Review on The Bankers Investment Trust (BNKR)

Bankers Investment Trust PLC

07 August 2023

 

London, UK, 7 August 2023

Edison issues review on The Bankers Investment Trust (BNKR)

The Bankers Investment Trust (BNKR) has been managed by Alex Crooke, co-head of equities at Janus Henderson Investors (JHI), since July 2003. It can be considered as a 'one-stop shop' for global equity exposure as the fund is made up of six geographic portfolios (sleeves), which harness the talent of JHI's regional specialists. Crooke (in conjunction with the board) sets BNKR's asset allocation and manages its gearing. He believes that inflation will remain elevated, and that future shareholder total returns will be more balanced between income and capital growth, which will play into the trust's strengths. While BNKR's income growth lagged the rate of UK inflation in FY22, the manager is confident in the prospects for the trust's income generation. He highlights BNKR's top 10 holdings, which are dominated by US companies; higher income from these businesses is supporting the trust's overall income stream. BNKR has paid an annual dividend for the last 132 years, and FY22 marked the 56th year of consecutive growth.

BNKR's discount has been in a widening trend since early 2022. There is scope for a higher valuation if the trust can narrow the performance gap versus its benchmark. However, to provide some perspective, it has above-average total returns versus the 13 funds in the AIC Global sector over the last one, three and five years. BNKR's 10.9% discount to cum-income NAV is wider than the 2.4% to 7.9% range of average discounts over the last one, three, five and 10 years.

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