Alliance Witan Plc (LON:ALW) reported a NAV total return of 7.0% for the six months to 30 June 2026, below the MSCI ACWI return of 12.7%.
| Six months to 30 June 2026 | Year to 31 December 2025 | Change | |
| Share Price | 1,344.0p | 1,282.0p | 4.8% |
| Net Asset Value (NAV) per Share | 1,416.5p | 1,337.2p | 5.9% |
| NAV Total Return | 7.0% | 4.7% | |
| Share Price Total Return | 6.0% | 5.4% | |
| MSCI ACWI | 12.7% | 13.9% | |
| Discount to NAV at period end | -5.1% | -4.1% |
Key Points
- NAV Total Return of 7.0% and Total Shareholder Return of 6.0% vs 12.7% for MSCI ACWI.
- Technology underweights and stock selection in technology/financials were key detractors from relative returns.
- Discount widened to 5.1% at the end of the reporting period versus 4.1% at end of 2025.
- Second interim dividend of 7.33p declared, the total of the first two interim dividends declared for 2026 is 14.66p (2025: 14.16p), representing an increase of 3.5% on the same payments for 2025.
- Barring any unforeseen circumstances, it is anticipated that the Company’s third and fourth interim dividends will be at least equal to the first and second interim dividends, meaning that the annual dividend for 2026 will increase for the 60th consecutive year.
Dean Buckley, Chair of Alliance Witan PLC, commented:
“Although the Company delivered a positive NAV total return of 7.0% in the first half, this was behind the MSCI ACWI return of 12.7%, and relative performance was below the Board’s expectations. The shortfall reflected a market in which returns were unusually concentrated in AI-related stocks, where our deliberately diversified portfolio did not participate in every area of momentum.
The Board has continued to challenge WTW and engage with the Stock Pickers to understand the drivers of performance and to assess whether the portfolio remains well positioned to deliver strong returns for shareholders. With the Board’s support, WTW is conducting a structured review of the investment strategy including Stock Picker selection, stock selection, portfolio construction, and risk management. While no major change is expected to the Company’s diversified, high-conviction approach, the review will guide any future enhancements to our investment process as we endeavour to improve shareholder outcomes.”
