Interim Management Statement

British & American Investment Trust PLC

Interim Management Statement - 3 months to 31 March 2012

 

To the members of British & American Investment Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. 
It should not be relied upon by any other party or for any other purpose.

 

This interim management statement relates to the period from 1 January 2012 to
31 March 2012, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.

 

Investment objective

To invest predominantly in investment trusts and other leading UK quoted
companies to achieve a balance of income and growth.

 

Benchmark

FTSE All-Share Index and FTSE 100 Index.

 

Material developments

On 26 April 2012 the company published its Annual Financial Report for the year
ended 31 December 2011.  The Annual Financial Report contained a proposed final
ordinary dividend of 4.7p payable on 28 June 2012 to shareholders on the
register at 1 June 2012.  A dividend of 1.75p will be paid to preference
shareholders on 28 June 2012 resulting in a total payment for the year of 3.5p
per share.

 

Ten largest equity holdings at 31 March 2012 (group basis)

 

                                                         %    
                                                              
Geron Corporation - US$ 0.001                            15.6 
                                                              
Rit Capital Partners plc - Ord £1                        13.8 
                                                              
Prudential Plc - Ord 5p                                  11.2 
                                                              
Dunedin Income Growth Trust Plc - Ord 25p                  9.5
                                                              
British Assets Trust Plc Ord - 25p                         8.1
                                                              
Electra Private Equity Ord - GBP0.25                       7.3
                                                              
St James's Place International Unit Trust - Income units   6.3
                                                              
Scottish & American Investment Company Plc - Ord 25p       3.9
                                                              
Invesco Income Growth Trust PLC - Ord 25p                  2.8
                                                              
Alliance Trust PLC - Ord 2.5p                              2.8
                                                              
                                                              
                                                              
Total                                                    81.3 
                                                              

 


Sector allocation as at 31 March 2012 (group basis)

 

                                 %     
                                       
Investment Trusts                53.29 
                                       
Biomedical - USA                 15.61 
                                       
Life Assurance                   11.93 
                                       
Unit Trusts                        6.98
                                       
Software and computer services     1.81
                                       
Other Financial                    0.71
                                       
Telecommunications                 0.42
                                       
Leisure, Entertainment, Hotels     0.37
                                       
Property                           0.20
                                       
Bank retail                        0.14
                                       
Media                              0.08
                                       
Biotechnology                      0.07
                                       
Pharmaceuticals                    0.07
                                       
Overseas                           0.02
                                       
                                       
                                       
                                       
                                       
                                       
                                       
Property Units                     1.24
                                       
Fixed Interest Stocks              3.52
                                       
Fixed Interest Stocks (unquoted)   0.08
                                       
Preference shares                  2.40
                                       
Permanent Interest Bearing         1.06
                                       
                                       
                                       
                                       
                                       
Total                            100.00
                                       

 


Key facts

 

Performance

                                                  As at      As at      As at      As at
                                       As at  31 March   31 March   31 March   31 March 
                                   31 March        2012       2011       2009       2007
                                        2012    Year to     1 year    3 years    5 years
                                                   date                                 
                                                                                        
Total assets (000)                    25,870                                            
                                                                                        
Short  term borrowings                  £nil                                            
                                                                                        
Actual gearing                         nil %                                            
                                                                                        
                                                                                        
                                                                                        
NAV (p)                                 73.9                                            
                                                                                        
                                                                                        
                                                                                        
FTSE All-Share                      3,002.00                                            
                                                                                        
                                                                                        
                                                                                        
Share price (p)                         75.0      13.6%      0.00%      31.6%     -42.4%
                                                                                        
                                                                                        
                                                                                        
Premium/(discount)                      1.5%                -20.4%     -24.8%      -1.7%
                                                                                        
                                                                                        
                                                                                        
Dividend yield                         9.87%                 9.20%     11.23%      4.26%
                                                                                        
                                                                                        
                                                                                        
Total expense ratio                                                                     
(year ended 31/12/11)                  1.95%                                            
                                                                                        
                                                                                        
                                                                                        
As at 31 March 2012:                             1 year    3 years    5 years           
                                                                                        
Value of £100 invested (dividends                                                       
reinvested)                                       109.9      171.0       85.2           
                                                                                        
FTSE ALL-Share                                     97.9      151.3       91.4           
                                                                                        

 

 

Total Return; Net Income Reinvested, GBP

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

 

The Board is not aware of any significant events or transactions which have
occurred between 31 March 2012 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to
the Company's website, www.baitgroup.co.uk.

 

For British & American Investment Trust PLC

9 May 2012