Investment manager changes

Witan Investment Trust plc

1 June 2020

Investment manager changes

Witan Investment Trust plc ("Witan") adopted a revised and simplified global benchmark in January 2020, consisting of 15% UK, 85% World (equivalent to 19% UK, 81% non-UK allowing for the UK component in the global index). At the same time, the UK equity mandate managed by Lindsell Train was converted to a global equity remit. Witan has recently made further changes to the external delegated managers used.

The European equity portfolios managed by CRUX Asset Management Limited and by S.W. Mitchell Capital LLP were substantially reduced in February and have subsequently been sold. The proceeds have principally been allocated between Witan's global managers, who are able to invest in European equities when appropriate but are not limited to one region. These included Latitude Investment Management and the GMO Climate Change Fund, both of which are in the smaller mandate category of managers viewed as having strong potential to add value in the medium term.

In addition, the global portfolio managed by Pzena Investment Management Limited has been sold and the proceeds reallocated, with the majority currently held in equity index futures and a US equity market ETF, pending the conclusion of a search for an additional global manager.

Witan thanks all three managers for their stewardship on behalf of shareholders in recent years.

The updated manager weights and the geographical and sector breakdowns following these changes will be included in Witan's Factsheet for the end of May, which will be published in the second week of June.

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For further information please contact:

Andrew Bell

Chief Executive

Witan Investment Trust plc

Telephone:  020 7227 9770

Alexis Barling

Director of Marketing

Witan Investment Trust plc

Telephone:  020 7227 9770