Interim Management Statement

RNS Number : 0554O

Bankers Investment Trust PLC

27 February 2009

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS 

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement 

Review of the period from 1 November 2008 to 31 January 2009

Portfolio Review: the three months to the end of January have seen calmer stock markets, although the movements in individual sectors is still highly volatile. With the expectation that there will be further downgrades and that trading conditions have not improved, we increased the cash position in the Trust from 7.7% to 10.3% at 31 January 2009. Europe and the UK were decreased with sales in financial and consumer related stocks. The significant weakness in sterling over the period has limited the declines in overseas holdings when translated back to sterling and will benefit the revenue account, if sustained. Banks have continued to fall in value and this weakness has spread to the Life Assurance sector, despite positive reports on reserving.

Board: Mr Matthew Thorne joined the Board as a non-executive director on 27 November 2008.

Gearing:  following a further increase in cash, the net gearing position (borrowing and debentures minus cash as a percentage of net assets) was -3.3% (31 October 2008: -0.7%).

Dividends:  following shareholder approval at the Annual General Meeting held today, a final dividend of 2.93p per ordinary share, in respect of the year ending 31 October 2008, will be paid on 27 February 2009 to holders registered on 6 February 2009.

Discount:  the share price discount to net asset value at 31 January 2009 was 11.1% (31 October 2008: 9.6%).

Share Capital:  during the period the Company bought back 50,000 ordinary shares at a cost of £141,000.

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

Total Return Performance at 31 January 2009	3 months	1 year	3 years	5 years
Share Price	-1.9%	-21.5%	-11.8%	29.4%
Net Asset Value per ordinary share	-0.4%	-23.4%	-14.7%	26.5%
FTSE All Share Index	-4.0%	-27.8%	-21.2%	12.7%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	-2.3%	-23.2%	-17.5%	14.8%

Sources: AIC Services Limited and Datastream

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

	At 31 January 2009	At 31 October 2008
Total assets (£'000)	£406,000	£407,000
Net asset value per ordinary share (cum income)	336.5p	337.3p
Net asset value per ordinary share (ex income)	331.9p	333.1p
Ordinary share price mid-market price	299.3p	305.0p
Discount	-11.1%	-9.6%
Net Gearing	-3.3%	-0.7%

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 January  2009	% of total assets  at 31 October   2008
BP		4.1	4.1
British American Tobacco		2.4	1.8
Vodafone		2.4	2.1
GlaxoSmithKline		2.1	2.0
Royal Dutch Shell		2.0	2.0
Petrol Brasileiros		1.8	1.6
HSBC		1.7	2.3
Catlin		1.7	1.6
BG Group		1.6	1.5
Scottish & Southern Energy		1.3	1.3

Geographic Breakdown	% at 31 January  2009	% at 31 October 2008
United Kingdom	38.6	41.6
North America	16.5	18.0
Japan	12.4	10.7
Europe	8.6	10.0
Pacific (ex Japan)	7.2	5.9
Other	2.9	2.5
Fixed Interest	3.5	3.6
Cash	10.3	7.7

Sector Breakdown	% at 31 January  2009	% at 31 October 2008
Oil & Gas	14.9	14.0
Industrials	12.1	13.2
Consumer Goods	8.5	9.0
Health Care	8.2	7.5
Consumer Services	6.9	6.8
Insurance	6.5	6.5
Banks	6.3	7.0
Other Financials	5.4	6.8
Telecommunications	5.4	4.3
Basic Materials	4.5	4.0
Technology	3.8	4.4
Utilities	3.7	5.1
Cash & Fixed Interest	13.8	11.3

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 at www.bankersinvestmenttrust.com.

Richard Brewster

Chairman

- ENDS -

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]

 

END

 

 

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