Interim Management Statement

British & American Investment Trust PLC

Interim Management Statement - 3 months to 31 March 2013

 

To the members of British & American Investment Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. 
It should not be relied upon by any other party or for any other purpose.

 

This interim management statement relates to the period from 1 January 2013 to
31 March 2013, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.

 

Investment objective

To invest predominantly in investment trusts and other leading UK quoted
companies to achieve a balance of income and growth.

 

Benchmark

FTSE All-Share Index and FTSE 100 Index.

 

Material developments

On 30 April 2013 the company published its Annual Financial Report for the year
ended 31 December 2012.  The Annual Financial Report contained a proposed final
ordinary dividend of 4.9p payable on 20 June 2013 to shareholders on the
register at 31 May 2013 resulting in a total payment for the year of 7.6p per
share.  A dividend of 1.75p will be paid to preference shareholders on 20 June
2013 resulting in a total payment for the year of 3.5p per share.

 

Twenty largest equity holdings at 31 March 2013 (group basis)

 

                                                                 %    
                                                                      
Rit Capital Partners                                             13.5 
                                                                      
Dunedin Income Growth Trust                                      10.8 
                                                                      
Geron Corporation                                                10.5 
                                                                      
Prudential                                                         9.1
                                                                      
British Assets Trust                                               8.3
                                                                      
St James's Place International                                     7.3
                                                                      
Scottish & American Investment Company                             4.0
                                                                      
Alliance Trust                                                     3.1
                                                                      
Invesco Income Growth Trust                                        3.1
                                                                      
F&C Asset Management - 6.75% FRN Sub. Bonds 2026                   2.2
                                                                      
Royal & Sun Alliance Insurance Group - 7.375% Cum. Irr. Pref. £1   2.1
                                                                      
Shires Income                                                      2.0
                                                                      
Rothschilds Continuation Finance - 9% Perp. Sub. Gtd. Loan Notes   1.9
                                                                      
Matrix Chatham Maritime EZT                                        1.8
                                                                      
Merchants Trust                                                    1.8
                                                                      
Earthport                                                          1.4
                                                                      
St. James's Place                                                  1.1
                                                                      
Barclays Bank - 9% PIB Capital Bonds                               1.0
                                                                      
Jupiter Income Trust                                               1.0
                                                                      
Emblaze Systems                                                    1.0
                                                                      
                                                                      
                                                                      
Total                                                            87.0 
                                                                      

 

Sector allocation as at 31 March 2013 (group basis)

 

                                           %     
                                                 
Investment Trusts (equities)               48.72 
                                                 
Biomedical - USA                           10.49 
                                                 
Life Assurance                             10.13 
                                                 
Unit trusts                                  8.13
                                                 
Software and computer services               2.17
                                                 
Leisure and hotels                           0.64
                                                 
Other Financial                              0.57
                                                 
Telecommunications                           0.45
                                                 
Support services                             0.27
                                                 
Biotechnology                                0.21
                                                 
Media                                        0.11
                                                 
Bank retail                                  0.10
                                                 
Financial services                           0.06
                                                 
Overseas                                     0.01
                                                 
                                                 
                                                 
                                                 
                                                 
Derivatives - traded options                 7.56
                                                 
Fixed Interest Stocks excluding Preference   4.07
                                                 
Preference shares                            2.65
                                                 
Property Units                               2.41
                                                 
Permanent interest bearing                   1.17
                                                 
Fixed Interest Stocks (unquoted)             0.08
                                                 
                                                 
                                                 
                                                 
                                                 
Total                                      100.00
                                                 

 


Key facts

 

Performance

                                       As at      As at      As at      As at      As at
                                   31 March   31 March   31 March   31 March   31 March 
                                        2013       2013       2012       2010       2008
                                                Year to     1 year    3 years    5 years
                                                   date                                 
                                                                                        
Total assets (000)                    25,788                                            
                                                                                        
                                                                                        
Short  term borrowings                  £nil                                            
                                                                                        
Actual gearing                         nil %                                            
                                                                                        
                                                                                        
                                                                                        
NAV (p)                                 73.7                                            
                                                                                        
                                                                                        
                                                                                        
FTSE All-Share                      3,380.00                                            
                                                                                        
                                                                                        
                                                                                        
Share price (p)                         77.0       2.7%       2.7%       0.0%     -15.4%
                                                                                        
                                                                                        
                                                                                        
Premium/(discount)                      4.5%                  1.5%     -18.3%     -14.1%
                                                                                        
                                                                                        
                                                                                        
Dividend yield                         9.87%                 9.87%      8.96%      7.03%
                                                                                        
                                                                                        
                                                                                        
Total expense ratio                                                                     
(year ended 31/12/12)                  2.47%                                            
                                                                                        
                                                                                        
                                                                                        
As at 31 March 2013:                             1 year    3 years    5 years           
                                                                                        
Value of £100 invested (dividends                                                       
reinvested)                                       113.7      132.8      131.8           
                                                                                        
FTSE ALL-Share                                    116.8      128.7      138.5           
                                                                                        

 

 

Total Return; Net Income Reinvested, GBP

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

Source: Association of Investment Companies and Morningstar

 

The Board is not aware of any significant events or transactions which have
occurred between 31 March 2013 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to
the Company's website, www.baitgroup.co.uk.

 

For British & American Investment Trust PLC

13 May 2013