Download WITAN INVESTMENT TRUST

WITAN INVESTMENT TRUST
MONTHLY FACTSHEET JUNE 2017
Investment objective
Trust statistics
Long-term growth in income and capital through active investment in
global equities, using a multi-manager approach.
Gross assets
Share price
Monthly commentary
£2.0bn
1001.00p 1029.02p (2.7%) 1.90%
Stock market performance was a little more muted than in recent
months, with global equities registering small declines in June.
European equities were weak in sterling terms (-2.5%) but remain
firmly ahead of most other regions over the course of 2017. The
UK market (-2.5%) suffered from a further bout of political
uncertainty, as the reality of a hung parliament sank in, while Asia
(+1.0%) and Emerging Markets (+0.5%) continued to perform well.
European market weakness was most notable in the final days of
the month as various central bankers (whether coincidentally or in
cooperation) indicated a willingness to adopt a less accommodative
policy, causing bond yields to rise from exceptionally low levels.
This change of heart followed a more hawkish tone adopted by the
Federal Reserve in the middle of June. Nevertheless, central bankers
continue to have the freedom to
operate cautiously, as economic
forecasts, including inflation, remain
Over the first half of
at subdued levels. Meanwhile, there
the year to end June
has been a notable narrowing of
the NAV total return
the gap between US economic
was 10.8% and the
growth and that of Europe and Asia.
This convergence is due largely to
share price total
improving prospects in the latter,
return was 12.2%, both
rather than any notable weakness
materially ahead of
in the former. Corporate earnings
the Benchmark’s 7.4%
growth, the essential ingredient
return.
for continued equity market gains,
remains resilient.
The Company’s NAV total return of
-0.1% in June represents an outperformance of the -0.7% achieved by
the Benchmark. The share price total return was -1.0% as the discount
widened slightly during June, although it remains below the level at
the end of 2016. Over the first half of the year to the end of June
the NAV total return was 10.8% and the share price total return was
12.2%, both materially outperforming the total return achieved by the
Benchmark which was 7.4%.
Premium
(Discount)
Yield
Source: BNP Paribas as at 30.06.17.
†
NAV is cum income with debt at fair value.
Trust information
Epic Code
WTAN
Sector
Global Growth
Trust Type
Conventional
Launch Date
1909
Financial Year End
31 December
Dividend Frequency
Quarterly
Last Ex Dividend Date
18 May 2017
AGM
April
Shares in Issue (excluding treasury)
178,872,058
Gearing
11%
Ongoing Charges
‡
0.75%
0.65%
Excluding performance fee
Including performance fee
Source: BNP Paribas as at 30.06.17. ‡Ongoing charges as at 31.12.16.
42 years of consecutive dividend growth
Dividend history (pence per share)
20
n
n
n
n
16
12
4th Interim
3rd Interim
2nd Interim
1st Interim
8
4
Further information about the Company is available on Witan’s
website, www.witan.com.
30 June 2017
NAV per
ordinary Share†
0
2002
2004
2006
2008
2010
2012
2014
2016
^Changed to quarterly dividend payments in 2013.
Dividend schedule#
Ex-div date
Pay date
Type
02.03.2017
31.03.2017
4th Interim 2016
Amount per share
6.25p
18.05.2017
16.06.2017
1st Interim 2017
4.75p
24.08.2017
18.09.2017
2nd Interim 2017
4.75p
16.11.2017
18.12.2017
3rd Interim 2017
4.75p
Please note that the dates and amounts for dividends not yet paid
could be subject to change.
#
*Please remember, past performance is not a guide to future
performance, and the value of shares and the income from them
can rise and fall, so investors may not get back the amount
originally invested. Net Asset Value (“NAV”) performance is
not the same as share price performance and investors may not
realise returns the same as NAV performance.
© Morningstar. All rights reserved. Morningstar is not responsible for any trading decisions, damages or other losses related to the information or its use. For
more information go to www.witan.com/legal-information.
Page 1 of 4
MONTHLY FACTSHEET JUNE 2017
PORTFOLIO OVERVIEW
|
|
|
23%
18%
38%
North America
5%
|
Europe
UK
Japan
|
14%
Far East
2%
|
Other
Regional breakdown (%)
Top 20 holdings (%)
Princess Private Equity
1.9
Comcast1.8
JP Morgan
1.7
Apax Global Alpha
1.6
London Stock Exchange
1.6
38
North America
23
Europe
18
Far East
14
Japan
5
Other
2
*Includes funds listed in the UK but
invested internationally.
Regional breakdown excluding cash,
rebased to 100.
Syncona1.5
BlackRock World Mining Trust
UK*
Source: BNP Paribas as at 30.06.17.
1.5
Vonovia1.4
Taiwan Semiconductor
1.3
Bank of America
1.3
Alphabet
1.2
Unilever
1.2
Lloyds Banking
1.1
Delta Air Lines
1.1
Diageo
1.1
Amazon
1.0
Relx
1.0
Charter Communications
1.0
Oracle
0.9
BT
0.9
Top 10 Holdings
15.6
Top 20 Holdings
26.1
On a look through basis across managers, excluding
open-ended funds.
Sector breakdown (%)
Financials
30.1
Consumer Services
17.0
Industrials
13.7
Consumer Goods
10.5
Technology
10.3
Health Care
7.0
Other
8.7
Open Ended Funds
0.0
Equity Index Futures
Cash / Bonds
1.6
1.1
Financials includes Investment
Companies.
Source: BNP Paribas as at 30.06.17.
Source: BNP Paribas as at 30.06.17.
Page 2 of 4
MONTHLY FACTSHEET JUNE 2017
INVESTMENT PERFORMANCE *
Relative performance (total return) †
16
260
Percentage Growth (%)
Percentage Growth (%)
Absolute performance (total return) †
240
220
200
180
160
140
120
100
80
12
10
8
6
4
2
0
Jun
2013
nnnnnnnnnn
14
Jun
2014
NAV
nnnnnnnnnn
Jun
2015
Jun
2016
Share Price
nnnnnnnnnn
Jun
2017
Jun
2013
Benchmark
nnnnnnnnnn
Jun
2014
Jun
2015
Jun
2016
Jun
2017
NAV / Benchmark Relative
Total performance (% growth to 30.06.2017) over †
3 m
6 m
1 yr
3 yrs
5 yrs
10 yrs
Share Price (Total Return)
5.3
12.2
36.2
51.3
147.5
159.5
Net Asset Value (Total Return)
3.6
10.8
28.0
52.8
119.7
138.7
Benchmark# (Total Return)
1.4
7.4
22.7
41.0
89.2
101.5
Relative NAV Performance
2.2
3.4
5.3
11.8
30.5
37.2
‡
Discrete performance (%) †
Q2 2012
Q2 2013
Q2 2013
Q2 2014
Share Price (Total Return)
33.4
22.6
Net Asset Value (Total Return)
28.2
Benchmark# (Total Return)
21.0
Relative NAV Performance
7.2
1.2
‡
Q2 2014
Q2 2015
Q2 2015
Q2 2016
Q2 2016
Q2 2017
13.9‑2.5
36.2
12.1
11.2
7.3
28.0
10.9
6.8
7.6
22.7
4.4‑0.3
5.3
Relative numbers may not add up due to rounding
†
Source: Morningstar / Witan, total return includes the notional reinvestment of dividends. Annualised figures updated each calendar quarter.
‡
The Net Asset Value figures value debt at fair value and include the notional reinvestment of dividends.
#
Since 01.01.2017, Witan’s benchmark is a composite of 30% FTSE All-Share, 25% FTSE All-World North America, 20% FTSE All-World Asia Pacific,
20% FTSE All-World Europe (ex UK), 5% FTSE All-World Emerging Markets. From 01.10.2007 to 31.12.2016 the benchmark was 40% FTSE All-World,
20% FTSE All-World North America, 20% FTSE All-World Europe (ex UK) and 20% FTSE All-World Asia Pacific. From 01.09.2004 to 30.09.2007 the
benchmark comprised of 50% FTSE All-Share and 50% FTSE World (ex UK).
Source: FTSE International Limited (“FTSE”). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under
license. For more information go to www.witan.com/legal-information.
*Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can
rise and fall, so investors may not get back the amount originally invested.
INVESTMENT MANAGERS
Emerging
Global
Global
8%
UK
Asia
12%
3%
14%
6%
UK
PanEuropean
8%
14%
15%
Global
investment services
9%
UK
Direct
Holdings
10%
Source: Witan, data as at 30.06.2017. Total may not sum to 100% due to rounding.
Page 3 of 4
MONTHLY FACTSHEET JUNE 2017
HOW TO INVEST
Advisers
Naturally, Witan’s shares can be traded through any UK stockbroker but there
is a variety of other ways to invest in Witan Investment Trust plc.
Savings schemes
Witan is available for investment through two savings schemes managed by
Witan Investment Services Limited. See below for a summary of each of the
savings schemes.
Advisers who wish to purchase Witan shares for their clients can do so via a
stockbroker, Witan Savings Schemes or via a growing number of dedicated
platforms. These include Ascentric, Nucleus, Seven Investment Management
and Transact.
Online platforms
A growing number of platforms offer investment trusts directly to
investors including Alliance Trust Savings, Hargreaves Lansdown, Barclays
Stockbrokers, Halifax Share Dealing Limited, Interactive Investors and AJ Bell.
Witan Wisdom provides two
different options to enable investors
to access Witan shares.
Jump offers savings schemes specifically designed
for adults to save on behalf of a child, which invest
into Witan Investment Trust.
Witan Wisdom Share Plan
Jump Savings Plan
The Witan Wisdom Share Plan is our standard, low-cost savings
scheme.*
The Jump Savings Plan is a flexible savings scheme allowing you to
invest as much as you wish and can be accessed at any time.*
Witan Wisdom ISA
Jump Junior ISA
The Witan Wisdom ISA is a stocks and shares ISA that enables
investors to buy Witan shares within a tax efficient wrapper.*
The Jump Junior ISA enables adults to invest in Witan shares on
behalf of a child within a tax efficient wrapper.*
Savers can also transfer existing ISA’s to Witan Wisdom via the
Witan Wisdom Transfer ISA.*
Savers with an existing Child Trust Fund can transfer to Jump,
including directly into a Jump Junior ISA.*
*Terms and conditions apply.
*Terms and conditions apply.
To request brochures and applications for Witan Wisdom and Jump savings schemes, you may call 0800 082 8180 (Wisdom) and 0800 011 2015
(Jump) or online via www.witan.com. Please read the full Key Features and Terms & Conditions documents or speak to an adviser before making a
decision to invest.
BOARD OF DIRECTORS
HARRY HENDERSON
Chairman
ANDREW BELL
CEO
ROBERT BOYLE
Chairman of the Audit
Committee
CATHERINE CLAYDON
Chairman of the Remuneration and
Nomination Committee
SUZY NEUBERT
RICHARD OLDFIELD
JACK PERRY
BEN ROGOFF
TONY WATSON
Senior Independent
Director
IMPORTANT INFORMATION
Please remember, past performance is not a guide to future performance and the value of shares and the income from them can rise and fall, so
investors may not get back the amount originally invested. This marketing communication is provided for informational purposes only and should
not be construed as constituting an offer or a solicitation to buy or sell interests or investments in Witan Investment Trust PLC. Investment trusts
can borrow money to make additional investments on top of shareholders’ funds (gearing). If the value of these investments falls, gearing will
magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject
to sudden and large falls in value and you could get back nothing at all. Emerging markets tend to be more volatile than more established stock
markets and therefore your money is at greater risk. Other risk factors such as political and economic conditions should also be considered. Funds
which specialise in investing in a particular region or market sector are more risky than those which hold a very broad spread of investments.
Funds investing in overseas securities are exposed to and can hold currencies other than Sterling. As a result, exchange rate movements may
cause the value of investments to decrease or increase. Some, or all, of the annual management fee may be charged to the capital of the Fund.
Whilst this increases the yield, it will restrict the potential for capital growth. Net Asset Value (“NAV”) performance is not the same as share price
performance and investors may not realise returns that equal NAV performance. Where a fund holds a limited number of investments and one or
more of those investments declines or is otherwise adversely affected, it may have a more pronounced effect on the Fund’s value than if a larger
number of investments were held.
CONTACT DETAILS
0800 082 81 80
www.witan.com
This marketing communication is issued and approved by Witan Investment Services Limited. Witan Investment Services Limited is registered in
England no. 5272533 of 14 Queen Anne’s Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and
is authorised and regulated by the Financial Conduct Authority. Calls may be recorded for our mutual protection and to improve customer service.
Page 4 of 4