Witan Investment Trust - Strong absolute performance in 2021

Witan Investment Trust (WTAN) has used a multi-manager structure since 2004. However, it has continued to evolve as new opportunities and challenges emerge in investment markets. Performance was good in absolute terms through FY21 but lagged global markets, contributing to lower relative returns over the past five years. WTAN’s relative performance is still ahead over 10 years and 2021 saw the 47th consecutive year of dividend increases. The trust’s portfolio is well diversified and takes active

Witan - Overview

Witan offers investors a highly efficient way of getting exposure to global equities, with all the benefits of active management but with few of the disadvantages. The highly diversified portfolio has little key man risk thanks to the multi-manager approach and is different to other global trusts thanks to the in-house executive team, which is fully aligned with Witan’s shareholders. The portfolio is designed relatively simply and sees the majority of the trust’s assets invested with ‘core’ man

Witan Investment Trust - Back on track

Witan Investment Trust (WTAN) has employed a multi-manager approach since 2004, including strategies that may be unavailable to the general investor. The trust is back on track following a period of weak performance in early 2020 due to its positioning during the extreme coronavirus-led market sell-off, and is ahead of its composite benchmark and the majority of its peers over the last 12 months (WTAN has also outperformed its benchmark over the last decade). The trust’s portfolio was restructur

Pandemic immunity

Since the start of 2020 global equity markets have been on a pandemic-driven roller-coaster ride, with many phases of an economic cycle condensed into the last 19 months. Yet thanks to the effective roll-out of vaccines we are beginning to see the light at the end of the tunnel. As equity markets show signs of normalisation we take the opportunity to review the AIC’s Global sector, examining how its constituents performed over the four major periods of the pandemic and identifying which trusts,

Witan - Overview

Witan offers investors an actively managed but diversified exposure to global equities. Since the adoption of the current ‘manager of managers’ approach the trust has outperformed its benchmark and delivered dividend growth well ahead of inflation. In our opinion, Witan provides the benefits of active management but with reduced key-man or manager risk. Underlying managers are chosen by Witan’s executive team to complement each other, but not necessarily to provide exposure to all ‘styles’ of i

Witan Investment Trust - Meaningful improvement in performance

Witan Investment Trust’s (WTAN) investment director James Hart comments that ‘the trust’s Q120 performance was highly unusual and is now back on track’. It outperformed its composite benchmark in each month in H220 during a variety of market environments and this outperformance has continued into 2021. In 2020, WTAN’s portfolio was restructured in a measured way as part of a long-term strategy to align the fund with worldwide investment opportunities. The trust’s US weighting was increased (alth

Witan - Overview

Witan (WTN) offers investors an actively managed, but diversified, exposure to global equities. Using a manager-of-managers approach, WTN invests in a range of concentrated portfolios, each of which is managed by a third-party manager employed by the board. This approach means that shareholders benefit from diversification and active management, with little key-man or manager risk. The roster of eight to 12 managers is overseen by Witan’s executive team. Each of the underlying managers has their

Witan Investment Trust - Evolution towards a more global portfolio

Witan Investment Trust (WTAN) has employed a multi-manager strategy since 2004. Investment director James Hart says the trust gives a balanced exposure to equities across regions and sectors. He suggests ‘the type of companies identified by the managers should provide good long-term prospects for shareholders, especially in the current environment, plus there is currently a wide discount to asset value’. WTAN offers a range of strategies not generally available to the retail investor, with c 25%

Witan - Overview

Witan aims to provide investors with a ‘one-stop shop’ for an actively managed exposure to global equities. The trust invests with a range of thirdparty managers who select concentrated portfolios. This approach means that shareholders can benefit from diversification and active management, but with less key-man or manager risk. The selection of these managers is overseen by Witan’s executive team. These underlying managers run high conviction portfolios, which means that the trust’s overall exp

Witan Investment Trust - Diversified exposure to global equities

Witan Investment Trust (WTAN) can be considered as a ‘one-stop shop’ for investment in global equities. Since 2004, it has employed a multi-manager strategy; there are currently 10 third-party managers, while around 10% of the trust is invested directly in specialist funds. WTAN outperformed its composite benchmark in FY19 and has now increased its annual dividend in each of the last 45 consecutive years. While global stock markets are currently under significant pressure due to the coronavirus

Witan - Overview

Witan is a self-managed investment trust which aims to achieve growth in capital and income over the long term, through a portfolio of global equities. The team follow a highly active multi-manager approach, using a range of third-party managers who run concentrated portfolios of 15 to 60 stocks. Currently there are ten managers in the portfolio, with allocation sizes and mandates being controlled by the board and executive team, led by Andrew Bell. Alongside this, the executive team are direct

Witan Investment Trust - Buoyant revenue generation

Witan Investment Trust (WTAN) employs a multi-manager strategy providing a ‘one-stop shop’ for exposure to global markets. The trust’s investment director James Hart highlights WTAN’s robust revenue stream, which is underpinned by a portfolio of high-quality companies with long-term growth potential. The trust’s annual dividends have compounded by 8.7% pa over the last 10 years and by an enhanced 10.3% pa over the last five. Hart says that although expectations have moderated, the outlook for gr

Witan Investment Trust - Long-term outperformance from multi-managers

Witan Investment Trust’s (WTAN) investment director James Hart suggests that equities are currently an attractive asset class for the patient and selective investor. He believes that selectivity is becoming more important given the elevated valuation levels of parts of the equity market. The director argues that this plays to the strengths of WTAN’s multi-manager investment approach, with experienced managers that are able to take advantage of the evolving investment environment. Although relati

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

In line final results, market headwinds impact AuM

Finals are in line on management fee earnings, but an unexpected performance fee drives a 6% earnings beat and a higher dividend. Recent market conditions have been challenging and have impacted AuM, down 12% in Q1 so far (vs pf incl. Majedie). We update our model, driving a 8-11% reduction in our earnings estimates. We think that the current 8x Mar-23e PER is already more than pricing in further forecast risk. We note a 6%+ prospective dividend yield generously covered by earnings with signific

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

Hybridan Small Cap Feast 01/07/22

1 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Morning Note – 29 June 2022

Hybridan Small Cap Feast 23/06/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 28 June 2022

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.