Last checked at 
21 Mar 2023 07:00
London, UK, 21 March 2023
Edison issues update on Witan Investment Trust (WTAN)
Witan Investment Trust employs a multi-manager approach to invest in global equities, including varied and interesting strategies that may normally be unavailable to individual investors. WTAN's recently released results for the year ended December 2022 do not tell the whole story regarding the trust's current performance, however, as they mask an improvement in relative returns following a difficult first quarter. This improvement gathered momentum in the second half of 2022 and accelerated in the first two months of this year. In the six months to end February 2023, the trust returned 3.7% in NAV terms and 4.8% on a share price basis, outpacing the benchmark return of 0.9% considerably. While it is early days still, this suggests the portfolio's positioning in anticipation of improved economic and market conditions is beginning to pay off and should continue to reward investors as economic activity picks up over 2023 and beyond.
WTAN's broad exposure to global large and mid-cap stocks, across several managers, may appeal to investors seeking 'a one-stop shop', offering a long-term buy and hold strategy. Exposure to specialist strategies invested in private equity, real estate, climate change mitigation and life sciences may attract those seeking interesting opportunities beyond mainstream equity investment. The recent upturn in absolute and relative performance suggests the portfolio is well-positioned to benefit from further improvement in market conditions. WTAN's Responsible Investment strategy, which aims to ensure its portfolio consists entirely of sustainable businesses by 2030, will appeal to a range of investors looking for equity returns that are complemented by improving ESG characteristics over time. The trust's historically wide discount has scope to narrow, supported by regular share buybacks or a sustained improvement in performance. Meanwhile, the discount offers investors the chance to buy at a potentially attractive price.
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