Witan Pacific Investment Trust
Better investment performance or return of cash
16 December 2019
Witan Pacific Investment Trust (WPC) offers broad exposure to the Asia Pacific region (including Japan), employing a multi-manager strategy. The board remains confident that the current line-up of four complementary managers is capable of good long-term outperformance; however, it has a contingency measure in place. If WPC does not outperform its benchmark in the two years ending 31 January 2021, investors will be given the opportunity to realise their holdings close to NAV, so either relative performance will improve or the trust’s discount will narrow. WPC has a progressive dividend policy; its annual distribution has increased for the last 14 consecutive years and the trust currently offers a 2.1% yield. MORE »
Commitment to improve performance
30 April 2019
Witan Pacific Investment Trust (WPC) employs a multi-manager strategy, offering investors broad exposure to pan-Asian equities. The board recently announced a renewed commitment to improving the trust’s investment performance. If WPC’s NAV total return lags its benchmark over the period from 31 January 2019 to 31 January 2021, the board will put forward proposals that include a full cash exit at close to NAV. As a result, shareholders should enjoy NAV performance ahead of the benchmark or share price outperformance versus NAV as the discount is closed. In its recently released FY19 results, WPC proposed a meaningful 27.3% increase in its annual dividend; the fully covered 7.0p distribution, to be approved at the June 2019 AGM, equates to a 2.1% yield. MORE »
Diversified exposure to pan-Asian equities
2 November 2018
Witan Pacific Investment Trust (WPC) offers investors broad exposure to Asian equities, including Japan. While global equities, and emerging markets in particular, have sold off in recent months, the trust’s managers consider that this has created an attractive buying opportunity, and they remain very constructive on the outlook for WPC’s holdings. They believe that there is a disconnect between Asian equity prices and corporate earnings, which continue to grow at a healthy pace. The managers are finding what they consider to be exciting investment opportunities in the region, including in Japan and China, where its stock market has suffered disproportionately due to concerns about global trade as a result of the US’s ‘America First’ policy. MORE »
Board enthusiastic about revised manager line-up
1 May 2018
Witan Pacific Investment Trust (WPC) has outperformed its MSCI AC Asia Pacific Free benchmark since adopting a multi-manager strategy at end-May 2005. However, following a period of relative weakness (particularly since mid-2016), the board has changed the external manager line-up (effective from end-September 2017). It is enthusiastic about the two new managers: Dalton Investments and Robeco Institutional Asset Management (and has continued confidence in incumbent managers Aberdeen and Matthews). The board is hopeful that the new line-up can build on WPC’s long-term record of outperformance. WPC aims to generate long-term growth in both capital and income, and the regular annual dividend has increased in each of the last 13 years. MORE »
Board enthusiastic about revised manager line-up
1 May 2018
Witan Pacific Investment Trust (WPC) has outperformed its MSCI AC Asia Pacific Free benchmark since adopting a multi-manager strategy at end-May 2005. However, following a period of relative weakness (particularly since mid-2016), the board has changed the external manager line-up (effective from end-September 2017). It is enthusiastic about the two new managers: Dalton Investments and Robeco Institutional Asset Management (and has continued confidence in incumbent managers Aberdeen and Matthews). The board is hopeful that the new line-up can build on WPC’s long-term record of outperformance. WPC aims to generate long-term growth in both capital and income, and the regular annual dividend has increased in each of the last 13 years. MORE »
Changes to the multi-manager line-up
20 November 2017
Witan Pacific Investment Trust (WPC) employs an active multi-manager strategy, aiming to generate long-term growth in capital and income from a diversified portfolio of Asia Pacific equities, which includes Japan, Australia and India. Since adopting the multi-manager approach in 2005, WPC has outperformed its benchmark, the MSCI AC Asia Pacific Free index, in eight out of 12 financial years, but has lagged since mid-2016. The board changed the manager line-up from end-September 2017, dropping Gavekal and appointing Dalton Investments and Robeco Institutional Investment Management. WPC has a progressive dividend policy, aiming to grow the annual distribution in real terms. The regular dividend has increased in each of the last 12 years. MORE »
Multi-manager Asia-Pacific/Japan investment
30 May 2017
Witan Pacific Investment Trust (WPC) has a multi-manager approach, aiming to generate capital and income growth from a diversified portfolio of primarily Asian equities, including Japan and Australia. WPC currently has three external managers: Aberdeen, GaveKal and Matthews; they follow different investment strategies but are all unconstrained versus the benchmark (MSCI AC Asia Pacific Free Index). WPC has a competitive fee structure and aims to generate real growth in annual dividends; its current dividend yield is 1.5%. In FY17, investment performance was strong in absolute terms but lagged the index and its peers. However, so far in FY18 all three external managers are outperforming the benchmark. Since adopting the multi-manager approach in 2005, WPC has outperformed in eight out of 12 financial years. MORE »
Broad Asian exposure from multi-managers
12 December 2016
Witan Pacific Investment Trust (WPC) offers broad exposure to Asian markets including Japan and Australia, adopting a multi-manager approach which tends to smooth the performance fluctuations of individual managers. Current managers Aberdeen, Matthews and Gavekal, all invest across the region pursuing distinct, unconstrained strategies. Although weaker over six months, NAV total returns have been largely consistent with the MSCI AC Asia Pacific Free index benchmark over three years and WPC has outperformed over 10 years. Fees are competitive versus peers, with the board aiming to contain ongoing charges at 1% of net assets per annum. WPC aims to grow annual dividends above the rate of UK inflation; the current dividend yield is 1.7%. MORE »
Long-term outperformance from multi-managers
16 May 2016
Witan Pacific Investment Trust (WPC) is a well-established investment trust differentiated by its broad Asian exposure and multi-manager approach adopted in 2005.The three investment managers – Aberdeen, Matthews and Gavekal – employ different investment styles but all have a remit to invest in the Asia-Pacific region including Japan and Australia. WPC has outperformed its benchmark over the longer term and achieved its aim of growing annual dividends at a higher rate than UK inflation. Investors may be attracted by the forward P/E valuation of the Asia-Pacific region, which is currently at the low end of the historic range relative to global markets. MORE »
Broad, managed Asian exposure
20 October 2015
Witan Pacific Investment Trust (WPC) has followed a broad Asian multi-manager approach since 2005. It has outperformed its benchmark over this period and is now unique among Asia-Pacific investment trusts in retaining a mandate that includes Japan and Australia. Macro uncertainties have contributed to a market setback during the summer, but this may provide a more attractive entry point for investors in terms of market valuation and, for WPC, a wider than average discount. MORE »
Pan-Asian multi-manager solution
15 July 2014
Witan Pacific Investment Trust (WPC) aims to achieve long-term capital and real dividend growth primarily through equity investments in the Asia-Pacific region (including Japan and Australia). The regional index has lagged the world market over the last year, leaving the forward P/E multiple at an appealing level compared with both western markets and history. WPC offers a single fund solution for investors seeking exposure to the region given its broad geographical mandate and multi-manager approach. MORE »
Pan-Asian selection
8 January 2014
Witan Pacific Investment Trust (WPC) aims to achieve long-term capital and real dividend growth primarily through equity investments in the Asia Pacific region (including Japan and Australia). This broad remit, implemented though a multi-manager approach, is a unique offering among UK closed-end funds and is likely to be of growing appeal as investors seek managed pan-Asian exposure following initial signs that Abenomics are gaining purchase in Japan. While modestly below its three-year average, the 11% discount could easily narrow further if investors warm to this theme. MORE »
