Interim Management Statement

RNS Number : 2339I

Witan Pacific Investment Trust PLC

10 June 2011

 



WITAN PACIFIC INVESTMENT TRUST PLC

Interim Management Statement - 3 months ended 30 April 2011

Introduction

The Company has prepared this Interim Management Statement ("IMS") to meet the requirements of the UK Listing Authority's Disclosure Rules and Transparency Rules. The IMS covers the three months to 30 April 2011, together with relevant information up to the date of publication.

Investment Objective

The objective of Witan Pacific Investment Trust plc ("the Company") is to provide shareholders with a balanced portfolio of investments in the Asia Pacific region with the aim of outperforming the MSCI AC Asia Pacific Free Index (£). 

The Company's assets are managed by Aberdeen Asset Managers Limited and Nomura Asset Management U.K. Limited, each of whom manages approximately half the Company's assets, with the same investment remit covering the Asia Pacific region including Japan. The Executive Manager is Witan Investment Services Limited.

Multi-Manager Structure

Managers	% of Assets
Aberdeen Asset Managers Limited	53.9
Nomura Asset Management U.K. Limited	46.1

Company Information

Epic Code	WPC
Sector	Far East - Including Japan
Trust Type	Conventional (Ords)
Launch Date	1907
Financial Year End	31 January
Annual Results Announced	April 2011
AGM	June 2011
Total Expense Ratio (at 31/01/2011)*	1.20%†

† Including performance fees, 0.7% excluding performance fees

Company Statistics

	31 January 2011	30 April 2011
Gross Total Assets*	£170m	£171m
NAV per ordinary share*	247.99p	247.97p
Share price*	212.00p	210.00p
Premium/Discount*	-14.5%	-15.3%
Gearing*	2.3%	4.0%
Yield*	1.0%	1.3%

*Source: BNP Paribas

Performance Statistics

Cumulative Performance	3 months	6 months	1 year	3 years	5 years	10 years
Share Price (Total Return)	-0.9%	2.9%	10.9%	24.7%	29.8%	87.4%
Net Asset Value (Total Return)#	-0.7%	4.1%	8.4%	27.9%	39.6%	76.9%
Index (Total Return)	-1.2%	4.5%	4.4%	19.3%	25.2%	70.8%

All Performance Data Source: Datastream and Lipper to 30 April 2011.

#The Net Asset Value figures value debt at fair value.

The benchmark for the Company's performance is the MSCI AC Asia Pacific Free Index (£).

Quarterly Portfolio Report as at 30 April 2011

As a result of the Japanese earthquake and its impact on the Tokyo stock market, Witan Pacific's NAV total return declined 0.7% in the first quarter of the Trust's financial year, although this represented outperformance of the benchmark index's total return of -1.2%.  At the manager level, both managers' portfolios held steady in absolute terms, delivering outperformance of 1.2% against the benchmark.

On the 28th April 2011, Witan Pacific published its annual results for the financial year ending 31st January 2011. The Trust reported another year of strong absolute returns coupled with outperformance of over 5% relative to its benchmark. A final dividend of 2.8p per share was declared which represents an increase of 33% on the previous year. The Company has also adopted a new policy which aims, subject to circumstances, to grow the dividend in real terms, reflecting the expected growth prospects for payouts in the region.

Over the past 12 months to 30th April 2011 the Trust has delivered a NAV total return of 8.4%, 4.0% ahead of the index's 4.4% total return. Aberdeen outperformed particularly strongly, with an 11.4% portfolio return (7.0% ahead of the index), while Nomura also beat the benchmark, with a portfolio return of 8.2%, 3.8% ahead of the index. The difference between the two managers' degree of outperformance was substantially attributable to their different weightings in Japan (although both were underweighted in this market).

Over the near 6 year period to 30 April 2011 since the adoption of the multi-manager approach in May 2005, Witan Pacific has delivered a NAV total return of 12.0% p.a., 1.6% p.a. ahead of the benchmark's 10.4% annual return.

Geographic Breakdown*

	31 January 2011	30 April 2011
Japan	30%	27%
Hong Kong	12%	12%
Australia	11%	12%
Singapore	9%	9%
China	8%	7%
South Korea	8%	9%
India	6%	7%
Taiwan	6%	6%
Other Countries	10%	11%

Sector Allocation*

	31 January 2011	30 April 2011
Financials	28%	28%
Information Technology	13%	12%
Materials	12%	13%
Industrials	12%	11%
Consumer Discretionary	11%	11%
Consumer Staples	5%	5%
Telecommunication Services	5%	5%
Energy	5%	5%
Healthcare	3%	3%
Utilities	0%	0%
Other (investment in India funds)	6%	7%

Ten Largest Holdings*

	30 April 2011**
Samsung Electronics	3.1%
Rio Tinto	2.7%
BHP Billiton	2.2%
Oversea-Chinese Banking Corporation	2.1%
Swire Pacific	2.0%
Petrochina	1.9%
Canon	1.8%
Toyota Motor	1.7%
Taiwan Semiconductor	1.6%
Fanuc	1.6%

	31 January 2011
Samsung Electronics	3.2%
Rio Tinto	2.7%
BHP Billiton	2.2%
Swire Pacific	2.1%
China Mobile	2.1%
Oversea-Chinese Banking Corporation	2.1%
Canon	1.9%
Petrochina	1.9%
Toyota Motor	1.9%
Taiwan Semiconductor	1.8%

*Source: BNP Paribas Securities Services

** On a look through basis across both managers, excluding collective funds

Material Events

There were no material events to report during the period.

Changes to Share Capital

There were no changes to the share capital during the period and 66,244,868 Ordinary shares and Total Voting Rights remained in issue at the end of the period.

Dividend

At the Annual General Meeting of the Company held on Wednesday 8^th June 2011, shareholders approved the payment of a final dividend of 2.80p per Ordinary share for the year ended 31 January 2011 (2010: 2.10p). The dividend will be paid on 24 June 2011 to shareholders on the register at the close of business on 27 May 2011.

Phoenix Administration Services Limited

10 June 2011

 

END

 

 

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