Appointment of Specialist Eme

RNS Number : 8468X

Witan Investment Trust PLC

14 December 2010

 



WITAN INVESTMENT TRUST PLC

14 DECEMBER 2010

WITAN INVESTMENT TRUST PLC

Portfolio Changes: Appointment of Specialist Emerging Markets Manager

Witan announces that it has appointed US-based Trilogy Global Advisors to manage a £50m emerging markets portfolio, with effect from December 2010.  The portfolio will cover all major emerging market regions.  Prior to this, at the end of November 2010, Witan had a total of 16.9% invested in the fast-growing economies of the Pacific Basin and other emerging economies.

The new portfolio will be funded from cash resources, the closing out of a position in the MSCI Emerging Markets Index future and the redemption of Witan's Australian portfolio managed by Orbis Investment Management.  As a resource-rich economy, Australia has offered indirect exposure to emerging economies' growth but this indirect exposure is now being replaced by greater direct exposure.  The combination of the manager's outperformance and the strength of the Australian dollar has been a positive driver for Witan's shareholder returns in recent years.

This dedicated emerging markets portfolio is a new development for Witan and represents a further step in the evolution of the Trust's multi-manager structure towards a more active, high-conviction style.

Trilogy is a global adviser with a growth-orientated investment style based on bottom-up fundamental stock research. The portfolio will be lead-managed by Pablo Salas. Their investment approach entails seeking to identify early-stage and traditional growth plays covering both globally exposed and domestic emerging market companies.

Andrew Bell, Chief Executive of Witan Investment Trust, says:

"Emerging markets have been a key driver of growth for the global economy for more than a decade.  With this trend set to continue it is important that Witan's portfolio is well positioned to take advantage of the potential that emerging markets offer.  Although we have exposure to emerging markets through our global managers, and through the use of index futures, we feel that the opportunity for growth justifies a dedicated emerging markets mandate.  Trilogy has an outstanding record of generating outperformance but within a controlled risk framework."

-ENDS-

For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

[e-mail]

James Frost, Marketing Director

Witan Investment Trust plc

Tel: [phone]

[e-mail]

Jain Castiau, Director

Cauldron Consulting

Tel: [phone]

[e-mail]

Notes

Witan Investment Trust plc

Established in 1909, Witan is one of the UK's largest investment trusts, managing some £1,159m (as at 30.09.2010; source: Witan) on behalf of some 40,000 investors.  Witan is listed in the 'Global Growth' sector and is a member of the FTSE 250 index.  Registered as an Investment Company in England No 101625.

www.witan.com 

Trilogy Global Advisors

(In their own words): "Trilogy Global Advisors is a long-only specialist equity investment boutique managing global developed and global emerging market portfolios for institutional pension schemes.  Founded in 1999, Trilogy has investment offices in New York and Florida, and a marketing and client service office in London.  Total assets under management comprise £10bn with approximately a quarter represented by UK pension fund clients and around a third of total assets managed in dedicated global emerging market equity portfolios."

Performance (£)	Trilogy	Benchmark*
2010 (to 30th Sept)	14.91%	13.48%
2009	60.54%	58.92%
2008	-36.98%	-35.38%
2007	38.13%	37.03%
2006	20.64%	15.93%
2005	56.18%	49.86%
2004	21.51%	17.07%
2003	41.29%	40.13%
2002	-14.48%	-15.18%
2001	-4.18%	0.19%
2000	-17.50%	-25.13%

* MSCI Emerging Markets Index

 

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