Witan Investment Trust PLC said on Wednesday its 2022 net asset value was down from the year prior, noting a ‘disappointing’ underperformance as a result of inflation.

The London-based investment company said its NAV was at 234.1 pence per share at December 31, down 12% from 267.4p the year before. Meanwhile, Witan’s NAV total return was negative 10%, behind its benchmark’s loss of 6.2%.

Witan declared a full-year dividend of 5.80 pence, up 3.6% from the year prior.

The company also swung to a pretax loss of £278.8 million in 2022 from a profit of £264.7 million the year before. Negative performance attributed to inflation resulting from the ‘unforeseen onset of war’, despite having initially anticipated economic growth, Witan said.

Looking ahead, Witan expects to be impacted as recession fears loom. However, the company anticipates ‘economic acceleration’ following China’s abandonment of its zero-Covid policy.

Shares were down by 2.6% at 216.23 pence in London on Wednesday morning.

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