London, UK, 16 December 2019
Edison issues review on Witan Pacific Investment Trust (WPC)
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.
WPC's discount has continued to narrow following the board's February 2019 announcement to address the trust's investment performance. Its shares are currently trading at a 9.1% discount to cum-income NAV, which is significantly lower than the 11.3%, 13.0%, 13.1% and 14.1% average discounts over the last one, three, five and 10 years respectively. The board actively repurchases shares when they are trading at a substantial and anomalous discount to NAV.
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