Interim Management Statement

British & American Investment Trust PLC
Interim Management Statement - 3 months to 31 March 2014

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 2014 to
31 March 2014, 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 30 April 2014 the company published its Annual Financial Report for the year
ended 31 December 2013.  The Annual Financial Report contained a proposed final
ordinary dividend of 5.1p payable on 26 June 2014 to shareholders on the
register at 16 May 2014 resulting in a total payment for the year of 7.8p per
share.  A dividend of 1.75p will be paid to preference shareholders on 26 June
2014 resulting in a total payment for the year of 3.5p per share.

 

Twenty largest equity holdings at 31 March 2014 (group basis)

 

                                                                 %    
                                                                      
Geron Corporation                                                16.4 
                                                                      
Rit Capital Partners                                             13.5 
                                                                      
Dunedin Income Growth Trust                                      10.1 
                                                                      
British Assets Trust                                               7.7
                                                                      
Prudential                                                         7.6
                                                                      
St James's Place Global Equity                                     6.9
                                                                      
Biotime Conv Pref Stock                                            4.5
                                                                      
Biotime                                                            4.0
                                                                      
Scottish & American Investment Company                             3.6
                                                                      
Invesco Income Growth Trust                                        3.2
                                                                      
Alliance Trust                                                     3.0
                                                                      
F&C Asset Management - 6.75% FRN Sub. Bonds 2026                   2.4
                                                                      
Earthport                                                          2.2
                                                                      
Shires Income                                                      1.9
                                                                      
Merchants Trust                                                    1.9
                                                                      
Royal & Sun Alliance Insurance Group - 7.375% Cum. Irr. Pref. £1   1.8
                                                                      
Rothschilds Continuation Finance - 9% Perp. Sub. Gtd. Loan Notes   1.8
                                                                      
Barclays - 9% PIB Capital Bonds                                    1.0
                                                                      
Jupiter Income Trust                                               0.8
                                                                      
Matrix Chatham EZT (unquoted)                                      0.6
                                                                      
                                                                      
                                                                      
                                                                      
                                                                      
Total                                                            94.9 
                                                                      

 

Sector allocation as at 31 March 2014 (group basis)

 

                                 %     
                                       
Investment Trusts (equities)     44.92 
                                       
Biomedical - USA                 15.68 
                                       
Unit trusts                        7.37
                                       
Life Assurance                     7.26
                                       
Biotechnology - USA                3.87
                                       
Software and computer services     2.67
                                       
Support services                   0.32
                                       
Other Financial                    0.31
                                       
Telecommunications                 0.28
                                       
Leisure and hotels                 0.15
                                       
Pharmaceuticals and healthcare     0.13
                                       
Overseas                           0.10
                                       
Financial services                 0.06
                                       
                                       
                                       
                                       
                                       
                                       
                                       
Preference shares                  6.64
                                       
Derivatives - traded options       4.19
                                       
Fixed Interest Stocks              3.99
                                       
Permanent interest bearing         1.16
                                       
Property Units (unquoted)          0.83
                                       
Fixed Interest Stocks (unquoted)   0.07
                                       
                                       
                                       
                                       
                                       
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 
                                        2014       2014       2013       2011       2009
                                                Year to     1 year    3 years    5 years
                                                   date                                 
                                                                                        
Total assets (000)                   £26,340                                            
                                                                                        
                                                                                        
Short  term borrowings (000)          £2,579                                            
                                                                                        
Actual gearing                        9.79 %                                            
                                                                                        
                                                                                        
                                                                                        
NAV (p)                                 75.3                                            
                                                                                        
                                                                                        
                                                                                        
FTSE All-Share                      3,555.00                                            
                                                                                        
                                                                                        
                                                                                        
Share price (p)                         90.0     -15.5%      16.9%      20.0%      57.9%
                                                                                        
                                                                                        
                                                                                        
Premium/(discount)                     19.5%                  4.5%     -20.4%     -24.8%
                                                                                        
                                                                                        
                                                                                        
Dividend yield                         8.67%                 9.87%      9.60%     11.58%
                                                                                        
                                                                                        
                                                                                        
Total expense ratio                                                                     
(year ended 31/12/13)                  2.26%                                            
                                                                                        
                                                                                        
                                                                                        
As at 31 March 2014:                             1 year    3 years    5 years           
                                                                                        
Value of £100 invested (dividends                                                       
reinvested)                                       128.0      159.9      248.7           
                                                                                        
FTSE ALL-Share                                    108.8      128.8      213.3           
                                                                                        

 

 

Total Return; Net Income Reinvested, GBP

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

Source: Association of Investment Companies and Morningstar

 

The Board is not aware of any significant events or transactions which have
occurred between 31 March 2014 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

12 May 2014