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London, UK, 13 September 2021
Edison issues review on Witan Investment Trust (WTAN)
Witan Investment Trust (WTAN) has employed a multi-manager approach since 2004, including strategies that may be unavailable to the general investor. The trust is back on track following a period of weak performance in early 2020 due to its positioning during the extreme coronavirus-led market sell-off, and is ahead of its composite benchmark and the majority of its peers over the last 12 months (WTAN has also outperformed its benchmark over the last decade). The trust's portfolio was restructured in a measured way in 2020 as part of a long-term strategy to align the fund with available global investment opportunities, and its investment director James Hart believes that WTAN is well positioned to continue to deliver positive performance in the current environment of broader stock market leadership.
WTAN's current 7.3% share price discount to cum-income NAV is wider than its longer-term averages of 4.0% to 5.1% over the last three, five and 10 years. There is scope for a higher valuation now that the trust's performance is back on track. WTAN has a 46-year record of consecutive annual dividend growth and currently offers a 2.2% yield, which is higher than its peer group average, as is its level of net gearing (currently 10.1%).
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