Interim Management Statement

RNS Number : 1134D

Witan Investment Trust PLC

10 May 2012

 



WITAN INVESTMENT TRUST PLC                                                                        Page 1 of 4

10 May 2012

First Interim Management Statement for the year beginning 1 January 2012

Objective

The objective of Witan Investment Trust plc is to be the preferred choice for wealth creation through equity investment.  The Company offers its shareholders a diverse investment in terms of investment managers, geographical regions, industrial sectors and individual holdings.    

Review of the first six month period, beginning 1 January 2012

Between 31 December 2011 and 31 March 2012 the net asset value per share total return (calculated by including the debt at fair value) was 11.8%.  The Company's benchmark returned 8.1% over this three month period.  

Between 31 December 2011 and 31 March 2012 the Company bought back for cancellation a total of 375,000 of its ordinary shares.  The number of ordinary shares in issue at 31 March 2012 was 191,992,000.  The share price at 31 March 2012 was 490.50p, giving the Company a market capitalisation of £941.7 million.  As at 9 May 2012 the number of ordinary shares in issue was 191,677,000 and the share price was 455.20p, giving the Company a current market capitalisation of £872.5 million.

On 30 March 2012, the Company paid a second interim dividend of 6.55p per ordinary share, in respect of the year ended 31 December 2011, making a total distribution for the year of 12.0 pence (2010: 10.9 pence).

At the Company's Annual General Meeting held on 1 May 2012, all eleven resolutions were duly passed.

There are no other material events or transactions to report.

Company Information

Epic Code:  WTAN

Sector:  Global Growth

Launch date:  1909

Financial year end:  31 December

Next dividend payment (ordinary shares):  September 2012

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Company Statistics as at 31 March 2012

Gross Total Assets: £1,217 million*

Net asset value per ordinary share: 551.33p*

Share price: 490.50p*

Discount: 11.0%*

Gearing: 8%*

Dividend yield: 2.45%*

Total Expense Ratio (TER) for 2011: 0.87% (excluding performance fees: 0.71%)*

Geographic Breakdown as at 31 March 2012*

UK                              43.3%

Europe                         15.3%

North America 18.1%

Far East                       10.1%

Japan                           2.0%

Other                           7.4%

Cash                            3.8%

Sector Allocation as at 31 March 2012*

Financials                     24.0%

Consumer Services       13.5%

Industrials                     12.1%

Consumer Goods         11.3%

Oil & Gas                     8.2%

Technology                   8.0%

Health Care                  6.4%

Basic Materials             4.3%

Other                            4.9%

Open ended funds         5.0%

Equity index futures      -1.5%

Cash/bonds                   3.8%

Ten Largest Holdings as at 31 March 2012*

(on a look through basis across managers, excluding open-ended funds)

3i Group                                                                       2.9%

Electra Private Equity                                                    2.7%

BP                                                                               1.8%

Vodafone                                                                     1.6%

Diageo                                                                         1.6%

Unilever                                                                        1.5%

Pearson                                                                        1.5%

London Stock Exchange                                               1.2%

Reed Elsevier                                                               1.2%

Schroders                                                                     1.2%

*Source: BNP Paribas Securities Services

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Manager Breakdown and percentages of portfolio under management

Manager	Mandate	30/09/11	31/12/11	31/03/12
		%	%	%
Artemis	UK	8.1	8.2	8.1
Lindsell Train	UK	10.6	10.8	10.8
NewSmith Asset Management	UK	9.2	9.7	9.1
Henderson Global Investors	UK Smaller Cos	2.1	2.2	1.9
Southeastern Asset Management	Global	11.7	11.7	10.5
MFS International	Global	8.5	8.1	8.2
Thomas White International	Global	8.9	8.8	8.7
Veritas	Global	10.8	11.3	11.4
Marathon	Pan-Europe	9.5	8.9	8.9
Comgest	Asia Pacific ex Japan	6.3	6.5	6.8
Trilogy	Emerging Markets	4.1	4.0	4.5
Witan Executive team	Direct holdings	10.2	9.8	11.1

These figures exclude the cash balances held centrally by Witan and the unquoted investments.

Investment Performance^α

Total performance over	3 months	6 months	1 year	3 years	5 years	10 years
Share Price (Total Return)	10.5%	18.0%	-1.3%	65.9%	18.1%	55.4%
Net Asset Value (Total Return)	11.8%	18.9%	-2.2%	66.5%	19.3%	60.7%
Benchmark (Total Return)	8.1%	15.3%	-1.2%	60.8%	15.7%	60.2%

^αSource: FE Analytics & Datastream - percentage growth to 31 March 2012.  Total return includes the notional investment of dividends.

Since 01.10.2007 the benchmark has been a composite of four indices: 40% FTSE All-Share, 20% each in FTSE All-World North America, FTSE All-World Europe (ex UK) Index and FTSE All-World Asia Pacific Index.  From 01.09.2004 to 30.09.2007 the benchmark consisted of 50% FTSE All-Share, 50% FTSE World (ex UK) and prior to this 60% FTSE All-Share, 40% FTSE World (ex UK).

The Net Asset Value figures value debt at fair value except for the 10 year figures where debt is valued at par value.

ENDS

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For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

[e-mail]

James Frost, Marketing Director                                   Jain Castiau, Director

Witan Investment Trust plc                                            Cauldron Consulting

Tel: [phone]                                                      Tel: [phone]

[e-mail]                                              [e-mail]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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