LONDON (Alliance News) - Witan Pacific Investment Trust PLC on Friday reported a net asset value total return of -5.6% in the 12 months to January 31, a 0.3% outperformance versus the benchmark, and a -3.5% share price total return. Its 10-year NAV total return of 66.7% is higher than the benchmark's 51.6%.
The trust was hit as many markets worldwide and in the region fell. "The worst of the declines in global markets took place in emerging markets: only the Japanese and US markets provided positive returns over the period," Chairman Sarah Bates said in a statement.
"It is also worth noting that there was a sharp drop in markets right at the end of the company's financial year, apparently on fears of slowing growth in China. This drop followed a degree of turbulence in markets over the Summer of 2015," the chairman said.
"There has been something of a recovery since the end of the year," Bates said, with the estimated NAV per share as of April 19 standing at about 284.34p, compared with the audited NAV per share of 259.27p at the end of its financial year.
The trust declared a final dividend of 2.5 pence, making 4.65p for the year.
"There has already been a recovery in most markets in the region since the year end. We remain enthusiastic about the range of opportunities in the region and the access to those opportunities provided by our portfolio managers," Sarah Bates said.
"We expect that there will continue to be volatility as patterns of economic activity change but believe that our multi-manager structure is well placed to see through such periods and take advantage of the dynamism of the companies and economies in which your assets are invested," Bates said.
Shares in Witan Pacific Investment Trust closed down 2.9% at 235.50p Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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