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Collective Wisdom Annual Report 2018 Report Annual

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Collective Wisdom Annual Report 2018 Report Annual Witan Investment Trust plc Trust Investment Witan Collective Wisdom Annual Report 2018 Witan Investment Trust plc Annual Report 2018 Our purpose STRATEGIC REPORT FINANCIAL STATEMENTS 01 Company overview 58 Independent Auditor’s Report is to achieve significant 06 Key performance indicators to the members of Witan 08 Business model Investment Trust plc 10 Our strategy 64 Consolidated Statement of growth in our investors’ 12 Chairman’s statement Comprehensive Income 14 CEO’s review of the year 65 Consolidated and Individual wealth by investing in 19 Costs Statement of Changes in Equity 20 Corporate and 66 Consolidated and Individual operational structure Balance Sheet global equity markets, 21 Principal risks and uncertainties 67 Consolidated and Individual 23 Viability statement Cash Flow Statements using a multi-manager 24 Meet the managers 68 Notes to the Financial 30 Fifty largest investments Statements 31 Classification of investments 89 Other Financial Information approach. (unaudited) CORPORATE GOVERNANCE 91 Additional Shareholder Information 32 Board of directors 94 Contacts 34 Corporate Governance Our objective 40 Report of the Audit Committee 42 Directors’ Remuneration Report 53 Directors’ Report is to achieve an investment 57 Statement of Directors’ total return exceeding Responsibilities that of the Company’s The annual report is intended to help shareholders assess benchmark over the long the Company’s strategy. It contains certain forward-looking statements. These are made by the directors in good faith term, together with based on information available to them up to the time of their approval of this report. Such statements should be growth in the dividend treated with caution due to the inherent uncertainties, including economic and business risks, underlying ahead of inflation. any such forward-looking information. Performance: Total returns since the introduction of the multi-manager structure(1) WITAN COMPARED WITH BENCHMARK FROM 30.09.2004 TO 31.12.2018 600 500 400 300 200 100 0 2004 2006 2008 2010 2012 2014 2016 2018 Price total return NAV total return Benchmark total return (1) Alternative performance measure. STRATEGIC REPORT Company overview at 31 December 2018 STRATEGIC REPORTSTRATEGIC KEY DATA 2018 2017 % change Share price 971.0p 1079.0p -10.0 (3) 2018 was an exceptionally NAV per ordinary share (debt at par value) 995.1p 1109.8p -10.3 NAV per ordinary share (debt at fair value)(3) 983.4p 1096.2p -10.3 changeable year, as investors Discount (NAV including income, debt at fair value)(3) 1.3% 1.6% – reacted to rising US interest rates, uncertainty over global TOTAL RETURN PERFORMANCE trade, volatile oil prices and 1 yr % return 3 yrs % return 5 yrs % return political uncertainties, Share price total return(1)(3) -8.1 32.8 61.6 including Brexit. NAV total return(1)(3) -8.4 34.0 52.1 Witan benchmark(1) -6.5 32.4 44.6 FTSE All-Share Index(2) -9.5 19.5 22.1 Our net asset value total GOVERNANCE CORPORATE (2) return of -8.4% was 1.9% FTSE All-World Index -3.4 42.4 64.9 below that of our equity benchmark. In contrast DIVIDEND INFORMATION 2018 2017 % change to lower capital values, Revenue per share 25.9p 23.8p 8.8 revenue earnings were Dividend per share 23.5p 21.0p 11.9 buoyant and we increased the dividend by 11.9%.” OTHER FINANCIAL INFORMATION 2018 2017 Gearing(3) 11.6% 9.7% Harry Henderson (3) Chairman Ongoing charges excluding performance fees 0.75% 0.76% Ongoing charges including performance fees(3) 0.83% 0.78% (1) Source: Morningstar. FINANCIAL STATEMENTS (2) Source: Morningstar. See also FTSE International for conditions of use (www.ftse.com). (3) Alternative performance measure (see pages 7 and 92). Why choose Witan? Long term Active Opportunistic Our approach is fundamentally We invest in companies whose Within our long-term approach, focused on achieving long-term business and valuation mark we also seek to take advantage returns from global equity investment. them out as having above- of shorter-term opportunities. average prospects. See page 2 See page 2 See page 3 Heritage Globally diversified Where to find us Founded in 1909, we have survived Our global approach seeks out the Our website has a full range of boom and bust cycles, wars and best opportunities across a broad information about Witan and political crises, helping put range of economies, diluting risks regular commentary about contemporary events into from reliance on a single region. investment markets. perspective. See page 4 See page 5 Find us online @ www.witan.com Witan Investment Trust plc 01 Annual Report 2018 STRATEGIC REPORT Why choose Witan? Long term Why we take a long-term view There is an adage in investing that in the but ultimately companies that grow their short run markets are a voting machine cash flows and dividends will see their but in the long run they are a weighing share prices follow suit. Long-term machine. Investor sentiment, politics, compounding in value helps generate liquidity, corporate news and many other wealth for investors and Witan and factors have an influence on prices over its managers are focused on finding days and weeks, sometimes over years, opportunities to buy investments that the market misunderstands or wants to sell too cheaply. We also seek to avoid being shaken out of a good investment by temporary setbacks, while being willing to change our minds where necessary and open-minded about indications that investments may be heading for a difficult period. Active Why active share matters Our investment approach is selective, One measure of active management, aiming to deliver higher returns than our while by no means a complete picture, equity benchmark. We are not passive (or is known as ‘active share’. A portfolio indexed) investors. Witan allocates around identical to the benchmark has an active 90% of its portfolio to third party share of 0% while one with no holdings in managers, whose remit is to beat a common with its benchmark has an active 76 % particular equity benchmark by selecting share of 100%. The active share of our ACTIVE SHARE AT END 2018 shares in companies they expect to deliver individual managers ranges from superior returns. Up to 12.5% is invested 73%-97%. The active share of our directly by the Executive team and both combined portfolio was circa 76% at the this and the externally managed portfolios end of 2018 (2017: 77%). Put another way, are subject to regular review and scrutiny less than one quarter of our combined by the Board. portfolio by value overlaps with the weightings in our equity benchmark. This Achieving outperformance requires the indicates that Witan’s portfolio differs individual and combined portfolios to markedly from the relevant indices. differ from the benchmark. Our managers typically run concentrated, high-conviction portfolios, of between 15 and 70 stocks. It is important that manager diversification does not suppress the benefits sought when selecting active managers. 02 Witan Investment Trust plc Annual Report 2018 STRATEGIC REPORTSTRATEGIC Opportunistic Responsive to tactical and specialist opportunities In addition to the ability of its external GOVERNANCE CORPORATE managers to adapt their portfolios in response to events, Witan uses its portfolio of direct holdings to invest in collective funds offering exposure to specialist asset classes (e.g. listed private equity, biotechnology) and those offering particular value. Witan also varies its use of borrowings (which can amplify both gains and losses) in response to whether valuations are seen as attractive and makes use of exchange-traded index futures to make tactical adjustments to equity and regional exposure, when events are perceived to have created opportunities. FINANCIAL STATEMENTS Andrew Bell CEO, Witan Investment Trust James Hart Investment Director, Witan Investment Trust Witan Investment Trust plc 03 Annual Report 2018 STRATEGIC REPORT Why choose Witan? continued Heritage Track record of driving outperformance Witan is an investment trust, founded Since its foundation, Witan has survived in 1909 by Sir Alexander Henderson 110 years punctuated by world wars, (later the first Lord Faringdon) who recessions and other political and was a leading financier in the South economic events, which helps us all American railways boom during the to put contemporary developments late 19th century. Witan has been listed in proper perspective. It is managed 44 on the London Stock Exchange since by the Executive team of its subsidiary YEARS OF DIVIDEND GROWTH SINCE 1974 1924. Having been set up as a vehicle Witan Investment Services Limited to manage the interests of one family, (‘WIS’), which acts as its Alternative Witan has evolved into an investment Investment Fund Manager (‘AIFM’), trust which now serves the interests of under the control and supervision of the many thousands of shareholders the Company’s Board of directors. who own the Company today. 7/10 YEARS OF OUTPERFORMANCE SINCE 2008 ©Morningstar. All rights reserved. Morningstar is not responsible for any trading decisions, damages or other losses related to the information or its use. For more information go to www.witan.com/legal-information. Note that information about past performance should not be viewed as a guarantee of, or guide to, future performance. 04 Witan Investment Trust plc Annual Report 2018 Globally diversified Why and how we diversify STRATEGIC REPORTSTRATEGIC PERCENTAGE OF TOTAL FUNDS 18 % EUROPE CORPORATE GOVERNANCE CORPORATE 29% UNITED KINGDOM 15% ASIA 5% (1) JAPAN 22% NORTH AMERICA 11 % OTHER (1) % emerging 2 markets, FINANCIAL STATEMENTS 9% investment companies. Witan has a portfolio that offers shareholders a wide range of SECTOR BREAKDOWN opportunities, giving exposure to the OF THE PORTFOLIO fruits of global economic growth. Owing 17.3% Financials 15.9% Consumer Services to our worldwide investment remit and 14.5% Industrials the use of different managers, the 13.8% Consumer Goods portfolio is widely diversified by region, 9.8% Technology investment sector and at the individual 16.8% Other 9.4% Investment Companies company level.
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