12th Mar 2014 12:07
LONDON (Alliance News) - Witan Investment Trust PLC Wednesday said it outperformed its benchmark index in 2013.
Witan's net asset value total return was 29.4%, against the benchmark's total return of 20.7% and more than the 20.8% return on the FTSE All-Share index of UK shares. The share price total return was 36.7%, enhanced by a narrowing in its share price discount to NAV.
Since October 2007 the benchmark (based on the FTSE All-World indices) has been: 40% UK; 20% North America; 20% Europe ex-UK; 20% Asia Pacific.
The total dividend for the year was 14.4 pence per share, up from 13.2 pence in 2012.
"The returns were driven by widespread outperformance by our investment managers as well as the benefit of employing gearing, during a year of improving investor confidence and rising stock markets. Although this recovery in confidence is welcome, it is prudent to note that the rise in equity markets has reduced the safety margin previously provided by low valuations. The forthcoming corporate reporting season will be important in confirming whether the growth that equity investors have anticipated is being realised," Harry Henderson, chairman, said in a statement.
Henderson said the trust will ask shareholders' permission to buy shares into treasury, for possible reissuance in the event of the shares moving to a premium. Shares will only be re-sold from treasury at (or at a premium to) the net asset value per ordinary share.
Witan shares were Wednesday quoted at 660.50 pence, down 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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