Edison issues review on Witan Pacific Inv. Trust

RNS Number : 8044M

Witan Pacific Investment Trust PLC

01 May 2018

 

                                                                                                               London, UK, 1 May 2018

Edison issues review on Witan Pacific Investment Trust (WPC)

Witan Pacific Investment Trust (WPC) has outperformed its MSCI AC Asia Pacific Free benchmark since adopting a multi-manager strategy at end-May 2005. However, following a period of relative weakness (particularly since mid-2016), the board has changed the external manager line-up (effective from end-September 2017). It is enthusiastic about the two new managers: Dalton Investments and Robeco Institutional Asset Management (and has continued confidence in incumbent managers Aberdeen and Matthews). The board is hopeful that the new line-up can build on WPC's long-term record of outperformance. WPC aims to generate long-term growth in both capital and income, and the regular annual dividend has increased in each of the last 13 years.

WPC's current 14.1% share price discount to cum-income NAV is wider than the averages of the last one, three and five years (range of 13.0% to 13.5%). The trust's board repurchases shares when they are trading at a substantial and anomalous discount. WPC has a progressive dividend policy; annual distributions have increased for the last 13 consecutive years. Its current dividend yield is 1.7%.

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