Ann: QUARTER: BIT: BIT - Interim Management State

• Release Date: 27/02/13 10:32
• Summary: QUARTER: BIT: BIT - Interim Management Statement
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BIT
27/02/2013 08:32
QUARTER

REL: 0832 HRS The Bankers Investment Trust Plc

QUARTER: BIT: BIT - Interim Management Statement

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: 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

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End CA:00233495 For:BIT    Type:QUARTER    Time:2013-02-27 08:32:06