Interim Management Statement

RNS Number : 6214M

Bankers Investment Trust PLC

18 August 2011

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

18 AUGUST 2011

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 May 2011 to 31 July 2011

Portfolio Review: World markets fell over the period, reflecting a slowdown in economic growth and fears this will lead to lower corporate earnings.  Performance was slightly better than the composite benchmark benefitting from the increased holdings in Japan, as the Japanese stock market outperformed world markets over the period.  The gearing fell over the period, as dividend income and sales boosted levels of cash. New investments included L'Oreal and Adecco in Europe; Citi Group and Pfizer in the US.  Sales included Drax, AT&T, CSX and Philips.

Gearing: The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 5% (30 April 2011: 6%).

Dividends:

A first interim dividend of 3.175p per ordinary share net (2010: 3.00p) in respect of the year ending 31 October 2011 was paid on 31 May 2011 to shareholders registered on 6 April 2011.  The Company's shares went ex-dividend on 4 April 2011.

A second interim dividend of 3.175p per ordinary share net (2010: 3.00p) in respect of the year ending 31 October 2011 will be paid on 31 August 2011 to shareholders registered on 29 July 2011.  The shares went ex-dividend on 27 July 2011.

Discount:  The share price discount to net asset value at 31 July 2011 was 13.6% (30 April 2011: 13.6%).

Share Capital:  During the period the Company bought back 24,000 ordinary shares at a cost of £98,000.

The directors are not aware of any other significant events or transactions up to the date of this report which would have a material impact on the financial position of the Company.  

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (in accordance with the AIC formula, ie excluding current financial year revenue items)

	At 31 July 2011	At 30 April 2011
Total assets	£547m	£575m
Net asset value per ordinary share (cum income)	470.1p	490.5p
Net asset value per ordinary share (ex income)	467.5p	485.0p
Ordinary share price mid-market price	406.0p	424.0p
Discount	13.6%	13.6%
Net Gearing	5.0%	6.0%
Dividend Yield	3.1%	2.9%

Total Return Performance at 31 July 2011	3 months	1 year	3 years	5 years
Share Price	-2.8	15.7	18.1	28.6
Net Asset Value per ordinary share	-3.0	15.4	22.8	29.0
FTSE All Share Index	-3.4	14.9	22.8	20.4
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	-3.6	14.2	25.4	27.1

Sources:  AIC Services Limited and Datastream. For the 3 months, 1 and  3 years the cum income net asset value is shown, for the 5 and 10 years the total return net asset value is shown.  

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 July 2011	% of total assets at 30 April 2011
BP		2.9	2.8
Vodafone		2.1	2.0
British American Tobacco		2.1	1.9
GlaxoSmithKline		1.9	1.8
Royal Dutch Shell		1.9	1.8
Catlin		1.8	1.7
HSBC		1.7	1.8
BG Group		1.7	1.7
Petroleo Brasileiro		1.4	1.4
National Grid		1.1	1.1

Geographic Breakdown	% at 31 July 2011	% at 30 April 2011
United Kingdom	44.9	45.3
North America	20.1	20.5
Europe	12.1	12.7
Pacific (ex Japan)	11.6	10.9
Japan	9.2	8.3
Other	2.1	2.3

Sector Breakdown	% at 31 July 2011	% at 30 April 2011
Financials	21.6	21.6
Oil & Gas	16.4	16.8
Industrials	14.2	14.9
Consumer Goods	11.7	11.0
Consumer Services	8.7	8.8
Health Care	7.4	6.5
Basic Materials	6.8	7.6
Technology	5.5	5.2
Telecommunications	4.5	4.6
Utilities	3.2	3.0

- MORE -

The objective of The Bankers Investment Trust PLC is to achieve long term asset growth in excess of the FTSE All-Share Index and, to achieve regular dividend growth in excess of the increase in the Retail Prices Index.   

The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found on the Manager's website www.itshenderson.com or www.bankersinvestmenttrust.com.

For further information, please contact:

Alex Crooke

Portfolio Manager

The Bankers Investment Trust PLC

Telephone: [phone]

James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

Telephone: [phone]

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: [phone]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

- ENDS -

 

END

 

 

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