Witan Pacific Investment Trust (LON:WIPA) has outperformed its MSCI AC Asia Pacific Free benchmark since adopting a multi-manager strategy at end-May 2005. However, following a period of relative weakness (particularly since mid-2016), the board has changed the external manager line-up (effective from end-September 2017). It is enthusiastic about the two new managers: Dalton Investments and Robeco Institutional Asset Management (and has continued confidence in incumbent managers Aberdeen and Matthews). The board is hopeful that the new line-up can build on WPC’s long-term record of outperformance. WPC aims to generate long-term growth in both capital and income, and the regular annual dividend has increased in each of the last 13 years.
Investment strategy: Multi-manager approach
WPC employs a multi-manager strategy, aiming to generate long-term growth in capital and income from a diversified portfolio of pan-Asian equities, which includes Japan, Australia and India. This approach aims to maximise returns while diversifying risk. At end-FY18 (January), the portfolio was split between four external managers: Aberdeen (25%), Dalton (10%), Matthews (40%) and Robeco (25%). They have a range of investment styles, offering a wide opportunity set. WPC is designated as a small UK AIFM, so it does not employ gearing; at end-March 2018 it had a net cash position of 3.2%.
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