Fact sheet: Witan IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL GROWTH
Sector
IT Global
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Witan IT

Rated Fund 2013-2017. Makes use of external managers to good effect

Witan, founded in 1909, is one of the investment trust industry's 'dividend heroes'. Although its yield is relatively modest at 2 per cent, it has clocked up 41 consecutive years of annual dividend increases.

Since the arrival of chief executive Andrew Bell in 2010, its capital performance has also improved significantly. Most of its portfolio is managed by external fund managers. When it first adopted this approach in 2004, there was a heavy allocation to index-tracking funds. Under Bell, who decides the asset allocation and chooses the external managers, the trust has become actively managed.

Witan has played an important role in the history of the investment trust industry. Having originally been created as a family trust to manage the Henderson family estate, Witan sponsored the setting up of the investment group Hendersons in 1932 to manage its investments.

The trust became self-managed in 2004, but there is still a member of the Henderson family on the board, current chairman Harry Henderson.

When the trust first adopted its multi-manager stance, its dependence on index trackers resulted in a rather mediocre performance. Under Bell, it reverted to active mandates and Bell himself took over responsibility for the direct investment of nearly 10 per cent of the portfolio.

The remainder is divided among 10 to 15 external managers running different geographical portfolios. The blend of different active approaches and styles is aimed at improving returns and helping to smooth out the volatility normally associated with a single manager.

3 Year Performance
Fund Performance55.5%
Average of Rated Funds Group69.3%
Sector Performance56.7%
Fund information
Fund name
Witan Investment Trust plc
Fund manager company
Witan
Fund type
Investment Trust
Fund managers
  • Andrew Bellsince 31/03/2010
Accolades
Highly commended - Regular savings Global Generalist
Fund objective
Long-term growth in income and capital through active investment in global equities, using a multi-manager approach.
Benchmark
No data available.
Investment style
None
Investment method
Shares
Quick stats
1 Year return
25%
1 Year rank in sector
10/23
Sector
IT Global
Yield
2%
Fund size
£1,844m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
89
Mid price
1032
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
1055.41
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-2.22
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
111
Top in this sector
Fund name1 Year
Independent Investment Trust55.8%
Monks IT PLC42.6%
Sct Mtg IT PLC37%
Edinburgh Worldwide IT PLC33.3%
British Empire Trust plc29.6%
...more in IT Global

Performance snapshot

Holdings snapshot

  • UK37.8%
    North America20.9%
    Europe18.9%
    Far East13.9%
    Japan5%
  • Financials30.5%
    Consumer Services15.8%
    Industrials13.8%
    Consumer Goods10.4%
    Technology10.4%
  • UK Equities37.8%
    North American Equities20.9%
    European Equities18.9%
    Asia Pacific Equities13.9%
    Japanese Equities5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.5%5.3%11.2%25%55.5%139.6%
Sector2.5%5.7%9.6%24.3%56.7%101.6%
Rank within sector14 / 2312 / 238 / 2310 / 2312 / 235 / 23
Quartile3rd3rd2nd2nd3rd1st
Calendar performance
 YTD - 20172016201520142013
Fund15.7%18.4%5.7%15.1%36.7%
Sector15.1%21.1%6.8%7.4%21%
Rank within sector10 / 2312 / 2314 / 234 / 233 / 23
Quartile2nd3rd3rd1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
0.09
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.03
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.33
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
9.64
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
4.09
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.09
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.82
Price movement
52 week high1044
52 week low814
Current bid price1034
Current offer price1035
Current mid price1032
Region
1UK37.77%
2North America20.87%
3Europe18.89%
4Far East13.92%
5Japan4.97%
6Others2.98%
7Money Market0.6%
Industry sector
1Financials30.5%
2Consumer Services15.8%
3Industrials13.8%
4Consumer Goods10.4%
5Technology10.4%
6Others9%
7Health Care6.7%
8Futures2.1%
9Mutual Funds0.7%
Asset type
1UK Equities37.77%
2North American Equities20.87%
3European Equities18.89%
4Asia Pacific Equities13.92%
5Japanese Equities4.97%
6International Equities2.98%
7Money Market0.6%
Individual holdings
1PRINCESS PRIVATE EQUITY HLDGS1.9%
2APAX GLOBAL ALPHA LIMITED ORD NPV1.6%
3BLACKROCK WORLD MINING TRUST PLC1.6%
4JPMORGAN CHASE & CO1.6%
5LONDON STOCK EXCHANGE GROUP1.6%
6SYNCONA LTD1.5%
7VONOVIA SE1.5%
8TAIWAN SEMICONDUCTOR CO1.3%
9ALPHABET INC1.2%
Management
Fund manager group
Witan
Fund manager company
Witan
Fund type
Investment Trust
Fund objective
Long-term growth in income and capital through active investment in global equities, using a multi-manager approach.
Benchmark
No data available.
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Andrew Bell31/03/2010Andew Bell was appointed a director and Chief Executive Officer with effect from 8 February 2010. He is responsible for the overall management of Witan. He has worked in the City since 1987, initially specialising in European equities as a strategist at Barclays de Zoete Wedd (BZW), following which he was Co-Head of the Investment Trusts team at BZW and Credit Suisse First Boston. From there, in 2000 he joined Carr Sheppards Crosthwaite (now Rensburg Sheppards Investment Management Limited) where until February 2010 he was a director and Head of Research and Strategy. Prior to the City, he worked for Shell in Oman, leaving to take a Sloan Fellowship at the London Business School. He is a non-executive director of Framlington Innovative Growth Trust plc, Henderson High Income Trust plc and the Association of Investment Companies, as well as serving as a governor of Bedford School. Mr Bell is a director of Witan Investment Services Limited.
Compliance
AIC Member, Transparent for Swiss Tax
Domicile
No data available.
Fund for sale in
United Kingdom
Witan Investment Trust plc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1069.42
CurrencyGBX
Price updated17/08/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJFL
Witan Investment Trust plc 3.4% Cum Prf 1
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price52.5
CurrencyGBX
Price updated18/08/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code01X4
Witan Investment Trust plc 6.125% Sec Bds 15/12/25 GBP Var Br
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price123
Offer price128
Mid price125.5
CurrencyGBP
Price updated18/08/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code07BW
Witan Investment Trust plc NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1056.38
CurrencyGBX
Price updated17/08/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeTU66
Data provided by

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