Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Witan. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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Witan offers investors a highly efficient way of getting exposure to global equities, with all the benefits of active management but with few of the disadvantages. The highly diversified portfolio has little key man risk thanks to the multi-manager approach and is different to other global trusts thanks to the in-house executive team, which is fully aligned with Witan’s shareholders.

The portfolio is designed relatively simply and sees the majority of the trust’s assets invested with ‘core’ managers (c. 75%) and the balance using ‘specialist’ teams. Currently, there are eight main underlying managers, as well as other smaller exposures, including a number of investment trusts. Reflecting the long-term investment approach, changing allocations between managers is expected to be infrequent, although as we discuss in Portfolio, October has seen some activity in this regard.

Since the adoption of the current ‘manager of managers’ approach, Witan has outperformed its benchmark and delivered dividend growth well ahead of inflation. The period since the pandemic has presented challenges, but the executive team were quick to address the changed outlook, and the performance has directly benefitted from their actions. The underlying portfolio is currently well balanced, with exposure to companies with enduring cash-flows, higher growth companies, and undervalued, cyclical businesses. This helps explain the decent relative Performance over the last 12 months despite a changeable market environment.

Notwithstanding the pressures felt by many trusts, Witan’s board increased the 2020 Dividend by 1.9%, taking the ten-year compounded growth to 9.6% annualised. We expect to hear confirmation on the dividend for the current financial year in March 2022. Witan currently yields 2.3% on a historic basis.

Kepler View

Witan’s team was wrong-footed by the pandemic, and performance suffered. However, they were quick to confront the new reality, and with changes to the manager roster having been made the resulting portfolio is, in our view, better equipped to deliver for shareholders in this new environment. This demonstrates the advantages Witan has over most other global funds, in that there is little key man risk, and changes to the manager set-up can be made relatively easily. This enables the trust to continue to adapt to a changing investment environment over the coming decades.

As highlighted in Portfolio and ESG, the executive team are already adapting their approach so that investors will benefit from the significant opportunities presented by the shift to a low carbon economy and the world’s net-zero ambitions. Although the bald statistics don’t show it, we continue to believe Witan qualifies as a potential investment for investors who want a responsible, ESG aware manager.

Witan’s discount took a knock from the pandemic, from which it has so far not recovered. Whilst Witan is never likely to be the strongest performer over a short time frame – particularly if a narrow style finds favour over another – over the long-term, outperformance has historically come through. We believe we could see the discount narrow over time, but over the short term, the board continues to protect discount volatility on the downside. As such, Witan is a strong potential candidate for any long-term equity investor.

bull bear
‘Manager of managers’ approach offers diversified exposure within a clear portfolio structure
Higher exposure to UK than global peers, means this could weigh on relative performance
Majority of global managers complemented by specialists means portfolio is likely to be differentiated to other global trusts
Poor performance in H1 2020 means long term track record was affected
A reliable dividend, progressively growing for the past 46 years
Gearing can exacerbate the downside, as was the case in 2020
Continue to Portfolio

Fund History

03 Aug 2022 Fund Analysis
WTAN’s differentiated approach remains attractive despite short term performance challenges…
30 Mar 2022 You say tomato…
Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach...
08 Dec 2021 Fund Analysis
Witan continues to adapt to a changing investment environment...
19 Aug 2021 Pandemic immunity
We ask which global equity trusts have outperformed through the different stages of the pandemic…
16 Jun 2021 A better class of travel*
Sharing many features of a traditional family office, investment trusts offer a sophisticated, cost effective solution for managing family wealth...
09 Jun 2021 Fund Analysis
A solid period of outperformance means WTAN is back in business...
16 Dec 2020 Fund Analysis
Witan has bounced back from Q1 2020, making the 7.6% discount potentially attractive…
07 Sep 2020 Fund Analysis
WTAN has had a challenging 2020, but a refreshed line-up of managers makes the 7.8% discount potentially attractive…
03 Dec 2019 Fund Analysis
Highly active multi-manager approach offering a ‘one-stop shop’ for capital appreciation and income…
23 Oct 2019 Sail away: the best trusts to escape the UK
We look under the hoods of Global sector trusts to see which offer the best diversification prospects for UK investors...
15 Apr 2019 Fund Analysis
Witan follows a highly active ‘manager of managers’ approach, using a range of third-party managers to gain exposure to global equity markets...
26 Jul 2018 Fund Analysis
This well known global generalist has been hurt by its UK exposure this year as the Brexit debacle trundles on...
25 Jul 2018 The Endurance Growth Portfolio
The purpose of the Endurance Growth Portfolio is to generate long-term capital growth with a bias towards quality and defensive characteristics...
14 Dec 2017 Race to the bottom
Ahead of the new PRIIPS rules we examine the progress investment trust boards are making in reducing costs...
24 May 2017 Fund Analysis
12 Jul 2016 Fund Analysis
12 Jul 2016 Taking the bull by the horns
We examine the boards which have done most to fight for their shareholders' interests in an unforgiving arena...
12 Jul 2016 Anarchy in the UK
We collate the reactions of the City's leading investment companies analysts in the wake of the EU referendum...
20 Apr 2016 A wild ride for Endurance Growth
Our long term growth model portfolio has had a white knuckle ride since launch in July...
19 Apr 2016 Fund Analysis
19 Apr 2016 Brexit discount slump is a buying opportunity
Analysts believe a sharp bounce is likely if the public comes down in favour of a 'remain' vote.
15 Mar 2016 First class trusts at knockout discounts
A fire-sale by a fund of investment trusts dumping assets worth more than £650m is good news for discount hunters...
13 Oct 2015 Analyst
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07 Sep 2015 RIT Cap stands out amid market chaos
RIT Capital, the most risk averse member of The Endurance Growth Portfolio, has eked out a positive return against a backdrop of plunging markets this summer
07 Jul 2015 Fund Analysis
10 Jun 2015 The Endurance Growth Portfolio
Five investment trusts with outstanding long-term growth prospects
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