Interim Management Statement

RNS Number : 8959R

Bankers Investment Trust PLC

31 August 2010

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

31 AUGUST 2010

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 May 2010 to 31 July 2010

Portfolio Review: The performance of our developed market holdings (USA, UK, Europe) has improved, relative to their geographic benchmarks, over the period under review reflecting the stock selection focussed on defensive companies.  As investors question the sustainability of the economic recovery we expect companies with reliable and defensive revenue and earnings profiles to prosper.  There has been a maintained focus on Europe where expectations are low but companies situated in the core countries of Germany and France appear well placed, especially those in the exporting sector.  New holdings included Adecco, Deutsche Post and Deutsche Boerse.  In the UK we sold a quarter of the BP holding in May and also made partial sales of Inmarsat and TT Electronics. Sales of equities in the UK and US funded new investments, principally in Europe.

Gearing: The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 5.0% (30 April 2010:  5.0%).

Dividends: A first interim dividend of 3.00p per ordinary share net (2009: 2.75p) in respect of the year ending 31 October 2010 was paid on 28 May 2010 to shareholders registered on 30 April 2010.  The Company's shares went ex-dividend on 28 April 2010.

A second interim dividend of 3.00p per ordinary share net (2009: 2.75p) in respect of the year ending 31 October 2010 will be paid on 31 August 2010 to shareholders registered on 30 July 2010.  The shares went ex-dividend on 28 July 2010.

Discount:  The share price discount to net asset value at 31 July 2010 was 13.7% (30 April 2010: 14.6%).

Share Capital:  During the period the Company bought back 200,000 ordinary shares at a cost of £680,000.

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

Financial Position (in accordance with the AIC formula, ie excluding current financial year revenue items)

	At 31 July 2010	At 30 April 2010
Total assets	£491m	£521m
Net asset value per ordinary share (cum income)	419.1p	445.8p
Net asset value per ordinary share (ex income)	415.6p	442.6p
Ordinary share price mid-market price	361.9p	380.8p
Discount	13.7%	14.6%
Net Gearing	5.0%	5.0%

Total Return Performance at 31 July 2010	3 months	1 year	3 years	5 years
Share Price	-4.18%	15.5%	-5.5%	36.9%
Net Asset Value per ordinary share	-5.43%	17.3%	-4.2%	31.5%
FTSE All Share Index	-4.40%	19.4%	-7.4%	22.7%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	-6.03%	18.5%	-1.2%	24.9%

Sources:  AIC Services Limited and Datastream

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 July 2010	% of total assets at 30 April 2010
BP		2.9%	3.9%
HSBC		2.1%	2.1%
Vodafone		2.1%	1.9%
Catlin Group		1.9%	1.6%
British American Tobacco		1.8%	1.6%
GlaxoSmithKline		1.8%	1.8%
Petroleo Brasileiros		1.7%	1.9%
Royal Dutch Shell		1.6%	1.7%
BG Group		1.3%	1.4%
Rolls Royce		1.3%	1.2%

Geographic Breakdown	% at 31 July 2010	% at 30 April 2010
United Kingdom	46.1%	44.8%
North America	17.5%	18.2%
Pacific (ex Japan)	12.8%	12.3%
Japan	9.5%	10.0%
Europe	9.5%	9.7%
Other	3.3%	3.6%
Fixed Interest	1.3%	1.4%

Sector Breakdown	% at 31 July 2010	% at 30 April 2010
Financials	24.4%	24.1%
Oil & Gas	16.6%	16.9%
Industrials	14.2%	14.0%
Consumer Goods	9.3%	8.9%
Consumer Services	8.3%	9.3%
Basic Materials	6.6%	6.6%
Health Care	6.3%	6.8%
Telecommunications	5.2%	4.0%
Technology	4.5%	5.2%
Utilities	3.3%	2.8%
Fixed Interest	1.3%	1.4%

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.

- 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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