Half Yearly Report

RNS Number : 8583I
Bankers Investment Trust PLC
22 June 2011
 



Page 1 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

This announcement contains regulated information

 

Chairman's Statement

Review of the period including material events and transactions

Our optimism that global equities would produce further gains has been borne out in the returns generated from Bankers portfolio over the last six months.  The increase in net asset value and share price has been against a backdrop of further bailouts in Europe and a noticeable softening in expectations for global economic growth. Performance over the first half of our financial year has seen the net asset value per share rise by 8.5% compared to an increase of 7.5% in the FTSE All-Share Index and a rise of 8.3% in the 50/50 Composite Index.  Share prices have increased in value principally due to a continuation in the recovery of corporate earnings, although a further programme of quantitative easing in the US last year has undoubtedly boosted the value of financial and commodity assets around the world.  This injection of liquidity is unlikely to be unwound in the medium term and has kept long term interest rates at record low levels helping companies to refinance at favourable rates.

 

Over the period under review, stock picking has been key to our success and the majority of the positive returns has been generated by the relative outperformance from our UK, European and American portfolios.  The ongoing Greek crisis and bailouts for Ireland and Portugal have had little effect on the strong growth in earnings being generated by northern European companies where the vast majority of our European investments are based. Exports to Asia have clearly driven growth in Germany but consumers there are less leveraged and unemployment has been steadily falling having a positive effect on domestic demand. The austerity drive being instigated by the UK government may be suppressing economic growth but there are sectors in the UK that are prospering. The utility sector is enjoying price rises on the back of increasing inflation and exporters are still benefiting from the fall in sterling, especially those companies with exposure to Asia. 

 

So far this calendar year our value orientated investment style is witnessing a notable improvement relative to the broader equity market.  Investors appear to be focusing on dividends and valuations and are being more circumspect toward the apparent strong earnings from the highly valued, growth orientated companies. All too often enthusiasm gets the better of investors and growth companies become so highly rated that they struggle to deliver the steady upgrades in prospects that are required to sustain their lofty valuations.  In terms of asset allocation we have increased exposure to Japan and the US. Following the devastating earthquake and resulting tsunami in March, the Japanese equity market fell over 8%, reflecting the anticipated disruption to the economy from both the power outages and disruption to supply chains. We felt that the Japanese economy would recover quickly from the initial shock, as it did after the Kobe quake in the mid 90's.  The exposure to Japanese equities was increased to 9% of the portfolio. This move was driven by the low valuations we could see and we intend to review the position later in the year when the economic effects will be more clearly evident. The US portfolio was also increased as we felt company valuations were low compared to historic levels and were mismatched relative to the underlying growth rate of their earnings. US investors have been heavy sellers of domestic equities in favour of bonds for the last three years and any reverse of this trend can only be helpful to maintain a recovery in share prices.

 

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Page 2 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

 

The gearing has been maintained at close to 4%. All bonds have now been sold and cash levels have been reduced. A new £20m borrowing facility has been secured which will provide scope to increase gearing as we become more confident in the sustainability of global economic growth without further stimulus from central banks.

 

Revenue return and dividends

 

The impact of slightly reduced equity dividend income in the first half, as a result of the change in the balance of our portfolio, is being rapidly offset by impressive dividend growth across all regions.  The percentage of corporate earnings that are currently being paid to shareholders has fallen on average to below 40%, principally due to the rapid recovery in earnings not being matched by a corresponding increase in dividends.  From a company point of view this is understandable, as it takes time before confidence in economic recovery translates into higher dividends.  It appears that we may have reached this point as many recent dividend declarations have surprised the market in terms of the uplift in payouts. 

 

Our revenue reserves now exceed £30m and more than twice cover the entire annual dividend.  It is from this position that we expect to continue our record of 44 years of consecutive dividend growth.  We also have the flexibility to invest where we see capital returns not just income opportunities.  We reconfirm our forecast in January that dividends declared this year will amount to not less than 12.7p, an increase of 5.0% over last year.  Our second interim dividend of 3.175p per ordinary share will be paid on 31 August 2011.

 

Related party transactions

 

Details of related party transactions are contained in the annual report.  Other than the fees payable by the Company in the ordinary course of business there have been no material transactions with our related party during the six month period affecting the financial position or performance of the Group.

 

Outlook

 

The uplift in corporate investment that is required to sustain higher levels of economic growth and create new jobs has yet to materialise.  Without this vital extra impetus to economies, the current mid cycle pause in growth that we are witnessing may well continue through to the Autumn.  There are certainly plenty of worries for investors, creating inaction in terms of putting savings to work into real assets.  However, there is little discussion about what events might occur that would encourage those on the sidelines to buy equities.  Over the coming six months we might have more clarity about when the Chinese stop tightening monetary policy.  We may see some stabilisation in US house prices and expect corporate earnings to have advanced, thus reducing the P/E of the market if there is no movement upwards in share prices.

  

 

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Page 3 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

 

Despite a lacklustre outlook for economic growth, it is important to stress that we do not invest in economies but in companies that we expect will benefit from the opportunities that arise.  By carefully selecting investments in those companies that are improving their operating activities and taking market share from competitors, we should continue to reward patient investors.

 

 

For further information contact:                                                            

 

Alex Crooke

Fund Manager

The Bankers Investment Trust PLC

Telephone: 020 7818 4447 or 07939 021208

 

Richard Brewster

Chairman

The Bankers Investment Trust PLC

Telephone: 020 7818 4233

James de Sausmarez

Director of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

 

 

 

 

 

 

 

 

 

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Page 4 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

 

 

FINANCIAL HIGHLIGHTS

 


(Unaudited)

30 April 2011


(Audited)

31 October 2010


%

Change


Assets







Net asset value per ordinary share (with debt at book value)

490.5p


451.9p


8.5


Ordinary share mid-market price

424.0p


379.9p


11.6


Discount (share price to net asset value)

13.6%


15.9%




Total assets less current liabilities (£'000)

£569,814


£526,955


8.1
















Indices







FTSE All-Share Index

3,155.03


2,936.15


7.5


S&P 500 Composite Index

1,363.61


1,183.26


10.5

#

FTSE World Europe (ex UK) Index (£)

416.55


377.71


10.3


TOPIX (Tokyo First Section Index)

851.85


810.91


-0.2

#

FTSE World (ex UK) Index (£)

363.13


333.23


9.0


50/50 FTSE All-Share Index/







    FTSE World (ex UK) Index (£)

216.50


200.00

*

8.3









# - £ adjusted







* - rebased as at 31 October 2010















(Unaudited)

Half year

ended

30 April

2011


(Unaudited)

Half year

ended

30 April

2010


%

Change


Revenue







Gross revenue (£'000)

£7,630


£8,145


-6.3


Earnings per ordinary share

5.50p


6.08p


-9.5


 

 

  

 

 

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Page 5 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the half year ended 30 April 2011

 


(Unaudited)

Half year ended

30 April 2011

(Unaudited)

Half year ended

30 April 2010

(Audited)

Year ended

31 October 2010


Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total £'000

Revenue return £'000

Capital return £'000

 

Total

£'000











Gains on investments held at fair value through profit or loss

 

 

-

 

 

44,654

 

 

44,654

 

 

-

 

 

54,967

 

 

54,967

 

 

-

 

 

59,081

 

 

59,081

Investment income

7,320

-

7,320

7,988

-

7,988

16,108

-

16,108

Other operating income

310

-

310

157

-

157

370

-

370


---------

---------

---------

---------

---------

---------

---------

---------

---------

Total income

7,630

44,654

52,284

8,145

54,967

63,112

16,478

59,081

75,559


---------

---------

---------

---------

---------

---------

---------

---------

---------

Expenses










Management fees

(490)

(264)

(754)

(431)

(232)

(663)

(862)

(464)

(1,326)

Other expenses

(345)

-

(345)

(327)

-

(327)

(655)

-

(655)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before finance costs and taxation

 

6,795

 

44,390

 

51,185

 

7,387

 

54,735

 

62,122

 

14,961

 

58,617

 

73,578











Finance costs

(350)

(818)

(1,168)

(339)

(790)

(1,129)

(684)

(1,596)

(2,280)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before taxation

6,445

43,572

50,017

7,048

53,945

60,993

14,277

57,021

71,298











Taxation

(340)

-

(340)

(254)

-

(254)

(608)

-

(608)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit for the period

6,105

43,572

49,677

6,794

53,945

60,739

13,669

57,021

70,690


=====

=====

=====

=====

=====

=====

=====

=====

=====

Earnings per ordinary share (note 2)

 

5.50p

 

39.22p

 

44.72p

 

6.08p

 

48.24p

 

54.32p

 

12.26p

 

51.13p

 

63.39p

 

The total columns of this statement represent the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRS.  The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.  All items in the above statement derive from continuing operations.  All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.  There are no non-controlling interests.

 

The accompanying condensed notes are an integral part of the financial statements.

 

As permitted by the Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income.  The net profit of the Company for the year was £49,677,000 (30 April 2010: £60,739,000; 31 October 2010: £70,690,000.

 

The Group does not have any other comprehensive income hence the net profit for the year as above is the same as the Group's total comprehensive income

 

 

 

 

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Page 6 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2011


 Called up

share capital

 Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Half year ended 30 April 2011 (Unaudited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2010

27,772

452

12,438

430,286

31,007

501,955

Total comprehensive income:







Profit for the period

-

-

-

43,572

6,105

49,677

Transactions with owners, recorded directly to equity:







Buy back of 10,000 ordinary shares

(3)

-

3

(42)

-

(42)

Payment of 3rd interim dividend (3.00p) in respect of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,332)

 

(3,332)

Payment of final dividend (3.10p) in respect of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,444)

 

(3,444)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2011

27,769

452

12,441

473,816

30,336

544,814


======

======

======

======

======

======


 Called up

share capital

Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Half year ended 30 April 2010 (Unaudited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2009

28,062

452

12,148

377,462

30,739

448,863

Total comprehensive income:







Profit for the period

-

-

-

53,945

6,794

60,739

Transactions with owners, recorded directly to equity:







Buy back of 879,711 ordinary shares

(221)

-

221

(3,204)

-

(3,204)

Payment of 3rd interim dividend (3.00p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,368)

 

(3,368)

Payment of final dividend (3.00p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,357)

 

(3,357)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2010

27,841

452

12,369

428,203

30,808

499,673


======

======

======

======

======

======


 Called up

share capital

 Share premium

account

Capital  redemption

reserve

Other capital

reserves

 

Revenue reserve

 

 

Total

Year ended 31 October 2010 (Audited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2009

28,062

452

12,148

377,462

30,739

448,863

Total comprehensive income:







Profit for the year

-

-

-

57,021

13,669

70,690

Transactions with owners, recorded directly to equity:







Buy back of 1,160,211 ordinary shares

(290)

-

290

(4,197)

-

(4,197)

Payment of 3rd interim dividend (3.00p) in respect

of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,368)

 

(3,368)

Payment of final dividend (3.00p) in respect of the

year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,357)

 

(3,357)

Payment of 1st interim dividend (3.00p) in respect

of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,341)

 

(3,341)

Payment of 2nd interim dividend (3.00p) in respect

of the year ended 31 October 2010

 

-

 

-

 

-

 

-

 

(3,335)

 

(3,335)


----------

----------

----------

----------

----------

----------

Balance at 31 October 2010

27,772

452

12,438

430,286

31,007

501,955


======

======

======

======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

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Page 7 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

 

CONSOLIDATED BALANCE SHEET

as at 30 April 2011


 

(Unaudited)

30 April 2011

£'000

 

(Unaudited)

30 April

2010

£'000

 

(Audited)

31 October

2010

£'000





Non-current assets




Investments held at fair value through profit or loss

568,455

513,842

522,112


----------

----------

----------





Current assets




Investments (note 3)

500

8,300

6,949

Other receivables

3,349

5,367

3,831

Cash and cash equivalents

2,983

3,153

8,910


----------

----------

----------


6,832

16,820

19,690


----------

----------

----------

Total assets

575,287

530,662

541,802


----------

----------

----------

Current liabilities




Other payables

(5,473)

(5,989)

(14,847)


----------

----------

----------

Total assets less current liabilities

569,814

524,673

526,955





Non-current liabilities




Debenture stocks

(25,000)

(25,000)

(25,000)


----------

----------

----------

Net assets

544,814

499,673

501,955


======

======

======





Equity attributable to equity shareholders




Called up share capital

27,769

27,841

27,772

Share premium account

452

452

452

Capital redemption reserve

12,441

12,369

12,438

Retained earnings:




  Other capital reserves

473,816

428,203

430,286

  Revenue reserve

30,336

30,808

31,007


----------

----------

----------

Total equity

544,814

499,673

501,955


======

======

======

Net asset value per ordinary share (note 4)

490.5p

448.7p

451.9p


======

======

======





 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 

 

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Page 8 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

CONSOLIDATED CASH FLOW STATEMENT

for the half year ended 30 April 2011

 


(Unaudited)

Half year ended

 30 April

2011

(Unaudited)

Half year ended

30 April

2010

(Audited)

Year

ended

31 October 2010


£'000

  £'000 

 £'000





Net profit before taxation

50,017

60,993

71,298

Add back interest paid

1,168

1,129

2,280

Less: gains on investments held at fair value through profit or loss

 

(44,654)

 

(54,967)

 

(59,081)

(Increase)/decrease in accrued income

(1,296)

(438)

570

Increase in other debtors

(2)

(1)

(2)

(Decrease)/increase in other creditors

(125)

152

162

Purchases of investments

(47,796)

(65,474)

(119,885)

Sales of investments

46,114

59,442

110,009

Purchases of current asset investments

(21,403)

(17,050)

(47,002)

Sales of current asset investments

28,081

22,250

53,652

Decrease/(increase) in amounts due from brokers

1,900

(2,668)

(2,096)

(Decrease)/increase in amounts due to brokers

(10,241)

5,041

9,869

Dealing profits

(229)

-

(99)


----------

----------

----------





Net cash inflow from operating activities before interest and taxation

 

1,534

 

8,409

 

19,675





Interest paid

(1,176)

(1,128)

(2,259)

Taxation on investment income

(460)

(307)

(704)


----------

----------

----------





Net cash (outflow)/inflow from operating activities

(102)

6,974

16,712





Financing activities




Equity dividends paid

(6,776)

(6,725)

(13,401)

Purchase of ordinary shares

(42)

(3,204)

(4,197)

Drawdown of loan

1,000

-

4,000


----------

----------

----------





Net cash used in financing

(5,818)

(9,929)

(13,598)


----------

----------

----------





(Decrease)/increase in cash

(5,920)

(2,955)

3,114

Cash and cash equivalents at start of period

8,910

5,989

5,989

Exchange Movements

(7)

119

(193)


----------

----------

----------

Cash and cash equivalents at end of period

2,983

3,153

8,910


======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

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Page 9 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

NOTES:

 

1.

Accounting policies


The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2010 and in accordance with IAS34.  The tax charge is based on overseas tax suffered during the period.



2.

Earnings per ordinary share


The earnings per ordinary share figure is based on the net profit for the half year of £49,677,000 (half year ended 30 April 2010: £60,739,000; year ended 31 October 2010: £70,690,000) and on 111,082,193 (half year ended 30 April 2010: 111,820,912; year ended 31 October 2010: 111,521,997) ordinary shares, being the weighted average number of ordinary shares in issue during the period.




The return per share detailed above can be further analysed between revenue and capital, as below.

 



(Unaudited)

Half year ended

30 April 2011

(Unaudited) Half year ended

30 April 2010

(Audited)

Year ended

31 October 2010



£'000

£'000

£'000







Net revenue profit

6,105

6,794

13,669


Net capital profit

43,572

53,945

57,021



----------

----------

----------


Net total profit

49,677

60,739

70,690



======

======

======


Weighted average number of ordinary

  shares in issue during each period

 

111,082,193

 

111,820,912

 

111,521,997







Revenue earnings per ordinary share

5.50p

6.08p

12.26p


Capital earnings per ordinary share

39.22p

48.24p

51.13p



----------

----------

----------


Total earnings per ordinary share

44.72p

54.32p

63.39p



======

======

======

 

3.

Current asset investment


The Group has a holding in a Deutsche Bank Liquidity Fund, (formerly Henderson Liquid Assets Fund) a money market fund that is used to hold what would otherwise be short term cash balances.  At 30 April 2011 this holding had a value of £500,000 (30 April 2010: £8,300,000; 31 October 2010: £6,300,000).




The subsidiary held investments at 30 April 2011 £nil (30 April 2010: £nil; 31 October 2010: £649,000).



4.

Net asset value per ordinary share


The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £544,814,000 (30 April 2010: £499,673,000; 31 October 2010: £501,955,000) and on 111,075,839 (30 April 2010: 111,366,339; 31 October 2010: 111,085,839), being the number of ordinary shares in issue at the period end.



5.

Called up share capital

At 30 April 2011 there were 111,075,839 ordinary shares of 25p each in issue (30 April 2010: 111,366,339; 31 October 2010: 111,085,839).  During the half year ended 30 April 2011 the Company bought 10,000 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2010: 879,711; year ended 31 October 2010: 1,160,211).  The cost of the share buy-backs, including stamp duty, amounted to £42,000 (half year ended 30 April 2010: £3,204,000; year ended 31 October 2010: £4,197,000).

 

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Page 10 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

6.

VAT on management fees


While the Company has received back from HMRC 100% of the VAT which had been borne by the Company on management fees between 1990 and 1996, and 2000 and 2007, as well as simple interest on those amounts, there remains an amount outstanding relating both to VAT reclaims for 1996 to 2000 and compound interest for 1990 to 2007 which has not been recognised.  It is uncertain whether any further amounts will be recovered.



7.

Going concern


The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.



8.

Interim dividend


The directors have declared a second interim dividend of 3.175p (2010: 3.00p) net per ordinary share, payable on 31 August 2011 to shareholders registered on 29 July 2011.   The shares will be quoted ex-dividend on 27 July 2011.  Based on the number of ordinary shares in issue at 21 June 2011 of 111,075,839 the cost of this dividend will be £3,527,000.  A first interim dividend of 3.175p (2010: 3.00p) was paid on 31 May 2011 at a total cost of £3,527,000.



9.

Comparative information


The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The financial information for the half years ended 30 April 2011 and 2010 has not been audited or reviewed by the auditors. 

 

The figures and financial information for the year ended 31 October 2010 have been extracted from the latest published accounts of the Company.  These accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.



10.

Half year report


A copy of the report for the half year ended 30 April 2011 will be posted to shareholders in July and will be available on the Company's website (www.bankersinvestmenttrust.com).  Copies can also be requested thereafter from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M 3AE.

 

DIRECTORS' RESPONSIBILITY STATEMENT

 

The directors confirm that, to the best of their knowledge:



(a)

the condensed set of financial statements has been prepared in accordance with IAS 34;



(b)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and



(c)

the interim management report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

On behalf of The Bankers Investment Trust PLC

R D Brewster, Chairman

 

- MORE -

 

Page 11 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2011

 

LARGEST INVESTMENTS

at 30 April 2011

 

The 50 largest investments (convertibles, fixed interest and all classes of equity in any one company being treated as one investment) were as follows:


Market value

£'000



Market value

£'000

BP

15,798


QBE Insurance

4,109

Vodafone

11,650


Kasikornbank

4,078

British American Tobacco

10,627


Shire

4,070

Royal Dutch Shell 

10,472


Impala Platinum

4,048

HSBC

10,399


Hunting

4,035

GlaxoSmithKline

10,078


Incitec Pivot

4,005

BG

9,661


Premier Oil

4,000

Catlin

9,454


Reckitt Benckiser

3,989

Petroleo Brasileiros

8,051


Galliford Try

3,947

Jardine Lloyd Thompson

6,332


Anglo American

3,947

National Grid

6,222


Apple

3,911

Xstrata

6,162


Fresenius

3,834

Aviva

5,625


Rolls-Royce

3,809

BHP Billiton

5,049


Compagnie Financiere Richemont

3,778

Essar Energy

5,029


Novartis

3,683

Christian Dior

4,611


Prudential

3,644

Santos

4,495


Tullow Oil

3,583

DBS

4,491


Bowleven

3,512

Mitsubishi UFJ Financial

4,450


Intermediate Capital

3,456

Bank of China

4,400


Deutsche Post

3,389

Barclays

4,375


Amec

3,360

Taiwan Semiconductor Manufacturing

4,327


Sino Forest

3,342

Amcor

4,248


ENI

3,280

Petrofac

4,228


Ascendas

3,272

Wetherspoon (J.D.)

4,168


Fraser & Neave

3,214

 

These investments total £267,697,000 which represents 47.1% of the portfolio.

 

GEOGRAPHICAL DISTRIBUTION


 

Valuation of investments

Currency exposure of operational assets


30 April

2011

%

31 October

2010

%

30 April

2011

%

31 October

2010

%

UK

45.1

46.4

42.3

44.2

Europe

12.8

13.1

13.5

13.0

North America

20.5

16.1

21.5

17.3

Japan

8.3

7.9

8.8

8.3

Pacific (ex Japan)

11.0

12.7

11.5

13.3

Emerging Markets

2.3

3.1

2.4

3.2

Fixed Interest

-

0.7

-

0.7


------

------

------

------


100.0

100.0

100.0

100.0


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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 -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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