Interim Management Statement

RNS Number : 2737Q

Bankers Investment Trust PLC

28 August 2014

 



THE BANKERS INVESTMENT TRUST PLC                                                                                 

HENDERSON INVESTMENT FUNDS LTD

28 AUGUST 2014

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 May 2014 to 31 July 2014

Portfolio Review

The period under review has witnessed some widely divergent market returns.  European equities have fallen sharply in value, with some mainland markets like France and Germany nearly 10% lower in value over the three months, to the end of July.  The on-going conflict in the Ukraine combined with the recent failure of a Portuguese bank has unsettled European markets. Our stock selection in Europe has also suffered from these falls but we remain generally exposed to companies with international sales rather than predominantly domestic exposure.

Prospects appear brighter in the US, where economic growth has jumped forward after a harsh winter. 

Asian prospects are dominated by China and generally news has been improving with a number of new stimulus proposals from the Chinese government.  Japan and Asia were the two strongest regions for equity returns over the period.

During the period we have made selective changes to the portfolio, without materially changing the gearing position. The Vodafone position was switched into BT Group and the holding of Standard Chartered sold.  Also, new positions were bought in Shimao Property and SJM Holdings in Hong Kong, Texas Instruments and Accenture in the US and Continental in Europe.  Sales included UBS in Europe, Time Warner in the US and Myer in Australia.

Gearing

The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 4.5% (30 April 2014: 4.2%).

Dividends

A first interim dividend of 3.6p per ordinary share net (2013: 3.465p) in respect of the year ending 31 October 2014 was paid on 30 May 2014 to shareholders registered on 2 May 2014.  The Company's shares went ex-dividend on 30 April 2014.

A second interim dividend of 3.7p per ordinary share net (2013: 3.465p) in respect of the year ending 31 October 2014 will be paid on 29 August 2014 to shareholders registered on 25 July 2014.  The shares went ex-dividend on 23 July 2014.

Discount

The share price discount to net asset value at 31 July 2014 was 3.0% (30 April 2014: 1.6%).

Issued Share Capital

During the period 1 April 2014 to 31 July 2014 there was no change in the issued share capital of the Company. The Company had 112,106,839 ordinary shares in issue at 31 July 2014. 

Material Events

The Company published its Half Year Report for the six months ended 30 April 2014 in June 2014.

As announced on 21 July 2014, the Company appointed Henderson Investment Funds Limited to act is its Alternative Investment Fund Manager and BNP Paribas Securities Services to act as the its Depositary (as required by the AIFMD), both with effect from 22 July 2014.

Subsequent Events

The Company is not aware of any significant events or transactions which have occurred between 1 August 2014 and the date of publication of this interim management statement 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 2014	At 30 April 2014
Total assets (£'000)	£678,000	£672,000
Net asset value per ordinary share (cum income)	573.9p	566.3p
Net asset value per ordinary share (ex income)	569.7p	562.6p
Ordinary share price mid-market price	557.5p	557.0p
Discount	3.0%	1.6%
Net Gearing	4.5%	4.2%

Total Return Performance at 31 July 2014	3 months	1 year	3 years	5 years
Share Price	0.7%	-0.5%	49.3%	99.6%
Net Asset Value per ordinary share	2.0%	4.3%	33.8%	81.9%
FTSE All-Share Index	-0.2%	5.6%	31.7%	80.7%

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 July 2014	% of total assets at 30 April 2014
BP		2.4%	2.6%
GlaxoSmithKline		1.6%	1.9%
Galliford Try		1.5%	1.4%
British American Tobacco		1.5%	1.4%
Sports Direct		1.4%	1.6%
Catlin		1.4%	1.5%
Royal Dutch Shell		1.3%	1.3%
Amersourcebergen		1.3%	1.1%
Walt Disney		1.2%	1.1%
ITV		1.2%	1.1%

Geographic Breakdown	% at 31 July 2014	% at 30 April 2014
United Kingdom	43.3%	45.2%
North America	21.0%	19.9%
Europe	11.3%	12.3%
Pacific (ex Japan)	12.9%	11.8%
Japan	9.0%	8.8%
Other	2.5%	2.2%

Sector Breakdown	% at 31 July 2014	% at 30 April 2014
Financials	25.3%	23.2%
Industrials	16.4%	16.7%
Consumer Services	14.3%	15.2%
Consumer Goods	14.0%	14.4%
Oil & Gas	9.3%	9.6%
Technology	6.8%	6.9%
Health Care	4.8%	4.9%
Telecommunications	3.7%	3.9%
Basic Materials	3.6%	3.6%
Utilities	1.8%	1.6%

Company Information

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 Investment Funds Limited, who delegates its day to day responsibilities to Henderson Global Investors Limited.

Further information on the Company, including an up to date NAV and share price information,

can be found on the  websites www.bankersinvestmenttrust.com or www.itshenderson.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 Investment Funds Limited.

Telephone: [phone]

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Investment Funds Limited.

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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