Witan Investment Trust has handed new portfolio managers WCM Investment Management and Jennison Associates $300m, equal to 12% of its net assets between the pair, it has said.
The £1.5bn multi-manager trust, which announced a move towards a more global asset allocation strategy in January and has been overhauling its underlying managers through 2020, said it had given California-based WCM $200m, or 8% of its assets, to manage, with New York-based Jennison receiving $100m, or 4% of its assets.
The portfolios were mainly funded, Witan said, by the sale of a US ETF, which had been used to temporarily gain broad market exposure after the sale of a sleeve run by Pzena Investment Management.
It has also jettisoned a UK equity portfolio run by Heronsbridge Investment Management, which raised £54m.
Witan CEO Andrew Bell said the trust's switch in asset allocation should give it greater exposure than previously to faster growing parts of the world and economic sectors.
The addition of WCM and Jennison "represents an important further stage in implementing that policy, providing a degree of specialism that complements the approaches of our other managers", Bell added.
The CEO noted that, after a "disappointing start" to 2020, the trust has modestly outperformed since May, though cautioned that "this is subject to the usual uncertainties and caveats, and neither good nor bad performance should be extrapolated".
"We believe that our equity portfolio offers a balance across sectors and regions that will reward existing and new investors for their patience, both in terms of net asset value returns and a narrowing discount."
Witan said WCM's portfolio was concentrated within 30 to 40 high-conviction investments with the objective of securing excess returns and downside protection.
It looked for high-quality businesses with growing economic moats, aligned with strong corporate cultures and supported by durable tailwinds.
Jennison, meanwhile, seeks to invest in a portfolio of market-leading companies with innovative business models, positively inflecting growth rates and long-term competitive advantages.
The firm's portfolio, co-managed by head of global equities Mark Baribeau and portfolio manager Tom Davis, will comprise 35-45 holdings.