Edison reviews Witan Pacific Inv. Trust (WPC)

RNS Number : 0191X

Witan Pacific Investment Trust PLC

20 November 2017

 

London, UK, 20 November 2017

Edison issues review on Witan Pacific Investment Trust (WPC)

Witan Pacific Investment Trust (WPC) employs an active multi-manager strategy, aiming to generate long-term growth in capital and income from a diversified portfolio of Asia Pacific equities, which includes Japan, Australia and India. Since adopting the multi-manager approach in 2005, WPC has outperformed its benchmark, the MSCI AC Asia Pacific Free index, in eight out of 12 financial years, but has lagged since mid-2016. The board changed the manager line-up from end-September 2017, dropping Gavekal and appointing Dalton Investments and Robeco Institutional Investment Management. WPC has a progressive dividend policy, aiming to grow the annual distribution in real terms. The regular dividend has increased in each of the last 12 years.

WPC's board actively seeks to manage the discount, repurchasing shares when they trade at a substantial and anomalous discount to NAV. The current 13.3% share price discount to cum-income NAV compares with the range over the last 12 months of 10.7% to 16.6%. It is broadly in line with the averages of the last one, three and five years of 13.5%, 13.3% and 13.2% respectively. WPC has a progressive dividend policy; the regular annual dividend has increased for 12 consecutive years. The current yield is 1.4%.

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