Alliance Witan (ALW) H1 2026 earnings summary

Executive summary

• NAV total return for the six months ended 30 June 2026 was 7.0%, while share price total return was 0%, both lagging the MSCI ACWI benchmark return of 12.7%.

• Underweight positions and stock selection in technology and financials sectors were key detractors from relative performance.

• The discount to NAV widened to 5.1% at period end, compared to 4.1% at the end of 2025.

• A second interim dividend of 7.33p was declared, with total interim dividends up 3.5% year-over-year, supporting a 60th consecutive annual dividend increase.

• A structured review of investment strategy and Stock Picker selection is underway to enhance future performance.

Financial highlights

• NAV per share rose to 1,415p from 1,337.2p at the end of 2025.

• Share price at period end was 1,344.0p, up from 1,282.0p at the end of 2025.

• Total income for the period was £55.2m, with profit for the period at £303.9m, up from £39.3m in the prior year period.

• Dividends paid in the period totaled £54.4m.

• Ongoing charges ratio expected to reduce to 0.57% in 2026 and 0.51% in 2027 following fee reductions.

Outlook and guidance

• The annual dividend for 2026 is expected to increase for the 60th consecutive year, with a projected yield of 2.2%.

• Equity markets are expected to remain positive but volatile, with risks from market concentration, inflation, and geopolitical tensions.

• Active management is emphasized as crucial in a market dominated by AI-related stocks and high valuations.