WTAN aims to deliver long-term growth in income and capital through active multi-manager investment in global equities. Funds are allocated to 10 external managers with c 25% invested in specialist managers and funds. WTAN seeks external managers with the conviction to take views that diverge from benchmark weightings. The trust’s composite benchmark with effect from 1 January 2020 is 15% UK and 85% world (including UK).
Witan Investment Trust (WTAN) has used a multi-manager structure since 2004. However, it has continued to evolve as new opportunities and challenges emerge in investment markets. Performance was good in absolute terms through FY21 but lagged global markets, contributing to lower relative returns over the past five years. WTAN’s relative performance is still ahead over 10 years and 2021 saw the 47th consecutive year of dividend increases. The trust’s portfolio is well diversified and takes active positions versus stylistic, country and sector comparisons, so we believe there is scope for the recent underperformance to be reversed if the market direction becomes driven by a broader set of sector and geographical factors.