6th Mar 2026 09:14
(Alliance News) - Alliance Witan PLC on Friday confirmed its 59th consecutive annual dividend increase but said its total return trailed the benchmark index.
The Dundee, Scotland-registered investment trust managed by Willis Tower Watson said its net asset value per share at the end of 2025 was 1,337.2 pence, up 2.5% from 1,304.9p a year prior.
Shares in Alliance Witan were down 0.6% at 1,252.62p on Friday morning in London.
The NAV total return for the year was positive 4.7%, down from 13.3% a year prior. It trailed Alliance Witan's benchmark index, the MSCI all country world index, which returned 13.9% over the year.
Alliance Witan said a fourth interim dividend of 7.08p per share was declared on January 27, bringing the total dividend for 2025 to 28.32p per share, up 6.1% from 26.70p in 2024.
"A modest increase in the company's share price, combined with our 59th consecutive annual dividend rise, contributed to the ongoing compounding of shareholder returns over the long term.
"However, 2025 proved a more challenging year for performance relative to our benchmark, as was the case for most active managers," said Chair Dean Buckley.
"While passive flows and shifting sentiment can dominate in the short term, share prices are ultimately driven by corporate fundamentals and valuations. On these measures, we believe our portfolio remains strong and offers meaningful value compared with the index."
Alliance Witan said its earnings per share for the year rose 6.9% to 18.5p from 17.3p.
The trust noted that 2025 was the second year in which it has not "fully kept up with extremely strong index returns".
"Your board recognises that relative underperformance is disappointing and is fully engaged with the investment manager on seeking to improve performance for shareholders over the long term," it said.
Looking ahead, Alliance Witan noted that equity markets have been unsettled by the potentially disruptive impact of AI, along with event in the Middle East.
"In the short-term, our investment manager expects to see a continued period of volatility as markets react to developments. But the longer-term impact will depend on the duration and resolution of the conflict," Chair Buckley said.
The firm added that it believes it is well placed to continue to meet its objective of delivering a real return for shareholders over the long term.
By Michael Hennessey, Alliance News reporter
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