London, UK, 13 November 2017
Edison issues outlook on Witan Investment Trust (WTAN)
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's current 2.8% discount to cum-income NAV compares to the averages of the last one, three, five and 10 years (range of 2.7% to 7.8%), and has been in a narrowing trend since mid-2016. The board actively manages the discount via regular share repurchases. WTAN has a progressive dividend policy, and annual dividends have increased in each of the last 42 consecutive years.
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