Interim Management Statement

RNS Number : 7240Y

Bankers Investment Trust PLC

26 February 2013

 



THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

26 FEBRUARY 2013

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 November 2012 to 31 January 2013

Portfolio Review: 

The three months to the end of January have witnessed a strong return from equity markets in all regions.  The favourable budget and tax discussions in the US combined with falling government bond yields in Europe have given support to a more positive tone to markets.  Major markets are moving in lock-step as the key drivers are macro events rather than corporate results.  Currencies have been a key factor, with sterling weakening against the Euro and the Japanese Yen being weak against all its major trading partners.

The Japanese portfolio has performed well during the period, as investors perceive there will be benefits from the weakening Yen. The gearing has been increased to 6% by the end of January, as additional investment has been deployed into Latin America and the Pacific regions.  Both areas offer good exposure to increasing global economic activity, whilst valuations do not look to be stretched.

Gearing:  The net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 6.1% (31 October 2012: 3.9%).

Dividends: Following shareholder approval at the Annual General Meeting held today, a final dividend of 3.43p per ordinary share, in respect of the year ended 31 October 2012, will be paid on 28 February 2013 to holders registered on 1 February 2013.

Discount:  The share price discount to net asset value at 31 January 2013 was 3.1% (31 October 2012: 8.7%).

Share Capital:  There have been no changes in the share capital of the Company during the period.

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 2013	3 months	1 year	3 years	5 years
Share Price	14.3	29.9	55.4	47.8
Net Asset Value per ordinary share	9.6	15.9	37.1	33.3
FTSE All Share Index	9.3	16.3	37.0	31.8
Sources:  Morningstar FundData, Datastream

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

	At 31 January 2013	At 31 October 2012
Total assets (£'000)	£602,000	£551,214
Net asset value per ordinary share (cum income)	507.0p	465.9p
Net asset value per ordinary share (ex income)	505.1p	461.9p
Ordinary share price mid-market price	491.5p	433.1p
Discount	3.1%	8.7%
Gearing	6.1%	3.9%

THE PORTFOLIO

(Distribution of total investments employed)

Top 10 Investments		% of portfolio as at  January 2013	% of portfolio  as at   at 31 October 2012
BP		2.6	2.8
British American Tobacco		2.1	2.2
GlaxoSmithKline		1.9	2.0
HSBC		1.8	1.3
Royal Dutch Shell		1.7	1.8
Catlin		1.6	1.6
Vodafone		1.5	1.6
BG		1.2	1.5
Galliford Try		1.1	1.0
Rolls Royce		0.9	0.9

Geographic Breakdown	% at 31 January 2013	% at 31 October 2012
United Kingdom	43.7	45.5
North America	20.9	20.9
Pacific (ex Japan)	12.4	11.7
Europe	11.0	10.8
Japan	8.8	8.7
Emerging Markets	3.2	2.4

Sector Breakdown	% at 31 January 2013	% at 31 October 2012
Financials	20.7	20.3
Industrials	15.1	15.2
Oil & Gas	13.7	14.6
Consumer Services	12.6	11.1
Consumer Goods	12.2	11.9
Technology	7.1	7.3
Health Care	6.4	6.8
Telecommunications	5.5	5.2
Basic Materials	5.3	5.6
Utilities	1.4	2.0

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The objectives 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 on the Manager's website www.itshenderson.com or www.bankersinvestmenttrust.com.

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]

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

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