Edison review on Witan Investment Trust (WTAN)

London, UK, 17 April 2020

Edison issues review on Witan Investment Trust (WTAN)

Witan Investment Trust (WTAN) can be considered as a 'one-stop shop' for investment in global equities. Since 2004, it has employed a multi-manager strategy; there are currently 10 third-party managers, while around 10% of the trust is invested directly in specialist funds. WTAN outperformed its composite benchmark in FY19 and has now increased its annual dividend in each of the last 45 consecutive years. While global stock markets are currently under significant pressure due to the coronavirus outbreak, WTAN's CEO and investment director are 'optimistic' on the prospects for equities with a medium to long-term view, while acknowledging short-term challenges. They believe that given the announced fiscal and monetary stimuli across the globe, the economic recovery, when it happens, could be quite dramatic.

WTAN is currently trading at a 2.0% discount to cum-income NAV. This compares with the 2.3% to 3.1% range of average discounts over the last one, three and five years. The board aims to ensure that the trust trades close to NAV and actively repurchases shares; in FY19, 2.8% of the share base was bought back. WTAN has a progressive dividend policy and currently offers a 3.1% yield. 

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