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Bankers Investment (BNKR)

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Wednesday 19 June, 2013

Bankers Investment

Half Yearly Report

RNS Number : 4291H
Bankers Investment Trust PLC
19 June 2013
 



 

Page 1 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

This announcement contains regulated information

 

Chairman's Statement

 

Review of the period including material events and transactions

A well positioned portfolio and the improving confidence in equity markets has resulted in a strong performance in the first 6 months of the financial year. I am pleased to report that Bankers' net asset value per share has risen by 16.6%, compared to a rise of 12.1% in the FTSE All-Share Index during this reporting period.

 

Last year's momentum has continued to drive equity share prices higher in 2013, with many stock markets progressing to new all time highs. The liquidity that has been provided by central banks in the US, Europe and Japan has undoubtedly acted as a support to both bonds and equities. However, current market levels are also being supported by growth in corporate earnings, meaning that valuations, whilst at higher levels, do not yet appear overvalued compared with previous market peaks. Challenges still remain.  The pace of profit growth has recently eased for many industry sectors, reflecting the lack of growth in Europe and lower commodity prices for both energy and mining companies. The benefits of lower corporate tax and interest rates are now fully reflected in profit forecasts and companies must innovate or invest to drive further increases in turnover or improved margins.

 

The sharpest recovery in share prices over recent months has been in Japan where the government has made a strong commitment to end deflation by purchasing long-term debt through a doubling of the Bank of Japan's balance sheet. The scale of this commitment has surprised many commentators and the sharp fall in the value of the Yen reflects the first phase of the plan. It is still too early to be certain that Japan has turned the corner in its fight against deflation but the potential for a significant increase in earnings from Japanese exporters could mean that the stock market can make further progress.  Our patience in maintaining roughly 10% of our portfolio invested directly in Japanese companies has been rewarded over the period.

 

The US has been exhibiting solid economic growth despite the US administration raising taxes and cutting spending; these actions are estimated to have reduced GDP growth by over 1%. Nevertheless, the underlying economy is showing resilience, with new jobs being created, house prices recovering and new home building expanding. Also, durable goods orders have recovered but still remain below their long-term average level which bodes well for further recovery over the coming twelve months. For these positive reasons, the US should be the first major country to withdraw from quantitative easing and the abundant liquidity which is supporting markets. 

 

Europe, including the UK, continues to report very weak economic numbers with austerity sucking life from their economies. Rising unemployment in mainland Europe is a growing concern leading to unrest and indecisive election results, as evidenced in Italy during the spring. Furthermore, the strengthening Euro is not helping the region recover its exports. Despite the malaise, European government bond yields and equity prices have both recovered, possibly showing that investors do have confidence that there will be a brighter future even though there is no credible recovery plan yet endorsed by the politicians. On the other hand, it may be just the scarcity of investment opportunities around the world that is accounting for some of the improving stock prices.

 

 

 

 

 

 

 

 

Page 2 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

Asian prospects have been overshadowed by the change of leadership in China and concerns that their economy is following a slower growth path than many expected. It appears that controlling inflation and the property market in China are key imperatives for the government over the coming years and therefore commodity prices have reacted negatively to a lack of demand. However, we continue to see interesting investment opportunities in the region focussed on consumer rather than government spending. We need to be patient and focus on improving domestic consumption rather than the traditional export-driven focus of the past.

 

The portfolio has benefited from an increase in gearing during the early part of the calendar year combined with wise stock selection in the UK, Europe and Asia. The extra  borrowings were  invested in Europe and Asia, where valuations are lower and where the companies are targeting growth in places like the US and China. Increasingly, the countries in which stocks are listed and traded bear little relationship to where their operations are located or profits are generated. Fortunately politics and local investment flows can create anomalies in valuations that global investors such as Bankers can capitalise on. We remain committed to seeking investments that satisfy our objectives and that will provide long-term growth of both capital and income to our investors.

 

Revenue Return and Dividends

Ordinary dividend growth remains positive but has moderated reflecting the more subdued growth in corporate profits and a normalisation in payout ratios. There seems to be a return to the healthy practice of companies showing a strong commitment to growing dividends and rewarding shareholders. Since the recession, company managements have focused on reducing levels of debt and restructuring borrowing, while lower tax and interest costs have boosted free cash flow. With little demand for greater levels of capital expenditure to build or expand production the increasing cash flow is being used to boost dividends and improve payout ratios. Some companies are now finding that levels of cash on the balance sheet exceed borrowings and there is a growing trend towards special dividends.

 

Another factor that has helped to improve our revenue during the period is the increase in investment enabled by higher borrowings and currency movements. Over the period a lower level of Sterling against the US dollar has improved the translation of income from dollar-denominated assets. The Company's revenue generation shows a good degree of growth and underpins our intention to increase dividends to our shareholders for the 46th consecutive year. In January, I stated that we would pay a minimum of 13.86p for the full year, an increase of 4%. It is our intention to pay a second interim dividend of 3.465p per ordinary share on 30 August 2013.

 

Board Changes

Peter Sullivan steps down today as a director due to his other commitments. He brought valuable commercial experience to the Board from both his business career and his extensive time working in the Far East for which we thank him. The Board wish him every success in the future and will miss his contribution.

 

Outlook

Falls in equity markets tend to come when investors expectations run ahead of reality. The recent strong recovery in share prices has come against a backdrop of deep scepticism amongst many commentators and sluggish economic activity in developed markets. The high level of debt amassed by governments and consumers will result in the recovery phase being long and drawn out but the average corporate balance sheet shows little sign of strain following a number of years of reducing indebtedness. The levels of profit and dividend generated by companies continue to increase and despite share prices reaching new highs for most companies, valuations are not extreme. It is the corporate sector that has the resources and cash which, when finally used to invest again, will create jobs and start to deliver real growth in economies throughout the world.

 

 

Page 3 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

As your Company marks its 125th year, it is clear to me that Bankers has an investment style that has stood the test of time and delivered considerable returns to investors over the long term.  The simple philosophy of investing in high quality companies, whilst not overpaying, remains at the core of Bankers and this should result in many more years of success. My retirement in September will herald the start of Richard Killingbeck's tenure as Chairman and I wish him and the Company a prosperous future.

 

 

DIRECTORS' RESPONSIBILITY STATEMENT

The directors confirm that, to the best of their knowledge:



(a)

the condensed set of financial statements has been prepared in accordance with IAS 34;



(b)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and



(c)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

 

On behalf of The Bankers Investment Trust PLC

R D Brewster, Chairman

 

 

For further information contact:                                                                     

 

Alex Crooke

Fund Manager

The Bankers Investment Trust PLC

Telephone: 020 7818 4447

 

Richard Brewster

Chairman

The Bankers Investment Trust PLC

Telephone: 020 7818 4233

James de Sausmarez

Director of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

 



Page 4 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

 

 

 

FINANCIAL HIGHLIGHTS

(Unaudited)

30 April

2013


(Audited)

31 October 2012


%

Change


Assets







Net asset value per ordinary share (with debt at book value)

553.2p


474.5p


+16.6%


Ordinary share mid-market price

536.5p


433.1p


+23.9%


Discount (share price to net asset value)

3.0%


8.7%




Total assets less current liabilities (£'000)

638,575


551,214


+15.8%
















Indices







FTSE All-Share Index

3,390.18


3,024.40


+12.1%


S&P 500 Composite Index

1,597.57


1,412.66


+17.1%#


FTSE World Developed Europe (ex UK) Index (£)

216.13


185.40


+16.6%


TOPIX (Tokyo First Section Index)

1,165.13


742.33


+33.3%#


FTSE World (ex UK) Index (£)

407.74


347.98


+17.2%









# - £ adjusted















(Unaudited)

Half year

ended

30 April

2013


(Unaudited)

Half year

ended

30 April

2012


%

Change


Revenue







Gross revenue (£'000)

9,284


8,689


+6.8%


Earnings per ordinary share

6.76p


6.36p


+6.3%


 

 

 

 

 

 

 


Page 5 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the half year ended 30 April 2013

 


(Unaudited)

Half year ended

30 April 2013

(Unaudited)

Half year ended

30 April 2012

(Audited)

Year ended

31 October 2012


Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total

£'000











Gains on investments held at fair value through profit or loss

 

 

-

 

 

88,474

 

 

88,474

 

 

-

 

 

29,771

 

 

29,771

 

 

-

 

 

31,623

 

 

31,623

Investment income

9,222

-

9,222

8,584

-

8,584

18,349

-

18,349

Other operating income

62

-

62

105

-

105

244

-

244


---------

---------

---------

---------

---------

---------

---------

---------

---------

Total income

9,284

88,474

97,758

8,689

29,771

38,460

18,593

31,623

50,216


---------

---------

---------

---------

---------

---------

---------

---------

---------

Expenses










Management fees

(617)

(333)

(950)

(513)

(276)

(789)

(1,026)

(552)

(1,578)

Other expenses

(364)

-

(364)

(377)

-

(377)

(725)

-

(725)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before finance costs and taxation

 

8,303

 

88,141

 

96,444

 

7,799

 

29,495

 

37,294

 

16,842

 

31,071

 

47,913











Finance costs

(348)

(812)

(1,160)

(339)

(792)

(1,131)

(678)

(1,582)

(2,260)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before taxation

7,955

87,329

95,284

7,460

28,703

36,163

16,164

29,489

45,653











Taxation

(459)

-

(459)

(402)

-

(402)

(805)

-

(805)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit for the period

7,496

87,329

94,825

7,058

28,703

35,761

15,359

29,489

44,848


=====

=====

=====

=====

=====

=====

=====

=====

=====

Earnings per ordinary share (note 2)

 

6.76p

 

78.74p

 

85.50p

 

6.36p

 

25.86p

 

32.22p

 

13.84p

 

26.58p

 

40.42p

 

The total columns of this statement represent the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRS as adopted by the European Union.  The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. 

 

All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. 

 

The accompanying condensed notes are an integral part of the financial statements.

 

As permitted by the Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income.  The net profit of the Company for the period was £94,825,000 (30 April 2012: £35,761,000; 31 October 2012: £44,848,000).

 

 



Page 6 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2013








 

 

 

Half year ended 30 April 2013 (Unaudited)

 Called up

share capital

£'000

 Share premium

account

£'000

Capital  redemption

reserve

£'000

Other capital

reserves

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

Balance at 31 October 2012

27,727

452

12,483

454,080

31,472

526,214

Total comprehensive income:







Profit for the period

-

-

-

87,329

7,496

94,825

Transactions with owners, recorded directly to equity:







Payment of 3rd interim dividend (3.30p) in respect of the year ended 31 October 2012

 

-

 

-

 

-

 

-

 

(3,660)

 

(3,660)

Payment of final dividend (3.43p) in respect of the year ended 31 October 2012

 

-

 

-

 

-

 

-

 

(3,804)

 

(3,804)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2013

27,727

452

12,483

541,409

31,504

613,575


======

======

======

======

======

======








 

 

 

Half year ended 30 April 2012 (Unaudited)

 Called up

share capital

£'000

Share premium

account £'000

Capital  redemption

reserve

£'000

Other capital

reserves £'000

 

Revenue reserve £'000

 

 

Total

£'000

Balance at 31 October 2011

27,763

452

12,447

425,185

30,484

496,331

Total comprehensive income:







Profit for the period

-

-

-

28,703

7,058

35,761

Transactions with owners, recorded directly to equity:







Buy back of 145,000 ordinary shares

(36)

-

36

(594)

-

(594)

Payment of 3rd interim dividend (3.175p) in respect of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,526)

 

(3,526)

Payment of final dividend (3.175p) in respect of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,525)

 

(3,525)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2012

27,727

452

12,483

453,294

30,491

524,447


======

======

======

======

======

======








 

 

 

Year ended 31 October 2012 (Audited)

 Called up

share capital

£'000

 Share premium

account £'000

Capital  redemption

reserve £'000

Other capital

reserves £'000

 

Revenue reserve £'000

 

 

Total £'000

Balance at 31 October 2011

27,763

452

12,447

425,185

30,484

496,331

Total comprehensive income:







Profit for the year

-

-

-

29,489

15,359

44,848

Transactions with owners, recorded directly to equity:







Buy back of 145,000 ordinary shares

(36)

-

36

(594)

-

(594)

Payment of 3rd interim dividend (3.175p) in respect

of the year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,526)

 

(3,526)

Payment of final dividend (3.175p) in respect of the

year ended 31 October 2011

 

-

 

-

 

-

 

-

 

(3,525)

 

(3,525)

Payment of 1st interim dividend (3.30p) in respect

of the year ended 31 October 2012

 

-

 

-

 

-

 

-

 

(3,660)

 

(3,660)

Payment of 2nd interim dividend (3.30p) in respect

of the year ended 31 October 2012

 

-

 

-

 

-

 

-

 

(3,660)

 

(3,660)


----------

----------

----------

----------

----------

----------

Balance at 31 October 2012

27,727

452

12,483

454,080

31,472

526,214


======

======

======

======

======

======

The accompanying condensed notes are an integral part of the financial statements.


Page 7 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

 

CONSOLIDATED BALANCE SHEET

as at 30 April 2013


 

(Unaudited)

30 April

2013

£'000

 

(Unaudited)

30 April

2012

£'000

 

(Audited)

31 October

2012

£'000





Non-current assets




Investments held at fair value through profit or loss

638,465

539,332

546,819


----------

----------

----------





Current assets




Investments (note 3)

21

2,810

1,301

Other receivables

8,836

2,860

2,046

Cash and cash equivalents

2,497

5,168

3,126


----------

----------

----------


11,354

10,838

6,473


----------

----------

----------

Total assets

649,819

550,170

553,292


----------

----------

----------

Current liabilities




Bank loan

(5,500)

-

(1,000)

Other payables

(5,744)

(723)

(1,078)


----------

----------

----------


(11,244)

(723)

(2,078)


----------

----------

----------

Total assets less current liabilities

638,575

549,447

551,214





Non-current liabilities




Debenture stocks

(25,000)

(25,000)

(25,000)


----------

----------

----------

Net assets

613,575

524,447

526,214


======

======

======





Equity attributable to equity shareholders




Called up share capital (note 4)

27,727

27,727

27,727

Share premium account

452

452

452

Capital redemption reserve

12,483

12,483

12,483

Retained earnings:




  Other capital reserves

541,409

453,294

454,080

  Revenue reserve

31,504

30,491

31,472


----------

----------

----------

Total equity

613,575

524,447

526,214


======

======

======

Net asset value per ordinary share (note 5)

553.2p

472.9p

474.5p


======

======

======





 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 



Page 8 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

CONSOLIDATED CASH FLOW STATEMENT

for the half year ended 30 April 2013

 


(Unaudited)

Half year ended

 30 April

2013

£'000

(Unaudited)

Half year

ended

30 April

2012

£'000 

(Audited)

Year

ended

31 October 2012

£'000





Net profit before taxation

95,284

36,163

45,653

Add back interest paid

1,160

1,131

2,260

Less: gains on investments held at fair value through profit or loss

 

(88,474)

 

(29,771)

 

(31,623)

Increase in accrued income

(1,656)

(1,507)

(573)

Decrease in other debtors

3

2

2

Increase/(decrease) in other creditors

158

(22)

(123)

Purchases of investments

(75,832)

(61,721)

(131,873)

Sales of investments

72,710

64,531

128,980

Purchases of current asset investments

(1,500)

(8,904)

(22,899)

Sales of current asset investments

2,780

9,777

25,364

(Increase)/decrease in amounts due from brokers

(5,308)

1,258

1,179

Increase/(decrease) in amounts due to brokers

4,505

(2,819)

(2,363)

Dealing profits

-

(33)

(116)


----------

----------

----------

Net cash inflow from operating activities before interest and taxation

 

3,830

 

8,085

 

13,868





Interest paid

(1,157)

(1,131)

(2,260)

Taxation on investment income

(288)

(387)

(831)


----------

----------

----------

Net cash inflow from operating activities

2,385

6,567

10,777





Financing activities




Equity dividends paid

(7,464)

(7,051)

(14,371)

Purchase of ordinary shares

-

(594)

(594)

Drawdown of loan

4,500

-

1,000


----------

----------

----------





Net cash used in financing

(2,964)

(7,645)

(13,965)


----------

----------

----------





Decrease in cash

(579)

(1,078)

(3,188)

Cash and cash equivalents at start of period

3,126

6,360

6,360

Exchange movements

(50)

(114)

(46)


----------

----------

----------

Cash and cash equivalents at end of period

2,497

5,168

3,126


======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 

 

 

 

Page 9 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

NOTES:

 

1.

Accounting policies


The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2012 and in accordance with IAS34.  The tax charge is based on overseas tax suffered during the period.



2.

Earnings per ordinary share


The earnings per ordinary share figure is based on the net profit for the half year of £94,825,000 (half year ended 30 April 2012: £35,761,000; year ended 31 October 2012: £44,848,000) and on 110,906,839 (half year ended 30 April 2012: 110,986,262; year ended 31 October 2012: 110,946,334) ordinary shares, being the weighted average number of ordinary shares in issue during the period.




The return per share detailed above can be further analysed between revenue and capital, as below.

 



(Unaudited)

Half year ended

30 April 2013

£'000

(Unaudited)

 Half year ended

30 April 2012

£'000

(Audited)

Year ended

31 October 2012

£'000







Net revenue profit

7,496

7,058

15,359


Net capital profit

87,329

28,703

29,489



----------

----------

----------


Net total profit

94,825

35,761

44,848



======

======

======


Weighted average number of ordinary

  shares in issue during each period

 

110,906,839

 

110,986,262

 

110,946,334







Revenue earnings per ordinary share

6.76p

6.36p

13.84p


Capital earnings per ordinary share

78.74p

25.86p

26.58p



----------

----------

----------


Total earnings per ordinary share

85.50p

32.22p

40.42p



======

======

======

 

3.

Current asset investment


The Group has a holding in a Deutsche Bank Liquidity Fund, (formerly Henderson Liquid Assets Fund) a money market fund that is used to hold what would otherwise be short term cash balances.  At 30 April 2013 this holding had a value of £21,000 (30 April 2012: £2,810,000; 31 October 2012: £1,301,000).



4.

Called up share capital


At 30 April 2013 there were 110,906,839 ordinary shares of 25p each in issue (30 April 2012: 110,906,839; 31 October 2012: 110,906,839).  During the half year ended 30 April 2013 there were no shares bought in the market for cancellation (half year ended 30 April 2012: 145,000; year ended 31 October 2012: 145,000).  The cost of the share buy-backs, including stamp duty, amounted to £nil (half year ended 30 April 2012: £594,000; year ended 31 October 2012: £594,000).



5.

Net asset value per ordinary share


The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £613,575,000 (30 April 2012: £524,447,000; 31 October 2012: £526,214,000) and on 110,906,839 (30 April 2012: 110,906,839; 31 October 2012: 110,906,839), being the number of ordinary shares in issue at the period end.



6.

Related party transactions


Details of related party transactions are contained in the annual report.  Other than the fees payable by the Company in the ordinary course of business there have been no material transactions with any related party during the six month period affecting the financial position or performance of the Group.



7.

Going concern


The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.

 

 

 

 

 

 

 

 

Page 10 of 12

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

 

8.

Interim dividend


The directors have declared a second interim dividend of 3.465p (2012: 3.30p) net per ordinary share, payable on 30 August 2013 to shareholders registered on 26 July 2013.   The shares will be quoted ex-dividend on 24 July 2013.  Based on the number of ordinary shares in issue at 19 June 2013 of 110,906,839 the cost of this dividend will be £3,843,000.  A first interim dividend of 3.465p (2012: 3.30p) was paid on 31 May 2013 at a total cost of £3,843,000.



9.

Comparative information


The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The financial information for the half years ended 30 April 2013 and 2012 has not been audited or reviewed by the auditors. 

 

The figures and financial information for the year ended 31 October 2012 have been extracted from the latest published accounts of the Company.  These accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.



10.

Half year update


A copy of the update for the half year ended 30 April 2013 will be posted to shareholders in July and will be available on the Company's website (www.bankersinvestmenttrust.com).  Copies can also be requested thereafter from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M 3AE.



11.

General Information


a) Objectives

·      To achieve long term asset growth in excess of FTSE All-Share Index.

·      To achieve regular dividend growth in excess of the increase in the Retail Prices Index.

 

b) Policy

·      To achieve both these objectives by investing in a broadly diversified international portfolio of shares.

 

c) Company Status

The Company is a UK domiciled investment trust company, registered number 00026351.

 

d) Directors, Secretary and Registered Office

The Directors of the Company are Richard Brewster, (Chairman), Richard Killingbeck, Richard Burns, Matthew Thorne and Susan Inglis.  The Secretary is Henderson Secretarial Services Limited, represented by Wendy King FCIS. The registered office is 201 Bishopsgate, London EC2M 3AE.

 


e) Website

Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, profiles of the Board, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com

 

 



 

Page 11 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

 

 

LARGEST INVESTMENTS at 30 April 2013

The 50 largest investments (convertibles, fixed interest and all classes of equity in any one company being treated as one investment) were as follows:

 

 

Holding

Market value

£'000


 

 

Holding

Market value

£'000

BP

15,929


Nielsen

4,559

British American Tobacco

13,684


Fomento Economico Mexicano       

4,553

GlaxoSmithKline

12,819


Mitsubishi UFJ Financial

4,508

HSBC

10,763


Petrofac

4,458

Vodafone

10,410


Shire

4,404

Royal Dutch Shell

10,139


SK Telecom

4,383

Catlin          

9,695


Deutsche Post

4,362

Galliford Try

7,661


Walgreen

4,293

BG

6,832


Mapletree Greater China

4,285

Sports Direct International

6,558


American Tower                                       

4,232

Amcor

6,046


American International

4,230

ITV

5,994


Malayan Banking

4,152

Reckitt Benckiser

5,635


PNC Financial

4,142

Jardine Lloyd Thompson

5,612


Wetherspoon (J.D.)

4,086

Christian Dior

5,375


Hyundai Motor

4,068

Rolls-Royce                 

5,289


Covidien

4,059

Prudential

5,208


Taiwan Semiconductor Manufacturing

4,048

Fisher (J) & Sons

5,201


Novartis

4,041

Smiths News

4,929


Dollar General

4,015

Microsoft

4,901


General Electric

4,006

Anadarko Petroleum

4,899


Bank of China

3,974

Pfizer                   

4,760


Rio Tinto

3,894

UnitedHealth                               

4,658


Kinder Morgan Delaware

3,892

Citigroup

4,628


Celanese

3,872

Time Warner Cable

4,584


United Parcel Service

3,860

 

These investments total £286,585,000 which represents 44.9% of the portfolio.



 

 

Page 12 of 12

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2013

 

GEOGRAPHICAL DISTRIBUTION


 

Valuation of investments

Currency exposure of operational assets


30 April

2013

%

31 October

2012

%

30 April

2013

%

31 October

2012

%

UK

40.3

45.5

43.0

43.2

Europe

11.0

10.8

10.5

11.2

North America

21.6

20.9

20.7

21.8

Japan

10.7

8.7

10.2

9.1

Pacific (ex Japan)

13.3

11.7

12.6

12.2

Emerging Markets

3.1

2.4

3.0

2.5


------

------

------

------


100.0

100.0

100.0

100.0


====

====

====

====

 

SECTOR ANALYSIS


30 April 2013

%

31 October 2012

%

Oil & Gas

12.4

14.6

Basic Materials

4.5

5.6

Industrials

14.7

15.2

Consumer Goods

12.8

11.9

Health Care

6.9

6.8

Consumer Servcies

13.1

11.1

Telecommunications

5.3

5.2

Utilities

1.7

2.0

Financials

22.3

20.3

Technology

6.3

7.3


------

------


100.0

100.0


====

====

 

 

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 -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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