Скачать презентацию Witan Pacific Investment Trust plc 104 th Annual Скачать презентацию Witan Pacific Investment Trust plc 104 th Annual

a2bd0c0a3bb349793be244d855b29e4f.ppt

  • Количество слайдов: 26

Witan Pacific Investment Trust plc 104 th Annual General Meeting 8 th June 2011 Witan Pacific Investment Trust plc 104 th Annual General Meeting 8 th June 2011

Disclaimer l These slides are intended to highlight some features from Witan Pacific’s 2011 Disclaimer l These slides are intended to highlight some features from Witan Pacific’s 2011 results, for the use of shareholders, analysts and other professional investors. l This material is for informational purposes only and does not constitute a solicitation or a personal recommendation in any jurisdiction. Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No part of this material may be copied, photocopied or duplicated in any form or distributed to any person that is not an employee, officer, director or authorised agent of the recipient, without Witan Investment Services Limited's prior permission. l Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Issued and approved by Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne’s Gate, London SW 1 H 9 AA. The VAT registration number for Witan Investment Services Limited is 863 5738 89. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority. 1

Agenda l Chairman’s introduction l Investment Review by Witan Investment Services l Glossary 2 Agenda l Chairman’s introduction l Investment Review by Witan Investment Services l Glossary 2

Witan Pacific Investment Trust plc Chairman’s introduction Witan Pacific Investment Trust plc Chairman’s introduction

Investment objective • Provide a balanced portfolio of investments in the Asia Pacific region Investment objective • Provide a balanced portfolio of investments in the Asia Pacific region • Outperform the MSCI AC Asia Pacific Free Index (£) 4

Witan Pacific Investment Trust plc WPC Board Phoenix Company Secretary Witan Investment Services Ltd Witan Pacific Investment Trust plc WPC Board Phoenix Company Secretary Witan Investment Services Ltd Aberdeen Other Service Providers Nomura 5

Investment strategy • Use a multi-manager approach to add value and diversify risk • Investment strategy • Use a multi-manager approach to add value and diversify risk • Deploy moderate levels of gearing to augment long-term returns • Aim to grow the dividend in real terms, subject to circumstances 6

On-site review of investment managers • Met each manager’s teams in both Singapore and On-site review of investment managers • Met each manager’s teams in both Singapore and Tokyo • Detailed enquiry regarding investment process • Review management of compliance and controls • Test managers’ approach, style and outlook 7

Witan Pacific Investment Trust plc Executive Manager’s update Andrew Bell Witan Investment Services Witan Pacific Investment Trust plc Executive Manager’s update Andrew Bell Witan Investment Services

Highlights of 2010 -11 financial year • • • NAV total return of 25. Highlights of 2010 -11 financial year • • • NAV total return of 25. 8%, 5. 8% ahead of the benchmark* • • Moderate levels of gearing being introduced to add to long term returns Dividend raised by 33% to 2. 8 p* New policy aiming to increase the dividend in real terms over time, subject to market conditions Both investment managers significantly outperformed during the year* *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 9

Performance to 31 st January 2011* All figures are total return (£) 1 yr Performance to 31 st January 2011* All figures are total return (£) 1 yr % 3 yrs % 5 yrs % Share Price† +30. 0 +35. 5 +32. 8 Net Asset Value† +25. 8 +34. 6 +43. 9 Benchmark ** NAV total return relative to benchmark +20. 0 +27. 7 +31. 5 +5. 8 +6. 9 +12. 4 † Data Source: AIC Services Ltd. **Data Source: Data. Stream. Benchmark = MSCI AC Asia Pacific Free Index (£); *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 10

Performance in the 5 years to 31 st January 2011* All figures are total Performance in the 5 years to 31 st January 2011* All figures are total returns (£) for the discrete year ending on the date shown 31. 1. 07 31. 1. 08 31. 1. 09 31. 1. 10 % % % Share Price† -3. 0 +1. 0 -23. 4 +36. 1 +30. 0 Net Asset Value † +2. 1 +4. 7 -19. 7 +33. 4 +25. 8 Benchmark ** +0. 4 +2. 6 -17. 9 +29. 6 +20. 0 NAV total return relative to benchmark +1. 7 +2. 1 -1. 8 +3. 8 +5. 8 % 31. 1. 11 % † Data Source: AIC Services Ltd. **Data Source: Data. Stream. Benchmark = MSCI AC Asia Pacific Free Index (£); *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 11

Witan Pacific (performance compared with benchmark*) Source: Data. Stream Red line: Witan Pacific NAV Witan Pacific (performance compared with benchmark*) Source: Data. Stream Red line: Witan Pacific NAV Green line: NAV total return vs. benchmark *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 12

Dividends since adoption of Motor Yamaha multi-manager strategy* Case study 2005/6 2006/7 2007/8 2008/9 Dividends since adoption of Motor Yamaha multi-manager strategy* Case study 2005/6 2006/7 2007/8 2008/9 + special 2009/10 2010/11 1. 33 p 1. 50 p 1. 65 p 1. 85 p 1. 00 p 2. 10 p 2. 80 p +26. 7% +12. 8% +10. 0% +12. 1% +13. 5%** +33. 3% **Increase on 2008/9 standard dividend • Dividend per share consistently increased since 2005 • New policy aims to grow the dividend in real terms, subject to circumstances; Revenue reserves represent over 5 x 2011 dividend Dividend growth should be viewed in the context of total investment returns (see slides 10 -12) *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 13

Two managers, same benchmark, different style Aberdeen Nomura l Unconstrained l Top down approach Two managers, same benchmark, different style Aberdeen Nomura l Unconstrained l Top down approach l Conviction l More index aware l Fundamental research l Growth stock picker at an attractive price Equity Mandate Asia Pacific incl. Japan Investment Manager Mandate Benchmark % of 31 May 2005 portfolio % as at 31 st January 2011 Aberdeen MSCI AC Asia Pacific Free Index (£) 50% 54% 50% 46% Nomura 14

Country allocation Investment philosophy and process Source: BNP Paribas & Data. Stream, as at Country allocation Investment philosophy and process Source: BNP Paribas & Data. Stream, as at 31. 01. 11 Witan Pacific Annual Report 2011 page 15 15

Sector allocation Source: BNP Paribas & Data. Stream, as at 31. 01. 11 Witan Sector allocation Source: BNP Paribas & Data. Stream, as at 31. 01. 11 Witan Pacific Annual Report 2011 page 17 16

Aberdeen – key points l Aberdeen portion of Trust’s portfolio: +28. 8% vs. 19. Aberdeen – key points l Aberdeen portion of Trust’s portfolio: +28. 8% vs. 19. 8% for MSCI Asia benchmark* l Aberdeen Japan portfolio: Index* +24. 1% vs. 13. 5% for Japan l Aberdeen Pacific ex Jap portfolio: ex-Japan Index* +30. 8% vs. 24. 5% for Pacific + Underweighting Japan was a key positive + Stock selection was positive in Japan as well as Asia ex-Japan Source: WM Company & Analytics, 31/01/2010 – 31/01/2011, total returns (£) *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 17

Nomura - key points l Nomura portion of Trust’s portfolio: +24. 2% vs. 19. Nomura - key points l Nomura portion of Trust’s portfolio: +24. 2% vs. 19. 8% for MSCI Asia benchmark* l Nomura Japan portfolio: Index* +17. 0% vs. 13. 5% for Japan l Nomura Pacific ex-Japan portfolio: ex-Japan Index* +29. 7% vs. 24. 5% for Pacific + Underweighting Japan was a moderate positive + Stock selection in Japan and Asia ex-Japan were both positive Source: WM Company & Analytics, 31/01/2010 – 31/01/2011, total returns (£) *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 18

Total returns May 2005 to January 2011 (£) (p. a. )* l Combined portfolio Total returns May 2005 to January 2011 (£) (p. a. )* l Combined portfolio + 13. 7%* l MSCI Asia Pacific Index + 11. 1%* l Aberdeen + 15. 5%* l Nomura + 11. 8%* Source: WM Company 31/05/2005– 31/01/2011, gross total return p. a. (£) *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 19

Regional diversification Japanese and Pacific Basin economies interlinked; market performance fluctuates more than relative Regional diversification Japanese and Pacific Basin economies interlinked; market performance fluctuates more than relative fundamentals* Source: Data. Stream *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 20

Outlook for Asia Pacific l Banking system relatively robust l Consumer trends positive (ex-Japan) Outlook for Asia Pacific l Banking system relatively robust l Consumer trends positive (ex-Japan) l Rapid growth giving rise to inflation l Japan – demand recovery likely post-earthquake but longer term domestic trends unclear – corporate sector more heavily exposed overseas l Prospects more encouraging in Asia than Western economies 21

Global recovery consolidating • Double dip avoided in 2010 • Emerging economies growing strongly Global recovery consolidating • Double dip avoided in 2010 • Emerging economies growing strongly but face inflationary pressures • Developed economies growing but recovery is patchy • Japan set back by Tohoku Source: Data. Stream earthquake 22

Summary Investment philosophy and process l l l Asia Pacific growth higher and more Summary Investment philosophy and process l l l Asia Pacific growth higher and more resilient than G 7 Cyclical inflation pressures weighing on near-term outlook Japanese economy weak; market more sensitive to global growth Markets digesting 2009 -10 recovery Witan Pacific provides multi-manager regional exposure: – complementary styles of quality managers – strategic option to refine manager line up – aiming to grow the dividend in real terms Consistent outperformance of the regional benchmark* *Please remember that past performance is not a guide to future performance. Witan Pacific Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested. Please also see disclaimer on page 1. 23

Glossary Term Definition Gearing The ability to borrow against assets NAV/NAV TR Net Asset Glossary Term Definition Gearing The ability to borrow against assets NAV/NAV TR Net Asset Value, the TR indicates whether the income is included or not Outperformance/ Underperformance Whether performance was better (out) or worse (under) than what it is being compared with Under/overweighting Less/more than the country, sector or stock’s weight in the index Top Down Investment approach that takes into account the macroeconomic view Unconstrained Not constrained by the weightings of an index 24

Witan Investment Services 14 Queen Anne’s Gate London SW 1 H 9 AA Tel: Witan Investment Services 14 Queen Anne’s Gate London SW 1 H 9 AA Tel: 020 7227 9770 Fax: 020 7227 9771 This document may not be reproduced in any form without the express permission of Witan Investment Services Limited and to the extent that it is passed on care must be taken to ensure that this reproduction is in a form which accurately reflects the information presented here. Whilst Witan Investment Services Limited believe that the information is correct at the date of production, no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions in this document by any of Witan Investment Services Limited or their respective directors and no responsibility or liability is accepted by such persons for the accuracy or completeness of any such information or opinions or for any action taken on the basis of the contents of this document. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. This document has been produced based on Witan Investment Services’ research and analysis and represents our house view. The information is made available to clients only incidentally. Unless otherwise indicated, the source for all data is Witan Investment Services. Any reference to individual companies is purely for the purpose of illustration and should not be construed as a recommendation to buy or sell or advice in relation to investment, legal or tax matters. Witan Investment Services (14 Queen Anne’s Gate, London SW 1 H 9 AA) is authorised and regulated by the Financial Services Authority to provide investment products and services. We may record telephone calls for our mutual protection and to improve customer service. This document does not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Tax assumptions may change if the law changes and the value of tax relief will depend on individual circumstances. 25