RCS - Witan Inv Tst PLC - Edison reviewed Witan Pacific Investment Trust

Witan Investment TrustAnnouncement

16/12/2019 15:50

RNS Number : 0400X
Witan Investment Trust PLC
16 December 2019
 


 
London, UK, 16 December 2019
Edison issues review on Witan Pacific Investment Trust (WPC)
Witan Pacific Investment Trust (WPC) offers broad exposure to the Asia Pacific region (including Japan), employing a multi-manager strategy. The board remains confident that the current line-up of four complementary managers is capable of good long-term outperformance; however, it has a contingency measure in place. If WPC does not outperform its benchmark in the two years ending 31 January 2021, investors will be given the opportunity to realise their holdings close to NAV, so either relative performance will improve or the trust's discount will narrow. WPC has a progressive dividend policy; its annual distribution has increased for the last 14 consecutive years and the trust currently offers a 2.1% yield.
 
WPC's discount has continued to narrow following the board's February 2019 announcement to address the trust's investment performance. Its shares are currently trading at a 9.1% discount to cum-income NAV, which is significantly lower than the 11.3%, 13.0%, 13.1% and 14.1% average discounts over the last one, three, five and 10 years respectively. The board actively repurchases shares when they are trading at a substantial and anomalous discount to NAV.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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For more information please contact Edison:
Mel Jenner, +44 (0)20 3077 5720
Sarah Godfrey, +44 (0)20 3681 2519
investmenttrusts@edisongroup.com
 
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