead of its composite benchmark and the majority of its peers over the last 12 months (WTAN has also outperformed its benchmark over the last decade). The trust’s portfolio was restructured in a measured way in 2020 as part of a long-term strategy to align the fund with available global investment opportunities, and its investment director James Hart believes that WTAN is well positioned to continue to deliver positive performance in the current environment of broader stock market leadership. MORE »
Meaningful improvement in performance
11 March 2021
Witan Investment Trust’s (WTAN) investment director James Hart comments that ‘the trust’s Q120 performance was highly unusual and is now back on track’. It outperformed its composite benchmark in each month in H220 during a variety of market environments and this outperformance has continued into 2021. In 2020, WTAN’s portfolio was restructured in a measured way as part of a long-term strategy to align the fund with worldwide investment opportunities. The trust’s US weighting was increased (although it remains below that of the benchmark) and there is a lower structural exposure to deep-value stocks; Hart is confident that the fund is well positioned for the future. MORE »
Evolution towards a more global portfolio
6 October 2020
Witan Investment Trust (WTAN) has employed a multi-manager strategy since 2004. Investment director James Hart says the trust gives a balanced exposure to equities across regions and sectors. He suggests ‘the type of companies identified by the managers should provide good long-term prospects for shareholders, especially in the current environment, plus there is currently a wide discount to asset value’. WTAN offers a range of strategies not generally available to the retail investor, with c 25% of the portfolio in specialist areas including emerging markets, climate change and biotechnology. Hart argues the trust ‘brings something different’ and is a more rounded approach to global equity market opportunities. MORE »
Diversified exposure to global equities
16 April 2020
Witan Investment Trust (WTAN) can be considered as a ‘one-stop shop’ for investment in global equities. Since 2004, it has employed a multi-manager strategy; there are currently 10 third-party managers, while around 10% of the trust is invested directly in specialist funds. WTAN outperformed its composite benchmark in FY19 and has now increased its annual dividend in each of the last 45 consecutive years. While global stock markets are currently under significant pressure due to the coronavirus outbreak, WTAN’s CEO and investment director are ‘optimistic’ on the prospects for equities with a medium to long-term view, while acknowledging short-term challenges. They believe that given the announced fiscal and monetary stimuli across the globe, the economic recovery, when it happens, could be quite dramatic. MORE »
Buoyant revenue generation
14 October 2019
Witan Investment Trust (WTAN) employs a multi-manager strategy providing a ‘one-stop shop’ for exposure to global markets. The trust’s investment director James Hart highlights WTAN’s robust revenue stream, which is underpinned by a portfolio of high-quality companies with long-term growth potential. The trust’s annual dividends have compounded by 8.7% pa over the last 10 years and by an enhanced 10.3% pa over the last five. Hart says that although expectations have moderated, the outlook for growth remains favourable, which is positive for the long-term, patient investor, despite shorter-term periods of stock market volatility. MORE »
Long-term outperformance from multi-managers
4 July 2019
Witan Investment Trust’s (WTAN) investment director James Hart suggests that equities are currently an attractive asset class for the patient and selective investor. He believes that selectivity is becoming more important given the elevated valuation levels of parts of the equity market. The director argues that this plays to the strengths of WTAN’s multi-manager investment approach, with experienced managers that are able to take advantage of the evolving investment environment. Although relative performance was weaker than average in 2018, the trust has outperformed its composite benchmark over the last three, five and 10 years, while generating NAV and share price total returns between 11.0% and 15.0% pa over the last three, five and 10 years. MORE »
Global equity exposure via specialist managers
6 December 2018
Witan Investment Trust (WTAN) offers investors broad exposure to global equities via a multi-manager strategy. The trust’s investment director, James Hart, believes that the global economy, led by the US, is still growing at a healthy but moderate pace, even though there are regions that are growing more slowly, and equity valuations are reasonable. He says this provides opportunities for long-term investors. While recent performance has been affected by higher stock market volatility, WTAN’s longer-term record of outperformance versus its composite benchmark remains intact. Given the trust’s robust level of income so far in FY18, the board is confident of another year of dividend growth, which would represent the 44th consecutive annual increase. MORE »
Adding to its record of outperformance
21 May 2018
Witan Investment Trust (WTAN) has employed an active multi-manager strategy since 2004, offering investors diverse exposure to global equities. In 2017, the trust delivered another year of outperformance versus its composite benchmark, which it has surpassed over the last one, three, five and 10 years. WTAN’s investment director, James Hart, believes that equities can continue to offer attractive returns for the patient investor, although he notes that stock market volatility is now higher than the benign levels experienced in 2017. In this environment, he believes that active stock picking, rather than blanket equity exposure, should produce better returns for investors. WTAN has a progressive dividend policy; its annual distribution has increased for the last 43 consecutive years. MORE »
Increasing exposure to continental Europe
13 November 2017
Witan Investment Trust (WTAN) invests globally and is one of the largest investment trusts, with net assets of c £2.0bn. It adopts a primarily multi-manager investment approach, aiming to generate long-term capital growth and real growth in income. The trust has a solid investment track record; it has outperformed its blended composite benchmark over one, three, five and 10 years. Against an improving economic and political backdrop in Europe, WTAN has increased its exposure to the region. It has replaced Marathon’s pan-European mandate, appointing two new managers: CRUX Asset Management and S.W. Mitchell Capital. They both run actively managed, concentrated continental European portfolios, using the FTSE Europe ex-UK Index as a benchmark. WTAN has a distinguished dividend history; its annual payout has increased for the last 42 consecutive years. MORE »
Seeking to procure the world's best stock pickers
5 April 2017
Witan Investment Trust (WTAN) uses a multi-manager investment approach to invest in global equities. Since 2004, it has allocated capital to eight to 13 external managers (currently 11), who all run high-conviction investment strategies and up to 10% of the fund is invested directly in collective specialist assets, which includes private equity. The multi-manager approach aims to generate an attractive NAV total return ahead of WTAN’s benchmark (a composite global equities index reflecting its chosen investment universe), as well as real dividend growth. NAV total return is ahead of its benchmark over one, three, five and 10 years. MORE »
Multi-manager global investment
4 July 2016
Witan Investment Trust (WTAN) is a well-established fund that is unique among its peers in having a predominantly multi-manager approach. It aims to generate capital return and income growth in excess of UK inflation. The trust currently has allocations to 10 external managers, all with high-conviction investment strategies. Up to 10% of the fund is invested directly in specialist collective assets, including private equity. WTAN’s NAV performance versus its benchmark is positive over one, three, five and 10 years. Its dividend yield compares favourably with the peer group average and the annual dividend has increased for 41 consecutive years. MORE »
Active, multi-manager approach to global equities
7 December 2015
Witan Investment Trust (WTAN) aims to generate long-term growth in income and capital using a multi-manager approach to investing in equities globally. The trust has outperformed its benchmark over one, three, five and 10 years, and has recorded consecutive dividend growth over 40 years. Whilst there can be no certainty over future performance, the manager selection and diversification provided by Witan may well appeal to investors seeking a one-stop solution for global equity investment. MORE »
Seasoned global multi-manager trust
27 April 2015
Witan Investment Trust (WTAN) seeks to generate long-term growth in income and capital through active multi-manager investment in global equities. The trust provides a one-stop solution for investors seeking this exposure at a moderate cost (total ongoing charge FY14 0.96%). Last year, Witan recorded its 40th consecutive year of dividend growth and its 10th year following a multi-manager approach. While there is no guarantee of future performance, the track record on dividends and in terms of relative performance is encouraging. MORE »
Access global expertise
13 January 2014
Witan Investment Trust (WTAN) aims to achieve long-term capital growth and growing real income through investment in global equity markets. Using a multi-manager approach, Witan provides an appealing solution for investors seeking actively managed global exposure while maintaining expenses at a moderate level for this type of fund (total ongoing charge last year 0.97%). Performance has been ahead of the composite benchmark (and the FTSE All-Share index) over one, three and five years. MORE »
