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(Alliance News) - Witan Investment Trust PLC said Thursday it outperformed against its benchmark for 2019, with higher returns in the year driven by strong gains in equity markets in spite of various headwinds.
The investment trust posted a net asset value total return of 21.3%, compared to a 20.3% return from Witan's benchmark for the year.
Witan altered its benchmark in September, to be 15% weighted towards the FTSE UK All Share Index and 85% towards the FTSE All World Index.
Over a five-year period, Witan's NAV total return was 73.0%, compared with 64.9% for the benchmark.
Net asset value per share as at December 31 was 236.86 pence, up 19% from 199.0p the same date the year before. 2018's NAV per share was restated from 995.15p following the sub-division of each ordinary share into five new shares in late May 2019.
Witan's share price at the end of 2019 was 231.5p, reflecting a 0.7% discount to net asset value.
Shares in Witan were down 7.1% at 168.00 pence on Thursday in London.
Witan said equity markets delivered strong returns in 2019, with the US as the star performer. As for the company itself, Witan attributed the stronger results to a positive gearing impact and relative investment performance.
Witan declared a total dividend of 5.35 pence per share, up 14% from 4.7p the prior year, restated following the share sub-division.
"The tentative signs of economic improvement at the end of 2019 have been overshadowed by the emergence of a highly infectious coronavirus from Wuhan in China. The initially rapid spread of the disease within China created fears of a global epidemic with major humanitarian and economic consequences," said Chief Executive Officer Andrew Bell.
"Volatility is likely to persist until the disease has been brought under control worldwide. Faced with a public health issue for which there was no reliable forecasting model, allied to the ensuing substantial disruption to economic activity, equity investors felt unable to quantify risks," Bell added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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