StockMarketWire.com - Equities investor Witan Investment Trust said it posted a negative first-half performance that missed its benchmark.

The company's net asset value total return for the six months through June was negative 14.7%, compared to a 2.1% fall on its benchmark.

Witan Investment Trust raised its interim dividend to 2.68p per share, up from 2.35p on-year.

The company said its performance was hit by two factors, including the recession caused by the Covid-19 lockdown and a decision to phase in its move to a more global asset allocation.

'This proved to be a mistake, as our portfolio was heavily weighted in Europe and the UK, which performed poorly, and underinvested in the US, which did well,' it said.

'These exceptional one-off factors severely impacted our absolute and relative performance during February and March.'

Witan said the damage was all done in the first quarter. 'During the second quarter, performance improved with modest outperformance achieved from mid-May onwards,' it said.


At 1:21pm: [LON:WTAN] Witan Investment Trust PLC share price was +2.1p at 189.1p



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