Interim Management Statement

RNS Number : 8953D

Bankers Investment Trust PLC

19 September 2008

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS 

19 SEPTEMBER 2008

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement 

Review of the period from 1 May 2008 to 31 August 2008

Portfolio:  During the period we continued to reduce UK and European equity investments and favoured further investment in both US equities and UK corporate bonds. This action has increased the portfolio's US dollar exposure, which was felt to offer good value relative to Sterling. The cash and fixed interest within the portfolio has been raised to 5.9%, principally invested in corporate bonds which offer a high coupon and potential for capital performance over time. The overall gearing is 5% (including fixed interest), resulting in the equity gearing being now negative. Within the portfolio, the oil and energy investments were cut back from 17.6% to 15.9% through sales of oil exploration companies. The rapid rise in the price of oil in June pushed up the value of companies in the sector and it allowed us to sell investments at attractive prices. 

Gearing:  At the end of the quarter was 5.0% (at 30 April 2008: 7.0%). Due to the investment in fixed interest securities and cash (5.9%), equities comprise less than 100% of NAV.

Dividends: 

A first interim dividend of 2.60p per ordinary share net (2007: 2.52p) in respect of the year ending 31 October 2008 was paid on 30 May 2008 to shareholders registered on 2 May 2008. The Company's shares went ex-dividend on 30 April 2008.

A second interim dividend of 2.60p per ordinary share net (2007: 2.52p) in respect of the year ending 31 October 2008 was paid on 29 August 2008 to shareholders registered on 25 July 2008. The shares went ex-dividend on 23 July 2008.

Discount:  the share price discount to net asset value at 31 August 2008 was 10.5% (30 April 2008: 10.6%).

Share Capital:  during the period the Company bought back 250,000 ordinary shares at a cost of £990,000.

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

Total Return Performance at 31 August 2008 

	3 months	1 year	3 years	5 years
Share Price	-7.42	-7.39	34.14	74.31
Net Asset Value per ordinary share	-6.70	-4.37	30.70	75.41
FTSE All Share Index	-5.94	-8.70	19.22	63.94
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	-5.35	-5.34	20.71	56.95

Sources: AIC Services Limited and Datastream

Financial Position (in accordance with the AIC formula)

	At 31 August 2008	At 30 April 2008
Total assets (£'000)	£525,000	£561,000
Net asset value per ordinary share (incl income)*	441.9p	-
Net asset value per ordinary share (excl income)*	436.3p	462.2p
Ordinary share price mid-market price	395.5p	413.3p
Discount	-10.5%	-10.6%
Gearing	5%	7%

* Prior to 31 May 2008 the AIC formula excluded current financial year revenue items.

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets	% of total assets
		at 31 August 2008	at 30 April 2008
BP		3.1	4.7
Petrol Brasileiros		2.0	1.9
HSBC		1.9	1.7
Vodafone		1.9	1.6
Barclays		1.7	1.3
Royal Dutch Shell		1.7	1.8
GlaxoSmithKline		1.6	1.2
BG Group		1.5	1.4
British American Tobacco		1.5	1.4
Royal Bank of Scotland		1.2	-

Geographic Breakdown	% at 31 August  2008	% at 30 April 2008
United Kingdom	44.5	47.5
North America	17.5	15.3
Europe	11.1	13.5
Japan	9.7	9.9
Other Pacific	7.6	8.3
Other	3.7	3.6
Cash and Fixed Interest	5.9	1.9

Sector Breakdown	% at 31 August  2008	% at 30 April 2008
Financials	22.9	24.7
Oil & Gas	15.9	17.6
Industrials	14.2	14.7
Consumer Goods	9.9	10.2
Consumer Services	6.6	6.3
Health Care	6.3	5.6
Basic Materials	5.9	6.5
Telecommunications	4.3	4.6
Technology	4.3	4.1
Utilities	3.8	3.8
Cash and Fixed Interest	5.9	1.9

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 at www.bankersinvestmenttrust.com.

Richard Brewster

Chairman

- ENDS -

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]

 

END

 

 

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