Interim Management Statement

RNS Number : 0268B

Bankers Investment Trust PLC

26 February 2014

 



THE BANKERS INVESTMENT TRUST PLC                                                                                 

HENDERSON GLOBAL INVESTORS

26 FEBRUARY 2014

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 November 2013 to 31 January 2014

Portfolio Review:The portfolio continued to perform well in November and December, benefitting from the performance of medium and smaller companies in the UK and Europe.  January witnessed a sharp fall in share prices following the announcement of further tapering of bond purchases by the US Federal Reserve.  Asia and Emerging markets were hit particularly hard and many currency exchange rates in these regions suffered significant falls in value relative to sterling.  Performance in all the geographical portfolios exceeded their respective benchmarks during the period, with the exception of the US portfolio.  A review of the US stocks has resulted in a number of holdings being changed in favour of more cyclically exposed sectors.  An initial investment in Chinese 'A' shares was deployed during the period which resulted in the level of gearing marginally increasing.

Gearing: The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 3.0% (31 October 2013: 0.1%).

Dividends: Following shareholder approval at the Annual General Meeting held today, a final dividend of 3.6p per ordinary share, in respect of the year ended 31 October 2013 will be paid on 28 February 2014 to holders on the register at 31 January 2014.

Premium / (Discount):  The share price premium to net asset value at 31 January 2014 was 0.7% (31 October 2013: discount (1.3%)).

Share Capital:  During the period the Company issued 400,000 shares.  Since the period end the Company has issued a further 450,000 shares.

Board Changes: Mr David Wild was appointed a non-executive director of the Company on 26 February 2014.

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 January 2014	At 31 October 2013
Total assets (£'000)	£657,000	£679,000
Net asset value per ordinary share (cum income)	560.98p	583.84p
Net asset value per ordinary share (ex income)	559.06p	579.93p
Ordinary share price mid-market price	557.0p	580.0p
Premium / (Discount)	0.7%	(1.3)%
Net Gearing	3.0%	0.1%

Total Return Performance at 31 January 2014	3 months	1 year	3 years	5 years
Share Price	-3.3%	16.2%	46.6%	118.9%
Net Asset Value per ordinary share	-2.4%	13.4%	30.0%	97.2%
FTSE All-Share Index	-2.0%	10.1%	27.7%	100.9%

Source: Morningstar for the AIC using cum income net asset value.

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 January 2014	% of total assets at 31 October 2013
BP		2.5%	2.5%
GlaxoSmithKline		1.9%	1.9%
Vodafone		1.8%	1.8%
Catlin		1.5%	1.4%
Sports Direct		1.5%	1.5%
HSBC		1.5%	1.6%
Galliford Try		1.4%	1.4%
British American Tobacco		1.2%	1.5%
Royal Dutch Shell		1.2%	1.1%
ITV		1.2%	1.1%

Geographic Breakdown	% at 31 January 2014	% at 31 October 2013
United Kingdom	45.7%	45.0%
North America	20.2%	20.4%
Pacific (ex Japan)	11.4%	11.2%
Europe	11.0%	11.5%
Japan	9.7%	9.7%
Emerging Markets	2.0%	2.2%

Sector Breakdown	% at 31 January 2014	% at 31 October 2013
Financials	21.9%	23.2%
Industrials	17.2%	16.2%
Consumer Services	16.2%	13.2%
Consumer Goods	14.0%	12.8%
Oil & Gas	8.2%	11.2%
Technology	7.1%	5.6%
Health Care	6.0%	7.2%
Telecommunications	4.8%	4.9%
Basic Materials	3.6%	4.6%
Utilities	1.0%	1.1%

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 Investment 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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