Ann: QUARTER: BIT: BIT - Interim Management State

• Release Date: 27/02/14 10:30
• Summary: QUARTER: BIT: BIT - Interim Management Statement
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					BIT
27/02/2014 08:30
QUARTER

REL: 0830 HRS The Bankers Investment Trust Plc

QUARTER: BIT: BIT - Interim Management Statement

THE BANKERS INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

26 FEBRUARY 2014

THE BANKERS INVESTMENT TRUST PLC

Interim Management Statement
Review of the period from 1 November 2013 to 31 January 2014

Portfolio Review: The portfolio continued to perform well in November and
December, benefitting from the performance of medium and smaller companies in
the UK and Europe.  January witnessed a sharp fall in share prices following
the announcement of further tapering of bond purchases by the US Federal
Reserve.  Asia and Emerging markets were hit particularly hard and many
currency exchange rates in these regions suffered significant falls in value
relative to sterling.  Performance in all the geographical portfolios
exceeded their respective benchmarks during the period, with the exception of
the US portfolio.  A review of the US stocks has resulted in a number of
holdings being changed in favour of more cyclically exposed sectors.  An
initial investment in Chinese 'A' shares was deployed during the period which
resulted in the level of gearing marginally increasing.

Gearing: The net gearing position (borrowings and debentures minus cash as a
percentage of net assets) was 3.0% (31 October 2013: 0.1%).

Dividends: Following shareholder approval at the Annual General Meeting held
today, a final dividend of 3.6p per ordinary share, in respect of the year
ended 31 October 2013 will be paid on 28 February 2014 to holders on the
register at 31 January 2014.

Premium / (Discount):  The share price premium to net asset value at 31
January 2014 was 0.7% (31 October 2013: discount (1.3%)).

Share Capital: During the period the Company issued 400,000 shares.  Since
the period end the Company has issued a further 450,000 shares.

Board Changes: Mr David Wild was appointed a non-executive director of the
Company on 26 February 2014.

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

Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)
 At 31 January 2014 At 31 October 2013
Total assets ('000) 657,000 679,000
Net asset value per ordinary share (cum income) 560.98p 583.84p
Net asset value per ordinary share (ex income) 559.06p 579.93p
Ordinary share price mid-market price 557.0p 580.0p
Premium / (Discount) 0.7% (1.3)%
Net Gearing 3.0% 0.1%

Total Return Performance at 31 January 2014  3 months 1 year 3 years 5 years
Share Price -3.3% 16.2% 46.6% 118.9%
Net Asset Value per ordinary share -2.4% 13.4% 30.0% 97.2%
FTSE All-Share Index   -2.0% 10.1% 27.7% 100.9%
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 January 2014 % of total assets
at 31 October 2013
BP  2.5% 2.5%
GlaxoSmithKline  1.9% 1.9%
Vodafone   1.8% 1.8%
Catlin 1.5% 1.4%
Sports Direct 1.5% 1.5%
HSBC  1.5% 1.6%
Galliford Try 1.4% 1.4%
British American Tobacco  1.2% 1.5%
Royal Dutch Shell  1.2% 1.1%
ITV  1.2% 1.1%

Geographic Breakdown % at 31 January 2014 % at 31 October 2013
United Kingdom 45.7% 45.0%
North America 20.2% 20.4%
Pacific (ex Japan) 11.4% 11.2%
Europe 11.0% 11.5%
Japan 9.7% 9.7%
Emerging Markets 2.0% 2.2%

Sector Breakdown % at 31 January 2014 % at 31 October 2013
Financials 21.9% 23.2%
Industrials 17.2% 16.2%
Consumer Services 16.2% 13.2%
Consumer Goods 14.0% 12.8%
Oil & Gas 8.2% 11.2%
Technology 7.1% 5.6%
Health Care 6.0% 7.2%
Telecommunications 4.8% 4.9%
Basic Materials 3.6% 4.6%
Utilities 1.0% 1.1%

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 Investment 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 -
End CA:00247532 For:BIT    Type:QUARTER    Time:2014-02-27 08:30:04