Title: URL Source: https://is.gd/qngTPW Published Time: Wed, 21 May 2025 08:38:01 GMT Markdown Content: April 2025 # Monthly FACTSHEET Cumulative Performance (%) Alliance Witan aims to be a core equity holding for investors that delivers a real return over the long term through a combination of capital growth and a rising dividend. The Company invests primarily in global equities across a wide range of industries and sectors to achieve its objective. The Company’s investment manager, WTW, has appointed a number of Stock Pickers with different styles, who each ignore the benchmark and only buy a small number of stocks in which they have strong conviction. Therefore, we believe investors get the benefit of both highly focused stock picking to increase potential outperformance versus the benchmark and manager diversification which should reduce risk and volatility. We believe that the Company’s diversified but highly active multi-manager portfolio is competitively priced. Cumulative Performance (Total return in sterling) How We Invest Discrete Performance (%) > Note: All data is provided as at 30 April 2025 unless otherwise stated. Past performance does not predict future returns and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. Key Statistics Key Facts To 30 April 2025 Since 1/4/17 1 5 Years 3 Years 1 Year YTD Month Total Shareholder Return NAV Total Return 95.4 94.0 73.4 75.3 25.4 26.0 -5.3 -2.1 -8.0 -7.4 -1.9 -2.4 MSCI ACWI Total Return 2 100.3 74.5 26.0 4.8 -6.6 -2.5 From To 30/04/24 30/04/25 30/04/23 30/04/24 30/04/22 30/04/23 30/04/21 30/04/22 30/04/20 30/04/21 Total Shareholder Return NAV Total Return -5.3 -2.1 27.5 22.0 3.9 5.5 0.6 -0.1 37.4 39.2 MSCI ACWI Total Return 2 4.8 17.9 1.9 4.3 32.8 Share Price 1,138.0p Net Asset Value (NAV) Per Share 1,202.5p Premium (Discount) (5.4%) OCR Year to 31 Dec 2024 3 0.56% Total No. of Stocks 231 Market Capitalisation £4,528.2m Total Assets £5,151.5m Net Assets £4,784.8m Gross Gearing 4 9.2% Net Gearing 5 5.3% Yield 6 2.4% Year End 31/12 Incorporated 21/4/1888 Dividend Paid Mar, Jun, Sep, Dec Shares in Issue 7 397,906,982 Buybacks in April 0.16% of shares in issue TIDM ISIN GB00B11V7W98 AIC Sector Global SIGN UP to receive our quarterly newsletter, monthly factsheet and other Company news — visit www.alliancewitan.com/signup -20 0 20 40 60 80 100 120 140 3/2017 2/2018 1/2019 12/2019 10/2020 9/2021 8/2022 6/2023 5/2024 4/2025 > % Growth Share price NAV/Share MSCI ACWI Factsheet April 2025 April was a volatile month for global equities, with events unfolding in two distinct phases. At the start of the month there were sharp falls in share prices, particularly for US equities which were down more than 20% at one point, in the wake of President Trump’s announcement of sweeping tariffs on so-called “Liberation Day”, and subsequent retaliatory measures from China. The second phase began after Trump’s April 9 announcement of a 90-day pause on all reciprocal tariffs above a 10% baseline (excluding China). This eased investors’ fears that a trade war would trigger a global recession, although they remained on tenterhooks for the next pronouncement from the White House. By the end of the month, equity markets had retracted most of their losses, but the US still finished down by more than 3% when measured in Sterling. Emerging markets and UK stocks also ended April in modestly negative territory, although MSCI indices in Europe and Asia Pacific including Japan both rose. By sector, the biggest fallers were energy stocks, hit by a combination of falling oil prices, recession fears and concerns about Investment Commentary Individual Holdings: Our portfolio looks very different to the benchmark. Active Share: The measure of how different the portfolio is to the benchmark. # 74% Active Share Top 20 Holdings The 20 largest stock positions, given as a percentage of the total assets. Each Stock Picker selects up to 20 stocks. 9 A full breakdown of the portfolio can be viewed at www.alliancewitan.com Top 10 holdings 18.3% Top 20 holdings 28.5% As long-term investors, we embed environmental, social and governance factors into every stage of our investment process. We believe incorporating these factors has the potential to reduce risk and protect returns. Read more about this at: www.alliancewitan.com/how-we- invest Responsible Investing Country/Sector Allocation Similar to benchmark by design By Geography By Sector > To view all holdings click here > To find out more click here Name £m % Microsoft 199.8 3.9 Amazon 140.3 2.7 Visa 100.4 1.9 Diageo 83.7 1.6 Netflix 78.7 1.5 Mastercard 73.3 1.4 Taiwan Semiconductor 70.0 1.4 Unilever 66.2 1.3 Alphabet 64.9 1.3 HDFC Bank 64.8 1.3 Philip Morris Intl 63.6 1.2 Salesforce 57.9 1.1 ServiceNow 56.0 1.1 NVIDIA 53.9 1.0 Vinci 52.2 1.0 Safran 51.7 1.0 AT&T 51.3 1.0 Meta Platforms 49.0 1.0 Airbus 48.9 0.9 ICIC Bank 48.0 0.9 Financials 19.1% Information Technology 18.1% Industrials 14.2% Consumer Discretionary 13.2% Communication Services 8.6% Health Care 8.0% Consumer Staples 7.4% Materials 2.9% Utilities 2.3% Energy 1.7% Real Estate 1.0% Stock Picker Cash 3.5% 58.4% 6.2% 14.3% 17.6% 3.5% 66.5% 3.4% 12.2% 17.9% North America UK Europe Asia & Emerging Markets Stock Picker Cash Portfolio weight Benchmark weight Factsheet April 2025 oversupply. The winners were concentrated in defensive sectors, such as utilities and consumer staples. In aggregate, our benchmark, the MSCI All Country World Index, fell 2.5%. Our portfolio performed in line with the index, with net asset value returns of -2.4%. Share price returns were slightly less negative at -1.9% due to a narrowing of the discount. Our performance benefitted from stock selection in the technology sector, especially being underweight Apple, whose share price continued to decline, and overweight ServiceNow, whose share price rose by 16%. The US software business, owned by SGA and Sands, which has been baking generative artificial intelligence features into its products, gave an upbeat forecast for future sales growth. However, the biggest single contribution to performance came from the stocks owned by Dalton, a manager that we added to the portfolio in 2023 to bring expertise in undervalued Japanese equities. Dalton specialises in engaging with managements to extract value for shareholders, and there were several instances of it benefitting from Japan’s improving corporate governance. For example, Toyota Industries is one of the largest manufacturers of forklifts in the world with established global distribution. The company also has a large cross-shareholding in the global automobile company Toyota Motors. The stock surged after reports emerged that Toyota Motors was considering a JPY 6 trillion buyout of Toyota Industries, representing a 40% premium over its latest closing price. The market reacted positively to the potential deal, with the stock hitting its upper daily trading limit the following day. Shares of Fuji Media, a major broadcaster in Japan, also rose strongly in April when the company announced a restructuring of its board following Dalton’s proposal of a new slate of external directors (which includes two members from Dalton). The market also reacted positively to the news that the Murakami fund, a renowned activist, had increased its stake in the company to nearly 12%, signalling growing shareholder momentum for board reform. Square Enix, a Japanese multinational holding company, video game publisher, and entertainment conglomerate, was another significant contributor to Dalton’s returns, with its share price rising after it was revealed that activist investor 3D Investment Partners had acquired a stake of over 5%. Jennison, Sands, and Metropolis also had a good month in April, with Sands and Jennison both benefiting from owning Netflix, which reported better-than-expected first-quarter earnings and continued growth of subscribers to its streaming service. The other seven managers in our multi-manager line-up all had a tougher time during the market turbulence. Although GQG also owned Netflix, it suffered from owning several oil and gas stocks, namely Petrobras in Brazil, TotalEnergies in France, Chevron in the US, and PetroChina, which all got caught up in the energy sector’s sell-off. Our overweight holdings in UnitedHealth Group, owned by Veritas and SGA, were also a significant detractor from returns versus the index. The company reported disappointing first-quarter results and cut its profit forecast for the year, sending its share price tumbling by more than 20%. As a result, SGA decided to exit its position to fund a new higher conviction position in Universal Music Group, but Veritas remains invested in the company. While market stresses had subsided by the end of April, the risks of unpredictable economic policy making in the US remain a potential headwind for equity markets, so investors should be prepared for renewed volatility. The tariff storm may have abated, but it’s not over and could worsen in the coming months as it hits the real economy in the form of price hikes and product shortages. On the plus side, investors are anticipating lower interest rates to boost growth, and there may be positive outcomes from trade negotiations. Amid these macroeconomic crosscurrents, our managers will continue to analyse the opportunities and risks on a company-by-company basis, rather than taking aggressive country or sector positions. We believe this means the portfolio is well-positioned to navigate the complexity of the evolving market environment. Risk warnings – Past performance does not predict future returns. The value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. Net Asset Value (“NAV”) performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Exchange rate changes may cause the value of overseas investments to go down as well as up and can impact on both the level of income received and capital value of your investment. Investment trusts may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the NAV, meaning that a relatively small movement, down or up, in the value of an investment trust’s assets will result in a magnified movement, in the same direction, of that NAV. This may mean that you could get back less than you invested or nothing at all. The mention of any specific shares should not be taken as a recommendation to deal. > Important Information > Alliance Witan is an investment company with > investment trust status. Alliance Witan invests > primarily in equities and aims to generate capital > growth and a progressively rising dividend from its > portfolio of investments. Alliance Witan currently > conducts its affairs so that its shares can be > recommended by Independent Financial Advisers > (IFAs) to ordinary retail investors in accordance > with the Financial Conduct Authority (FCA) rules > in relation to non-mainstream investment products > and intends to continue to do so for the foreseeable > future. The shares are excluded from the FCA’s > restrictions which apply to non-mainstream > investment products because they are shares in > an investment trust. The shares in the Company > may also be suitable for institutional investors who > seek a combination of capital and income return. > Private investors should consider consulting an > Independent Financial Adviser who specialises > in advising on the acquisition of shares and other > securities before acquiring shares. Alliance Witan is > not authorised to give financial advice. For security > and compliance monitoring purposes, telephone > calls may be recorded. The Alliance Witan Board has > appointed Towers Watson Investment Management > Limited (TWIM) as its Alternative Investment > Fund Manager (AIFM). TWIM is part of WTW. > Issued by Towers Watson Investment Management > Limited. Towers Watson Investment Management > Limited, registered office Watson House, London > Road, Reigate, Surrey RH2 9PQ is authorised and > regulated by the Financial Conduct Authority, firm > reference number 446740. > Notes: All figures may be subject to rounding > differences. Sources: Key Statistics, Key Facts, > Top 20 Holdings and % of Portfolio Managed data > is provided by Juniper Partners Limited; Equity > Portfolio Allocation and Active Share is provided by > WTW, Juniper Partners Limited and MSCI Inc. NAV > and NAV total return is based on NAV including > income with debt at fair value, after all manager > fees (including WTW’s fees) and allows for any tax > reclaims when they are achieved. The NAV total > return shown in factsheets up to May 2018 was > based on NAV excluding income with debt valued > at par. ISIN stands for International Securities > Identification Number; TIDM stands for Tradable > Instrument Display Mnemonics; and AIC stands for > Association of Investment Companies. ## Factsheet April 2025 Contact Alliance Witan PLC, River Court, 5 West Victoria Dock Road, Dundee DD1 3JT Tel +44 (0)1382 938320 investor@alliancewitan.com www.alliancewitan.com Notes: 1. 1 April 2017 was the date that WTW was appointed investment manager. 2. MSCI All Country World Index Net Dividends Reinvested. 3. The OCR for year to 31 December 2024 was calculated in line with the industry standard using the average of net asset values at each NAV calculation date and includes a management fee waiver. The OCR excluding the management fee waiver is 0.61%. 4. Total borrowings at par value divided by net assets with debt at par. 5. Total borrowings at par value minus total cash and equivalents, divided by net assets with debt at par. 6. Annual dividend per share divided by share price. 7. Excluding ordinary shares held in Treasury. 8. https://www.theaic.co.uk/income-finder/dividend-heroes 9. GQG manages an emerging markets mandate of up to 60 stocks as well as a global equity mandate of up to 20 stocks. Stock Pickers % of portfolio managed Our investment manager, WTW, is responsible for manager selection, portfolio construction and risk management. Its Investment Committee comprises: Craig Baker, Mark Davis and Stuart Gray. Rajiv Jain, Brian Kersmanc, Sudarshan Murthy 9 19% C.T Fitzpatrick # 7% James B. Rosenwald III, Gifford Combs, Shiro Hayashi 6% A. Rama Krishna # 8% Jonathan Mills, Simon Denison-Smith 10% HK Gupta, Kishore Rao, Rob Rohn 10% Andrew Wellington # 6% Andy Headley, Mike Moore, Ian Clark 15% Dave Levanson, Sunil Thakor 5% Tye Bousada, Geoff MacDonald 8% Mark Baribeau, Tom Davis, Rebecca Irwin 6%