Alliance Trust

Alliance Trust (ATST)

28/07/2023

Results analysis from Kepler Trust Intelligence

Alliance Trust (ATST) recorded strong absolute performance in the six months to 30/06/2023, achieving NAV total return of 11.1% versus a MSCI ACWI benchmark return of 7.8%. Sentiment weighed slightly on the share price meaning that shareholder total return lagged the benchmark by 0.2%, recording a return of 7.6% over the six months.

Performance remains well ahead of its peers, outperforming the AIC Global sector by 2.1% on an NAV basis.

The trust's strong performance once again demonstrated the benefits of its balanced approach, as markets continued to experience volatility throughout the period.

Kepler View

WTW focuses on offering a diversified exposure to global equities, balanced across different styles and factors, with the aim of achieving steady positive returns over the long term. To achieve this they employ a strategy previously reserved for institutional investors, blending 10-15 investment managers' best ideas into an overall portfolio.

Each manager has a distinctive point of view, but blended together produce a balanced allocation to global equities, with active underlying management. Since the trust reached its half year, WTW has added a tenth strategy to the portfolio, Dalton Investments, which invests in undervalued Japanese companies largely at the small to mid-end of the market capitalisation spectrum. WTW explained that changing regulations in Japan combined with low inflation and interest rates means that it offers an interesting diversified exposure relative to the rest of the developed world.  

Six years on from inception the trust's investment process is firmly bedded in, and has especially proved itself over a challenging three years for markets, during which the trust has outperformed its MSCI ACWI benchmark by 4.8% on an NAV total return basis to 30/06/2023 and by 4.2% on a total shareholder return basis.

CLICK HERE TO READ THE FULL REPORT 

Visit Kepler Trust Intelligence for more high quality independent investment trust research.

Important information

This report has been issued by Kepler Partners LLP.  The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

Kepler Partners is not authorised to make recommendations to retail clients. This report has been issued by Kepler Partners LLP, is based on factual information only, is solely for information purposes only and any views contained in it must not be construed as investment or tax advice or a recommendation to buy, sell or take any action in relation to any investment.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Kepler Partners LLP to any registration requirement within such jurisdiction or country. In particular, this website is exclusively for non-US Persons. Persons who access this information are required to inform themselves and to comply with any such restrictions.

The information contained in this website is not intended to constitute, and should not be construed as, investment advice. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Any views and opinions, whilst given in good faith, are subject to change without notice.

This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell or take any action in relation to any investment mentioned herein. Any prices or quotations contained herein are indicative only.  

Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, but will at all times be subject to restrictions imposed by the firm's internal rules. A copy of the firm's Conflict of Interest policy is available on request.

PLEASE SEE ALSO OUR TERMS AND CONDITIONS

Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority (FRN 480590), registered in England and Wales at 70 Conduit Street, London W1S 2GF with registered number OC334771.