WITAN PACIFIC INVESTMENT TRUST PLC INVESTMENT MANAGERS Location - - PowerPoint PPT Presentation

WITAN PACIFIC INVESTMENT TRUST PLC

Investor presentation June 2020

INVESTMENT MANAGERS

WITAN PACIFIC INVESTMENT TRUST 2

Location Style Allocation * Singapore Quality and growth at an attractive price 26% Santa Monica Unconstrained value with small-cap bias 9% San Francisco Dividend growth 40% Hong Kong Value with awareness

• f momentum

25%

*As at 31st January 2020

ASSET ALLOCATION

WITAN PACIFIC INVESTMENT TRUST 3

Percent of Gross Assets, excluding cash. Source: BNP Paribas as at 31.05.20

Japan China S Korea Australia Taiwan India Singapore Philippines Other

Portfolio Benchmark Japan 36 38 China 29 28 S Korea 9 7 Australia 7 9 Taiwan 6 7 India 4 5 Singapore 4 2 Philippines 1 1 Other 4 3

TOP 20 HOLDINGS

WITAN PACIFIC INVESTMENT TRUST 4

% % Samsung Electronics Korea 3.7 Shin-Etsu Chemical Japan 1.1 Taiwan Semiconductor Taiwan 2.9 AIA Group China 1.1 Tencent China 2.8 LG Chemical Korea 1.0 AIA Group China 1.5 Macquarie Group Australia 1.0 Minth Group China 1.4 Ntt Docomo Japan 1.0 Hoya Japan 1.3 Keppel DC REIT Singapore 1.0 Misumi Group Japan 1.3 Ping An Insurance China 1.0 Anritsu Corporation Japan 1.2 Seven & I Holdings Japan 1.0 China Resources Land China 1.2 Sun Art Retail Group China 1.0 Pigeon Corporation Japan 1.1 Shin Zu Shing Taiwan 0.9

Percent of Gross Assets, excluding open-ended funds Source: BNP Paribas as at 31.05.20

YEAR TO 31 JANUARY 2020

WITAN PACIFIC INVESTMENT TRUST 5

Past performance is not a guide to future performance

• NAV total return of +5.2% and share price total return of +12.3%, compared

with benchmark total return of +8.7%

• Annual dividend of 7.15p, a 2.1% increase on the previous year. 15th

consecutive increase in regular annual dividend

• Aberdeen outperformed the benchmark while Matthews, Robeco and Dalton

underperformed

• Ongoing charges were 1.00% excluding performance fees (2019: 1.03%),

1.07% including performance fees, see important note on page 14

• Discount narrowed to 8.4% from 14.1%
• 1.25m shares repurchased (£4.2m) at average discount of 10.5%. Uplift of 0.8p

per share

MANAGER PERFORMANCE TO 31.01.20

Appointment Date % of Assets1 Performance FY 2020 (%) Benchmark performance FY 2019* Performance since appointment (%)2 Benchmark performance since appointment (%)2* Matthews 30.04.12 39.6 +2.4 +8.7 +10.1 +9.4 Aberdeen 31.05.05 26.4 +14.7 +8.7 +10.6 +8.8 Robeco 28.09.17 24.8 +4.5 +8.7 +2.4 +4.9 Dalton 28.09.17 9.2 +4.3 +8.7

• 2.6

+4.9

WITAN PACIFIC INVESTMENT TRUST 6

Source: BNP Paribas. All performance figures are disclosed on a pre-fee basis 1. Excluding cash balances held centrally by the Company 2. Annualised performance *The benchmark is the MSCI AC Asia Pacific Free Index (£)

Past performance is not a guide to future performance

REVENUE EPS AND DIVIDEND RECORD

• 4.6p final dividend declared making 7.15p for the full year, 2.1% ahead
• f last year
• 15 consecutive years of growth in the regular dividend at an

annualised rate of 13.6%

• Revenue reserve equal to three years dividend

WITAN PACIFIC INVESTMENT TRUST 7

Source: Witan Pacific / BNP Paribas

Past performance is not a guide to future performance

1 2 3 4 5 6 7 8 9 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Interim Final Special EPS

SHARE PRICE DISCOUNT

WITAN PACIFIC INVESTMENT TRUST 8

Source: Morningstar (to 31.05.20)

• Shares repurchased when trading at a substantial and anomalous discount to NAV

Past performance is not a guide to future performance

• 20%
• 18%
• 16%
• 14%
• 12%
• 10%
• 8%
• 6%
• 4%
• 2%

0% 2010 2012 2014 2016 2018 2020 Discount 1y Average Discount

CURRENT YEAR TO 31.05.2020

WITAN PACIFIC INVESTMENT TRUST 9

Past performance is not a guide to future performance

• NAV total return of -1.9% and share price total return of +1.2%, compared

with benchmark total return of -2.2%

• Markets dominated by COVID-19. Asia has faired comparatively well
• Marginal impact on current year revenue earnings. Uncertainty remains.

Company has significant revenue reserves

• Three of the four managers outperformed the benchmark
• Discount narrowed to 5.4% from 10.7%
• 193k shares repurchased at an average discount of 7.6%

RECORD SINCE MAY 2005

WITAN PACIFIC INVESTMENT TRUST 10

Source: Morningstar (figures to 31.05.2020) *The benchmark is the MSCI AC Asia Pacific Free Index (£)

Past performance is not a guide to future performance

Financial YTD 1 year 3 years 5 years 10 years Since inception

(31.05.2005)

Share Price (Total Return) 1.2 7.1 13.5 38.9 121.6 259.8 Net Asset Value (Total Return)

• 1.9

1.2 3.0 30.2 89.2 227.4 Benchmark (Total Return)*

• 2.2

3.6 11.8 40.8 104.9 235.4 NAV (Total Return) relative 0.3

• 2.4
• 8.8
• 10.5
• 15.8
• 8.1

Share Price (Total Return) relative 3.4 3.5 1.6

• 1.8

16.7 24.4

INVESTMENT OUTLOOK

WITAN PACIFIC INVESTMENT TRUST 11

Past performance is not a guide to future performance

• Economic shutdown led to deepest recession in living memory. Asian

economies better placed than western counterparts

• Shutdown winners and those able to adapt are best placed to benefit

from the crisis

• Investors starting to look beyond the immediate economic

consequences to the recovery which will follow in due course but

• Threats of political unrest and ‘second spike’ remain. China-US

tensions resurfacing following the end-2019 hiatus

• Central banks and governments responding to crisis with fiscal and

monetary stimulus

• ESG considerations are gaining increasing significance

DISCRETE 12 MONTH PERFORMANCE

WITAN PACIFIC INVESTMENT TRUST 12

Source: Morningstar *The benchmark is the MSCI AC Asia Pacific Free Index (£) Relative numbers may not add up due to rounding All performance for the discrete years to 31st March

Past performance is not a guide to future performance Q1 2015 Q1 2016 Q1 2016 Q1 2017 Q1 2017 Q1 2018 Q1 2018 Q1 2019 Q1 2019 Q1 2020 Share Price (Total Return)

• 10.1

33.2 6.6 4.1

• 3.2

Net Asset Value (Total Return)

• 5.0

31.2 5.5

• 0.1
• 10.5

Benchmark (Total Return)*

• 6.4

34.6 7.5 2.4

• 7.3

NAV Total Return relative 1.4

• 3.3
• 2.1
• 2.5
• 3.2

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. Ongoing charges and costs: The Key Information Document on the Company’s website contains a measure of costs calculated in accordance with EU PRIIPS regulations, which includes average figures over a period. In accordance with AIC guidance, Witan continues to calculate the Ongoing Charges Figure for the annual report on a consistent basis with those published in previous years, to facilitate comparison. 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.

WITAN PACIFIC INVESTMENT TRUST 13

DISCLAIMER

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 limitation, 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 14