Edison issues review on Witan Investment Trust
London, UK, 4 October 2022
Edison issues review on Witan Investment Trust (WTAN)
With inflation surging, interest rates rising, regional recessions looking imminent and the continued conflict in Ukraine, there is more uncertainty and potential variances of possible outcomes than investors have been accustomed to in recent years, which may suit Witan Investment Trust's (WTAN) broadly diversified portfolio. In our March 2022 update we reviewed WTAN's FY21 results and in this note we review the HY22 results, highlight some incremental portfolio changes and take a closer look at three of the external managers.
WTAN currently trades on a share price discount to cum income (debt at fair value) NAV of 11%. This compares to the average discount over the last 10 years of 4.6%. The board has been rigorous in buying back shares, with more than 45 million repurchased so far in 2022 (more than 6% of the current 690.8m shares in issue). Over the past five years some 200m shares have been repurchased. In the event of an uptick in performance and a return of more positive investor sentiment we would expect the current discount to be viewed as something of a bargain.
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