Interim Management Statement

RNS Number : 5709H

Bankers Investment Trust PLC

23 February 2010

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

23 FEBRUARY 2010

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 November 2009 to 31 January 2010

Portfolio Review:  Investment into equities was increased over the period through investment of cash balances and the sale of a portion of the bond holdings.  Regional investment in the UK and Europe were raised, increasing holdings of Carrefour, Sodexho and Syngenta. The utility sector has been out of favour during the past year, but with the water review in the UK concluded and expectations rebalanced, valuations look attractive and we purchased positions in United Utilities and Severn Trent. Sales over the period included holdings in Inditex, Saipem, Lorillard, CIMB and Energy Resources of Australia. We have very limited bank exposure outside the Pacific region but the repayment of US government stakes by US banks, combined with stabilising house prices, should make a more stable background for US banking and therefore we have started to purchase selected US banks, such as New York Community Bancorp and Bank of America.

Gearing:  Following increased investment into equities, the net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 5.0% (31 October 2009: 6.0%).

Dividends: following shareholder approval at the Annual General Meeting held today, a final dividend of 3.00p per ordinary share, in respect of the year ending 31 October 2009, will be paid on 26 February 2010 to holders registered on 5 February 2010.

Discount:  the share price discount to net asset value at 31 January 2010 was 14.4% (31 October 2009: 12.3%).

Share Capital:  during the period the Company bought back 335,000 ordinary shares at a cost of £1,208,000.

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 2010	3 months	1 year	3 years	5 years
Share Price	0.8%	21.2%	-8.2%	40.4%
Net Asset Value per ordinary share	2.9%	25.8%	-5.4%	39.2%
FTSE All Share Index	3.6%	33.2%	-7.2%	30.2%
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (ex UK ) Index	4.2%	29.8%	-2.1%	34.2%

Sources:  AIC Services Limited and Datastream

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

	At 31 January 2010	At 31 October 2009
Total assets (£'000)	£483,000	£470,000
Net asset value per ordinary share (cum income)	409.1p	396.1p
Net asset value per ordinary share (ex income)	404.1p	392.8p
Ordinary share price mid-market price	350.1p	347.5p
Discount	14.4%	12.3%
Net Gearing	5.0%	6.0%

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of total assets at 31 January 2010	% of total assets at 31 October 2009
BP		4.3%	4.3%
HSBC		2.3%	2.3%
GlaxoSmithKline		2.0%	2.1%
Vodafone		1.9%	1.9%
Petroleo Brasileiros		1.9%	2.2%
British American Tobacco		1.8%	1.7%
Catlin		1.7%	1.7%
Royal Dutch Shell		1.6%	1.7%
BG Group		1.5%	1.4%
Rolls Royce		1.0%	1.0%

Geographic Breakdown	% at 31 January 2010	% at 31 October 2009
United Kingdom	46.5%	45.3%
North America	16.8%	16.8%
Pacific (ex Japan)	11.0%	11.5%
Japan	9.8%	9.7%
Europe	9.2%	8.8%
Other	3.5%	3.7%
Fixed Interest	3.2%	4.2%

Sector Breakdown	% at 31 January 2010	% at 31 October 2009
Financials	23.8%	23.6%
Oil & Gas	17.1%	18.1%
Industrials	11.5%	11.2%
Consumer Goods	9.6%	9.4%
Consumer Services	8.2%	7.8%
Health Care	7.5%	7.5%
Basic Materials	6.2%	6.4%
Telecommunications	4.7%	4.7%
Technology	4.7%	4.2%
Utilities	3.5%	2.9%
Fixed Interest	3.2%	4.2%

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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