Interim Management Statement

RNS Number : 8241S

Witan Investment Trust PLC

12 November 2013

 



WITAN INVESTMENT TRUST PLC                                                                        Page 1 of 4

12 November 2013

Second Interim Management Statement for the year beginning 1 January 2013

Objective

The objective of Witan Investment Trust plc is to be the preferred choice for wealth creation, delivering long-term capital growth and a growing real income to shareholders through investment in global equity markets. 

Review of the period beginning 1 July 2013

Between 30 June 2013 and 30 September 2013 the net asset value per share total return (calculated by including the debt at fair value) was 4.5%.  The Company's benchmark returned 3.5% over this three month period. 

Between 30 June 2013 and 30 September 2013 the Company bought back for cancellation a total of 35,000 of its ordinary shares.  The number of ordinary shares in issue at 30 September 2013 was 189,311,000.  The share price at 30 September 2013 was 621.00p, giving the Company a market capitalisation of £1,175.6 million.  As at 11 November 2013 the number of ordinary shares in issue was 189,311,000 and the share price was 653.50p, giving the Company a current market capitalisation of £1,237.1 million.  

The Company has commenced paying dividends quarterly from 2013.  The Company has previously indicated that it intends that the first three payments (in June, September and December) will, in the absence of unforeseen circumstances, be paid at a rate of 3.3 pence per share, being one quarter of the full year payment for 2012 (13.2 pence).  The fourth payment (in March 2014) will be a balancing amount, reflecting the difference between the three quarterly dividends already paid and the payment decided for the full year.

On 18 September 2013, the Company paid a second quarterly interim dividend of 3.30p, making a total of 6.60p paid per ordinary share in respect of the year ending 31 December 2013 (2012: 6.00p). On 7 November 2013, the Company announced that a third interim dividend of 3.3p per ordinary share of 25p, in respect of the year ending 31 December 2013, will be paid on Wednesday 18 December 2013 to shareholders registered at the close of business on Friday 22 November 2013.

There are no other material events or transactions to report.

Company Information

Epic Code:  WTAN

Sector:  Global Growth

Launch date:  1909

Financial year end:  31 December

Next dividend payment (ordinary shares): December 2013

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Company Statistics as at 30 September 2013

Gross Total Assets: £1,436 million*

Net asset value per ordinary share: 680.0p*

Share price: 621.00p*

Discount: 8.7%*

Gearing: 10%

Dividend yield: 2.13%*

Ongoing charges for 2012: 0.97% (excluding performance fees: 0.69%)*

Geographic Breakdown as at 30 September 2013*

UK                              42.5%

North America 22.4%

Europe                         14.4%

Far East                       10.7%

Japan                           7.3%

Other                           2.8%

Cash                            -0.1%

Sector Allocation as at 30 September 2013*

Financials                     23.2%

Consumer Services       15.8%

Industrials                     14.9%

Consumer Goods         13.0%

Health Care                  7.4%

Technology                   5.8%

Other                           11.4%

Open Ended Funds       5.6%

Equity Index Futures     3.0%

Cash/Bonds                  -0.1%

Ten Largest Holdings as at 30 September 2013*

(on a look through basis across managers, excluding open-ended funds)

Diageo                                                                         1.8%

Reed Elsevier                                                               1.8%

London Stock Exchange                                               1.7%

Electra Private Equity                                                    1.5%

Schroders                                                                     1.4%

Unilever                                                                        1.3%

Daily Mail & General                                                    1.2%

BP                                                                               1.2%

Princess Private Equity                                                  1.2%

Pearson                                                                        1.2%

*Source: BNP Paribas Securities Services

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Manager Breakdown and percentages of portfolio under management

Manager	Mandate	31/12/12	30/06/13	30/09/13
		%	%	%
Artemis	UK	8.6	9.2	9.8
Lindsell Train	UK	12.0	12.4	12.8
Heronbridge	UK	-	5.3	5.6
Henderson Global Investors	UK Smaller Cos	1.9	1.9	2.0
Southeastern Asset Management	Global	8.6	8.5	8.4
MFS International	Global	8.6	8.8	8.7
Thomas White International	Global	8.1	6.9	6.5
Veritas	Global	12.0	12.1	11.8
Lansdowne	Global	2.5	4.8	5.8
Marathon	Pan-Europe	7.9	7.7	8.0
Matthews	Asia Pacific cum Japan	-	9.5	9.0
Trilogy	Emerging Markets	4.4	3.7	3.6
Witan Executive team	Directly-held investments	10.3	7.8	6.7
Japan open-ended funds	Japan	-	1.4	1.4
NewSmith Asset Management	UK	8.7	-	-
Comgest	Pacific ex Japan	6.4	-	-

Investment Performance⁽¹⁾

Performance over	3 months	6 months	1 year	3 years	5 years	10 years
Share Price (Total Return)	6.0%	6.4%	30.4%	43.8%	87.2%	178.3%
Net Asset Value (Total Return) (2)	4.5%	4.4%	27.1%	37.4%	79.0%	155.0%
Benchmark (Total Return)	3.5%	2.8%	19.8%	31.2%	65.0%	134.1%

⁽¹⁾  Source: Datastream & FE Analytics  - percentage growth to 30 September 2013.

⁽²⁾  The Net Asset Value figures value debt at fair value except for the 10 year figures where debt is valued at par value.

Since 01.10.2007 the benchmark has been a composite of four indices: 40% FTSE All-Share, 20% each in FTSE All-World North America, FTSE All-World Europe (ex UK) Index and FTSE All-World Asia Pacific Index. From 01.09.2004 to 30.09.2007 the benchmark consisted of 50% FTSE All-Share, 50% FTSE World (ex UK) and prior to this 60% FTSE All-Share, 40% FTSE World (ex UK).  Source: FTSE International Limited ("FTSE"). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under license. For more information go to http://www.witan.com/legal-information

ENDS

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For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

[e-mail]

James Frost, Marketing Director                                   Jain Castiau, Director

Witan Investment Trust plc                                            Cauldron Consulting

Tel: [phone]                                                      Tel: [phone]

[e-mail]                                              [e-mail]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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