Witan Pacific Investment Trust plc announces Corporate Update

 

Witan Pacific Investment Trust plc (“Witan Pacific” or “the Company”) has achieved significant absolute appreciation in the Company’s underlying net asset value (“NAV”) and in its dividend over recent years. However, the Board of the Company is concerned that, in common with many other actively managed funds, the Company has experienced some underperformance relative to its benchmark in recent years.

 

The Board believes that the Company must justify its actively managed investment approach. Accordingly, the Board has determined that, if the Company does not deliver NAV total return outperformance of its benchmark over the period from the last financial year end to 31 January 2021, the Board will put forward proposals which would include a full cash exit at close to NAV for all shareholders as soon as reasonably practicable after 31 January 2021. 

 

The Company is a multi-manager investment trust, and the only investment trust with a pan-Asia mandate including Japan. The Company has outperformed its benchmark (MSCI AC Asia Pacific) since the inception of its multi-manager strategy in 2005.  The Board remains confident that the Company’s pan-Asian focus and multi-manager investment strategy can deliver attractive returns and long-term outperformance for shareholders, however the Board believes it appropriate to offer shareholders the opportunity to realise their holding in the Company at close to NAV, in the circumstances described.

 

- ENDS –

 

 

Notes

Witan Pacific - Discrete Investment Performance

 

Discrete performance (%)
 

Q4 2013
Q4 2014

Q4 2014
Q4 2015

Q4 2015
Q4 2016

Q4 2016
Q4 2017

Q4 2017
Q4 2018

Share Price (Total Return)

6.5

0.1

26.0

20.4

-11.1

Net Asset Value (Total Return)

6.4

3.0

22.6

20.8

-9.0

Benchmark (Total Return)

6.5

4.0

25.5

20.6

-7.9

Relative NAV Performance

-0.1

-1.0

-2.9

0.2

-1.1


Source: Morningstar, total return includes the notional reinvestment of dividends. Annualised figures updated each calendar quarter. The benchmark for the Witan Pacific Investment Trust plc is the MSCI AC Asia Pacific Free Index (£). For more information please go to www.witanpacific.com/legal-information

Please remember past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency or market fluctuations and you may not get back the amount originally invested.

 

Witan Pacific Investment Trust plc

Witan Pacific Investment Trust is a multi-manager, Asia-Pacific including Japan Trust with assets of £215m (Source: Witan Pacific Factsheet 31.12.2018). The Trust moved to a multi-manager structure on 27 May 2005 with Witan Investment Services as Executive Manager. The Trust’s benchmark is the MSCI AC Asia Pacific Free Index (£) with gross dividends reinvested.

 

Witan Investment Services Limited is a wholly-owned subsidiary of Witan Investment Trust plc. Witan Pacific Investment Trust plc is registered as an Investment Company in England No 91798.

 

For further information please visit www.witanpacific.com or contact:

 

James Hart, Investment Director

Witan Investment Services Limited

Tel: 020 7227 9770

[email protected]

 

Alexis Barling, Director of Marketing

Witan Investment Services Limited

Tel: 020 7227 9770

[email protected]

Publish date

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For media enquiries please contact Alexis Barling on 020 7227 9770