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British & American (BAF)

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Tuesday 05 November, 2013

British & American

Interim Management Statement


British & American Investment Trust PLC

Interim Management Statement - 3 months to 30 September 2013
 
To the members of British & American Investment Trust PLC

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. 
It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 July 2013 to 30
September 2013, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.

Investment objective

To invest predominantly in investment trusts and other leading UK quoted
companies to achieve a balance of income and growth.

Benchmark

FTSE All-Share Index and FTSE 100 Index.

Material developments

On 29 August 2013 the company reported its Half Year results to 30 June 2013.
An interim ordinary dividend of 2.7p is to be paid on 7 November 2013 to
shareholders on the register at 11 October 2013. A dividend of 1.75p per share
is to be paid to preference shareholders on 7 November 2013.
 

Twenty largest equity holdings at 30 September 2013 (group basis)

                                                                          %    
                                                                               
Geron Corporation                                                         25.27
                                                                               
Rit Capital Partners                                                      11.55
                                                                               
Dunedin Income Growth                                                     9.31 
                                                                               
British Assets Trust                                                      6.96 
                                                                               
Prudential                                                                6.40 
                                                                               
St. James's Place Global Equity                                           6.24 
                                                                               
Biotime Inc NPV                                                           4.41 
                                                                               
Scottish & American Investment Company                                    3.51 
                                                                               
Invesco Income Growth Trust                                               2.83 
                                                                               
Alliance Trust                                                            2.62 
                                                                               
F&C Asset  Management - 6.75% FRN Sub. Bonds 2026                         1.86 
                                                                               
Merchants Trust                                                           1.71 
                                                                               
Royal & Sun Alliance Insurance Group - 7.375% Cum. irred. preference           
shares £1                                                                 1.69 
                                                                               
Shires Income                                                             1.63 
                                                                               
Rothschilds Continuation Finance -  9% Perp. Sub. Gtd. Loan Notes         1.58 
                                                                               
Earthport                                                                 1.25 
                                                                               
Barclays Bank - 9% PIB Capital Bonds                                      0.85 
                                                                               
Jupiter Income Trust                                                      0.73 
                                                                               
Matrix Chatham EZT (unquoted)                                             0.70 
                                                                               
Emblaze Systems                                                           0.57 
                                                                               
                                                                               
Total                                                                     91.67
                                                                               


Sector allocation as at 30 September 2013 (group basis) 

                                           %     
                                                 
Investment Trusts (equities)               41.95 
                                                 
Biomedical - USA                           25.27 
                                                 
Unit Trusts                                6.96  
                                                 
Life Assurance                             6.83  
                                                 
Biotechnology                              4.46  
                                                 
Software and computer services             1.83  
                                                 
Leisure and hotels                         0.56  
                                                 
Telecommunications                         0.40  
                                                 
Other Financial                            0.37  
                                                 
Support services                           0.26  
                                                 
Media                                      0.12  
                                                 
Pharmaceuticals                            0.08  
                                                 
Financial services                         0.06  
                                                 
Overseas                                   0.01  
                                                 
                                                 
                                                 
                                                 
                                                 
Fixed Interest Stocks excluding Preference 3.43  
                                                 
Derivatives - traded options               2.95  
                                                 
Preference                                 2.17  
                                                 
Property Units                             1.20  
                                                 
Permanent Interest Bearing                 1.02  
                                                 
Fixed Interest Stocks (unquoted)           0.07  
                                                 
                                                 
Total                                      100.00
                                                 



Key facts

Performance

                                     As at       As at       As at       As at       As at
                                        30          30          30          30          30
                                 September   September   September   September   September
                                      2013        2013        2012        2010        2008
                                               Year to      1 year     3 years     5 years
                                                  date                                    
                                                                                          
Total assets (000)                  28,723                                                
                                                                                          
                                                                                          
Short  term borrowings                £nil                                                
                                                                                          
Actual gearing                       nil %                                                
                                                                                          
                                                                                          
NAV (p)                               82.1                                                
                                                                                          
                                                                                          
FTSE All-Share                    3,443.85                                                
                                                                                          
                                                                                          
Share price (p)                       85.5       14.0%       18.8%        9.6%        3.6%
                                                                                          
                                                                                          
Premium/(discount)                    4.1%                    2.7%      -15.5%      -10.9%
                                                                                          
                                                                                          
Dividend yield                       8.89%                  10.28%       8.85%       7.76%
                                                                                          
                                                                                          
Ongoing charges                                                                           
(year ended 31/12/12)                2.47%                                                
                                                                                          
                                                                                          
                                                                                          
As at 30 September 2013                         1 year     3 years     5 years            
                                                                                          
Value of £100 invested                                                                    
(dividends reinvested)                           131.0       147.2       164.9            
                                                                                          
FTSE ALL-Share                                   118.9       133.4       166.2            
                                                                                          


Total Return; Net Income Reinvested, GBP.

Source: Walker Crips Stockbrokers Limited and Fundamental Data Limited.

Source: Association of Investment Companies and Morningstar.

 
The Board is not aware of any significant events or transactions which have
occurred between 30 September 2013 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to
the Company's website, www.baitgroup.co.uk.
 

For British & American Investment Trust PLC

5 November 2013

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