Alliance Trust PLC Results analysis from Kepler Trust Intelligence
28 Juillet 2023 - 3:22PM
RNS Non-Regulatory
TIDMATST
Alliance Trust PLC
28 July 2023
Alliance Trust (ATST)
28/07/2023
Results analysis from Kepler Trust Intelligence
Alliance Trust (ATST) recorded strong absolute performance in
the six months to 30/06/2023, achieving NAV total return of 11.1%
versus a MSCI ACWI benchmark return of 7.8%. Sentiment weighed
slightly on the share price meaning that shareholder total return
lagged the benchmark by 0.2%, recording a return of 7.6% over the
six months.
Performance remains well ahead of its peers, outperforming the
AIC Global sector by 2.1% on an NAV basis.
The trust's strong performance once again demonstrated the
benefits of its balanced approach, as markets continued to
experience volatility throughout the period.
Kepler View
WTW focuses on offering a diversified exposure to global
equities, balanced across different styles and factors, with the
aim of achieving steady positive returns over the long term. To
achieve this they employ a strategy previously reserved for
institutional investors, blending 10-15 investment managers' best
ideas into an overall portfolio.
Each manager has a distinctive point of view, but blended
together produce a balanced allocation to global equities, with
active underlying management. Since the trust reached its half
year, WTW has added a tenth strategy to the portfolio, Dalton
Investments, which invests in undervalued Japanese companies
largely at the small to mid-end of the market capitalisation
spectrum. WTW explained that changing regulations in Japan combined
with low inflation and interest rates means that it offers an
interesting diversified exposure relative to the rest of the
developed world.
Six years on from inception the trust's investment process is
firmly bedded in, and has especially proved itself over a
challenging three years for markets, during which the trust has
outperformed its MSCI ACWI benchmark by 4.8% on an NAV total return
basis to 30/06/2023 and by 4.2% on a total shareholder return
basis.
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