Interim Management Statement

RNS Number : 0013L

Bankers Investment Trust PLC

29 August 2012

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

29 AUGUST 2012

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 May 2012 to 31 July 2012

Portfolio Review: The gearing has been marginally reduced and cash balances increased during the period, reflecting sales of securities in the UK and US.  We have reduced cyclical industrials through the sale of Emerson Electric in the US.  The emerging market exposure has been broadened with new purchases in Mexico and Brazil, favouring financials and domestic service industries. With the generally subdued economic activity globally, the portfolio continues to reflect an overweight stance toward higher quality, less geared companies with good prospects for dividend growth.

Gearing: The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 2.0% (30 April 2012: 3.1%).

Dividends: A first interim dividend of 3.30p per ordinary share net (2011: 3.175p) in respect of the year ending 31 October 2012 was paid on 31 May 2012 to shareholders registered on 4 May 2012.  The Company's shares went ex-dividend on 2 May 2012.

A second interim dividend of 3.30p per ordinary share net (2011: 3.175p) in respect of the year ending 31 October 2012 will be paid on 31 August 2012 to shareholders registered on 27 July 2012.  The shares went ex-dividend on 25 July 2012.

Discount:  The share price discount to net asset value at 31 July 2012 was 10.1% (30 April 2012: 12.2%).

Share Capital:  During the period the Company did not buy-back any 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

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

	At 31 July 2012	At 30 April 2012
Total assets (£'000)	£538,000	£521,000
Net asset value per ordinary share (cum income)	456.7p	472.9p
Net asset value per ordinary share (ex income)	452.7p	466.5p
Ordinary share price mid-market price	410.5p	415.0p
Discount	10.1%	12.2%
Net Gearing	2.0%	3.1%

Total Return Performance at 31 July 2012	3 months	1 year	3 years	5 years
Share Price	0.6%	4.4%	39.6%	14.2%
Net Asset Value per ordinary share	-0.8%	1.2%	37.5%	11.7%
FTSE All Share Index	-1.0%	0.4%	37.7%	6.9%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	-0.1%	1.3%	37.0%	14.3%

Sources:  AIC Services Limited and Datastream. For the 3 months, 1 and  3 years the cum income net asset value is shown, for the 5 year total return net asset value current year income is excluded  

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 July 2012	% of total assets at 30 April 2012
BP		2.8	2.8
British American Tobacco		2.5	2.2
GlaxoSmithKline		2.2	2.0
Catlin		2.0	1.9
Royal Dutch Shell		1.9	1.9
Vodafone		1.9	1.7
BG Group		1.5	1.7
HSBC		1.4	1.4
National Grid		1.3	1.2
Apple		1.3	1.2

Geographic Breakdown	% at 31 July 2012	% at 30 April 2012
United Kingdom	45.0%	44.7%
North America	21.9%	22.6%
Europe	10.1%	10.2%
Pacific (ex Japan)	11.6%	11.2%
Japan	9.6%	9.4%
Other	1.8%	1.9%

Sector Breakdown	% at 31 July 2012	% at 30 April 2012
Financials	20.2%	20.3%
Oil & Gas	15.0%	15.1%
Industrials	14.4%	14.7%
Consumer Goods	12.3%	12.4%
Consumer Services	9.4%	9.3%
Technology	7.7%	7.4%
Health Care	7.1%	6.5%
Basic Materials	5.9%	6.5%
Telecommunications	5.1%	4.5%
Utilities	2.9%	3.3%

- MORE -

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 on the Manager's website www.itshenderson.com or www.bankersinvestmenttrust.com.

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]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

- ENDS -

 

END

 

 

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