WITAN INVESTMENT TRUST PLC Monthly factsheet April 2024
Monthly commentary
- Witan's NAV total return was -1.3%, outperforming the benchmark's total return of -1.7%, while the share price total return was +1.8%.
Equity markets suffered a minor setback in April, with weakness early in the month being followed by a partial recovery later in the period. Witan's NAV total return was -1.3%, outperforming the benchmark's total return of -1.7%, while the share price total return was +1.8%. This
Share price | NAV per Share† | |
254.50p | 274.27p | |
Gross assets | Yield | |
£1.8bn | 2.37% |
Source: BNP Paribas as at 30.04.24.
- NAV is cum income with debt at fair value.
Premium (Discount)
(7.2%)
Gearing
8.0%
resulted from the discount to NAV narrowing from 10.1% at the end of March to 7.2% by the end of April.
UK equities were the standout performer among developed markets, with a total return of +2.3%, while Emerging markets also put in a relatively strong performance (+1.4%). All other regions traded lower with Japan (-3.9%), the US (-3.2%) and Europe (-1.9%) all suffering from profit taking after a strong showing in Q1. These divergent fortunes mean that the UK (+6.2%) was not far adrift from the MSCI All-Country World Index (+6.7%) over the first four months of 2024. It is perhaps too early to declare an end to the UK's long period of underperformance, but cheap valuations and increasing M&A activity appear to be attracting investor attention. It is notable that there have, in recent weeks, been inflows into ETFs and derivatives which track the domestic mid-cap market.
Significant portfolio activity is shown overleaf with the top six purchases and sales being identified. Beyond these, sales outweighed purchases by nearly 3:1 over the month. This activity was driven by our decision to reduce gearing (from 12% to 8%) following a period of strong performance for equity markets. Whilst we remain positive on the outlook for equities, geo-political risks are elevated and locking in some of the recent gains represents a prudent approach to risk management.
Witan held its 116th AGM on 1st May 2024. We were delighted to welcome many shareholders to the Merchant Taylors' Hall and to celebrate the 100th anniversary of our listing on the London Stock Exchange with them. The formal business of the meeting was preceded by a presentation from Andrew Bell, Witan's CEO. A video recording of this presentation (and the Q&A session which followed it) can be seen at www.witan.com/investor-information/shareholder-information/agm.
IMPORTANT ANNOUNCEMENT FROM WITAN
The Company is currently conducting a review of its future management arrangements. Witan's portfolio will continue to be managed in accordance with the current investment approach throughout the review process. Fuller details of the original announcement may be accessed via this link.
Further information about the Company is available on Witan's website, www.witan.com
30 April 2024
49 years of consecutive dividend growth
Investment objective
Achieve an investment total return exceeding that of the Company's benchmark over the long term, together with growth in the dividend ahead of inflation.
Our investment approach
A multi-manager strategy for global equity investment, offering growth in capital and income.
We search for the best managers around the world to create a portfolio diversified by region, investment sector and individual company level. Our multi- manager approach also reduces the potential risks arising from reliance on a single manager. Our highly experienced Board of Directors and Executive have many years' collective experience of both managing assets, selecting managers and of delivering sound, independent governance.
Investment team
ANDREW BELL | JAMES HART |
CEO | Investment Director |
Manager breakdown
Manager | Strategy | % |
Core | ||
Lansdowne Partners | Global | 20 |
Veritas | Global | 17 |
Lindsell Train | Global | 15 |
WCM | Global | 13 |
Jennison | Global | 9 |
Artemis | UK | 3 |
Specialist | ||
Direct holdings | Specialist Funds | 11 |
GMO | Climate Change | 6 |
GQG Partners | Emerging | 5 |
Unquoted funds | Specialist Funds | 2 |
Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This factsheet is provided for informational purposes only and any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment.
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Portfolio overview
Top 20 holdings (%)
GMO Climate Change Fund | 5.5 |
Amazon.com | 2.6 |
Vanguard FTSE 250 ETF | 2.4 |
Apax Global Alpha | 2.3 |
VH Global Sustainable Energy | 2.1 |
Unilever | 1.8 |
Taiwan Semiconductor | 1.7 |
Diageo | 1.7 |
NatWest | 1.6 |
Microsoft | 1.5 |
RELX | 1.4 |
AIB | 1.3 |
Princess Private Equity | 1.3 |
Lloyds Banking | 1.3 |
Nintendo | 1.3 |
London Stock Exchange | 1.3 |
FICO | 1.2 |
Canadian Pacific Kansas City | 1.2 |
Intuit | 1.2 |
Nvidia | 1.1 |
Top 10 Holdings | 23.2 |
Top 20 Holdings | 35.8 |
Regional breakdown (%)
North America | 40 |
Europe | 22 |
UK | 19 |
Asia | 7 |
Japan | 3 |
Other | 1 |
Investment Companies | 9 |
Sector breakdown (%)
Financials | 17 |
Industrials | 17 |
Information Technology | 13 |
Consumer Discretionary | 9 |
Consumer Staples | 9 |
Health Care | 9 |
Communication Services | 7 |
Materials | 6 |
Energy | 2 |
Utilities | 1 |
Real Estate | 1 |
Investment Companies | 9 |
Portfolio characteristics
Active share (%) | 78 |
Number of holdings | 260 |
Portfolio changes
Top Purchases | £'000 |
AON | 8,007 |
BAE Systems | 6,280 |
Puig Brands | 4,393 |
Eaton | 2,855 |
BP | 2,708 |
Amazon.com | 2,360 |
Top Sales | |
Blackrock World Mining | 7,702 |
Nvidia | 6,575 |
Thermo Fisher Scientific | 5,185 |
Costco Wholesale | 4,501 |
Mastercard | 3,803 |
Snowflake | 3,386 |
Tables in this document may not sum to 100% due to rounding.
Source: BNP Paribas, data as at 30.04.24.
Performance and dividends*
Value of £10,000 invested over 10 years is £23,252†
30,000 | ||||
25,000 | ||||
20,000 | ||||
15,000 | ||||
10,000 | ||||
5,000 | ||||
Apr 2016 | Apr 2018 | Apr 2020 | Apr 2022 | Apr 2024 |
Dividend history (pence per share)
49 years of consecutive dividend growth
6 | n 4th Interim | |
5 | ||
n 3rd Interim | ||
4 | n 2nd Interim | |
3 | n 1st Interim | |
2 | ||
1 | ||
0 | 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 | 2023 |
Changed to quarterly dividend payments in 2013.
Total performance (%) †
Growth to 30.04.2024 | 3m | 6m | 1yr | 3yrs | 5yrs | 10yrs |
n Share Price | 8.8 | 20.5 | 15.1 | 13.9 | 34.3 | 132.5 |
n Net Asset Value‡ | 6.8 | 18.0 | 11.9 | 14.3 | 39.6 | 143.3 |
n Benchmark# | 6.2 | 16.0 | 16.8 | 27.1 | 60.6 | 158.8 |
Relative numbers may not add up due to rounding.
Discrete performance (%) †
Q1 2019 | Q1 2020 | Q1 2021 | Q1 2022 | Q1 2023 |
Q1 2020 | Q1 2021 | Q1 2022 | Q1 2023 | Q1 2024 |
-19.3 | 43.8 | 3.7 | -0.7 | 15.6 |
-18.5 | 49.0 | 4.1 | 1.7 | 15.1 |
-9.1 | 37.6 | 13.2 | -0.3 | 19.3 |
-
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.
*Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested.
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Trust information
Epic Code | WTAN |
ISIN | GB00BJTRSD38 |
AIC Sector | Global |
Launch Date | 1909 |
Financial Year End | 31 December |
Dividend Frequency | Quarterly |
Next ex Dividend Date | 16 May 2024 |
AGM | May |
Shares in Issue (ex treasury) | 608,437,720 |
Ongoing Charges‡ | 0.76% |
Excluding performance fee | |
Including performance fee | 0.76% |
Source: BNP Paribas as at 30.04.24.
‡Ongoing charges as disclosed in the Annual Report for the year ended 31.12.23. Information about other costs is also included in the Company's Key Information Document (KID) and disclosed in the table on page 42 of the 2023 Annual Report, both of which may be found on the Company's website.
Board of Directors
ANDREW ROSS | ANDREW BELL |
Chairman | CEO |
RACHEL BEAGLES | SHAUNA BEVAN |
Senior Independent | Non-Executive Director |
Director | |
JACK PERRY | BEN ROGOFF |
Non-Executive Director | Non-Executive Director |
PAUL YATES | SHEFALY YOGENDRA |
Non-Executive Director | Non-Executive Director |
How to invest
Witan's shares can be traded through any UK stockbroker and most share dealing services, including online platforms that offer investment trusts.
Online platforms
A growing number of platforms offer investment trusts directly to investors including AJ Bell Youinvest, Barclays Smart Investor, Fidelity, Hargreaves Lansdown, Halifax Share Dealing Limited and Interactive Investor.
Advisers
Advisers who wish to purchase Witan shares for their clients can do so via a stockbroker or via a growing number of dedicated platforms. These include AJ Bell Investcentre, FundsNetwork, Nucleus, Novio, Transact and abrdn Wrap.
For more information on the online platforms and how you can invest, click here.
Please read the most recent Witan Key Information Document (KID) before placing an investment in Witan Investment Trust, which is available on the website www.witan.com.
Important information
This marketing communication is provided for informational purposes only and should not be construed as constituting an offer or a solicitation to buy or sell interests or investments in Witan Investment Trust plc. Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment.
Please remember that past performance is not a guide to future performance. Witan Investment Trust is an equity investment. 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. Investment trusts can borrow money to make additional investments on top of shareholders' funds (gearing). If the value of these investments falls gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. The share price may trade above and below the NAV per share representing either a premium or discount to the share price respectively.
www.witan.com
This marketing communication is issued and approved by Witan Investment Services Limited FRN: 446227 on 10th May 2024. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment services and is authorised and regulated by the Financial Conduct Authority. Calls may be recorded for our mutual protection and to improve customer service.
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Disclaimer
Witan Investment Trust plc published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 13:56:05 UTC.
