Interim Management Statement

RNS Number : 2235K

Witan Pacific Investment Trust PLC

16 December 2008

 



WITAN PACIFIC INVESTMENT TRUST PLC

Interim Management Statement - 3 months ended 31 October 2008.

Introduction

The Company has prepared this interim management statement ('IMS') to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. The IMS covers the three month period ended 31 October 2008, together with relevant information up to the date of publication.

Investment Objective

The objective of Witan Pacific Investment Trust Plc ('the Company') is to provide shareholders with a balanced portfolio of investments in the Asia Pacific region designed to outperform the MSCI AC Asia Pacific Free Index (£). The Company's assets are managed by Aberdeen Asset Managers Limited and Nomura Asset Management U.K. Limited. Witan Investment Services Limited provides the executive management. 

Multi-Manager Structure

Managers	% of Assets
Aberdeen Asset Managers Limited	51.8%
Nomura Asset Management U.K. Limited	48.2%

Company Information

Epic Code	WPC
Sector	Far East - Including Japan
Trust Type	Conventional (Ords)
Launch Date	1907
Financial Year End	31 January
Interim Results Announced	26 September 2008
AGM	9 June 2009

Company's Statistics

	31 July 2008	31 October 2008
Gross Total Assets*	£118,894,000	£95,807,000
NAV per ordinary share*	173.14p	139.24p
Share price*	152.00p	116.00p
Premium/Discount*	-12.2%	-16.7%
Gearing*	103	103
Yield*	1.09%	1.42%

Geographic Breakdown*

	31 July 2008	31 October 2008
Japan	37%	43%
Australia	10%	9%
Hong Kong	10%	8%
Singapore	9%	9%
South Korea	8%	6%
India	7%	7%
China	7%	6%
Other Countries	7%	6%
Taiwan	5%	6%

Sector Allocation*

	31 July 2008	31 October 2008
Financials	31%	27%
Technology	13%	9%
Basic Materials	11%	9%
Consumer Services	10%	10%
Industrials	9%	14%
Miscellaneous	8%	7%
Consumer Goods	6%	11%
Telecommunications	5%	7%
Energy	4%	3%
Healthcare	3%	3%

Ten Largest Holdings*

31 July 2008

Aberdeen Global India Opportunities Fund	4.5%
Rio Tinto	2.6%
Samsung Electronics	2.4%
Nomura Funds Ireland Plc India Equity Fund	2.2%
OCBC	2.0%
Honda Motor Company	2.0%
China Mobile	2.0%
Canon	1.9%
Shin-etsu Chemical	1.8%
Seven & i Holdings	1.7%

31 October 2008

Aberdeen Global India Opportunities Fund	4.8%
Samsung Electronics	2.6%
Shin-etsu Chemical	2.4%
Toyota Motor	2.4%
Seven & i Holdings	2.4%
Canon	2.3%
Honda Motor	2.3%
China Mobile	2.2%
Takeda Pharmaceutical	2.1%
Nomura Funds Ireland Plc India Equity Fund	1.9%

*Source: BNP Paribas

Performance over	3 m	6 m	1yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	-23.68%	-33.26%	-36.08%	-15.10%	10.36%	27.92%
Net Asset Value (Total Return)*	-19.58%	-28.78%	-32.87%	-4.04%	19.13%	19.64%
Index (Total Return)	-19.63%	-28.66%	-33.72%	-7.87%	20.62%	43.48%

All Performance Data Source: Datastream to 31.10.08. *The Net Asset Value figures value debt at fair value.

The benchmark for Witan Pacific Investment Trust PLC is the MSCI AC Asia Pacific Free Index (£).

Quarterly Portfolio Report as at 31 October 2008 

Asian Markets suffered a very nervous start to the beginning of the Company's third quarter resulting from the turmoil in the sub-prime mortgage market in the US and the consequential effect of the tightening credit markets. Weakness continued into October as mutual funds and hedge funds became indiscriminate forced sellers.  Central Banks responded with interest rate cuts in China, Japan, Taiwan, Korea and India bringing a measure of stability to the region.

Over the quarter the trust performed in line with its benchmark with Aberdeen outperforming and Nomura underperforming.

Material Events

There were no material events to report during the period.

Changes to Share Capital

	Issued Ordinary shares of 25p each
As at 31 July 2008	66,826,968
Shares bought back and cancelled during the period	175,000
Shares remaining in issue as at 16 December 2008	66,651,968

Phoenix Administration Services Limited

16 December 2008

 

END

 

 

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