Witan Investment Trust PLC New global manager appointments (0047Y)
04 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMWTAN
RNS Number : 0047Y
Witan Investment Trust PLC
04 September 2020
Witan Investment Trust plc
4 September 2020
Witan Investment Trust - appointment of two Global Growth
managers
Witan's appointment of WCM Investment Management ("WCM") and
Jennison Associates ("Jennison") as new investment managers has now
been completed, with the portfolio transition taking effect during
the latter part of August.
Both US-based managers specialise in high quality and faster
growing companies as well as being signatories to the UNPRI (in
common with Witan and its other managers).
WCM has been allocated $200m to manage (8% of Witan's assets).
Based in Laguna Beach, California, WCM is an independent asset
management firm that runs focused portfolios, comprised of
high-quality businesses with growing economic moats, aligned with
strong, adaptable corporate cultures, and supported by durable
global tailwinds. The portfolio is concentrated in 30 - 40 high
conviction investments with the objective of securing long-term
excess return and downside protection. As an active manager, WCM
believes that their investee companies have meaningful structural
advantages which, when allied with a 'buy and manage' low turnover
approach, will allow long-term outperformance of the relevant
benchmark. As of June 30, 2020, WCM's 62 employees managed $59
billion in client assets.
Jennison has been allocated $100m to manage (4% of Witan's
assets). Mark Baribeau, Head of Global Equities at Jennison
Associates, seeks to invest in a portfolio of market-leading
companies with innovative business models, positively inflecting
growth rates, and long-term competitive advantages. Mark, along
with co-portfolio manager Tom Davis and a team of global sector
analysts, employs a high conviction, concentrated approach that is
sector-, region-, and country-agnostic. The team invests in a
select group of companies with innovative and disruptive businesses
that are driving structural shifts in their respective industries.
They also look for companies with defensible business models and
attractive product offerings, supported by secular demand trends.
The portfolio typically has between 35 and 45 holdings and
securities must meet stringent standards in order to remain or earn
a place in the portfolio.
The portfolios were mainly funded from the sale of a US equity
exchange traded fund (ETF) which had been used as a temporary means
of maintaining market exposure following earlier portfolio changes.
The balance was funded by the sale of a GBP54m UK equity portfolio
managed by Heronbridge Investment Management LLP ("Heronbridge").
Heronbridge has managed part of Witan's portfolio since June 2013,
achieving a total return of 36% (to the end of July 2020), ahead of
the 27% return from the UK equity market over the same period.
Andrew Bell, CEO of Witan Investment Trust said:
"We are delighted to add WCM and Jennison this month to our list
of managers. They specialise in high-conviction investments in
rapidly growing companies and those with increasing competitive
advantages that should enable them to win market share and achieve
superior business results. At the same time, I must thank
Heronbridge for their stewardship of our assets over the past seven
years and the outperformance they have delivered for our
shareholders.
The new global asset allocation that Witan introduced from
January incorporates greater exposure than before to faster growing
parts of the world and economic sectors. These appointments
represent an important further stage in implementing that policy,
providing a degree of specialism that complements the approaches of
our other managers.
Witan's performance had a disappointing start to 2020, when the
Covid-19 lockdown measures affected the portfolio adversely, as
reported on in detail in our interim results last month. Since May,
modest outperformance has resumed, although this is subject to the
usual uncertainties and caveats and neither good nor bad
performance should be extrapolated.
We believe that our equity portfolio offers a balance across
sectors and regions that will reward existing and new investors for
their patience, both in terms of net asset value returns and a
narrowing discount."
Further information on WCM and Jennison is available on the
Company's website at
www.witan.com/about-witan/meet-the-managers/.
- ENDS -
For further information please contact:
Andrew Bell, Chief Executive Officer
Witan Investment Trust plc
Tel: 020 7227 9770
Andrew.Bell@witan.co.uk
James Hart, Investment Director
Witan Investment Trust plc
Tel: 020 7227 9770
James.Hart@witan.co.uk
Alexis Barling, Director of Marketing
Witan Investment Trust plc
Tel: 020 7227 9770
Alexis.Barling@witan.co.uk
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