Witan Investment Trust : Report and Accounts 2022

Our investment policy

Witan invests primarily in listed companies across global equity markets, using a multi-manager approach. The Company's actively managed portfolio covers a broad range of markets and sectors, offering a distinctive way for investors to access the opportunities created by global economic growth.

Our purpose

is to achieve significant growth in our investors' wealth by investing in global equity markets, using a multi-manager approach.

Our objective

is to achieve an investment total return exceeding that of the Company's benchmark(1) over the long term, together with growth in the dividend ahead of inflation.

Where to find us

Our website has a full range of information about Witan and regular commentary about investment markets.

Find us online @ www.witan.com

(1) Witan's benchmark is 85% Global (MSCI All Country World Index) and 15% UK (MSCI UK IMI Index).

STRATEGIC REPORT

01 Financial highlights

1. Our investment approach

1. Key performance indicators

1. What we do

1. Chairman's Statement  10 CEO's review of the year  18 Responsible investment

1. Meet the managers

1. Forty largest investments

1. Classification of investments
2. Principal risks and uncertainties

1. Section 172: engaging with our stakeholders

1. Corporate and operational structure
2. Costs
3. Viability Statement

CORPORATE GOVERNANCE

46 Board of directors

1. Corporate Governance

1. Report of the Audit & Risk Committee

1. Directors' Remuneration Report

1. Directors' Report

1. Statement of Directors' Responsibilities

FINANCIAL STATEMENTS

80 Independent Auditor's Report to the members of Witan Investment Trust plc

1. Consolidated Statement of Comprehensive Income
2. Consolidated and Individual Statements of Changes in Equity
3. Consolidated and Individual Balance Sheets
4. Consolidated and Individual Cash Flow Statements
5. Notes to the Financial Statements

1. Other Financial Information (unaudited)

1. Additional Shareholder Information

1. Contacts

STRATEGIC REPORT

To read more about

our KPIs see pages 4 and 5

1. Source: Morningstar.
2. Source: Morningstar. See also MSCI International for conditions of use (www.msci.com).
3. Alternative performance measure (see page 5).

Total return performance

CORPORATE GOVERNANCE

1. high conviction yet well-diversified portfolio

To read more about

our diversified portfolio see pages 26 to 27

79%

Active share(3) at end 2022

We are active investors with a highly selective approach to portfolio construction. This is different from a passive fund which replicates a particular index.

Percentage of total funds

COMPANY SIZE BREAKDOWN OF THE PORTFOLIO

71.0% Large Cap

9.7% Mid Cap

5.7% Small Cap

2.0% Unquoted Funds

11.6% Investment Companies

FINANCIAL STATEMENTS

Talent

We search for the best fund managers worldwide, choosing managers to complement each other, not to cover all styles. Our managers are active investors and construct high conviction portfolios focusing on their best ideas.

This high level of conviction produces portfolios which are differentiated from the benchmarks which they aim to outperform.

Experience

Founded in 1909, we have a long track record of producing capital and income growth. We have invested through challenging economic cycles, wars and political crises, helping put contemporary events into perspective. Since the adoption of the current multi-manager strategy in 2004, shareholders have enjoyed a share price total return(1) of 454.3% versus 365.1% for Witan's benchmark and 231.7% for the MSCI UK Index.

(1)  Alternative performance measure, see page 118.

Independence

Witan is an independent and self- managed investment company, dedicated to sustainable growth in its shareholders' wealth. Witan's employees are solely focused on the success of the Company.

Our independence means we simply seek, without pre-set constraints, to select the best managers available, in the interest of our shareholders.

Adaptable

Our multi-manager strategy allows us to respond to changes in long-term trends either by changing managers and investment style or investing via our specialist portfolio with managers who have expert knowledge of particular sectors or regions. Using gearing and derivatives, we can also adapt our portfolio to short-term opportunities

or to manage risk.

STRATEGIC REPORT

CORPORATE GOVERNANCE

We search for the best managers around the world to create a portfolio that is diversified by region, investment sector and individual company level. This provides broad opportunities for investors and reduces the risks arising from reliance on a single manager. In many cases, these managers are either not available to individual UK investors or available only on less competitive terms.

Our highly experienced Board of directors and Executive have many years' collective experience of managing assets, selecting managers and delivering sound, independent governance.

FINANCIAL STATEMENTS