Portfolio Changes

RNS Number : 9764V

Witan Investment Trust PLC

11 November 2010

 



WITAN INVESTMENT TRUST PLC

11 NOVEMBER 2010

WITAN INVESTMENT TRUST PLC

Portfolio Changes

Witan is pleased to announce the appointment of Veritas Asset Management from today's date to run a global mandate of £80m.

The Veritas portfolio has been funded by the reallocation of the North American Enhanced Index portfolio, managed by Henderson Global Investors, and the Japanese portfolio, managed by Brandes Investment Partners. Both mandates have been concluded, after outperforming their respective markets since inception. This change marks a further stage in the evolution of Witan's multi-manager structure to a more active and high conviction approach.

The Veritas portfolio, based upon their Global Focus Strategy, is a concentrated, globally unconstrained equity portfolio derived from a proprietary real return approach. The portfolio is managed by Andy Headley and Charles Richardson, with the initial regional exposure of the portfolio managed for Witan being UK 18%, Europe 20%, North America 30%, Asia (ex-Japan) and Emerging markets 18%, with the balance in cash. The objective is to outperform the MSCI World Index and generate real returns of 6-10% over a rolling 3-5 year period.

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

"Whilst North America and Japan are still important markets for us we believe that global stock-picking managers have greater scope to generate superior returns. Veritas' unconstrained global thematic approach is a good fit with our three other global equity managers, who collectively manage 34% of the Trust's portfolio."

-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 to Editors

Witan Investment Trust plc

Established in 1909, Witan is one of the UK's largest investment trusts, managing some £1,072m (as at 30.06.2010, 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 

Veritas Asset Management (UK) Ltd

In their own words: "Veritas Asset Management is an independent specialist investment boutique with a key objective of delivering long term real returns to its investors. Established in 1993, the company has a 17 year top class track record in investing. Veritas aligns its interests with clients' objectives and is committed to partnership. 

Veritas Asset Management (UK) Ltd and Veritas Asset Management AG are wholly-owned subsidiaries of The Real Return Group, which is 100% owned by management and employees and operates with a partnership culture.

Veritas has offices in London, Zurich and Hong Kong and has £4.0 billion total assets under management. Veritas manages segregated portfolios and funds, with either long-only or long-short real return mandates. Investors include institutions, charities, trusts and private clients.

Veritas Asset Management (UK) Limited is authorised and regulated by the Financial Services Authority, firm number 185576."

Performance (£)	Veritas	Benchmark*
2010 (to 30th Sept)	6.94	5.12
2009	20.55	15.73
2008	-5.77	-17.92
2007	17.87	7.20
2006	16.03	5.32
2005	10.88	22.44
2004	7.41	6.97

* MSCI World Index

 

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