Witan Investment Trust PLC — Fund Information / Factsheet 2016

Jun 14, 2016

WITAN INVESTMENT TRUST PLC

Monthly factsheet | May 2016

Investment objective

Long-term growth in income and capital through active investment in global equities, using a multi-manager approach.

Monthly commentary

Most major equity markets traded within a narrow band for a second month in succession, following the elevated level of volatility experienced during the first quarter. Commodity prices continued their recovery from extremely low levels but this positive sentiment failed to influence those equity sectors (such as emerging markets, materials and energy) which tend to be highly correlated to the physical commodity markets.

It is perhaps unsurprising that these sectors were relatively weak, as they had already recovered by 25% to 30% from the low levels experienced in January. Currency markets are particularly volatile at present, as major central banks react to their own idiosyncratic challenges and as

Over the past 12 months the Company's NAV total return was -1.2% compared with -3.8%

for the benchmark.*

opinion polls point to a close result in the UK's EU Referendum.

The Company's NAV total return in May was 1.4% and the share price total return 2.1%, both being ahead of the benchmark's total return of 0.6% for the month. Over the past 12 months the Company's NAV total return of -1.2% represents an outperformance of the benchmark's total return of -3.8%. The share price declined by -7.3% over the 12 month period (owing to the move from a

premium a year ago to a discount which was close to 6% at the end of May). As announced at the end of the month, the placing of shares from Aviva Investors was completed at a discount to NAV of 6.5% and the Company repurchased 14,369,238 shares (7.2% of the issued share capital and 45% of the shares made available by Aviva). This means that approximately 17m shares (or £125m worth) were purchased by existing shareholders and other investors. This transaction removed the presence of a significant seller of the Company's shares and resulted in an estimated uplift to net assets of £6.7m, which is equal to some 3.6p per share. It is hoped, though obviously not assured, that the removal of this overhang will, in time, allow an improvement in the discount level and the Company has continued to repurchase shares in the market at prevailing discounts.

In general, equity valuations appear fair, given that bond yields are near historic lows. The oil price, whilst significantly above its nadir, is still providing a boost to the spending power of consuming countries. The rise in the oil price (and the recovery in sentiment towards China and the outlook for global GDP) has also reduced deflationary fears and led to an elevated expectation of an interest rate rise by the US Federal Reserve. This and the forthcoming EU Referendum in the UK could create some short-term volatility, during which our stock-picking managers will, as always, be looking for opportunities.

Further information about the Company is available on Witan's website, www.witan.com.

31 May 2016

*Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns the same as NAV performance.

Trust statistics

£1.6bn	749.00p	792.08p	(5.4%)	2.27%
Gross assets	Share price	NAV per ordinary Share†	Premium (Discount)	Yield

Source: BNP Paribas as at 31.05.16. † NAV is cum income with debt at fair value.

Trust information

Epic Code	WTAN
Sector	Global Growth
Trust Type	Conventional
Launch Date	1909
Financial Year End	31 December
Dividend Frequency	Quarterly
Last Ex Dividend Date	19 May 2016
AGM	April
Shares in Issue	185,117,354
Gearing	12%
Ongoing Charges‡ Including performance fee Excluding performance fee	0.99% 0.72%

Source: BNP Paribas as at 31.05.16. ‡ Ongoing charges as at 31.12.15.

41 years of consecutive dividend growth

Dividend history (pence per share)

Dividend schedule#

Ex-div date	Pay date	Type	Amount per share
03.03.2016	01.04.2016	4th Interim	5.45p
19.05.2016	17.06.2016	1st Interim	4.25p
25.08.2016	16.09.2016	2nd Interim	4.25p
17.11.2016	16.12.2016	3rd Interim	4.25p

Please note that the dates and amounts for dividends not yet paid could be subject to change.

© Morningstar. All rights reserved. Morningstar is not responsible for any trading decisions, damages or other losses related to the information or its use. For more information go to www.witan.com/legal-information.

Portfolio overview

Regional breakdown excluding cash, rebased to 100.

Source: BNP Paribas as at 31.05.16.

Top 10 holdings (%)

Comcast	1.7
SVG	1.7
London Stock Exchange	1.4
Diageo	1.4
Princess Private Equity	1.4
BlackRock World Mining Trust	1.4
Apax Global	1.3
BT	1.3
Unilever	1.2
Relx	1.1

On a look through basis across managers, excluding open-ended funds.

Source: BNP Paribas as at 31.05.16.

Sector breakdown (%)

Financials	26.2
Consumer Services	17.0
Consumer Goods	13.4
Industrials	12.7
Technology	9.3
Health Care	7.6
Other	10.0
Open Ended Funds	0.1
Equity Index Futures	3.7
Cash/Bonds	0.0

Source: BNP Paribas as at 31.05.16.

Investment performance *

Absolute performance (total return) † Relative performance (total return) †

Total performance (% growth to 31.05.2016) over †

	3 m	6 m	1 yr	3 yrs	5 yrs	10 yrs
Share Price (Total Return)	3.8	-3.7	-7.3	29.6	63.9	133.2
Net Asset Value‡ (Total Return)	4.8	2.7	-1.2	25.2	51.3	112.4
Benchmark# (Total Return)	4.4	1.9	-3.8	16.1	38.0	86.7
Relative NAV Performance	0.4	0.8	2.6	9.1	13.3	25.7

Discrete 12 month performance (%) to †

	31.03.2012	31.03.2013	31.03.2014	31.03.2015	31.03.2016
Share Price (Total Return)	-1.4	23.3	18.7	20.8	-6.7
Net Asset Value‡ (Total Return)	-2.2	20.7	11.3	15.1	0.4
Benchmark# (Total Return)	-1.2	17.2	7.7	13.6	-2.9
Relative NAV Performance	-1.0	3.5	3.6	1.5	3.3

† Source: Morningstar / Witan, total return includes the notional investment of dividends.

The Net Asset Value figures value debt at market value and include the notional investment of dividends.

The benchmark is a composite of 40% FTSE All-Share, 20% FTSE All-World North America, 20% FTSE All-World Europe (ex UK), 20% FTSE All-World Asia Pacific. From 01.09.2004 to 30.09.2007 the benchmark comprised of 50% FTSE All-Share, 50% FTSE World (ex UK).

Source: FTSE International Limited ("FTSE"). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under license. For more information go to www.witan.com/legal-information.

*Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested.

Investment Managers

How to invest

Naturally, Witan's shares can be traded through any UK stockbroker but there is a variety of other ways to invest in Witan Investment Trust plc.

Savings schemes

Witan is available for investment through two savings schemes managed by Witan Investment Services Limited. See below for a summary of each of the savings schemes.

Witan Wisdom provides two different options to enable investors to access Witan shares.

Witan Wisdom Share Plan

The Witan Wisdom Share Plan is a straightforward, low-cost savings scheme.*

Witan Wisdom ISA

The Witan Wisdom ISA is a stocks and shares ISA that enables investors to buy Witan shares within a tax efficient wrapper.* Savers can also transfer existing ISA's to Witan Wisdom via the Witan Wisdom Transfer ISA.*

*Terms and conditions apply.

Advisers

Advisers who wish to purchase Witan shares for their clients can do so via a stockbroker, Witan Savings Schemes or via a growing number of dedicated platforms. These include Ascentric, Nucleus, Seven Investment Management and Transact.

Online platforms

A growing number of platforms offer investment trusts directly to investors including Alliance Trust Savings, Hargreaves Lansdown, Barclays Stockbrokers, Halifax Share Dealing Limited, Interactive Investors and AJ Bell.

Jump offers savings schemes specifically designed for adults to save on behalf of a child, which invest into Witan Investment Trust.

Jump Savings Plan

The Jump Savings Plan is a flexible savings scheme allowing you to invest as much as you wish and can be accessed at any time.*

Jump Junior ISA

The Jump Junior ISA enables adults to invest in Witan shares on behalf of a child within a tax efficient wrapper.*

Savers with an existing Child Trust Fund can transfer to Jump, including directly into a Jump Junior ISA.*

*Terms and conditions apply.

To request brochures and applications for Witan Wisdom and Jump savings schemes, you may call 0800 082 8180 (Wisdom) and 0800 011 2015 (Jump) or online via www.witanwisdom.com and www.jumpsavings.com. Please read the full Key Features and Terms & Conditions documents or speak to an adviser before making a decision to invest.

Board of Directors

Chairman

Harry M Henderson

Andrew L C Bell CEO

Richard J Oldfield Tony A Watson

Senior Independent Director

Catherine M Claydon Chairman of the Remuneration and Nomination Committee

Suzy E G A Neubert Robert W Boyle

Chairman of the Audit Committee

Important information

Please remember, past performance is not a guide to future performance and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is provided for informational purposes only and should not be construed as constituting an offer or a solicitation to buy or sell interests or investments in Witan Investment Trust PLC. Investment trusts can borrow money to make additional investments on top of shareholders' funds (gearing). If the value of these investments falls, gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. Emerging markets tend to be more volatile than more established stock markets and therefore your money is at greater risk. Other risk factors such as political and economic conditions should also be considered. Funds which specialise in investing in a particular region or market sector are more risky than those which hold a very broad spread of investments. Funds investing in overseas securities are exposed to and can hold currencies other than Sterling. As a result, exchange rate movements may cause the value of investments to decrease or increase. Some, or all, of the annual management fee may be charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns that equal NAV performance. Where a fund holds a limited number of investments and one or more of those investments declines or is otherwise adversely affected, it may have a more pronounced effect on the Fund's value than if a larger number of investments were held.

Contact details 0800 082 81 80 www.witan.com

This marketing communication is issued and approved by Witan Investment Services Limited. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority. Calls may be recorded for our mutual protection and to improve customer service.