Results for the £1.84bn Witan Trust show gross capital losses of £131.9m in the half year to 30 June...
Results for the £1.84bn Witan Trust show gross capital losses of £131.9m in the half year to 30 June, at a time when the shareholder base of the trust has swung decisively away from institutional to retail.
Sales of wrapper products, through the children's savings scheme Jump and Share Plans, are up 30% year to date and the shareholder base has swung to 60% private investors and 40% institutions.
At the beginning of 1999 institutions held 60%. The NAV per share, according to the interim results, fell to 484.2p per share on 30 June from 566.7p on 30 June last year. According to S&P, in the 12 months to 18 July the NAV is down by 13.2% in bid to bid terms compared to a sector average of 8.8% losses.
Despite that, its current discount stands at around 9%, compared with other global growth trusts in the 11-13% range, and fund manager James Robinson is anticipating gearing up from 6% to 10% to benefit from improved growth he expects to materialise in the fourth quarter.
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