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Collective Wisdom Witan Investment Trust Plc Witan Investment Trust plc Trust Investment Witan Collective Wisdom Witan Investment Trust plc Annual Report 2019 Annual Report 2019 Our purpose, objective and approach to investment are aligned to promote the long-term success of the Company. Our purpose is to achieve significant growth in our investors’ wealth by investing in global equity markets, using a multi-manager approach. Our objective is to achieve an investment total return exceeding that of the Company’s benchmark over the long term, together with growth in the dividend ahead of inflation. Our approach 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 them out we also seek to take advantage returns from global equity investment. as having above-average prospects. of shorter-term opportunities. See page 2 See page 3 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 regular political crises, helping put range of economies, diluting risks commentary about investment contemporary events into from reliance on a single region. markets. perspective. See page 4 See page 5 Find us online @ www.witan.com The Annual Report is intended to help shareholders assess the Company’s strategy. It contains certain forward-looking statements. These are made by the directors in good faith based on information available to them up to the time of their approval of this Report. Such statements should be treated with caution due to the inherent uncertainties, including economic and business risks, underlying any such forward-looking information. STRATEGIC REPORT Company overview As at 31 December 2019 STRATEGIC REPORT KEY DATA REPORTSTRATEGIC 2019 2018 % change 01 Company overview (1) 02 Our approach Share price 231.5p 194.2p 19.2 06 Key performance indicators NAV per ordinary share (debt at par value)(1)(4) 236.9p 199.0p 19.0 08 Business model 10 Our strategy NAV per ordinary share (debt at fair value)(1)(4) 233.1p 196.7p 18.5 12 Chairman’s Statement (4) 14 CEO’s review of the year Discount (NAV including income, debt at fair value) 0.7% 1.3% – 21 Costs 22 Principal risks and uncertainties TOTAL RETURN PERFORMANCE 24 Responsible investment 26 Meet the managers 1 yr % return 3 yrs % return 5 yrs % return 32 Fifty largest investments Share price total return(2)(4) 22.1 37.0 71.4 33 Classification of investments 34 Engaging with our stakeholders NAV total return(2)(4) 21.3 32.3 73.0 36 Corporate and operational structure (2) 37 Viability statement Witan benchmark 20.3 29.5 64.9 (3) GOVERNANCE CORPORATE CORPORATE GOVERNANCE FTSE All-Share Index 19.2 22.0 43.8 FTSE All-World Index(3) 22.3 34.4 81.2 38 Board of directors 40 Corporate Governance 49 Report of the Audit Committee DIVIDEND INFORMATION 51 Directors’ Remuneration Report 2019 2018 % change 62 Directors’ Report (1) 66 Statement of Directors’ Responsibilities Revenue earnings per share 6.01p 5.18p 16.0 (1) FINANCIAL STATEMENTS Dividend per share 5.35p 4.70p 13.8 67 Independent Auditor’s Report to the OTHER FINANCIAL INFORMATION members of Witan Investment Trust plc 2019 2018 73 Consolidated Statement of Comprehensive Income Gearing(4) 11.0% 11.6% 74 Consolidated and Individual Statements (4) of Changes in Equity Ongoing charges excluding performance fees 0.79% 0.75% 75 Consolidated and Individual Balance Ongoing charges including performance fees(4) 0.87% 0.83% Sheets FINANCIAL STATEMENTS 76 Consolidated and Individual Cash Flow (1) Comparative figures for the year ended 31 December 2018 have been restated due to the sub-division of Statements each ordinary share of 25p into five ordinary shares of 5p each on 28 May 2019. 77 Notes to the Financial Statements (2) Source: Morningstar. 98 Other Financial Information (unaudited) (3) Source: Morningstar. See also FTSE International for conditions of use (www.ftse.com). 100 Additional Shareholder Information (4) Alternative performance measure (see page 101). 104 Contacts WITAN COMPARED WITH BENCHMARK FROM 30.09.2004 TO 31.12.2019(2) 600 500 400 300 200 100 0 2004 2006 2008 2010 2012 2014 2016 2018 2019 Price total return NAV total return Benchmark total return Witan Investment Trust plc 01 Annual Report 2019 STRATEGIC REPORT Our approach Long term Why we take a long-term view There is an adage in investing that in the short run markets are a voting machine but in the long run they are a weighing machine. Investor sentiment, politics, liquidity, corporate news and many other factors have an influence on prices over days and weeks, sometimes over years, but ultimately companies that grow their cash flows and dividends will see their share prices follow suit. Long-term compounding in value helps generate wealth for investors and Witan and its managers are focused on finding opportunities to buy investments with long-term growth prospects, 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. Andrew Bell CEO, Witan Investment Trust James Hart Investment Director, Witan Investment Trust 02 Witan Investment Trust plc Annual Report 2019 Active Why active share matters STRATEGIC REPORTSTRATEGIC 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 is known as ‘active share’. A portfolio (or indexed) investors. identical to the benchmark has an active share of 0% while one with no holdings Witan allocates around 90% of its portfolio in common with its benchmark has an 77% to third-party managers, whose remit is to active share of 100%. The active share of ACTIVE SHARE AT END 2019 beat a particular equity benchmark by our individual managers ranges from selecting shares in companies they 75%-98%. The active share of our expect to deliver superior returns. Up to combined portfolio was circa 77% at the 12.5% is invested directly by the Executive end of 2019 (2018: 76%). Put another way, team and both this and the externally- less than one quarter of our combined managed portfolios are subject to regular portfolio by value overlaps with the review and scrutiny by the Board. weightings in our equity benchmark. This indicates that Witan’s portfolio differs GOVERNANCE CORPORATE Achieving outperformance requires the markedly from the relevant indices. individual and combined portfolios to 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. Opportunistic FINANCIAL STATEMENTS Responsive to tactical and specialist opportunities In addition to the ability of its external 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. Witan Investment Trust plc 03 Annual Report 2019 STRATEGIC REPORT Our approach 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 111 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 in late 19th century. proper perspective. It is managed by 45 the Executive team of its subsidiary YEARS OF DIVIDEND GROWTH SINCE 1974 Witan has been listed on the London Witan Investment Services Limited Stock Exchange since 1924. Having (‘WIS’), which acts as its Alternative been set up as a vehicle to manage Investment Fund Manager (‘AIFM’), the interests of one family, Witan has under the control and supervision evolved into an investment trust which of the Company’s Board of directors. now serves the interests of the many thousands of shareholders who own the Company today. 7/10 YEARS OF OUTPERFORMANCE SINCE 2010 ©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 2019 Globally diversified Why and how we diversify STRATEGIC REPORTSTRATEGIC PERCENTAGE OF TOTAL FUNDS 26% GOVERNANCE CORPORATE UNITED KINGDOM 24% % NORTH AMERICA 21 EUROPE 13% ASIA (1) 5% JAPAN 11% FINANCIAL STATEMENTS OTHER (1) 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. 17.4% Industrials 17.1% Consumer Services 16.3% Financials Owing to our worldwide investment remit 15.0% Other and the use of different managers, the 13.8% Consumer Goods portfolio is widely diversified by region, 10.7% Investment Companies investment sector and at the individual 9.7% Technology company level.
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