London, UK, 6 December 2018
Edison issues review on Witan Investment Trust (WTAN)
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.
WTAN's discount has ranged from 0.3% to 2.8% over the past 12 months, in line with the board's objective for the trust's shares to trade at a sustainable low discount (or premium) to NAV. Its current 1.7% share price discount to cum-income NAV compares with the 1.6%, 3.3%, 2.7% and 7.0% average discounts over the past one, three, five and 10 years, respectively. The board aims to grow the dividend at a rate higher than UK inflation; the annual distribution has increased for 43 consecutive years (WTAN's current yield is 2.2%).
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