Interim Management Statement

RNS Number : 0206Y

Bankers Investment Trust PLC

23 February 2012

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

23 FEBRUARY 2012

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 November 2011 to 31 January 2012

Portfolio Review: 

Share prices rose during the period, on the back of improving economic figures from the US and the conclusion of the European leaders summit in early December.  Over the period the Bankers' Net Asset Value total return increased by 3.4%.  The gearing had a marginal affect on performance, with the largest impact being stock selection in the US and Europe, combined with the benefit of an 11% exposure to Asian equities.  The rally around the calendar year end was most pronounced in emerging and Asian markets, which rebounded strongly as investors felt more confident that global economic growth would pick up.  The exposure to the US has been further increased and amounted to 22% of assets at the period end.  The best performing sectors in developed markets were financials and cyclicals, at the expense of defensive sectors.  Although underweight in cyclicals, the portfolio has a decent exposure to financials and therefore overall performance through the last year has been in line with the benchmark.

Gearing:  The net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 5.0% (31 October 2011: 5.0%).

Dividends: Following shareholder approval at the Annual General Meeting held today, a final dividend of 3.175p per ordinary share, in respect of the year ended 31 October 2011, will be paid on 28 February 2012 to holders registered on 3 February 2012.

Discount:  The share price discount to net asset value at 31 January 2012 was 14.3% (31 October 2011: 13.9%).

Share Capital:  During the period the Company has bought back 32,000 of its own ordinary shares.

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
Total Return Performance at 31 January 2012	3 months	1 year	3 years	5 years
Share Price	2.1	-2.9	44.9	9.9
Net Asset Value per ordinary share	3.4	-1.2	49.9	12.1
FTSE All Share Index	3.2	-0.3	56.9	9.3
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	4.1	-1.1	53.3	15.7
Sources:  Morningstar Funddata

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

	At 31 January 2012	At 31 October 2011
Total assets (£'000)	£ 534,087	£517,786
Net asset value per ordinary share (cum income)	458.6p	443.7p
Net asset value per ordinary share (ex income)	453.0p	441.3p
Ordinary share price mid-market price	393.21p	385.0p
Discount	14.3%	13.9%
Gearing	5.0%	5.0%

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of portfolio as at  January 2012	% of portfolio  as at   at 31 October 2011
BP		3.0%	3.1%
British American Tobacco		2.2%	2.3%
Vodafone		2.2%	2.3%
GlaxoSmithKline		2.1%	2.1%
Royal Dutch Shell		2.0%	2.0%
Catlin		1.8%	1.8%
BG Group		1.7%	1.7%
HSBC		1.3%	1.7%
Petroleo Brasileiro		1.3%	1.2%
National Grid		1.2%	1.2%

Geographic Breakdown	% at 31 January 2012	% at 31 October 2011
United Kingdom	44.6%	45.5%
North America	22.4%	19.9%
Pacific (ex Japan)	11.0%	11.0%
Europe	10.5%	12.1%
Japan	9.4%	9.5%
Other	2.1%	2.0%
Fixed Interest	0.0%	0%

Sector Breakdown	% at 31 January 2012	% at 31 October 2011
Financials	19.7%	20.5%
Oil & Gas	15.6%	15.8%
Industrials	14.5%	14.2%
Consumer Goods	12.0%	12.7%
Consumer Services	9.4%	9.3%
Basic Materials	6.5%	6.7%
Health Care	6.4%	6.8%
Technology	7.4%	6.3%
Telecommunications	5.3%	4.9%
Utilities	3.2%	2.8%

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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

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