RCS - Alliance Trust PLC - Results analysis from Kepler Trust Intelligence

Alliance TrustAnnouncement

28/07/2023 14:30

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RNS Number : 6108H  Alliance Trust PLC  28 July 2023

Alliance Trust (ATST)

28/07/2023

Results analysis from Kepler Trust Intelligence

Alliance Trust (ATST) recorded strong absolute performance in the six months
to 30/06/2023, achieving NAV total return of 11.1% versus a MSCI ACWI
benchmark return of 7.8%. Sentiment weighed slightly on the share price
meaning that shareholder total return lagged the benchmark by 0.2%, recording
a return of 7.6% over the six months.

Performance remains well ahead of its peers, outperforming the AIC Global
sector by 2.1% on an NAV basis.

The trust's strong performance once again demonstrated the benefits of its
balanced approach, as markets continued to experience volatility throughout
the period.

Kepler View

WTW focuses on offering a diversified exposure to global equities, balanced
across different styles and factors, with the aim of achieving steady positive
returns over the long term. To achieve this they employ a strategy previously
reserved for institutional investors, blending 10-15 investment managers' best
ideas into an overall portfolio.

Each manager has a distinctive point of view, but blended together produce a
balanced allocation to global equities, with active underlying management.
Since the trust reached its half year, WTW has added a tenth strategy to the
portfolio, Dalton Investments, which invests in undervalued Japanese companies
largely at the small to mid-end of the market capitalisation spectrum. WTW
explained that changing regulations in Japan combined with low inflation and
interest rates means that it offers an interesting diversified exposure
relative to the rest of the developed world.

Six years on from inception the trust's investment process is firmly bedded
in, and has especially proved itself over a challenging three years for
markets, during which the trust has outperformed its MSCI ACWI benchmark by
4.8% on an NAV total return basis to 30/06/2023 and by 4.2% on a total
shareholder return basis.

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