British & American Investment Trust PLC
Interim Management Statement - 3 months to 30 September 2011
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 July 2011 to 30
September 2011, 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 29 August 2011 the company reported its Half Year results to 30 June 2011.
An interim ordinary dividend of 2.7p is to be paid on 10 November 2011 to
shareholders on the register at 14 October 2011. A dividend of 1.75p per share
is to be paid to preference shareholders on 10 November 2011.
Ten largest equity holdings at 30 September 2011 (group basis)
%
Geron Corporation - US$ 0.001 18.8
Rit Capital Partners plc - Ord £1 13.2
Prudential Plc - Ord 5p 8.9
Dunedin Income Growth Trust Plc - Ord 25p 8.0
Electra Private Equity Ord - GBP0.25 7.2
British Assets Trust Plc Ord - 25p 7.0
St James's Place International Unit Trust - Income 5.4
units
Scottish & American Investment Company Plc - Ord 25p 3.5
Invesco Income Growth Trust PLC - Ord 25p 2.3
Alliance Trust PLC - Ord 2.5p 2.3
Total 76.6
Sector allocation as at 30 September 2011 (group basis)
%
Investment Trusts 48.11
Biomedical - USA 18.76
Life Assurance 9.51
Unit Trusts 6.03
Software and computer services 1.78
Other Financial 0.47
Telecommunications 0.39
Leisure, Entertainment, Hotels 0.38
Property 0.17
Bank retail 0.14
Oil exploration & production 0.08
Biotechnology 0.06
Media 0.05
Pharmaceuticals 0.04
Overseas 0.04
Construction 0.04
Property Units 1.35
Fixed Interest Stocks excluding 3.42
Preference
Preference 2.10
Permanent Interest Bearing 0.97
Derivatives - traded options 6.11
Total 100.00
Key facts
Performance
As at As at As at As at As at
30 30 30 30 30
September September September September September
2011 2011 2010 2008 2006
Year end to 1 year 3 years 5 years
date
Total assets 25,528
(000)
Short term £nil
borrowings
Actual gearing nil %
72.9
NAV (p)
2,654.38
FTSE All-Share
69.0 -5.5% -11.5% -16.4% -41.9%
Share price (p)
5.3% 15.5% 10.9% 4.2%
Discount
10.43% 8.85% 7.76% 4.84%
Dividend yield
1.68%
Total expense
ratio
(year ended 31/12
/10)
1 year 3 years 5 years
Value of £100 96.9 108.5 85.1
invested
(dividends
reinvested)
FTSE ALL-Share 92.6 106.9 87.0
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 30 September 2011 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
4 November 2011
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Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
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Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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