Edison issues review on Witan Investment Trust

RNS Number : 5614E

Witan Investment Trust PLC

04 July 2019

 

London, UK, 4 July 2019

Edison issues review on Witan Investment Trust (WTAN)

Witan Investment Trust's (WTAN) investment director James Hart suggests that equities are currently an attractive asset class for the patient and selective investor. He believes that selectivity is becoming more important given the elevated valuation levels of parts of the equity market. The director argues that this plays to the strengths of WTAN's multi-manager investment approach, with experienced managers that are able to take advantage of the evolving investment environment. Although relative performance was weaker than average in 2018, the trust has outperformed its composite benchmark over the last three, five and 10 years, while generating NAV and share price total returns between 11.0% and 15.0% pa over the last three, five and 10 years.

The board actively manages WTAN's discount, aiming for its shares to trade close to NAV. The shares are currently trading at a 2.5% discount to cum-income NAV, which compares with the 2.0% to 3.1% range of average discounts over the past one, three and five years. WTAN aims to grow its annual dividend at a rate higher than UK inflation; it has delivered 44 consecutive years of dividend growth, compounding at c 9% pa over the last decade.  

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