Mel Jenner
27 October 2017 · 2 min read

Witan Investment Trust announces the appointment of two European equity managers

Appointment of CRUX Asset Management and S. W. Mitchell Capital

Witan Investment Trust (WTAN) has announced the appointment of two European equity managers: CRUX Asset Management and S. W. Mitchell Capital. CRUX is a specialist asset management company with an emphasis on European equities and S. W. Mitchell is an investment boutique focused exclusively on European equities. Each manager has been allocated c 5% of WTAN’s assets (c £100m), funded by the liquidation of the pan-European portfolio that had been managed by Marathon Asset Management, plus an additional £24m from WTAN’s cash resources. Both portfolios will be benchmarked against the FTSE Europe ex-UK index. Following the transition, WTAN will have 10 external managers, each running regional, high-conviction mandates. WTAN’s executive team will continue to manage up to 10% of the trust’s assets in collective funds.

The changes to the multi-manager line-up allow WTAN to increase its exposure to actively managed continental European assets following the improvements in the economic and political environment during 2017. Both CRUX Asset Management and S. W. Mitchell Capital run concentrated portfolios with high active shares (a measure of how far a portfolio deviates from a benchmark, with 0% representing full replication of the index and 100% representing no commonality between the portfolio and the benchmark). This will increase WTAN’s European active share from c 70% to 86% and its overall active share from c 74% (June 2017) to more than 76%.
To read our latest research note on WTAN, please click here.

Disclaimer - Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This document may contain materials from third parties, which are supplied by companies that are not affiliated with Edison Investment Research. Edison Investment Research has not been involved in the preparation, adoption or editing of such third-party materials and does not explicitly or implicitly endorse or approve such content. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of publication and is subject to change without notice. While based on sources believed reliable, we do not represent this material as accurate or complete. Any views or opinions expressed may not reflect those of the firm as a whole. Edison Investment Research does not engage in investment banking, market making or asset management activities of any securities. The material has not been prepared in accordance with the legal requirements designed to promote the independence or objectivity of investment research.