Backing companies set to rebound with the reopening and recovery of the economy looked like a surefire bet this time last year. Inflation, exacerbated by the Russian invasion of Ukraine, has wrong-footed investors this year.
For investment trusts like Witan Investment Trust, the result has been the emergence of a discount not seen since the depths of the first national lockdown in 2020, with the shares trading 9 per cent below the FTSE 250 constituent’s net asset value.
Almost two thirds of Witan’s assets are invested in global equities and a further 10 per cent in UK stocks, with the remainder allocated to specialist funds such as emerging markets or around the climate change theme. The bulk of assets are managed by third party investment
