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 employs a differentiated multi-manager approach to investing with an objective to grow capital and income from global equities. The highly-diversified Portfolio is designed to provide all the benefits of active management but with few of the disadvantages, such as key man risk.

Witan aims to provide a ‘one-stop shop’, with selection and monitoring of underlying managers as well as a directly-invested portfolio of other investment trusts providing a broadly diversified portfolio and a high active share when compared to the benchmark. Witan is very different to other global trusts or multi-manager products due to the in-house executive team which is aligned fully with Witan’s shareholders.

Currently, the manager roster includes eight delegated managers running segregated accounts with full visibility given to Witan’s executive team on every investment. Although there is expected to be a low level of turnover of managers, the executive team has been active recently in allocating capital between them. Managers are selected to provide a range of different approaches and styles, ensuring that the portfolio as a whole is never overly exposed to one sector, style or theme. Re-allocation activity, which can be contrarian, looks to capture a portfolio’s underappreciated growth prospects by balancing that potential for growth with an attractive valuation.

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 in a very changeable market environment and short-term performance has suffered.

Witan is one of the leading trusts of the AIC’s ‘dividend heroes’, having delivered 47 years of dividend increases. Over the past 10 years, dividend growth has averaged 8.8% per annum. At the current share price, Witan yields 2.5% on a historic basis.

Analyst's View

Witan offers a differentiated approach to multi-manager investing. As we discuss in the ESG section, the board and executive team are taking industry-leading steps towards investing only in what they view to be ‘sustainable’ companies, which they hope to achieve by 2030 or before. In this regard and in our view, Witan adds another feather in its cap with its ambition to provide a one-stop shop for global equity investors, especially those who want a responsible ESG-aware manager.

In other ways, outside of ESG, Witan might be considered to have an element of future-proofing: with highly active managers underpinning the strategy, Witan’s overall exposure will be dynamic and able to adapt to the investment environment as circumstances change. In our view, one of the advantages that Witan has when compared to other global trusts is that a manager is only ever a contributor to the track record. Furthermore, it means that it is far easier to rotate the manager roster to keep up with market events and expectations or take in new, emerging opportunities. Over time, we think this should ensure that long-term performance relative to the benchmark is more consistent than peers.

Witan has seen its discount widen recently but not by as much as many peers in the global sector. The current discount of 6.8% has been supported partially by buybacks. Having traded at a premium prior to the Brexit referendum, it is possible that should performance start to improve and confidence return to markets, Witan could experience a re-rating.


  • ‘Manager of managers’ approach offers diversified exposure within a clear portfolio structure
  • Majority of global managers complemented by specialists means portfolio is likely to be differentiated to other global trusts
  • A reliable dividend, progressively growing for the past 47 years


  • Higher exposure to UK than many global peers means this could influence relative performance
  • Poor performance in H1 2020 and so far during 2022 means long term-track record has been affected
  • Gearing can exacerbate the downside
Continue to Portfolio

Fund History

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13 Jul 2024 Ch-ch-ch-changes
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10 Jul 2024 Things can only get better
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05 Jul 2024 Flash update: Alliance Trust
Thoughts on Witan’s proposed merger with Alliance Trust…
04 Jul 2024 Flash update: Witan
Thoughts on Witan’s proposed merger with Alliance Trust…
03 Jul 2024 Monthly roundup: merger news and highlights from our June small cap event
Jo and Ryan discuss the latest news, reviews and interviews in the investment trust world...
24 Apr 2024 Fund Analysis
Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
17 Apr 2024 Pretty, pretty, pretty good
Do investment trusts really protect capital and income against inflation? Let's take a look…
12 Apr 2024 Inflationary trends
A higher US CPI print is indicative of lurking inflationary trends...
19 Jul 2023 Fund Analysis
2023 has, so far, seen a return to outperformance, but the discount remains wide by historical standards…
12 Jul 2023 Many hands make light work
We break down how multi-managers have performed over the past five years and their positioning for the inevitable uncertainty that lies ahead…
30 Dec 2022 Fund Analysis
Short-term challenges do nothing to dim the long-term prospects for Witan…
17 Aug 2022 The world for sale
While investment trusts are lagging their open-ended cousins in the global sector, their discounts may provide an attractive entry point...
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 ordinary investors a cost-effective solution to 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…
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...
15 Aug 2018 The income edge
Last year saw investment trusts soar in popularity among both retail investors and wealth managers. We examine why this has happened, as well as the structural advantages of investment trusts for income-hungry investors...
25 Jul 2018 Fund Analysis
This well known global generalist has had a tough run in recent months but a higher active share could prove interesting...
13 Mar 2018 Fund Analysis
Witan is one of the UK’s largest investment trusts and aims for capital growth and an income which rises faster than inflation using a multi-manager approach...
14 Dec 2017 Race to the bottom
How are investment trust boards doing, in bringing down their costs?
16 Aug 2017 Fund Analysis
A global equity trust run via a manager of managers approach that has delivered consistent outperformance over the medium term...
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