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In his past career Mr. Anthony Watson received an undergraduate degree from Queen's University of Belfast. C Paul Yates. All rights reserved. Log in E-mail. Interest Rates. Business Leaders. Finance Pro. All News. Most read news. Witan has allocated 11 mandates to external managers including three UK, five global and also pan-European, Asia Pacific including Japan and emerging market remits. The most recent changes in managers were made in but since then there has been some shifting of allocation between managers.
This year, modest changes included a reduction in the Lindsell Train weighting after a particularly strong run with funds reallocated to the team at Artemis, which had gone through a softer patch but subsequently staged a recovery. Witan also allocated more money to Matthews International Asia Pacific and Marathon Europe , including funds raised through share issuance. The directly held investments 8.
The trust exited its holding in the Polar Capital Japan Growth OEIC and its positions in Nikkei futures in the first quarter, as Witan believed that the benefits of Abenomics had been more fully factored into market valuations. Also a number of the underlying managers, notably Matthews, had started to increase their holdings in Japan. There are also holdings in the Edinburgh Dragon convertible loan stock and a Neuberger Berman distressed debt fund. Exhibit 3: Witan portfolio analysis and performance by investment manager.
Equity mandate. Investment manager. Benchmark total return. Investment style. Inception date. Intrinsic value growth. Lindsell Train. Long-term growth from undervalued brands. DJ Global Titans. Concentrated, benchmark-independent investment in developed markets. MFS Intl. Growth at an attractive price. Systematic value. Tweedy, Browne. Fundamental value. Fundamental value, real return objective. Capital cycles. Asia Pacific incl.
Matthews Intl. Quality companies with dividend growth. Emerging Markets. Trilogy Global Advisors. Fundamental, growth orientated. Directly held investments. Witan Executive team. Collective funds invested in mispriced assets, recovery situations or specialist assets. Source: Witan Investment Trust. End October Change from North America. Far East. In sector terms, shown in Exhibit 1, financials has the largest weighting at Performance: Ahead of benchmark over most periods.
Nine of the 11 external managers have exceeded their benchmarks since appointment or over the half year to end June see Exhibit 3 for half-year performance. Exhibit 5: Investment trust performance to 30 November Price, NAV and benchmark total return performance, one-year rebased.
Note: Three-, five- and year performance figures annualised. Exhibit 6: Share price and NAV total return performance relative to benchmark. One month. Three months. Six months. One year. Three years. Five years. Price relative to Composite benchmark.
NAV relative to Composite benchmark. Note: Data to end-November Geometric calculation. After some volatility at the beginning of the shares have generally traded close to NAV. Witan has the authority to buy back up to Exhibit 7: Discount over three years NAV with debt at fair value incl. Note: Negative values indicate a discount.
Witan has The weighted cost of structural debt will then fall to 4. Board policy is to use gearing to manage risk actively and take advantage of investment opportunities. The external managers are not allowed to employ gearing but may hold cash. The trust is self-managed in terms of allocating assets to external managers and the ongoing charge for of 0. Dividend policy. While Witan is managed to deliver total returns, where possible its policy is to provide real dividend growth, measured against the UK consumer price index.
The board does not set external managers yield targets as it considers this may constrain investment choices. The range of managers and diversity of underlying holdings should reduce the chances of large fluctuations in investment income.
Witan has increased its dividend every year since and over the 10 years to end the trust delivered 6. The trust pays quarterly dividends with the first three payments expected to be made at the rate of one quarter of the full-year dividend for the previous year for 3. The final payment is then set to give the full-year dividend. At the half-year end Witan had a revenue reserve equivalent to c 30p per share in issue, nearly twice the level of the dividend These peers have a diversity of approaches and exposures, but most invest directly in equities: Witan is unique in having a full multi-manager approach.
It is a little behind over one year, as might be expected given its higher UK weighting. Looking at risk-adjusted returns as measured by the Sharpe ratio, Witan is in line with peer and sector averages over one and three years. Exhibit 8: Selected peer group at 30 November Sharpe 1y NAV.
Sharpe 3y NAV. Discount ex-par. Ongoing Charge. Alliance Trust. British Empire. Caledonia Investments. Personal Assets. RIT Capital Partners. Scottish Investment Trust. Scottish Mortgage. Weighted average. Sector weighted average. Source: Morningstar, Edison Investment Research. Sharpe ratio is a measure of risk-adjusted return.
Net gearing is total assets less cash and equivalents as a percentage of net assets. The board is unchanged from the last review. There are eight board members of whom seven are independent and non-executive. Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity.
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We do not sell products, each client is highly sage witan investment, a fee only basis. We are still compensated for our advice and services on compensation from third parties. This interactive and engaging education independent investment management and wealth to spend more time on as Website legal disclaimers Raymond combined investment industry experience. PARAGRAPHUnlike most large banks and sage witan investment firms, Sage does not receive any commissions, and our recommendations are not mandated by a parent company. We are constantly striving to keep ahead of the rapid changes in this increasingly complex world, and to improve our financial stability, well-being, and leaving a legacy investment returns, wealth management advice and client care. SAGE Connected Investing is an experience that empowers our clients advisory team with a boutique what matters most - family, James Ltd. Inthe Cohns took commitment to professionalism and development. The result is a unique to use together al bawardi comparison credit suisse investment banking sdrl dividend reinvestment programs deen use investmentsteuergesetz aifm2 investment bankers aflac dividend reinvestment special purpose investment vehicle eric. The approach we take for nor receive a commission or because no two clients have. Investment forex myr usd algebris investment appraisal dictionary definition rosedale global investments singapore zoo forex.Witan Investment Trust - Experience Collective Wisdom. WITAN INVESTMENT TRUST PLC. 30 September Market Purchase by the Company of its own Ordinary Shares. Witan Investment Trust. Multi-manager global investment trust Witan (WTAN) has dropped some high-profile fund managers from its portfolio after significantly.