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Independent Auditor's Report to the Members of Witan Investment Trust

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Independent Auditor's Report to the Members of Witan Investment Trust Witan Investment Trust plc plc Trust Investment Witan Annual Report 2020 Report Annual Annual Report 2020 Annual plc Trust Investment Witan Wisdom Collective Adaptability Careful balance TALENTED MANAGERS Multiple perspectives Experience INDEPENDENT THINKING Wisdom Collective STRATEGIC REPORT Company overview Our investment policy Witan invests primarily in listed companies across STRATEGIC REPORT 01 Financial highlights global equity markets, using a multi-manager 02 Our investment approach approach. The Company’s actively managed portfolio 04 Key performance indicators 06 What we do covers a broad range of markets and sectors, offering 08 Chairman’s Statement 12 CEO’s review of the year a distinctive way for investors to access the 20 Responsible investment 26 Meet the managers opportunities created by global economic growth. 32 Forty largest investments 34 Classification of investments 35 Principal risks and uncertainties 38 Section 172: engaging with our stakeholders Our purpose 40 Corporate and operational structure is to achieve significant growth in our investors’ 41 Costs wealth by investing in global equity markets, using 42 Viability Statement a multi-manager approach. CORPORATE GOVERNANCE 44 Board of directors 46 Corporate Governance Our objective 56 Report of the Audit Committee 59 Directors’ Remuneration Report 71 Directors’ Report is to achieve an investment total return exceeding 75 Statement of Directors’ that of the Company’s benchmark(1) over the long Responsibilities term, together with growth in the dividend ahead FINANCIAL STATEMENTS of inflation. 76 Independent Auditor’s Report to the members of Witan Investment Trust plc 85 Consolidated Statement of Comprehensive Income 86 Consolidated and Individual Statements of Changes in Equity 87 Consolidated and Individual Balance Sheets 88 Consolidated and Individual Cash Flow Statements Where to find us 89 Notes to the Financial Statements Our website has a full range of information about Witan 111 Other Financial Information (unaudited) and regular commentary about investment markets. 113 Additional Shareholder Information Find us online @ www.witan.com 116 Contacts (1) Witan’s benchmark is 85% Global (MSCI All Country World Index) and 15% UK (MSCI UK IMI Index). 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. Key data 230.5p 236.0p SHARE PRICE 2020 NAV PER ORDINARY (3) 2019: 231.5p SHARE (DEBT AT FAIR VALUE) 2019: 233.1p Financial REPORTSTRATEGIC 2.4% 5.45p DISCOUNT (NAV INCLUDING DIVIDEND PER SHARE INCOME, DEBT AT FAIR VALUE)(3) 2019: 5.35p highlights 2019:0.7% Total return performance To read more about our KPIs see pages 4 and 5 1 year 5 years 10 years % return % return % return SHARE PRICE TOTAL RETURN(1)(3) 2.7 66.6 183.8 NAV TOTAL RETURN(1)(3) 4.2 69.5 156.1 GOVERNANCE CORPORATE WITAN BENCHMARK(1) 9.5 74.2 141.7 MSCI ACWI INDEX(2) 13.2 97.4 189.5 (1) Source: Morningstar. (2) (2) Source: Morningstar. See also MSCI for conditions of use (www.msci.com). MSCI UK IMI INDEX 11.7 25.4 65.6 (3) Alternative performance measure (see page 114). - A high conviction Percentage of total funds 34% 19% 17% FINANCIAL STATEMENTS yet well-diversified NORTH AMERICA UNITED KINGDOM EUROPE 12% 5% 13% portfolio ASIA JAPAN OTHER, INCLUDING INVESTMENT COMPANIES SECTOR BREAKDOWN OF THE PORTFOLIO(4) To read more about 15.0% Information Technology our diversified portfolio see pages 32-34 13.2% Industrials 11.9% Consumer Staples 10.5% Investment Companies 10.0% Consumer Discretionary 9.8% Healthcare 9.6% Communication Services 9.5% Financials 7.6% Materials 3.0% Other Source: BNP Paribas as at 31 December 2020. (4) Numbers are rounded and may not sum to 100. COMPANY SIZE BREAKDOWN OF THE PORTFOLIO 76.3% Large Cap 10.8% Mid Cap 2.4% Small Cap 10.5% Investment Companies Witan Investment Trust plc 01 Annual Report 2020 STRATEGIC REPORT Our investment approach Talent Experience We search for the best fund managers Founded in 1909, we have a long track worldwide, choosing managers to record of producing capital and income complement each other, not to cover growth. We have invested through all styles. Our managers are active challenging economic cycles, wars investors and construct concentrated and political crises, helping put portfolios focusing on their best ideas. contemporary events into perspective. Since the adoption of the current This high level of conviction produces multi-manager strategy in 2004, portfolios which are differentiated from shareholders have enjoyed a share their benchmarks which they aim price total return of 449% versus 314% to outperform. for Witan’s benchmark and 175% for the MSCI UK Index. Collective Wisdom 02 Witan Investment Trust plc Annual Report 2020 STRATEGIC REPORTSTRATEGIC Independence Adaptable Witan is an independent and self- Our multi-manager strategy allows managed investment company – us to respond to changes in long-term dedicated to sustainable growth in its trends either by changing managers shareholders’ wealth. Witan’s employees and investment style or investing via our are solely focused on the success of specialist portfolio with managers who GOVERNANCE CORPORATE the Company. have expert knowledge of particular sectors or regions. Using gearing and Our independence means we simply derivatives we can also adapt our seek, without pre-set constraints, to portfolio to short-term opportunities select the best managers available, in or to manage risk. the interest of our shareholders. FINANCIAL STATEMENTS A one-stop shop We search for the best managers around the world to create a portfolio for global equity diversified by region, investment sector investment, offering and individual company level. Our multi-manager approach also reduces growth in capital the potential risks arising from reliance and income. on a single manager. Our highly experienced Board of directors and Executive have many years’ collective experience of both managing assets, selecting managers and of delivering sound, independent governance. Witan Investment Trust plc 03 Annual Report 2020 STRATEGIC REPORT The financial key performance indicators (‘KPIs’) below are monitored Key performance as significant measures of longer-term success. With respect to indicators non-financial measures, details of the Company’s policies and compliance in relation to the UK Corporate Governance Code are set out in the Corporate Governance Statement on pages 46 to 55. KPI OUTCOME Share price total return TOTAL RETURN PERFORMANCE (%) (1) vs. benchmark TOTAL RETURN PERFORMANCE (%) Definition +40 The share price total return was 2.7%, 6.8% behind the benchmark’s +9.5%. The Company seeks at least +30 2% p.a. long-term outperformance Over five years, the share price total return +20 in the share price total return was 10.7% p.a. compared with 11.7% p.a. for +10 the benchmark. 0 -10 -20 2011 2020 -6.8% Price total return Benchmark total return IN 2020 NAV total return vs. TOTAL RETURN PERFORMANCE (%) (1) benchmark TOTAL RETURN PERFORMANCE (%) Definition +30 The NAV total return in 2020 was +4.2%, 5.3% behind The Company seeks at least +25 the benchmark’s +9.5%. 2% p.a. long-term outperformance +20 Over five years, the NAV total return was 11.1% p.a. +15 in NAV total return, debt at fair compared with 11.7% p.a. for the benchmark. +10 value +5 0 -5 -10 -15 2011 2020 -5.3% Net asset value Benchmark IN 2020 Dividend growth(1) DIVIDEND PER SHARE GROWTH (%) DIVIDEND PER SHARE GROWTH (%) Definition +6.0 +250 The dividend increased by 1.9% in 2020 to 5.45 pence. The Company seeks to grow The increase was 1.3% ahead of the year-end inflation rate. This was Witan’s 46th successive year its dividend ahead of the rate +5.0 +208 of dividend increases. Over the past five years, of inflation Witan’s dividend has grown by a total of 60%, +4.0 +167 compared with an 8.8% rise in the UK Consumer Price Index. +3.0 +125 +2.0 +84 2010 2020 +1.9 % CPI inflation % Dividend growth % IN 2020 04 Witan Investment Trust plc Annual Report 2020 KPI OUTCOME REPORTSTRATEGIC Net contribution from CONTRIBUTION FROM BORROWINGS (% OF NAV) (1) borrowings CONTRIBUTION FROM BORROWINGS (% of NAV) +2.5 In 2020, gearing detracted 0.4% from returns before Definition +2.0 interest costs and 0.8% including interest costs. Gearing to contribute to returns, +1.5 after interest costs +1.0 Gearing was a drag on returns in the first quarter +0.5 mostly offset by the benefit in the balance of the 0.0 year, when markets rose. Over the longer term, -0.5 gearing has contributed significantly to Witan’s -1.0 returns. -1.5 -2.0 -2.5 2011 2020 CORPORATE GOVERNANCE CORPORATE Cost Net contribution -0.8% IN 2020 Discount/premium DISCOUNT/PREMIUM TO NAV PER SHARE (1) to NAV DISCOUNT/PREMIUM TO NAV PER SHARE Definition +2.0 In 2020, the year-end discount was 2.4%, compared Achieve a sustainable low 0.0 with 0.7% at the end of 2019. discount or a premium to NAV, -2.0 2020’s average discount of 6.0% was higher than in 2019 (2.8%). A number of sector peers saw similar or taking account of market -4.0 greater widening moves, although our own conditions -6.0 performance in the early months of the year also -8.0 contributed. In response, the Company bought 7.4% of the shares into treasury, at an average discount -10.0 of 7.4%.
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