WITAN PACIFIC INVESTMENT TRUST PLC 110 th Annual General Meeting - PowerPoint PPT Presentation

WITAN PACIFIC INVESTMENT TRUST PLC 110 th Annual General Meeting June 2017

DISCLAIMER These slides are intended to highlight some key points about Witan Pacific Investment Trust plc, for the use of shareholders, analysts and other professional investors. This material is for informational purposes only and does not constitute a solicitation or a personal recommendation in any jurisdiction. 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. Important note: 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. Witan Investment Services Limited is registered in England no.5272533 of 14 Queen Anne’s Gate, London SW1H9AA. The VAT registration number for Witan Investment Services Limited is 863573889.Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority. MSCI information. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction, The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limit ation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) WITAN PACIFIC INVESTMENT TRUST 2

AGENDA • Chair’s Overview • Investment Review ‒ Manager video commentaries ‒ Summary from Witan Investment Services • Question and answer discussion • Formal business of the meeting • Tea WITAN PACIFIC INVESTMENT TRUST 3

CHAIR’S OVERVIEW Sarah Bates

INVESTMENT OBJECTIVE • To provide shareholders with long term capital and income growth from a diversified portfolio of investments in the Asia Pacific region, employing an active multi-manager approach • To grow the dividend in real terms over the long term • To outperform the MSCI AC Asia Pacific Index (£), the Company’s benchmark WITAN PACIFIC INVESTMENT TRUST 5

ORGANISATIONAL STRUCTURE Service Providers Portfolio Managers Capita Company Secretary Aberdeen Board JPMorgan Custodian Matthews Witan Pacific BNP Paribas Fund Accounting Gavekal Executive Manager PWC Auditors Witan Investment Services WITAN PACIFIC INVESTMENT TRUST 6

FULL YEAR TO 31 JANUARY 2017 • NAV total return of 30.7% , compared with benchmark 35.3% • Share price total return of 26.1% • Outperformed in 8 out of the 12 financial years since becoming multi-manager in May 2005 • Final dividend of 2.55p , making 4.75p for the full year (+2.2%) • Net assets £217m (2016: £170m) • NAV total return of 195.8% since the adoption of the multi-manager approach in 2005, compared with 183.1% for the benchmark Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 7

PERFORMANCE 31 JAN 2016 TO 31 MAY 2017 145 135 125 115 105 95 85 Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017 Apr 2017 Witan Pacific Total Return Witan Pacific NAV Total Return Benchmark Total Return Source: Datastream to 31.05.2017 Witan Pacific’s Benchmark is the MSCI AC Asia Pacific Index (Sterling) Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 8

WITAN PACIFIC DIVIDEND RECORD Policy – The Company aims to grow the dividend in real terms over the long term Regular dividend Special dividend • Final dividend of 2.55p , 5 making 4.75p for full year 4.5 • 2.2% increase over previous 4 3.5 year (CPI 1.8%) 3 • 12 consecutive years of 2.5 dividend growth 2 • The regular dividend is 4.5 1.5 times that paid in 2005 1 • Revenue reserves are circa 0.5 3 times annual dividend 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Witan Pacific Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 9

DISCOUNT AND SHARE BUYBACKS (TO 31.05.2017) • Discount widened in 2016 due to market volatility and Brexit uncertainty, pace of buybacks increased in response to the widening discount • 713,979 shares repurchased in the financial year to 31 Jan 2017 • 1.6m shares repurchased in the current financial year at discounts between 11% and 17% Witan Pacific Discount (30 day average) 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Please see disclaimer on slide 2 Source: Datastream (to 31.05.2017) WITAN PACIFIC INVESTMENT TRUST 10

INVESTMENT REVIEW James Hart, Investment Director Witan Investment Services

HIGHLIGHTS FROM THE FINANCIAL YEAR • Fluctuating hopes for economic growth which improved over the year • Improved sentiment in Asia and particularly in emerging markets as commodity prices recovered • Asian corporate earnings showing signs of improvement • Significant political shocks from the Brexit vote, US Presidential election and South Korean impeachment • Global interest rates appear to have troughed as economic policy edges towards targeting tax cuts and investment spending • These macro factors drove stock market rotation which made life difficult for the majority of active managers, including our own WITAN PACIFIC INVESTMENT TRUST 12

MANAGER STRUCTURE (AS AT 31.01.2017) Annualised Portfolio Manager Performance Benchmark Annualised % managed Benchmark (inception) 12m 12m Performance Performance Aberdeen 43.4 +39.2 +35.3 +11.4 +9.3 (31.05.05) Matthews 46.4 +28.4 +35.3 +13.3 +11.3 (30.04.12) Gavekal 10.2 +22.3 +35.3 +10.1 +11.5 (24.04.12) TRUST PERFORMANCE 31 st MAY 2005 to 31 st JANUARY 2017 Cumulative Cumulative Annualised Annualised NAV TR Benchmark NAV TR Benchmark Total return 100.0 +195.8 +183.1 +9.7% +9.3% (since 31.05.05) Source: WM Performance Services/Morningstar All performance to 31.01.2017 Annualised performance is since inception excludes cash balances held centrally by Witan Pacific Gavekal returns are adjusted for 1.5% annual management fee charged within the UCITS OEIC, of which 0.75% is rebated to the Company directly outside the fund. Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 13

LONG-TERM PERFORMANCE 320 300 280 260 240 220 200 180 160 140 120 100 80 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Witan Pacific Total Return Witan Pacific NAV Total Return Benchmark Total Return Source: Datastream to 31.05.17 Witan Pacific’s Benchmark is the MSCI AC Asia Pacific Index (Sterling) Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 14

RELATIVE PERFORMANCE 120 115 110 105 100 95 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 NAV Relative to benchmark Source: Datastream to 31.05.17 Witan Pacific’s Benchmark is the MSCI AC Asia Pacific Index (Sterling) Please see disclaimer on slide 2 WITAN PACIFIC INVESTMENT TRUST 15

TOP 20 INVESTMENTS… % % 1 Samsung Electronics 2.8 11 LG Chemical 1.3 2 Japan Tobacco 2.3 12 Shin-Etsu Chemical 1.3 3 Taiwan Semiconductor 2.3 13 Mitsubishi UFJ Financial Group 1.3 4 HSBC 2.1 14 Singapore Tech Engineering 1.2 5 Minth Group 2.0 15 Keyence Corp 1.2 6 Seven & I Holdings 1.7 16 AIA Group 1.2 7 China Mobile 1.6 17 Fanuc 1.2 8 United Overseas Bank 1.6 18 Sumitomo Mitsui Financial Group 1.2 9 BGF Retail Company 1.6 19 Sinopec 1.1 10 Shenzhou International 1.4 20 CapitaLand 1.0 By size of investment as a proportion of Witan Pacific’s overall portfolio On a look through basis across managers, excluding open-end funds Source: BNP Paribas as at 31 May 2017 WITAN PACIFIC INVESTMENT TRUST 16

…WHERE WE ARE INVESTED • Country breakdown as at 31 January 2017. • Country allocations driven by company prospects not benchmark weights • Diversified exposure to the region’s major economies and markets • Details are published in the Company’s monthly factsheets on www.witanpacific.com Source: BNP Paribas as at 31 January 2017 WITAN PACIFIC INVESTMENT TRUST 17