Witan rebounds after 'humbling' 2020

Persistent discount remains

After a self-proclaimed “humbling” 2020, the £2.3bn Witan investment trust has turned the corner, returning 1% ahead of its benchmark for the first half of 2021.

However, with its discount still at 7.2% there is still some way to go to reach its goal of a share price that trades in line with NAV.  Witan's NAV total return was 12.4% for the first six months of the year, 1% ahead of the company's benchmark, which is a composite of 85% Global (MSCI All Country World index) and 15% UK (MSCI UK IMI index). At the end of 2019 the Witan investment trust changed its benchmark to reduce the weighting of UK stocks, which has come down steadily since 2000 when it comprised 60% of portfolio. This latest change from 30% UK meant undergoing a significant...