Results analysis from Kepler Trust Intelligence

Alliance Trust PLC

28 July 2023

 

Alliance Trust (ATST)

28/07/2023

Results analysis from Kepler Trust Intelligence

Alliance Trust (ATST) recorded strong absolute performance in the six months to 30/06/2023, achieving NAV total return of 11.1% versus a MSCI ACWI benchmark return of 7.8%. Sentiment weighed slightly on the share price meaning that shareholder total return lagged the benchmark by 0.2%, recording a return of 7.6% over the six months.

Performance remains well ahead of its peers, outperforming the AIC Global sector by 2.1% on an NAV basis.

The trust's strong performance once again demonstrated the benefits of its balanced approach, as markets continued to experience volatility throughout the period.

Kepler View

WTW focuses on offering a diversified exposure to global equities, balanced across different styles and factors, with the aim of achieving steady positive returns over the long term. To achieve this they employ a strategy previously reserved for institutional investors, blending 10-15 investment managers' best ideas into an overall portfolio.

Each manager has a distinctive point of view, but blended together produce a balanced allocation to global equities, with active underlying management. Since the trust reached its half year, WTW has added a tenth strategy to the portfolio, Dalton Investments, which invests in undervalued Japanese companies largely at the small to mid-end of the market capitalisation spectrum. WTW explained that changing regulations in Japan combined with low inflation and interest rates means that it offers an interesting diversified exposure relative to the rest of the developed world.  

Six years on from inception the trust's investment process is firmly bedded in, and has especially proved itself over a challenging three years for markets, during which the trust has outperformed its MSCI ACWI benchmark by 4.8% on an NAV total return basis to 30/06/2023 and by 4.2% on a total shareholder return basis.

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