Edison issues review on The Bankers Inv Trust

RNS Number : 5227P

Bankers Investment Trust PLC

29 May 2018

 

London, UK, 29 May 2018

Edison issues review on The Bankers Investment Trust (BNKR)

The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index benchmark that better reflects its investment approach. Recent performance has been strong, buoyed by good returns from the US portfolio and eye-catching outperformance in China, while dividends grew ahead of forecasts in FY17. Manager Alex Crooke cautions that recent sterling strength could be a headwind for overseas dividend income in the current period, although the trust's large revenue reserve (1.8x the FY17 dividend) and focus on stocks with attractive dividend growth should help to ensure that BNKR's long record of year-on-year growth is maintained. Crooke has recently been appointed co-head of equities at Janus Henderson Investors, but remains committed to overseeing BNKR.

At 24 May 2018, BNKR's shares traded at a discount of 1.2% to cum-income NAV (with debt at fair or market value). This compares with average discounts of 2.1%, 3.5%, 2.9% and 6.5% respectively over one, three, five and 10 years. Following a period of discount volatility from early 2016, BNKR's discount to NAV has narrowed steadily since mid-2017. The board has the authority to buy back or issue shares to manage a discount or a premium, but has not done so since October 2016. The 2.2% dividend yield is a little below the 2.4% yield on the FTSE World index.  

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