Witan Investment Trust : Half Year Report 2021

Collective Wisdom

Witan Investment Trust plc Half Year Report 2021

Adaptability		TALENTED MANAGERS	Multiple perspectives
		Experience
Careful balance

I N D E P E N D E N T T H I N K I N G

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Company overview

Our investment policy

Witan invests primarily in listed companies across global equity markets, using a multi-manager approach. The Company's actively managed portfolio covers a broad range of markets and sectors, offering a distinctive way for investors to access the opportunities created by global economic growth.

Our purpose

is to achieve significant growth in our investors' wealth by investing in global equity markets, using a multi-manager approach.

Our objective

is to achieve an investment total return exceeding that of the Company's benchmark(1) over the long term, together with growth in the dividend ahead of inflation.

Where to find us

Our website has a full range of information about Witan and regular commentary about investment markets.

  Find us online @ www.witan.com

1. Witan's benchmark is 85% Global (MSCI All Country World Index) and 15% UK (MSCI UK IMI Index).

CONTENTS

01 Financial highlights

1. Our investment approach

1. Interim management report

1. Top 40 investments
2. Portfolio structure
3. Regulatory disclosures

1. Financial Statements

1. Notes to the Financial Statements

1. Additional Shareholder Information
   IBC Contacts

The Half Year Report is intended to help shareholders assess the Company's strategy. It contains certain forward-looking statements. These are made by the directors in good faith based on information available to them up to the time of their approval of this Report. Such statements should be treated with caution due to the inherent uncertainties, including economic and business risks, underlying any such forward-looking information.

Financial highlights

1. Source: Morningstar.
2. Source: Morningstar. See also MSCI for conditions of use (www.msci.com).
3. Alternative performance measure (see page 20).
4. 30 June 2021 data is unaudited.

Key data
241.5p	262.3p
SHARE PRICE	NAV PER ORDINARY SHARE
31 DEC 2020: 230.5p	(DEBT AT FAIR VALUE)(3)(4)
	31 DEC 2020: 236.0p
12.4%	2.72p
NAV TOTAL RETURN(3)(4)	DIVIDEND PER SHARE
2020: 4.2%	30 JUNE 2020: 2.68p

Total return performance

	6 months	1 year	5 years	10 years
	% return	% return	% return	% return
TOTAL RETURN(1)(3)	6.0	34.7	81.0	194.0
SHARE PRICE
NAV TOTAL RETURN(1)(3)	12.4	37.3	79.0	177.7
WITAN BENCHMARK(1)	11.4	24.5	79.9	161.3
MSCI ACWI INDEX(2)	11.4	25.1	96.3	214.9
MSCI UK IMI INDEX(2)	11.2	20.3	32.6	78.8

A high conviction yet well-diversified portfolio

Percentage of total funds

38%	21%	17%
NORTH AMERICA	UNITED KINGDOM	EUROPE
8%	3%	13%
ASIA	JAPAN	OTHER, INCLUDING
		INVESTMENT COMPANIES

To read more about	SECTOR BREAKDOWN OF THE PORTFOLIO
our portfolio see page 05	15%	Information Technology
	13%	Industrials
	11%	Communication Services
	11%	Investment Companies
	10%	Consumer Staples
	10%	Financials
	10%	Healthcare
	9%	Consumer Discretionary
	9%	Materials	Source: BNP Paribas
	2%	Other	as at 30 June 2021
	COMPANY SIZE BREAKDOWN OF THE PORTFOLIO
	75%	Large Cap
	9%	Mid Cap
	5%	Small Cap
	11%	Investment Companies

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Half Year Report 2021

Our investment approach

Talent

We search for the best fund managers worldwide, choosing managers to complement each other, not to cover all styles. Our managers are active investors and construct concentrated portfolios focusing on their best ideas.

This high level of conviction produces portfolios which are differentiated from their benchmarks which they aim

to outperform.

Experience

Founded in 1909, we have a long track record of producing capital and income growth. We have invested through challenging economic cycles, wars and political crises, helping put contemporary events into perspective. Since the adoption of the current multi-manager strategy in 2004, shareholders have enjoyed a share price total return of 482% versus 361% for Witan's benchmark and 206% for

the MSCI UK Index.

Collective Wisdom

02	Witan Investment Trust plc
	Half Year Report 2021

Independence

Witan is an independent and self-managed investment company - dedicated to sustainable growth in its shareholders' wealth. Witan's employees are solely focused on the success of the Company.

Our independence means we simply seek, without pre-set constraints, to select the best managers available, in the interests of our shareholders.

Adaptable

Our multi-manager strategy allows

us to respond to changes in long-term trends either by changing managers and investment style or investing via our specialist portfolio with managers who have expert knowledge of particular sectors or regions. Using gearing and derivatives we can also adapt our portfolio to short-term opportunities or to manage risk.

A one-stop shop for global equity investment, offering growth in capital and income.

We search for the best managers around the world to create a portfolio diversified by region, investment sector and individual company level. Our multi‑manager approach also reduces the potential risks arising from reliance on a single manager.

Our highly experienced Board of directors and Executive have many years' collective experience of both managing assets, selecting managers and of delivering sound, independent governance.

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Half Year Report 2021