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
- Witan's benchmark is 85% Global (MSCI All Country World Index) and 15% UK (MSCI UK IMI Index).
STRATEGIC REPORT
01Financial highlights
- Our investment approach
- Key performance indicators
- What we do
- Chairman's Statement
- CEO's review of the year
- Responsible investment
- Meet the managers
- Forty largest investments
- Classification of investments
- Principal risks and uncertainties
- Section 172: engaging with our stakeholders
- Corporate and operational structure
- Costs
- Viability Statement
CORPORATE GOVERNANCE
46Board of directors
48Corporate Governance
- Report of the Audit Committee
- Directors' Remuneration Report
- Directors' Report
- Statement of Directors' Responsibilities
FINANCIAL STATEMENTS
77Independent Auditor's Report to the members of Witan Investment Trust plc
- Consolidated Statement of Comprehensive Income
- Consolidated and Individual Statements of Changes in Equity
- Consolidated and Individual Balance Sheets
- Consolidated and Individual Cash Flow Statements
- Notes to the Financial Statements
- Other Financial Information (unaudited)
-
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
- Source: Morningstar.
- Source: Morningstar. See also MSCI for conditions of use (www.msci.com).
- Alternative performance measure (see page 115).
- 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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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.