Interim Management Statement

RNS Number : 7713T

Witan Pacific Investment Trust PLC

11 June 2009

 



WITAN PACIFIC INVESTMENT TRUST PLC

Interim Management Statement - 3 months ended 30 April 2009

Introduction

The Company has prepared this interim management statement ('IMS') to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. The IMS covers the three month period ended 30 April 2009, together with relevant information up to the date of publication.

Investment Objective

The objective of Witan Pacific Investment Trust plc ('the Company') is to provide shareholders with a balanced portfolio of investments in the Asia Pacific region designed to outperform the MSCI AC Asia Pacific Free Index (£). The Company's assets are managed by Aberdeen Asset Managers Limited and Nomura Asset Management U.K. Limited. Witan Investment Services Limited provides the executive management. 

Multi-Manager Structure

Managers	% of Assets
Aberdeen Asset Managers Limited	52%
Nomura Asset Management U.K. Limited	48%

Company Information

Epic Code	WPC
Sector	Far East - Including Japan
Trust Type	Conventional (Ords)
Launch Date	1907
Financial Year End	31 January
Annual Results Announced	28 April 2009
AGM	9 June 2009

Company's Statistics

	31 January 2009	30 April 2009
Gross Total Assets*	£101,778,000	£109,016,000
NAV per ordinary share*	148.85p	159.88p
Share price*	122.75p	132.00p
Premium/Discount*	-17.5%	-17.4%
Gearing*	103	103
Yield*	1.34%	1.25%

Geographic Breakdown*

	31 January 2009	30 April 2009
Japan	42%	37%
Hong Kong	9%	10%
Singapore	9%	10%
Australia	7%	8%
China	8%	8%
South Korea	5%	6%
India	7%	7%
Taiwan	5%	5%
Other Countries	8%	9%

Sector Allocation*

	31 January 2009	30 April 2009
Financials	25%	26%
Industrials	14%	14%
Consumer Goods	11%	13%
Technology	9%	10%
Basic Materials	7%	8%
Consumer Services	10%	8%
Telecommunications	8%	7%
Energy	4%	4%
Healthcare	3%	2%
Utilities	2%	1%
Other (investment in India funds)	7%	7%

Ten Largest Holdings*

31 January 2009

Aberdeen Global India Opportunities Fund	5.0%
China Mobile	2.8%
Toyota Motor Corporation	2.4%
Shin-etsu Chemical	2.3%
Honda Motor Company	2.3%
Samsung Electronics	2.1%
Nomura India Equity Fund	1.9%
Canon	1.8%
Swire Pacific	1.7%
Taiwan Semiconductor	1.7%

30 April 2009

Aberdeen Global India Opportunities Fund	5.1%
Toyota Motor Corporation	2.6%
Samsung Electronics	2.3%
China Mobile	2.3%
Shin-etsu Chemical	2.2%
Canon	2.1%
Nomura India Equity Fund	2.0%
Taiwan Semiconductor	2.0%
OCBC	1.9%
Honda Motor Company	1.8%

*Source: BNP Paribas

Performance over	3 months	6 months	1 year	3 years	5 years	10 years
Share Price (Total Return)	7.54%	13.79%	-24.05%	-20.99%	18.10%	7.50%
Net Asset Value  (Total Return)#	7.41%	14.82%	-18.23%	-10.76%	28.94%	8.53%
Index (Total Return)	7.42%	16.86%	-16.64%	-12.54%	32.97%	24.28%

All Performance Data Source: Datastream to 30 April 2009. 

#The Net Asset Value figures value debt at fair value. 

The benchmark for Witan Pacific Investment Trust PLC is the MSCI AC Asia Pacific Free Index (£).

Quarterly Portfolio Report as at 30 April 2009 

Asian markets posted a respectable rally during the quarter under review. The MSCI AC Asia Pacific inc Japan Index (£) rose 7.4% and the Company's share price was marginally ahead rising 7.5% whilst the NAV was in line with a rise of 7.4%. Aberdeen were ahead of the benchmark and Nomura lagged the benchmark. Whilst the economic backdrop remains challenging investors were encouraged by government stimulus plans, continuing low interest rates and plans by the US authorities to purge banks of their 'toxic' assets were welcomed as a positive development for financial markets.

Since the end of April markets have continued to rise and the Company has benefited from strong investment returns. At the end of May 2009, which coincides with the 4th anniversary of the adoption of the multi-manager structure the Company's NAV had risen 33.4% compared with a return of 29.5% for the benchmark index. Over the same 4 year period the Company's share price rose 28.0%.

Material Events

There were no material events to report during the period.

Changes to Share Capital

	Issued Ordinary shares of 25p each
As at 31 January 2009	66,358,868
Shares bought back and cancelled during the period	50,000
As at 30 April 2009	66,308,868
Shares bought back and cancelled since 30 April 2009	Nil

Dividends

At the Annual General Meeting of the Company held on Tuesday 9th June 2009, shareholders approved the payment of a final dividend of 1.85p per share for the year ended 31 January 2009 (2008:1.65p) and the payment of a special dividend of 1.00p per share. The dividends will be paid on 26 June 2009 to shareholders on the register at the close of business on 29 May 2009.

Phoenix Administration Services Limited

11 June 2009

 

END

 

 

IMSGUUBPQUPBGCG