Edison issues review - Witan Investment Trust

RNS Number : 1488D

Witan Investment Trust PLC

04 July 2016

 

London, UK, 4 July 2016

Edison issues research review on Witan Investment Trust (WTAN)

Witan Investment Trust (WTAN) is a well-established fund that is unique among its peers in having a predominantly multi-manager approach. It aims to generate capital return and income growth in excess of UK inflation. The trust currently has allocations to 10 external managers, all with high-conviction investment strategies. Up to 10% of the fund is invested directly in specialist collective assets, including private equity. WTAN's NAV performance versus its benchmark is positive over one, three, five and 10 years. Its dividend yield compares favourably with the peer group average and the annual dividend has increased for 41 consecutive years.

WTAN's current 7.0% share price discount to cum-income NAV is wider than the average of 2.2% over the last 12 months. Over the long term, the discount has narrowed; the three-, five- and 10-year averages are 3.1%, 6.3% and 8.4% respectively. WTAN is proactive in managing the discount; it recently repurchased a 14.4m stake from Aviva (as a result of the Friends Life acquisition) at a 6.5% discount to NAV, removing an overhang in the stock.  

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