Interim Management Statement
THE BANKERS INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS
22 FEBRUARY 2011
THE BANKERS INVESTMENT TRUST PLC
Interim Management Statement
Review of the period from 1 November 2010 to 31 January 2011
Portfolio Review: Returns since 1 November 2010 have been strong with the net asset value total return increasing by 5.7%. The gearing has had a beneficial effect and stock selection has improved from last year. Equity markets have broadened out, with sectors such as insurance and telecommunications performing well for the Trust. The oi1 stocks have also been a notable driver for performance, reflecting the current oil price around $100 a barrel for Brent crude. Oil services and exploration companies represent a significant exposure for the Trust, particularly in the UK. The exposure to the US market has been increased, as the US economy continues to receive upgrades to economic growth forecasts and prospects are improving.
Gearing: Following increased investment into equities, the net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 5.0% (31 October 2010: 4.0%).
Dividends: following shareholder approval at the Annual General Meeting held today, a final dividend of 3.10p per ordinary share, in respect of the year ending 31 October 2010, will be paid on 28 February 2011 to holders registered on 4 February 2011.
Discount: the share price discount to net asset value at 31 January 2011 was 12.3% (31 October 2010: 15.9%).
Share Capital: during the period the Company has not bought back any 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 2011 |
3 months |
1 year |
3 years |
5 years |
|
Share Price |
9.9% |
22.2% |
16.3% |
30.6% |
|
Net Asset Value per ordinary share |
5.7% |
19.1% |
14.7% |
27.7% |
|
FTSE All Share Index |
4.2% |
18.1% |
13.7% |
24.1% |
|
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index |
5.8% |
19.3% |
18.8% |
27.7% |
Sources: AIC Services Limited and Datastream
Financial Position (in accordance with the AIC formula, ie excluding current financial year revenue items)
|
|
At 31 January 2011 |
At 31 October 2010 |
|
Total assets (£'000) |
£557,627 |
£541,802 |
|
Net asset value per ordinary share (cum income) |
475.9p |
448.9p |
|
Net asset value per ordinary share (ex income) |
471.1p |
445.6p |
|
Ordinary share price mid-market price |
417.5p |
379.9p |
|
Discount |
12.3% |
15.9% |
|
Net Gearing |
5.0% |
4.0% |
THE PORTFOLIO
(Distribution of total investments employed)
|
Top 10 Investments |
|
% of portfolio as at January 2011 |
% of portfolio as at at 31 October 2010 |
|
BP |
|
3.0% |
2.8% |
|
Vodafone |
|
2.2% |
2.2% |
|
HSBC |
|
2.0% |
2.0% |
|
Royal Dutch Shell |
|
1.8% |
1.7% |
|
British American Tobacco |
|
1.7% |
1.8% |
|
Catlin |
|
1.6% |
1.6% |
|
BG Group |
|
1.6% |
1.4% |
|
GlaxoSmithKline |
|
1.6% |
1.8% |
|
Petroleo Brasileiros |
|
1.5% |
1.4% |
|
Jardine Lloyd Thompson |
|
1.1% |
1.0% |
|
Geographic Breakdown |
% at 31 January 2011 |
% at 31 October 2010 |
|
United Kingdom |
45.7% |
46.4% |
|
North America |
18.6% |
16.1% |
|
Pacific (ex Japan) |
12.2% |
12.7% |
|
Europe |
12.1% |
13.1% |
|
Japan |
8.4% |
7.9% |
|
Other |
2.4% |
3.1% |
|
Fixed Interest |
0.6% |
0.7% |
|
Sector Breakdown |
% at 31 January 2011 |
% at 31 October 2010 |
|
Financials |
23.0% |
22.7% |
|
Oil & Gas |
17.8% |
16.1% |
|
Industrials |
14.0% |
14.4% |
|
Consumer Goods |
10.8% |
10.6% |
|
Consumer Services |
8.3% |
8.3% |
|
Basic Materials |
7.3% |
7.7% |
|
Health Care |
6.1% |
6.4% |
|
Technology |
4.8% |
4.6% |
|
Telecommunications |
4.7% |
5.2% |
|
Utilities |
2.6% |
3.3% |
|
Fixed Interest |
0.6% |
0.7% |
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: 020 7818 4447 |
James de Sausmarez Director, Head 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 |
This information is provided by RNS