Edison review on Witan Pacific Investment Trst
London, UK, 16 May 2016
Edison issues research review on Witan Pacific Investment Trust
Witan Pacific Investment Trust (WPC) is a well-established investment trust differentiated by its broad Asian exposure and multi-manager approach adopted in 2005.The three investment managers - Aberdeen, Matthews and Gavekal - employ different investment styles but all have a remit to invest in the Asia-Pacific region including Japan and Australia. WPC has outperformed its benchmark over the longer term and achieved its aim of growing annual dividends at a higher rate than UK inflation. Investors may be attracted by the forward P/E valuation of the Asia-Pacific region, which is currently at the low end of the historic range relative to global markets.
WPC's share price discount to NAV of 13.3% is roughly in line with the average of 13.2% over the last 12 months (range of 7.3% to 18.0%) and between the averages over the last three and five years (12.7% and 13.9% respectively). A discount control policy is in place whereby shares are repurchased when the board considers the discount is at a substantial and anomalous level. Share repurchases have accelerated in the current financial year.
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