Interim Management Statement

RNS Number : 2595Z

Bankers Investment Trust PLC

17 September 2009

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS 

17 SEPTEMBER 2009

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement 

Review of the period from 1 May 2009 to 31 August 2009

Portfolio Review: The period to the end of August has witnessed rapidly rising stock markets on the back of early signs of economic stability.  We have found more confidence in underlying valuations and with the stabilisation in corporate profits we have been reducing cash in favour of equity investment.  The UK and Asian portfolios have been increased, the former on valuation grounds and the latter to access better growth opportunities.  Our exposure to financials has been focussed on the insurance sector which has responded well to the rising markets but still looks lowly rated.  We have increased exposure to Asian banks and real estate; we expect both sectors to benefit from resumption in world trade and low interest rates.

Gearing:  Following increased investment into equities, the net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 0.3% (30 April 2009: -3.3%).

Dividends: A first interim dividend of 2.75p per ordinary share net (2008: 2.60p) in respect of the year ending 31 October 2009 was paid on 29 May 2009 to shareholders registered on 1 May 2009. The Company's shares went ex-dividend on 28 April 2009.

A second interim dividend of 2.75p per ordinary share net (2008: 2.60p) in respect of the year ending 31 October 2009 was paid on 28 August 2009 to shareholders registered on 24 July 2009. The shares went ex-dividend on 22 July 2009.

Discount:  the share price discount to net asset value at 31 August 2009 was 10.9% (30 April 2009: 6.3%).

Share Capital:  during the period the Company did not undertake any share buy-backs.

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 August 2009	3 months	1 year	3 years	5 years
Share Price	6.4%	-9.0%	3.1%	59.2%
Net Asset Value per ordinary share	9.6%	-8.8%	-0.2%	48.7%
FTSE All Share Index	13.1%	-8.2%	-6.3%	35.8%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	12.2%	-6.6%	-0.5%	37.3%

Sources: AIC Services Limited and Datastream

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

	At 31 August 2009	At 30 April 2009
Total assets (£'000)	£465,646	£418,000
Net asset value per ordinary share (cum income)	389.6p	347.8p
Net asset value per ordinary share (ex income)	384.6p	345.1p
Ordinary share price mid-market price	347.0p	326.0p
Discount	10.9%	6.3%
Net Gearing	6.0%	6.0%

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 August  2009	% of total assets  at 30 April 2009
BP		4.0	3.6
HSBC		2.3	1.9
GlaxoSmithKline		2.0	2.0
Vodafone		2.0	2.1
Petrol Brasileiros		1.9	2.0
Catlin		1.7	2.1
British American Tobacco		1.7	1.6
Royal Dutch Shell		1.6	1.7
BG Group		1.4	1.7
Aviva		1.1	1.0

Geographic Breakdown	% at 31 August 2009	% at 30 April 2009
United Kingdom	42.8	39.7
North America	16.8	17.1
Japan	10.1	10.1
Europe	7.8	8.7
Pacific (ex Japan)	10.4	9.1
Other	3.4	3.5
Fixed Interest	3.7	3.0
Cash	5.0	8.8

Sector Breakdown	% at 31 August 2009	% at 30 April 2009
Financials	23.4	20.4
Oil & Gas	16.7	15.5
Industrials	10.6	11.8
Consumer Goods	8.6	7.6
Health Care	7.1	7.5
Consumer Services	7.1	7.4
Basic Materials	6.0	5.4
Telecommunications	4.6	4.9
Technology	4.3	4.5
Utilities	2.9	3.2
Fixed Interest	3.7	3.0
Cash	5.0	8.8

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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