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2017 Annual Report

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2017 Annual Report Annual Report 2017 Capital and income growth from active global equity investment Witan Investment Trust plc Our objective /RQJWHUPJURZWKLQLQFRPHDQGFDSLWDOWKURXJK 4USBUFHJD3FQPSU 01 3HUIRUPDQFHVQDSVKRW DFWLYHPXOWLPDQDJHULQYHVWPHQWLQJOREDOHTXLWLHV 02 )LQDQFLDOKLJKOLJKWV 04 &KDLUPDQpVUHSRUW 06 &KLHI([HFXWLYHpVUHSRUW 08 6WUDWHJLF5HSRUW :LWDQLVDQLQYHVWPHQWWUXVWZKLFKLVOLVWHGRQWKH 21 ,QYHVWPHQW0DQDJHUV 24 )LIW\/DUJHVW,QYHVWPHQWV /RQGRQ6WRFN([FKDQJHDQGZDVIRXQGHGLQ 25 &ODVVLßFDWLRQRI,QYHVWPHQWV %JSFDUPSTn3FQPSU :LWDQRIIHUVDFWLYHO\PDQDJHGH[SRVXUHWRJOREDO 26 Board of Directors 28 'LUHFWRUVp5HSRUW PDUNHWV SULQFLSDOO\HTXLWLHV XVLQJDPXOWLPDQDJHU $PSQPSBUF(PWFSOBODF DSSURDFK7KHSRUWIROLRLVGLYHUVLßHGE\JHRJUDSKLFDO 32 &RUSRUDWH*RYHUQDQFH6WDWHPHQW 41 5HSRUWRIWKH$XGLW&RPPLWWHH UHJLRQLQGXVWULDOVHFWRUDQGDWWKHLQGLYLGXDOVWRFN 43 'LUHFWRUVp5HPXQHUDWLRQ5HSRUW OHYHO 56 6WDWHPHQWRI'LUHFWRUVp5HVSRQVLELOLWLHV 'JOBODJBMTUBUFNFOUT 57 ,QGHSHQGHQW$XGLWRUpV5HSRUW :LWDQW\SLFDOO\XVHVEHWZHHQDQGLQYHVWPHQW 64&RQVROLGDWHG6WDWHPHQWRI &RPSUHKHQVLYH,QFRPH PDQDJHUV7KHEOHQGRIGLIIHUHQWDFWLYHDSSURDFKHV 65&RQVROLGDWHGDQG,QGLYLGXDO&RPSDQ\Statement RI&KDQJHVLQ(TXLW\ DQGVW\OHVDLPVWRGHOLYHUDGGHGYDOXHIRU 66&RQVROLGDWHGDQG,QGLYLGXDO&RPSDQ\%DODQFH VKDUHKROGHUVZKLOHVPRRWKLQJRXWWKHYRODWLOLW\ Sheets 67&RQVROLGDWHGDQG,QGLYLGXDO&RPSDQ\ QRUPDOO\DVVRFLDWHGZLWKDVLQJOHPDQDJHU &DVK)ORZ6WDWHPHQWV 68 1RWHVWRWKH)LQDQFLDO6WDWHPHQWV 0UIFS*OGPSNBUJPO 94 Other Information 96$OWHUQDWLYH,QYHVWPHQW)XQG0DQDJHUVp 'LUHFWLYH 97 +LVWRULFDOUHFRUG 98 +RZWRLQYHVW 99 6KDUHKROGHULQIRUPDWLRQ and AOWHUQDWLYH 5PßOEPVUNPSF Performance Measures 7RYLHZWKHUHSRUWRQOLQH 100 Contacts DQGWRVHHYLGHRXSGDWHV *#$ 2XUUHODWLRQVKLSZLWKWKH5+6 SOHDVHYLVLWZZZZLWDQFRP 0RUQLQJVWDU$OOULJKWVUHVHUYHG0RUQLQJVWDULVQRWUHVSRQVLEOHIRUDQ\WUDGLQJGHFLVLRQV GDPDJHVRURWKHUORVVHVUHODWHGWRWKHLQIRUPDWLRQRULWVXVH)RUPRUHLQIRUPDWLRQJRWR ZZZZLWDQFRPOHJDOLQIRUPDWLRQ )(&URZQ)XQG5DWLQJVGRQRWFRQVWLWXWHLQYHVWPHQWDGYLFHRIIHUHGE\)(DQGVKRXOGQRWEH XVHGDVWKHVROHEDVLVIRUPDNLQJDQ\LQYHVWPHQWGHFLVLRQ$OOULJKWVUHVHUYHG Performance snapshot: 2017 Net asset value total return Share price total return 19.0% 22.1% 2016: 22.5% 2016: 18.4% 1096.2p 1079.0p 939.2p 902.0p Strategic Report Net asset value per Share share (pence) 2016 2017 price (pence) 2016 2017 Directors’ Report Dividend per share Discount level +10.5% -1.6% 2016: +11.8% 2016: -4.0% 21.0p 19.0p -1.6% Governance Corporate -4.0% 2016 2017 2016 2017 Alternative Performance Measures Financial Statements The financial statements (on pages 64 to 93) set out the required statutory reporting measures of the Company’s financial performance. In addition, the Board assesses the Company’s performance against a range of criteria which are viewed as particularly relevant for investment trusts, which are summarised on pages 1 to 3 and explained in greater detail in the Strategic Report, under the heading ‘Key Performance Indicators’ on page 9. Definitions of the terms used are set out on page 99. A reconciliation of the NAV per ordinary share (debt at par value) to the NAV per ordinary share (debt at fair value) is shown in note 18 on page 91. Other InformationOther Annual Report 2017 Witan Investment Trust PLC 01 Financial highlights As at 31 December 2017 Key data 2017 2016 % change Share price 1079.0p 902.0p V 19.6 NAV per ordinary share (debt at par value)(4) 1109.8p 952.8p V 16.5 NAV per ordinary share (debt at fair value)(4) 1096.2p 939.2p V16.7 Discount (NAV including income, debt at fair value)(1) (4) 1.6% 4.0% Total return performance 1yr % Return 3yrs % Return 5yrs % Return Share price total return(2) (4) 22.1 52.7 140.4 Net asset value total return(2) (4) 19.0 55.7 114.9 Witan Benchmark(2) 15.1 46.5 86.6 FTSE All-Share Index(3) 13.1 33.3 63.0 FTSE World Index(3) 13.8 53.5 106.7 UK CPI return 3.0 4.8 7.5 Notes: (1) The average discount on this basis in 2017 was 2.8% (2016: 5.8%), (Source: Morningstar). (2) Source: Morningstar. (3) Source: Morningstar. See also FTSE International for conditions of use (www.ftse.com). (4) Alternative Performance Measure (see pages 1 and 99). Total returns since the introduction of the multi-manager structure (30.09.04) 500 450 400 350 300 250 200 150 100 50 0 20042005 20062007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Witan benchmark NAV Share price 02 Witan Investment Trust PLC Annual Report 2017 Dividend information 2017 2016 % change Revenue per share 23.8p 22.1p V7.7 Dividend per share 21.0p 19.0p V10.5 Since 2007, Witan’s dividend per share has risen 112%, compared with 26% for the UK consumer price index. 2018 Dividend schedule Strategic Report Dividend payable Ex-dividend date Pay date Dividend type per share 01 March 2018 29 March 2018 Fourth Interim (2017) 6.75p 17 May 2018 18 June 2018 First Interim 5.25p 23 August 2018 18 September 2018 Second Interim 5.25p 22 November 2018 18 December 2018 Third Interim 5.25p Please note that the dates and amounts for the first, second and third interim dividends could be subject to change. Other financial information Directors’ Report 2017 2016 % change Net assets £1,980,521,000 £1,726,637,000 V 14.7 Number of ordinary shares in issue(1) 200,071,000 200,071,000 – Gearing(2) 9.7% 10.3% Ongoing charges excluding performance fees(2) 0.76% 0.75% Ongoing charges including performance fees(2) 0.78% 0.65% Notes: (1) Of which 21,621,411 (2016: 18,860,261) shares are held in treasury (see note 15, page 89). Governance Corporate (2) Alternative Performance Measure (see pages 1 and 99). Key facts as at 31 December 2017 > Market capitalisation: > Net asset value per share: £1.925bn 1096.2p > > Gearing: Active share: Financial Statements 9.7% 77% > Ongoing charges: > Ongoing charges (inc performance fee): 0.76% 0.78% Other InformationOther Annual Report 2017 Witan Investment Trust PLC 03 Chairman’s report Summary Witan has been operating a multi-manager approach since Highlights 2004. Over this period we have beaten the returns on our equity benchmark and raised the dividend significantly faster than the rate of inflation. We will strive to extend this record. Global economic growth strengthened and became 19.0% more broadly based during 2017 and corporate earnings NAV total return of 19.0%, followed suit. In the UK the Brexit negotiations and political uncertainties affected corporate confidence but in Europe outperforming the benchmark’s return political developments were generally helpful to sentiment. of 15.1% by 3.9% Steady growth in the US allowed the Federal Reserve to continue gradually raising interest rates and to begin reducing its bond holdings, accumulated during the quantitative easing 115% period. 5 year NAV total return of 115%, With inflation subdued, interest rates low and corporate 28% ahead of the benchmark earnings rising, the backdrop for equity markets was generally positive. Our investment portfolio benefited from this environment, outperforming the benchmark. The net asset value (NAV) total return was 19.0%, 3.9% ahead of our 1.6% benchmark’s total return of 15.1%. The share price total return, enhanced by a narrower discount, was 22.1%. Share price discount to NAV reduced to 1.6% at year-end (2016: 4.0%) A fourth interim dividend of 6.75 pence was declared in February 2018, payable on 29 March 2018. As a result, the dividend for the year increased by 10.5% to 21.0 pence per share (2016: 19.0 pence), fully covered by revenue earnings, 2.74% with £5.5m added to the Company’s revenue reserves. This is £30m of long-term debt issued at the 43rd consecutive year of rising dividends at Witan, with the a fixed rate of 2.74% dividend more than double that paid in 2007. Taking a longer perspective, over the past 5 years Witan has achieved a NAV total return of 115%, compared with the 2.8m benchmark’s 87% return over this period. During the 10 years to the end of 2017, shareholders have had a NAV total return 2.8m shares bought back, helping to of 155%, compared with the benchmark’s return of 114%. narrow the discount to 1.6% 10.5% Dividend increased by 10.5% to 21.0p, more than double the level in 2007 and the 43rd consecutive annual rise 04 Witan Investment Trust PLC Annual Report 2017 Board changes Robert Boyle will be standing down at the AGM, after serving on the Board since 2007 and as Chairman of the Global economic growth Audit Committee since 2008. Catherine Claydon will also be standing down, having served on the Board and as Chairman strengthened and became of the Remuneration and Nomination Committee since 2009. more broadly based during On behalf of shareholders, I thank them both warmly for their 2017. Our investment valued service on behalf of Witan’s shareholders. Jack Perry, who joined the Board in January 2017, will portfolio benefited from this Strategic Report take over as Chairman of the Audit Committee, following environment, outperforming the AGM, while Richard Oldfield will succeed Catherine as the benchmark. Remuneration and Nomination Committee Chairman. AGM Our Annual General Meeting will be held at Merchant Taylors’ Hall on Wednesday 2 May 2018 at 2.30 pm. Formal notice of the meeting will be sent to shareholders when the Annual Report is published. We look forward to the opportunity to meet you then for the Company’s 110th AGM. Witan’s shares in the market Directors’ Report During 2017, the Company bought back a total of 2.8m shares Harry Henderson at discounts between 6% and 1.5%, adding £0.9m to the net Chairman asset value for remaining shareholders and contributing to a 12 March 2018 reduction in the discount from 4% at the end of 2016 to 1.6% at the end of 2017. It remains a long-term objective to create sustainable liquidity in Witan’s shares at or near to net asset value. Issue of long-term debt Corporate Governance Corporate The Company issued £30m of long-term (37 year) debt at a fixed rate of 2.74%, which is the lowest long-term borrowing rate secured by an investment trust for many years and well below the historical average level of interest rates. The Board believes that borrowing at such a low rate will benefit shareholder returns. This issue, together with the low cost debt issued in 2015, has reduced the average interest rate on the Company’s fixed-rate borrowings from 7% in 2014 to 4.3% as at the end of 2017.
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