Alliance Witan – Returns based more in reality than hope
Alliance Witan (ALW) has released its 2025 annual results, showing returns below its benchmark, the MSCI All Countries World Index (MSCI ACWI). This note looks at the reasons for this underperformance. ALW’s manager, Willis Towers Watson (WTW), says markets are now too focused on short-term trends and momentum, with valuations rising for unprofitable companies based on hope, rather than strong business fundamentals. In contrast, ALW’s companies generally have stronger results than the wider market.Since our last update, WTW has made two changes to the manager line-up, replacing SGA with Brown Advisory and Artisan with ARGA. We outline the reasons for these changes and the implications for ALW’s portfolio.
Recent weeks have brought new challenges for markets. WTW believes ALW’s diversified portfolio and focus on risk management will help it outperform when markets return to normal.
Alliance Trust is an investment trust company. Co. invests in global equities. Co. also has investments in Alliance Trust Savings and non-core investment, including mineral rights, private equity and Liontrust Funds and Investments. Co. has appointed Willis Towers Watson as its investment manager to manage its portfolio.
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