The company said this growth in earnings was down to the recovery in global dividend payouts for the first half of 2011, the return of multinational BP to the dividend list and changes to the portfolio during 2010.
The company also slimly outperformed the benchmark in H1, with a net asset value total return of 3.6%, compared with a benchmark return of 2.9%.
The company said eight out of the trust’s 12 external managers, responsible for 60% of assets, outperformed their individual benchmarks. Those who underperformed for the half year saw improved performance between the first and second quarters, the trust said.
“The positive absolute return during the first half of the year highlights the resilience of the multi-manager structure in delivering stable above benchmark returns even during periods of financial turbulence, as well as the sound overall performance of our managers,” Witan Investment Trust CEO Andrew Bell said.
“Since then, market conditions have been more turbulent, in response to concerns about economic growth and reflecting waning confidence in the ability of politicians in the Euro zone and in the US to handle their budget deficit problems effectively,” said Bell. “Equity markets abruptly changed gear in early August from surprising resilience to exceptional volatility, producing steep falls worldwide.”
