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:
We aim to select exceptional third party managers who are expected to outperform their assigned benchmarks. Most of the managers are not open for investment by UK individuals, or not on the same terms. They manage approximately 90% of Witan’s assets. The remaining assets are invested directly by Witan’s Executive team, which is also responsible for the management of gearing, under delegated guidelines from the Board.

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Relative numbers may not add up due to rounding.


† Source: Morningstar / Witan, total return includes the notional reinvestment of dividends. ‡ The Net Asset Value figures value debt at fair value and include the notional reinvestment of dividends. # Witan’s benchmark is a composite of 85% Global and 15% UK. From 01.01.2017 to 31.12.2019 the benchmark was 30% UK, 25% North America, 20% Asia Pacific, 20% Europe (ex UK), 5% Emerging Markets. From 01.10.2007 to 31.12.2016 the benchmark was 40% UK, 20% North America, 20% Europe (ex UK) and 20% Asia Pacific. With effect from August 2020, the source for benchmark index performance data will be MSCI International, replacing the previous FTSE source.

*Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested.

Monthly Commentary - October 2020

Equity market volatility increased towards the end of October, as a resurgence of Covid-19 cases on both sides of the Atlantic depressed hopes for a smooth economic recovery, particularly in the UK and Europe where renewed lockdown restrictions were introduced. On the political front, there are new hopes for a negotiated Brexit deal, which would reduce economic disruption at the year end, when the post EU transition arrangements end. In the US, although the election did not produce the Democrat “clean sweep” that markets anticipated, the expectation is that there will be a substantial further fiscal stimulus to offset the pandemic headwind. At the same time, fears of increased regulation and taxes have receded somewhat. The Coronavirus is proving persistent, but we appear closer to the deployment of a vaccine and better able to cope with the medical and economic effects of the virus. ‘Lockdown 2’ may therefore prove to be less pervasive than the measures implemented back in the spring and shorter. It is possible that rolling shutdowns or more localised restrictions may be with us well into 2021, but these should ease as adherence to hygiene measures improves along with our ability to treat, or vaccinate against, the virus.


The economic damage that the response to the virus has inflicted, has ushered in unprecedented fiscal and monetary policies worldwide which are likely to boost growth in 2021. In the US, infrastructure spending is a possible area of political consensus and the Fed is committed to keeping interest rates low even if inflation runs above target for a period. Boris Johnson will hope to ‘get Brexit done’ and embark on his own infrastructure agenda to provide the UK with a much-needed fiscal boost. These developments will provide a major stimulus to the global economy, providing conditions for more cyclical companies (which have languished in 2020) to recuperate. 2021 may prove a less tech-dominated year for markets than 2020 has been.


Witan’s portfolio has exposure to a broad range of sectors, investing in companies believed to offer attractive total returns, whose growth prospects are underestimated. It retains significant exposure to companies with sustainable long-term growth in cash flows as well as selectively investing in some of 2020’s Cinderella areas. We are confident that this adaptable approach will reward shareholders as the investment climate evolves in coming years.

How to invest

Witan’s shares can be traded through any UK stockbroker and most share dealing services, including online platforms that

offer investment trusts.


Online platforms

A growing number of platforms offer investment trusts directly to retail investors. 



Advisers who wish to purchase Witan shares for their clients can do so via a stockbroker or via a growing number of dedicated platforms. 

Important information

This marketing communication is provided for informational purposes only and should not be construed as constituting an offer or a solicitation to buy or sell interests or investments in Witan Investment Trust plc. Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment.

Please remember that past performance is not a guide to future performance. Witan Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Investment trusts can borrow money to make additional investments on top of shareholders’ funds (gearing). If the value of these investments falls gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. The share price may trade above and below the NAV per share representing either a premium or discount to the share price respectively.

This marketing communication is issued and approved by Witan Investment Services Limited. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne’s Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority. Calls may be recorded for our mutual protection and to improve customer service.


The value of investments can go down as well as up and you may get back less than you invested. 
We provide information about investments but do not offer personal advice and recommendations. We do not hold responsibility for assessing the suitability of an investment or evaluating the risks of such an investment for you.  If you are in any doubt as to these risks or the suitability of an investment.  Y
ou should seek independent advice.