Witan Investment Trust plc Annual Report 2021

Collective

Wisdom

STRATEGIC REPORT

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).

STRATEGIC REPORT

01Financial highlights

  1. Our investment approach
  1. Key performance indicators
  1. What we do
  1. Chairman's Statement
  1. CEO's review of the year
  1. Responsible investment
  1. Meet the managers
  1. Forty largest investments
  1. Classification of investments
  2. Principal risks and uncertainties
  1. Section 172: engaging with our stakeholders
  1. Corporate and operational structure
  2. Costs
  3. Viability Statement

CORPORATE GOVERNANCE

46Board of directors

48Corporate Governance

  1. Report of the Audit Committee
  1. Directors' Remuneration Report
  1. Directors' Report
  1. Statement of Directors' Responsibilities

FINANCIAL STATEMENTS

77Independent Auditor's Report to the members of Witan Investment Trust plc

  1. Consolidated Statement of Comprehensive Income
  2. Consolidated and Individual Statements of Changes in Equity
  3. Consolidated and Individual Balance Sheets
  4. Consolidated and Individual Cash Flow Statements
  5. Notes to the Financial Statements
  1. Other Financial Information (unaudited)
  1. Additional Shareholder Information
    IBCContacts

The Annual 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

To read more about

our KPIs see pages 4 and 5

  1. Source: Morningstar.
  2. Source: Morningstar. See also MSCI for conditions of use (www.msci.com).
  3. Alternative performance measure (see page 115).
  1. high conviction yet well-diversified portfolio

To read more about

our diversified portfolio see pages 34-36

79%(3)

Active share at end 2021

We are active investors with a highly selective approach to portfolio construction. This is different from a passive fund which replicates a particular index.

Key data

252.0p

267.4p

SHARE PRICE 2021

NAV PER ORDINARY

2020: 230.5p

SHARE (DEBT AT FAIR VALUE)(3)

2020: 236.0p

5.8%

5.60p

DISCOUNT (NAV INCLUDING

DIVIDEND PER SHARE

INCOME, DEBT AT FAIR VALUE)(3)

2020: 5.45p

2020: 2 . 4%

Total return performance

1 year

5 years

10 years

% return

% return

% return

SHARE PRICE TOTAL RETURN(1)(3)

11.9

57.4

255.3

NAV TOTAL RETURN

(1)(3)

15.8

59.6

232.7

WITAN BENCHMARK(1)

19.9

70.1

210.2

MSCI UK IMI INDEX(2)

18.7

26.7

102.6

MSCI ACWI INDEX(2)

20.1

83.3

270.6

Percentage of total funds

38%

20%

17%

4%

NORTH AMERICA

UNITED KINGDOM

EUROPE

OTHER

5%

3%

2%

11%

ASIA PACIFIC

JAPAN

UNQUOTED

INVESTMENT

EX JAPAN

FUNDS

COMPANIES

SECTOR BREAKDOWN OF THE PORTFOLIO

14.6%

Information Technology

13.2%

Industrials

11.3%

Investment Companies

10.7%

Healthcare

10.5%

Consumer Staples

9.7%

Communication Services

9.1%

Financials

8.7%

Consumer Discretionary

7.4%

Materials

1.7%

Energy

1.7%

Unquoted Funds

Source: BNP Paribas

1.1%

Utilities

as at 31 December 2021.

0.3%

Real Estate

COMPANY SIZE BREAKDOWN OF THE PORTFOLIO

72.0% Large Cap

11.0% Mid Cap

4.0% Small Cap

1.7% Unquoted Funds

11.3% Investment Companies

REPORT STRATEGIC

GOVERNANCE CORPORATE

STATEMENTS FINANCIAL

Witan Investment Trust plc

01

Annual Report 2021

STRATEGIC REPORT

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 high conviction 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 514% versus 396% for Witan's benchmark and 226% for the MSCI UK Index.

Collective Wisdom

A one-stop shop for global equity investment, offering growth

in capital and income.

02

Witan Investment Trust plc

Annual 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 interest 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.

REPORT STRATEGIC

GOVERNANCE CORPORATE

We search for the best managers around the world to create a portfolio that is diversified by region, investment sector and individual company level. This provides broad opportunities for investors and reduces the 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.

STATEMENTS FINANCIAL

Witan Investment Trust plc

03

Annual Report 2021

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Disclaimer

Witan Investment Trust plc published this content on 16 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 07:17:06 UTC.