Portfolio Change: Appointment of new UK Manager

RNS Number : 2413H

Witan Investment Trust PLC

18 June 2013

 



WITAN INVESTMENT TRUST PLC

18 June 2013

Portfolio Changes: Appointment of new UK Manager

Witan Investment Trust plc has appointed Heronbridge Investment Management LLP ("Heronbridge") to manage a £75 million UK equity portfolio. The mandate will be run in accordance with the Heronbridge UK Equity strategy.

Founded in 2005, Heronbridge is a small UK based boutique with c. £800 million of assets under management. They employ a long-only equity approach, covering both large and smaller capitalised companies, with the objective of achieving returns meaningfully ahead of inflation, and of equity markets in general.  As 'benchmark-unaware' stock pickers, they think of the portfolio as a 'holding structure' owning 40 or so UK-listed companies considered to be soundly-financed, cash-generative businesses with good franchises. Their aim is to grow the Intrinsic Value of the portfolio (measured by its earnings, dividends and net assets) on the basis that share-price performance will reflect the progress of these metrics over time. 

This mandate - which will represent approximately 5% of the Witan Investment Trust portfolio - will be funded from the portfolio previously managed by NewSmith Asset Management.  Andrew Bell, Chief Executive of Witan Investment Trust says:

"The appointment of Heronbridge is a continuation of our move to invest with specialist managers who are innovative and have differentiated and high-conviction approaches towards creating value through stock picking and portfolio construction. At the same time, we would like to thank NewSmith Asset Management for their stewardship of the Company's assets over the past three years."

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For further informationplease contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

[e-mail]

James Frost, Marketing Director

Witan Investment Trust plc

Tel: [phone]

[e-mail]

Jain Castiau, Director

Cauldron Consulting

Tel: [phone]

[e-mail]

Notes

Witan Investment Trust plc

Established in 1909, Witan is one of the UK's largest investment trusts, managing some £1.2 billion (as at 31.12.2012; source: Witan) on behalf of over 31,000 investors. Witan is listed in the 'Global Growth' sector and is a member of the FTSE 250 index. Registered as an Investment Company in England No 101625. Further information may be found at www.witan.com. 

Heronbridge Investment Management LLP

Heronbridge is a long-only, value-biased equity investment management boutique. Founded in November 2005, it is a small, focused, independent firm, controlled by its working partners who were previously with Merrill Lynch Investment Managers, Silchester International Investors and Goldman Sachs Asset Management.

Heronbridge currently manage £811 million (as at 31.05.13) for institutional, charity and high net worth clients in the UK, the US and elsewhere.  In order to maximise the alignment of interests, the firm's partners have a considerable proportion of their own assets co-invested alongside those of clients.

 

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