Inv.in Absolute Return Fund

Witan Inv Tst PLC
27 July 2000

            INTERIMS UNDERLINE WITAN'S ABILITY TO
                  WEATHER MARKET VOLATILITY
         Investment in Absolute Return Fund looks to
               further reduce stockmarket risk


During  a period of considerable turbulence for many markets,
Witan  Investment  Trust  plc, the  £2.1bn  UK  international
general  investment trust, would appear to  have  coped  well
with  recent market volatility.  The Company today  announces
Interim  figures for the period 31st December,  1999  -  30th
June, 2000.

* Net  Asset Value per Ordinary share 566.7p, (560.7p  at
  31st December 1999)
* 1.69% NAV increase compares favourably with the Trust's
  benchmark, down 1.29%
* Interim dividend of 3.5p per Ordinary share

Commenting, Witan Chairman, The Lord Faringdon said, 'In  the
first  six  months of this year, we have seen corrections  on
the   pricing  of  both  the  exotic  new  stocks,  and   the
traditional old stocks - and not before time.  Our  portfolio
has  some of each and has been well placed to weather  market
adjustments positively.  In this period it has been better to
have been armed with a shotgun than a rifle as spread was all
important, in sharp contrast to what was needed in 1999.   In
both periods, the benefits of not being a slave to indices is
apparent.'

Witan's  interim  figures coincide with the  Company's  first
investment in an Absolute Return Fund.  Approximately  1%  of
Witan's   assets  have  been  invested  in  Absolute   Return
strategies, designed to produce more consistent returns  with
low risk.

Witan  has always aimed to offer shareholders exposure  to  a
prudently diversified portfolio of shares, with the intention
that  their  capital  should grow  as  steadily  as  possible
without  taking  undue risk; by investing in Absolute  Return
strategies,  the  Company believes that it will  enhance  its
ability to achieve this aim.


Thames  River  Capital  (UK) Limited has  been  appointed  to
manage a portfolio of choose funds on Witan's behalf to  with
mandates   which  achieve  the  aim  of  consistent  absolute
returns, while limiting risk.

Witan remains confident in the outlook for equity markets but
believes  that a better risk-adjusted return will be achieved
for shareholders by devoting a small proportion of its assets
to  this emerging area of investment.  Typically it is to  be
expected that Absolute Return strategies of the type in which
Witan  is  investing will offer acceptable returns,  even  in
falling  markets,  whilst  giving  good  returns  in   strong
markets.

James Robinson, Manager of Witan, comments:  'I am excited by
this  new  investment for Witan.  In running  Witan  for  the
shareholders, my job is to capture stockmarket  gains  whilst
trying  to minimise losses.  With these strategies, I believe
that  we will be able to reduce the already low risk inherent
in  Witan's  share  portfolio,  whilst  continuing  to  offer
satisfactory returns.'


For further information and/or a full set of the interim
results, please contact:

Norman Brown             OR        Gordon Puckey/Lynne
Kennedy
Director - Investment Trusts                 quill
communications
Henderson Investors                     Tel: [phone]
Tel: [phone]
[e-mail]
[e-mail]
[e-mail]

Alternatively, visit the Witan website at www.witan.co.uk.

Notes to Editors

1. Witan Investment Trust plc

Established  in  1909,  Witan is  one  of  the  UK's  largest
investment  trusts,  managing  some  £2,110  million,  (total
assets  AITC - 30th June, 2000) on behalf of more than 40,000
investors.   Witan  is  listed in the  International  General
sector  and  invests in a prudently diversified portfolio  of
around  200  large,  well  managed  international  blue  chip
companies, with some smaller enterprises selected  for  their
excellent long-term growth potential.  The Witan benchmark is
60% FTSE All-Share Index and 40% FT/S&P Actuaries World Index
ex-UK.

Witan is managed by Henderson Investors.  It is the Company's
largest   managed  investment  trust  and  has  a  consistent
performance track record.  Investment policy is geared to the
long-term, both with regard to country allocation,  risk  and
stock   selection,   as  befits  Witan's  excellent   savings
proposition.

Henderson Investors was voted Standard & Poor's Micropal Best
Overall  Investment Trust Manager for the  sixth  consecutive
year  in  1999.   In  their 1999 reviews, both  Cazenove  and
Deutsche  Bank  included Witan in their lists of  'trusts  to
follow'.   Merrill  Lynch in their report,  'Go  Overweight',
(published  24th March, 2000) said Witan had 'performed  well
over  the  past  few  months' and has a  'firmly  established
brand'.   Most recently, the Company collected the  Moneywise
International Generalist Award.

2. Absolute Return Funds

Absolute  Return  Funds  are designed to  achieve  consistent
positive  returns while limiting risk.  The manner  in  which
most managers of Absolute Return Funds achieve this aim is by
combining  both  long  and  short  positions  in  the   funds
simultaneously.  The result is that the managers' returns are
less  reliant  on market direction and more  reliant  on  the
managers'   security  selection  and/or   timing   of   order
execution.  By investing in a portfolio of such funds,  which
are  uncorrelated with one another, and which,  in  aggregate
are  uncorrelated with the market, Witan is able  to  achieve
attractive risk-adjusted returns from the investment as  well
as improved overall portfolio efficiency.

3. Thames River Capital (UK) Ltd

Thames  River Capital (UK) Ltd is a fund management  company,
founded  in  1998 to provide specialist investment management
services  to  professional investors and  institutions.   The
Company's two main areas of business are single-manager funds
and multi-manager alternative strategies.

Thames   River  Capital  has  twenty  five  permanent  staff,
including nine fund managers and has US$360 million of  funds
under management.


Thames River Capital (UK) Limited is regulated by IMRO.