Ann: QUARTER: BIT: BIT - Interim Management Statement

• Release Date: 29/08/14 08:30
• Summary: QUARTER: BIT: BIT - Interim Management Statement
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					BIT
29/08/2014 08:30
QUARTER

REL: 0830 HRS The Bankers Investment Trust Plc

QUARTER: BIT: BIT - Interim Management Statement

THE BANKERS INVESTMENT TRUST PLC

HENDERSON INVESTMENT FUNDS LTD

28 AUGUST 2014

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement
Review of the period from 1 May 2014 to 31 July 2014

Portfolio Review
The period under review has witnessed some widely divergent market returns.
European equities have fallen sharply in value, with some mainland markets
like France and Germany nearly 10% lower in value over the three months, to
the end of July.  The on-going conflict in the Ukraine combined with the
recent failure of a Portuguese bank has unsettled European markets. Our stock
selection in Europe has also suffered from these falls but we remain
generally exposed to companies with international sales rather than
predominantly domestic exposure.

Prospects appear brighter in the US, where economic growth has jumped forward
after a harsh winter.

Asian prospects are dominated by China and generally news has been improving
with a number of new stimulus proposals from the Chinese government.  Japan
and Asia were the two strongest regions for equity returns over the period.

During the period we have made selective changes to the portfolio, without
materially changing the gearing position. The Vodafone position was switched
into BT Group and the holding of Standard Chartered sold.  Also, new
positions were bought in Shimao Property and SJM Holdings in Hong Kong, Texas
Instruments and Accenture in the US and Continental in Europe. Sales
included UBS in Europe, Time Warner in the US and Myer in Australia.

Gearing
The net gearing position (borrowings and debentures minus cash as a
percentage of net assets) was 4.5% (30 April 2014: 4.2%).

Dividends
A first interim dividend of 3.6p per ordinary share net (2013: 3.465p) in
respect of the year ending 31 October 2014 was paid on 30 May 2014 to
shareholders registered on 2 May 2014. The Company's shares went ex-dividend
on 30 April 2014.

A second interim dividend of 3.7p per ordinary share net (2013: 3.465p) in
respect of the year ending 31 October 2014 will be paid on 29 August 2014 to
shareholders registered on 25 July 2014.  The shares went ex-dividend on 23
July 2014.

Discount
The share price discount to net asset value at 31 July 2014 was 3.0% (30
April 2014: 1.6%).

Issued Share Capital
During the period 1 April 2014 to 31 July 2014 there was no change in the
issued share capital of the Company. The Company had 112,106,839 ordinary
shares in issue at 31 July 2014.

Material Events
The Company published its Half Year Report for the six months ended 30 April
2014 in June 2014.

As announced on 21 July 2014, the Company appointed Henderson Investment
Funds Limited to act is its Alternative Investment Fund Manager and BNP
Paribas Securities Services to act as the its Depositary (as required by the
AIFMD), both with effect from 22 July 2014.

Subsequent Events
The Company is not aware of any significant events or transactions which have
occurred between 1 August 2014 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)
 At 31 July 2014 At 30 April 2014
Total assets ('000) 678,000 672,000
Net asset value per ordinary share (cum income) 573.9p 566.3p
Net asset value per ordinary share (ex income) 569.7p 562.6p
Ordinary share price mid-market price 557.5p 557.0p
Discount 3.0% 1.6%
Net Gearing 4.5% 4.2%

Total Return Performance at 31 July 2014  3 months 1 year 3 years 5 years
Share Price 0.7% -0.5% 49.3% 99.6%
Net Asset Value per ordinary share 2.0% 4.3% 33.8% 81.9%
FTSE All-Share Index   -0.2% 5.6% 31.7% 80.7%

Source: Morningstar for the AIC using cum income net asset value.

 THE PORTFOLIO
(Distribution of total investments employed)

Top 10 Investments   % of total assets
at 31 July 2014 % of total assets
at 30 April 2014
BP  2.4% 2.6%
GlaxoSmithKline  1.6% 1.9%
Galliford Try 1.5% 1.4%
British American Tobacco  1.5% 1.4%
Sports Direct 1.4% 1.6%
Catlin 1.4% 1.5%
Royal Dutch Shell  1.3% 1.3%
Amersourcebergen  1.3% 1.1%
Walt Disney   1.2% 1.1%
ITV  1.2% 1.1%

Geographic Breakdown % at 31 July 2014 % at 30 April 2014
United Kingdom 43.3% 45.2%
North America 21.0% 19.9%
Europe 11.3% 12.3%
Pacific (ex Japan) 12.9% 11.8%
Japan 9.0% 8.8%
Other 2.5% 2.2%

Sector Breakdown % at 31 July 2014 % at 30 April 2014
Financials 25.3% 23.2%
Industrials 16.4% 16.7%
Consumer Services 14.3% 15.2%
Consumer Goods 14.0% 14.4%
Oil & Gas 9.3% 9.6%
Technology 6.8% 6.9%
Health Care 4.8% 4.9%
Telecommunications 3.7% 3.9%
Basic Materials 3.6% 3.6%
Utilities 1.8% 1.6%

Company Information
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 Investment Funds Limited, who delegates its day to
day responsibilities to Henderson Global Investors Limited.

Further information on the Company, including an up to date NAV and share
price information,
can be found on the  websites www.bankersinvestmenttrust.com or
www.itshenderson.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 Investment Funds Limited.
Telephone: 020 7818 3349

Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Investment Funds Limited.
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 -
End CA:00254559 For:BIT    Type:QUARTER    Time:2014-08-29 08:30:42