THE BANKERS INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS
23 FEBRUARY 2012
THE BANKERS INVESTMENT TRUST PLC
Interim Management Statement
Review of the period from 1 November (Stuttgart: A0Z24E - news) 2011 to 31 January 2012
Portfolio Review:
Share prices rose during the period, on the back of improving economic figures from the US and the conclusion of the European leaders summit in early December. Over the period the Bankers' Net Asset Value total return increased by 3.4%. The gearing had a marginal affect on performance, with the largest impact being stock selection in the US and Europe (Chicago Options: ^REURUSD - news) , combined with the benefit of an 11% exposure to Asian equities. The rally around the calendar year end was most pronounced in emerging and Asian markets, which rebounded strongly as investors felt more confident that global economic growth would pick up. The exposure to the US has been further increased and amounted to 22% of assets at the period end. The best performing sectors in developed markets were financials and cyclicals, at the expense of defensive sectors. Although underweight in cyclicals, the portfolio has a decent exposure to financials and therefore overall performance through the last year has been in line with the benchmark.
Gearing: The net gearing position (borrowing and debentures minus cash as a percentage of net assets) was 5.0% (31 October 2011: 5.0%).
Dividends: Following shareholder approval at the Annual General Meeting held today, a final dividend of 3.175p per ordinary share, in respect of the year ended 31 October 2011, will be paid on 28 February 2012 to holders registered on 3 February 2012.
Discount: The share price discount to net asset value at 31 January 2012 was 14.3% (31 October 2011: 13.9%).
Share Capital: During the period the Company has bought back 32,000 of its own ordinary shares.
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.
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PERFORMANCE AND FINANCIAL HIGHLIGHTS |
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|
|
|
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Total Return Performance at 31 January 2012 |
3 months |
1 year |
3 years |
5 years |
|
Share Price |
2.1 |
-2.9 |
44.9 |
9.9 |
|
Net Asset Value per ordinary share |
3.4 |
-1.2 |
49.9 |
12.1 |
|
FTSE All Share Index |
3.2 |
-0.3 |
56.9 |
9.3 |
|
Composite Index: 50/50 FTSE All-Share Index/ FTSE World (FTSE Index: WI01.FGI - news) (ex UK ) Index |
4.1 |
-1.1 |
53.3 |
15.7 |
|
Sources: Morningstar Funddata |
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Financial Position (in accordance with the AIC (Kuala Lumpur: 9547.KL - news) formula, ie excluding current financial year revenue items)
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At 31 January 2012 |
At 31 October 2011 |
|
£ 534,087 |
£517,786 |
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Net (Frankfurt: A0Z22E - news) asset value per ordinary share (cum income) |
458.6p |
443.7p |
|
Net asset value per ordinary share (ex income) |
453.0p |
441.3p |
|
Ordinary share price mid-market price |
393.21p |
385.0p |
|
Discount |
14.3% |
13.9% |
|
Gearing |
5.0% |
5.0% |
THE PORTFOLIO
(Distribution of total investments employed)
|
Top 10 Investments |
|
% of portfolio as at January 2012 |
% of portfolio as at at 31 October 2011 |
|
BP |
|
3.0% |
3.1% |
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British American Tobacco |
|
2.2% |
2.3% |
|
|
2.2% |
2.3% |
|
|
|
2.1% |
2.1% |
|
|
Royal Dutch Shell |
|
2.0% |
2.0% |
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Catlin |
|
1.8% |
1.8% |
|
|
1.7% |
1.7% |
|
|
|
1.3% |
1.7% |
|
|
Petroleo Brasileiro |
|
1.3% |
1.2% |
|
|
1.2% |
1.2% |
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Geographic Breakdown |
% at 31 January 2012 |
% at 31 October 2011 |
|
United Kingdom |
44.6% |
45.5% |
|
North America |
22.4% |
19.9% |
|
Pacific (KSE: 002790.KS - news) (ex Japan (EUREX: FMJP.EX - news) ) |
11.0% |
11.0% |
|
Europe |
10.5% |
12.1% |
|
Japan |
9.4% |
9.5% |
|
Other |
2.1% |
2.0% |
|
Fixed Interest |
0.0% |
0% |
|
Sector Breakdown |
% at 31 January 2012 |
% at 31 October 2011 |
|
19.7% |
20.5% |
|
|
Oil ∓ Gas |
15.6% |
15.8% |
|
Industrials |
14.5% |
14.2% |
|
Consumer Goods |
12.0% |
12.7% |
|
Consumer Services |
9.4% |
9.3% |
|
Basic Materials (Madrid: ESI500200000.MA - news) |
6.5% |
6.7% |
|
Health Care |
6.4% |
6.8% |
|
Technology |
7.4% |
6.3% |
|
Telecommunications |
5.3% |
4.9% |
|
Utilities (Santiago: UTILITIES.SN - news) |
3.2% |
2.8% |
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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 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: 020 7818 4447
James de Sausmarez
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349
Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198
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
- ENDS -
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