London, UK, 12 December 2016

Edison issues review on Witan Pacific Investment Trust (WPC)

Witan Pacific Investment Trust (WPC) offers broad exposure to Asian markets including Japan and Australia, adopting a multi-manager approach which tends to smooth the performance fluctuations of individual managers. Current managers Aberdeen, Matthews and Gavekal, all invest across the region pursuing distinct, unconstrained strategies. Although weaker over six months, NAV total returns have been largely consistent with the MSCI AC Asia Pacific Free index benchmark over three years and WPC has outperformed over 10 years. Fees are competitive versus peers, with the board aiming to contain ongoing charges at 1% of net assets per annum. WPC aims to grow annual dividends above the rate of UK inflation; the current dividend yield is 1.7%.

WPC's current 13.6% share price discount to cum-income NAV is narrower than the 14.4% average of the last 12 months, wider than the 13.2% three year average and narrower than the averages of the last five and 10 years of 13.8% and 14.9%, respectively. The board actively repurchases shares when they are trading at a substantial and anomalous discount to NAV. While a widening discount earlier in 2016 led to an acceleration in share repurchases, the discount has narrowed in recent months.

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