Interim Management Statement

RNS Number : 4024H

Witan Investment Trust PLC

19 May 2014

 



WITAN INVESTMENT TRUST PLC                                                                        Page 1 of 4

19 May 2014

First Interim Management Statement for the year beginning 1 January 2014

Objective

The objective of Witan Investment Trust plc is to deliver capital and income growth from active global equity investment.  Since 2004, the Company has used a multi-manager approach.

Review of the period beginning 1 January 2014

Between 31 December 2013 and 31 March 2014 the net asset value per share total return (calculated by including the debt at market value) was 0.3%.  The Company's benchmark returned 0.0% over this three month period.  

The number of ordinary shares in issue at 31 March 2014 was 189,311,000.  The share price at 31 March 2014 was 685p, giving the Company a market capitalisation of £1,296.8 million.  Subsequent to the period end, in accordance with the authority given by shareholders at the Annual General Meeting on 30 April 2014 the Company has purchased 10,000 shares which are being held in treasury. Following the purchase, the number of ordinary shares of 25p each held by the Company in treasury is 10,000 and the total number of ordinary shares of 25p each that the Company has in issue, including shares held in treasury, is 189,311,000. In line with the Company's published policy any re-sale of treasury shares will only take place at a premium to the prevailing net asset value per share at the time of issue and therefore the shares held in treasury do not give rise to a potential dilution to net asset value per share. 

As at 16 May 2014 the number of ordinary shares in issue was 189,311,000 and the share price was 698p, giving the Company a current market capitalisation of £1,321 million.

On 28 March 2014, the Company paid a fourth interim dividend of 4.5p per ordinary share, in respect of the year ended 31 December 2013, making a total distribution for the year of 14.4 pence (2012: 13.2 pence).

The Board's policy is that the first three interim dividends of the current financial year (in June, September and December 2014) will, in the absence of unforeseen circumstances, be paid at the rate of one quarter of the total payment in respect of the previous year. 

Accordingly, the Company has announced that a first interim dividend, in respect of the year ending 31 December 2014, of 3.6p per ordinary share of 25p will be paid on Wednesday 18 June 2014 to shareholders registered at the close of business on Friday 23 May 2014. 

At the Company's Annual General Meeting held on 30 April 2014, all thirteen resolutions were duly passed.

Page 2 of 4

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):  June 2014

Company Statistics as at 31 March 2014

Gross Total Assets: £1,497 million*

Net asset value per ordinary share: 710.85p*

Share price: 685.00p*

Discount: 3.6%*

Gearing: 9%*

Dividend yield: 2.10%*

Ongoing Charges as at 31 December 2013: 0.69% (including performance fees: 1.12%)*

Geographic Breakdown as at 31 March 2014*

UK                              42.1%

North America 22.8%

Europe                         15.1%

Far East                       10.1%

Japan                           7.0%

Other                           2.5%

Cash                            0.5%

Sector Allocation as at 31 March 2014*

Financials                     20.3%

Consumer Services       15.9%

Industrials                     12.7%

Consumer Goods         12.4%

Health Care                  8.0%

Other                          20.5%

Open ended funds        7.3%

Equity index futures       2.4%

Cash/bonds                  0.5%

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Ten Largest Holdings as at 31 March 2014*

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

Reed Elsevier                                                               1.8%

Diageo                                                                         1.6%

BP                                                                               1.5%

London Stock Exchange                                               1.4%

Unilever                                                                        1.3%

Daily Mail & General                                                    1.3%

Sage                                                                             1.1%

Princess Private Equity                                      1.1%

GlaxoSmithKline                                                           1.1%

Pearson                                                                        1.0%

*Source: BNP Paribas Securities Services

Manager Breakdown and percentages of portfolio under management

Manager	Mandate	30/06/13	31/12/13	31/03/14
		%	%	%
Artemis	UK	9.2	10.1	10.5
Heronbridge	UK	5.3	7.1	7.1
Lindsell Train	UK	12.4	12.1	12.0
Lansdowne	Global	4.8	8.8	8.6
MFS International	Global	8.8	8.9	8.8
Pzena	Global	-	9.5	9.9
Tweedy, Browne	Global	-	3.2	3.2
Veritas	Global	12.1	11.9	12.5
Marathon	Pan-Europe	7.7	8.2	8.3
Matthews	Asia Pacific inc Japan	9.5	9.0	9.7
Trilogy	Emerging Markets	3.7	3.5	3.4
Witan Executive team	Direct holdings	7.8	6.3	4.7
Japan open-ended funds		1.4	1.4	1.2
Henderson Global Investors	UK Smaller Cos	1.9	-	-
Southeastern Asset Management	Global	8.5	-	-
Thomas White International	Global	6.9	-	-

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

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Investment Performance^α

Total performance over	3 months	6 months	1 year	3 years	5 years	10 years
Share Price (Total Return)	3.1%	11.6%	18.7%	44.4%	142.8%	194.2%
Net Asset Value (Total Return)	0.3%	6.7%	11.3%	31.7%	124.1%	149.3%
Benchmark (Total Return)	0.0%	4.8%	7.7%	24.8%	103.0%	125.9%

^αSource: Datastream & FE Analytics - percentage growth to 31 March 2014.  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 market value.

ENDS

For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

[e-mail]

Jason Nisse/Willa Malcolm

Newgate Communications

Telephone: [phone]

Email: [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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