Witan reports outperformance after discount narrows

Witan Investment Trust has reported strong performance in the first six months of 2013 following the appointment of two managers and the narrowing of its discount.

The £1.5bn trust, which uses a multi-manager approach, saw its shares’ discount to par value narrow from 15.1 per cent to 11.2 per cent in the year to June 30.

In the first half of 2013, the trust’s net asset value (NAV) total return was 16.7 per cent compared with a benchmark return of 11.4 per cent, which is a composite of the FTSE All-Share Index, the FTSE All-World North America Index, the FTSE All-World Europe (ex UK) Index, and the FTSE All-World Asia Pacific Index.

Article continues after advert

The trust hired Matthews International Capital Management in February to run a mandate based on their Asia Dividend Strategy, which has exposure to Japan. The holding replaced Comgest, who did not invest in the region.

In June, Heronbridge Investment Management was appointed to manage a UK portfolio in accordance with their value-based approach, replacing previous managers NewSmith.