LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69 21 June 2021
THE BANKERS INVESTMENT TRUST PLC
("the Company")
Unaudited results for the half-year ended 30 April 2021
This announcement contains regulated information
INVESTMENT OBJECTIVE
Over the long term, the Company aims to achieve capital growth in excess of the FTSE World Index and dividend growth greater than inflation, as measured by the UK Consumer Price Index ('CPI'), by investing in companies listed throughout the world.
INVESTMENT POLICY
The following investment ranges apply:
· Equities: 80% to 100%
· Debt securities and cash investments: 0% to 20%
· Investment trusts, collective funds and derivatives: 0% to 15%
To achieve an appropriate spread of investment risk the portfolio is broadly diversified by geography, sector and company. The Manager ('Janus Henderson') has the flexibility to invest in any geographic region and any sector with no set limits on individual country or sector exposures and, therefore, the make-up and weighting of the portfolio may differ materially from the FTSE World Index.
The Manager primarily employs a bottom-up, value-based investment process to identify suitable opportunities and pays particular regard to cash generation and dividends. The Board regularly monitors the Company's investments and the Manager's investment activity.
The Company can, but normally does not, invest up to 15% of its gross assets in any other investment companies (including listed investment trusts).
Derivatives
The Company may use financial instruments known as derivatives for the purpose of efficient portfolio management while maintaining a level of risk consistent with the risk profile of the Company.
Gearing
The Company can borrow to make additional investments with the aim of achieving a return that is greater than the cost of the borrowing. The Company can borrow up to 20% of net assets at the time of draw down.
PERFORMANCE HIGHLIGHTS
|
|
30 April 2021 |
30 April 2020 |
|
Net asset value ('NAV') per share* |
114.3p |
90.7p |
|
Share price* |
114.2p |
90.4p |
|
Revenue return per share* |
0.97p |
0.79p |
|
Net (cash) / gearing |
2.4% |
0.0% |
|
Dividends paid or declared in respect of the period1* |
1.076p |
1.070p |
Total return performance to 30 April 2021 (including dividends reinvested and excluding transaction costs)
|
|
6 months % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV2 |
17.4 |
28.8 |
40.9 |
106.0 |
199.9 |
|
Index3 |
21.5 |
33.9 |
48.0 |
88.6 |
144.1 |
|
Share price4 |
17.7 |
28.9 |
41.8 |
117.8 |
248.8 |
1 First interim dividend for 2021 was paid on 28 May 2021, the second interim dividend has been declared and will be paid on 31 August 2021
2 Net asset value total return per share with income reinvested and with debt at par
3 Composite of FTSE All-Share Index for the period to 31 October 2017 and FTSE World Index from 1 November 2017 to 30 April 2021
4 Share price total return using mid-market closing price
* Current period and prior period figures have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each
on 1 March 2021
Sources: Morningstar and Refinitiv Datastream
INTERIM MANAGEMENT REPORT
CHAIR'S STATEMENT
Review
The announcement of successful Covid-19 vaccine trials in November and December 2020 provided a further boost to the global market recovery that had begun months earlier. This has continued into 2021, reflecting investor optimism that the pandemic-induced recession would be relatively short lived and that the aggressive fiscal and monetary stimuli would lead to a much faster global economic recovery. It also marked a shift away from lockdown beneficiaries (mainly tech and high growth stocks) to more cyclical sectors that should benefit as economies open up. In the UK, a further boost was received when an eleventh-hour trade deal was struck with the EU. The deal may be far from perfect but it is generally regarded as better than no deal.
The outcome of the bitterly contested US presidential election also buoyed investor optimism. Having entered office in January, President Biden's immediate priorities were vaccinating America and also introducing a $2 trillion stimulus package to drive the economy forward. Both have more than achieved the President's aims. As the virus wanes and the US economy reopens and supply chain shortages have become apparent, investors' attention has turned to concerns about rising inflation and whether it would drive the Federal Reserve to tighten monetary policy sooner than expected and choke off the nascent recovery. The Federal Reserve members concerned about market volatility have gone to great lengths to defuse these worries, saying the Fed would look through any inflation spike and maintain its loose monetary policy until the economy was on a solid path to recovery.
Performance
Over the six months ended 30 April 2021, the NAV total return per share was 17.4% (2020: -3.2%) and the share price total return was 17.7% (2020: -1.4%), both underperforming the FTSE World Index total return of 21.5% (2020: -5.3%). Our underperformance largely resulted from the shift from lockdown beneficiaries to the reopening trade. Having been our worst performing portfolios over the previous financial year, our Pacific (ex Japan and China) and UK portfolios were best placed to benefit from this shift and delivered the strongest absolute performances over the period, both outperforming their benchmarks. The remaining four portfolios also delivered positive returns but underperformed their benchmarks. The Manager's report includes more detailed information on performance.
Revenue returns
Our dividend income for the six months ended 30 April 2021 was £15.6 million compared to £12.2 million for the same period last year, an increase of 28.0%. Our net revenue for the six months was £12.6 million (2020: £9.8 million), equivalent to 0.97p per share (2020: 0.79p as adjusted for the share split). Although the net revenue per share was higher than the previous corresponding period, we expect the revenue return per share for the current financial year to remain below the pre-Covid-19 level for the second year running. However, the outlook for our dividend income continues to improve, though will take time to recover fully.
Dividends
A first interim dividend of 0.538p per share (2020: 0.535p per share when adjusted for the share split) was paid on 28 May 2021. The Board has declared a second interim dividend of 0.538p (2020: 0.535p as adjusted) per share, which will be payable on 31 August 2021 to shareholders on the register on 30 July 2021.
By virtue of the revenue reserves that the Company prudently built up in good times, I am pleased to be able to reiterate, on behalf of the Board, our current intention to deliver dividend growth of approximately 0.5% for the current financial year, resulting in aggregate dividends for the year of at least 2.164p per share (2020: 2.154p as adjusted for the share split).
Based on aggregate dividends of 2.164p per share for the current financial year and the number of shares currently in issue, our revenue reserve at 30 April 2021, adjusted for the first and second interim dividends, represented 0.8 times the cost of the current year's dividends.
Share split
Following the price of the Company's shares of 25p each almost trebling over the previous 10 years, the Board proposed in January 2021 a share split to sub-divide each ordinary share of 25p into 10 ordinary shares of 2.5p each. Shareholders approved the resolution for the share split at the AGM on 24 February 2021 and the sub-division took effect on 1 March 2021 when the new shares were admitted to trading on the London Stock Exchange.
Share issuance and buy-backs
The Company's shares continued to trade close to, or at a small premium to, NAV during the six months ended 30 April 2021. Continued demand for the Company's shares led to the issue of a total of 18,825,000 new shares during the period (975,000 shares of 25p each prior to the share split and subsequently adjusted and a further 9,075,000 shares of 2.5p each following the share split), raising gross proceeds of £21.1 million. As at 30 April 2021, the Company had 1,310,402,830 shares in issue. Since the period end, a further 3,950,000 new shares have been issued, raising gross proceeds of £4.5 million. The new shares have all been issued at a premium sufficient to ensure that existing shareholders do not suffer any dilution of their NAV per share and the net proceeds were invested into markets.
There have been no share buy-backs in the financial year to date.
Gearing
The Company began the current financial year with net cash of 1.1% and ended the period under review with net gearing of 2.4%. The Company renewed its £20 million short-term borrowing facility with SMBC Bank International plc (formerly called Sumitomo Mitsui Banking Corporation Europe Limited), which expired in February, for a further year. The facility can be drawn and repaid as required and is in addition to the Company's existing fixed debt. The Board is currently reviewing the Company's debt structure and will provide an update on the outcome of this review in due course.
The Board
In our recent Annual Report it was noted that at 31 October 2021 I will have served nine years as a Director of the Company. To allow for smooth succession in due course, the Nominations Committee has started the process of recruiting a new Director. An independent consultancy firm that specialises in investment trust board recruitments has been appointed to lead the search for a suitable candidate.
Outlook
The pandemic is far from over, but the development of effective vaccines has been a major turning point. The accelerating vaccine rollout, leading to economies gradually reopening and the return to some form of economic, financial and social normality, gives reason for optimism for a strong economic recovery this year for those countries fortunate enough to secure abundant vaccine supplies. High levels of corporate cash deposits and household savings may lead to a significant uptick in spending, providing a further boost to economic recovery, albeit with attendant inflationary risk. Government stimulus packages and ongoing central bank asset purchases should provide additional support, with central bank tapering unlikely to commence this year. However, mass vaccination on a global scale will take time. The pace of recovery will differ materially across regions and countries as well as business sectors and companies. In addition, concerns over infection rates in certain parts of the world, new variants emerging and further waves, the return of inflation (whether transitory or not) and geo-political tensions remain. Overall, the broad picture is positive, but market volatility is likely to persist as the world endeavours to navigate its way out of the pandemic.
Sue Inglis
Chair
21 June 2021
FUND MANAGER'S REPORT
Market review
The period under review saw a significant stock market recovery, largely driven by optimism that the rollout of vaccines would bring about a lifting of lockdowns and subsequent economic recovery. Upward revisions to global growth forecasts have fed through to profit upgrades for many companies. There has been, however, a change in leadership within markets whereby those companies hardest hit by lockdown (in sectors such as travel, hospitality and retail) have seen the sharpest recovery in share prices, while growth stocks have not materially participated in the rally. Nevertheless, many companies that investors believe will be beneficiaries of reopening remain challenged, as it is unclear how quickly global travel, for example, will recover given the threat of further Covid-19 variants.
The UK market has seen the largest bounce in share prices, as the country has benefitted from an early rollout of vaccines but more importantly a conclusion to the tortuous process of leaving the European Union. The Brexit deal concluded over Christmas was celebrated by politicians but is not the panacea for unfettered trade with the EU. It will take most of the year to determine the winners and losers on trade. However, the simple process of concluding an exit has clearly lifted uncertainty for international investors and renewed confidence in sterling has also assisted the UK stock market.
Inflation has been rising through 2021, reflecting bottlenecks in supply chains and disruption to factories last year from Covid-19 restrictions. In recent months, prices of basic goods such as food, timber and building materials have risen rapidly. Currently, central banks view these increases as transitory and have not reacted by raising interest rates. However, longer-term bond yields have risen reflecting investors' views that rates will ultimately move upwards. The increase in the gap between short and long-term rates has benefitted financial stocks, and banks in particular, leading to the sector being one of the stand-out performers over the reported half year.
Performance
The portfolio returns in the six-month period to 30 April 2021 have been strong but have lagged the benchmark index, the FTSE World Index. There has been outperformance in the UK and Asia Pacific (ex Japan and China) portfolios, both of which are positioned more towards value and cyclical sectors that have benefitted from optimism of economic recovery. However, the US, European and Japanese portfolios are positioned towards higher growth companies which, whilst delivering impressive returns, have lagged the overall index gains in their respective markets. We continue to retain confidence in the high-quality companies within these portfolios and expect steady growth in profitability over the coming years.
The income generated by the portfolio has steadily recovered from its low point last year, as more companies have found confidence in their future outlook and returned to paying investors a dividend. We expect the sharp recovery in economic activity over the coming twelve months to feed through to increasing dividends and a steady recovery towards pre-pandemic levels of income for the Company.
The banking and retail sectors remain the two areas yet to reinstate dividends, but we remain hopeful about prospects for resumption of pay-outs into 2022.
Outlook
Given the imbalance in supply and demand for Covid-19 vaccinations globally, it seems likely that there will be periods of stop/start as we navigate the remainder of the year. We have been increasing investment into European and Japanese markets based on lower valuations and a perception by investors that their recovery will be delayed by slow vaccination programmes. We are more optimistic as these markets have historically been beneficiaries of rising inflation and economic growth. These stock markets have higher representation of larger, cyclical companies such as those in the auto and engineering sectors which still offer good value. There will likely be periods of fluctuating share prices, as normally happens when markets have risen sharply, but we remain optimistic about the global recovery and intend to use market setbacks to increase investment towards our favoured companies.
Alex Crooke
Fund Manager
21 June 2021
MANAGING OUR RISKS
The principal risks and uncertainties associated with the Company's business are divided into the following main areas:
· Investment Activity and Performance Risks
· Portfolio and Market Risks
· Tax, Legal and Regulatory Risks
· Financial Risks
· Operational and Cyber Risks
· Global pandemic
Information on these risks and uncertainties and how they are managed are given in the Annual Report for the year ended 31 October 2020. Following a recent review, the Board believes that these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review. The alternative investment fund manager and the Company's other third-party service providers remain fully operational and have implemented appropriate business continuity plans to ensure that there has been no change in service while the majority of staff have been working from home due to the ongoing Covid-19 global pandemic.
DIRECTORS' RESPONSIBILITY STATEMENT
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The Directors confirm that, to the best of their knowledge: |
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(a) |
the condensed set of financial statements has been prepared in accordance with IAS 34; |
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(b) |
the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and |
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(c) |
the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein). |
On behalf of the Board
Sue Inglis
Chair
21 June 2021
For further information contact:
|
Alex Crooke Fund Manager The Bankers Investment Trust PLC Telephone: 020 7818 4447
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Sue Inglis Chair The Bankers Investment Trust PLC Telephone: 020 7818 4233 |
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James de Sausmarez Director and Head of Investment Trusts Janus Henderson Investors Telephone: 020 7818 3349 |
Laura Thomas PR Manager Janus Henderson Investors Telephone: 020 7818 2636
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CONDENSED STATEMENT OF COMPREHENSIVE INCOME
|
|
(Unaudited) Half-year ended 30 April 2021 |
(Unaudited) Half-year ended 30 April 2020 |
(Audited) Year ended 31 October 2020 |
||||||
|
|
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
|
Gains/(losses) on investments held at fair value through profit or loss |
- |
220,218 |
220,218 |
- |
(49,481) |
(49,481) |
- |
44,013 |
44,013 |
|
Investment income |
15,610 |
- |
15,610 |
12,203 |
- |
12,203 |
26,561 |
- |
26,561 |
|
Other operating income |
53 |
- |
53 |
144 |
- |
144 |
200 |
- |
200 |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Gross revenue and capital gains/(losses) |
15,663 |
220,218 |
235,881 |
12,347 |
(49,481) |
(37,134) |
26,761 |
44,013 |
70,774 |
|
|
---------- |
--------- |
--------- |
---------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Management fees (note 2) |
(880) |
(2,055) |
(2,935) |
(767) |
(1,788) |
(2,555) |
(1,549) |
(3,615) |
(5,164) |
|
Other expenses |
(535) |
- |
(535) |
(511) |
- |
(511) |
(1,086) |
- |
(1,086) |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Profit/(loss) before finance costs and taxation |
14,248 |
218,163 |
232,411 |
11,069 |
(51,269) |
(40,200) |
24,126 |
40,398 |
64,524 |
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|
|
|
|
|
|
|
|
|
|
|
Finance costs |
(454) |
(1,058) |
(1,512) |
(454) |
(1,061) |
(1,515) |
(914) |
(2,134) |
(3,048) |
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|
--------- |
---------- |
--------- |
--------- |
---------- |
--------- |
--------- |
---------- |
--------- |
|
Profit/(loss) before taxation |
13,794 |
217,105 |
230,899 |
10,615 |
(52,330) |
(41,715) |
23,212 |
38,264 |
61,476 |
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|
|
|
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|
|
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|
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Taxation |
(1,232) |
- |
(1,232) |
(775) |
- |
(775) |
(1,840) |
- |
(1,840) |
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--------- |
----------- |
--------- |
--------- |
----------- |
--------- |
--------- |
--------- |
--------- |
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Net profit/(loss) for the period |
12,562 |
217,105 |
229,667 |
9,840 |
(52,330) |
(42,490) |
21,372 |
38,264 |
59,636 |
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===== |
======= |
===== |
===== |
======= |
===== |
===== |
====== |
====== |
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Earnings/(loss) per ordinary share (note 3)* |
0.97p |
16.70p |
17.67p |
0.79p |
(4.18)p |
(3.39)p |
1.68p |
3.02p |
4.70p |
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===== |
======= |
===== |
===== |
======= |
===== |
===== |
====== |
====== |
*Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRS as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.
The accompanying condensed notes are an integral part of the financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
|
Half-year ended 30 April 2021 (Unaudited) |
Called up share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 |
|
Total equity at 1 November 2020 |
32,289 |
134,125 |
12,489 |
1,043,682 |
38,386 |
1,260,971 |
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Total comprehensive income: |
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Profit for the period |
- |
- |
- |
217,105 |
12,562 |
229,667 |
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Transactions with owners, recorded directly to equity: |
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Issue of new shares |
471 |
20,580 |
- |
- |
- |
21,051 |
|
Share issue costs |
- |
(190) |
- |
- |
- |
(190) |
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Costs relating to sub-division of shares |
- |
- |
- |
(45) |
- |
(45) |
|
Ordinary dividends paid |
- |
- |
- |
- |
(14,043) |
(14,043) |
|
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---------- |
---------- |
---------- |
------------- |
---------- |
-------------- |
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Total equity at 30 April 2021 |
32,760 |
154,515 |
12,489 |
1,260,742 |
36,905 |
1,497,411 |
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====== |
====== |
====== |
======== |
====== |
======== |
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Half-year ended 30 April 2020 (Unaudited) |
Called up share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 |
|
Total equity at 1 November 2019 |
30,986 |
78,541 |
12,489 |
997,213 |
43,980 |
1,163,209 |
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Total comprehensive income: |
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(Loss)/profit for the period |
- |
- |
- |
(52,330) |
9,840 |
(42,490) |
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Transactions with owners, recorded directly to equity: |
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Issue of shares from treasury |
- |
- |
- |
8,205 |
- |
8,205 |
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Issue of new shares |
1,015 |
44,556 |
- |
- |
- |
45,571 |
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Share issue costs |
- |
(108) |
- |
- |
- |
(108) |
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Ordinary dividends paid |
- |
- |
- |
- |
(13,245) |
(13,245) |
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---------- |
---------- |
---------- |
---------- |
---------- |
-------------- |
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Total equity at 30 April 2020 |
32,001 |
122,989 |
12,489 |
953,088 |
40,575 |
1,161,142 |
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====== |
====== |
====== |
====== |
====== |
======== |
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Year ended 31 October 2020 (Audited) |
Called up share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 |
|
Total equity at 1 November 2019 |
30,986 |
78,541 |
12,489 |
997,213 |
43,980 |
1,163,209 |
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Total comprehensive income: |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
38,264 |
21,372 |
59,636 |
|
Transactions with owners, recorded directly to equity: |
|
|
|
|
|
|
|
Issue of shares from treasury |
- |
- |
- |
8,205 |
- |
8,205 |
|
Issue of new shares |
1,303 |
55,714 |
- |
- |
- |
57,017 |
|
Share issue costs |
- |
(130) |
- |
- |
- |
(130) |
|
Ordinary dividends paid |
- |
- |
- |
- |
(26,966) |
(26,966) |
|
|
----------- |
----------- |
----------- |
------------ |
----------- |
------------- |
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Total equity at 31 October 2020 |
32,289 |
134,125 |
12,489 |
1,043,682 |
38,386 |
1,260,971 |
|
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====== |
====== |
====== |
====== |
====== |
======= |
The accompanying condensed notes are an integral part of the financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
|
|
(Unaudited) As at 30 April 2021 £'000 |
(Unaudited) As at 30 April 2020 £'000 |
(Audited) As at 31 October 2020 £'000 |
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|
|
|
|
|
Non-current assets |
|
|
|
|
Investments held at fair value through profit or loss |
1,534,028 |
1,158,547 |
1,246,546 |
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------------- |
------------- |
------------- |
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Current assets |
|
|
|
|
Investments held at fair value through profit or loss (note 4) |
4,230 |
22,052 |
24,770 |
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Other receivables |
6,042 |
14,465 |
3,267 |
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Cash and cash equivalents |
21,202 |
38,774 |
54,221 |
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------------ |
------------ |
------------- |
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|
31,474 |
75,291 |
82,258 |
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------------- |
------------- |
-------------- |
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Total assets |
1,565,502 |
1,233,838 |
1,328,804 |
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------------- |
------------- |
-------------- |
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Current liabilities |
|
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|
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Other payables |
(3,255) |
(7,869) |
(3,001) |
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------------- |
------------- |
------------- |
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Total assets less current liabilities |
1,562,247 |
1,225,969 |
1,325,803 |
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-------------- |
-------------- |
-------------- |
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Non-current liabilities |
|
|
|
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Debenture stock |
(15,000) |
(15,000) |
(15,000) |
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Unsecured loan notes |
(49,836) |
(49,827) |
(49,832) |
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------------- |
------------- |
-------------- |
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Net assets |
1,497,411 |
1,161,142 |
1,260,971 |
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======== |
======== |
======== |
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Equity attributable to equity shareholders |
|
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Share capital (note 5) |
32,760 |
32,001 |
32,289 |
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Share premium account |
154,515 |
122,989 |
134,125 |
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Capital redemption reserve |
12,489 |
12,489 |
12,489 |
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Retained earnings: |
|
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|
|
Other capital reserves |
1,260,742 |
953,088 |
1,043,682 |
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Revenue reserve |
36,905 |
40,575 |
38,386 |
|
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------------ |
------------ |
------------- |
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Total equity |
1,497,411 |
1,161,142 |
1,260,971 |
|
|
======= |
======= |
======= |
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Net asset value per ordinary share (note 6)* |
114.3p |
90.7p |
97.6p |
|
|
======= |
======= |
====== |
The accompanying condensed notes are an integral part of the financial statements.
* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-divison of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
CONDENSED CASH FLOW STATEMENT
|
Reconciliation of profit before taxation to net cash flow from operating activities |
(Unaudited) Half-year ended 30 April 2021 £'000 |
(Unaudited) Half-year ended 30 April 2020 £'000 |
(Audited) Year ended 31 October 2020 £'000 |
|
Operating activities |
|
|
|
|
Net profit/(loss) before taxation |
230,899 |
(41,715) |
61,476 |
|
Add: interest payable ('finance costs') |
1,512 |
1,515 |
3,048 |
|
(Gains)/losses on investments held at fair value through profit or loss |
(220,218) |
49,481 |
(44,013) |
|
Increase in accrued income |
(2,261) |
(1,600) |
(62) |
|
(Increase)/decrease in other receivables |
(54) |
(2,291) |
38 |
|
Increase/(decrease) in other payables |
61 |
(168) |
1,309 |
|
Purchases of investments |
(330,735) |
(250,793) |
(407,280) |
|
Sales of investments |
263,779 |
171,312 |
333,019 |
|
Purchases of current asset investments |
(33,066) |
(33,635) |
(57,674) |
|
Sales of current asset investments |
53,606 |
56,576 |
77,897 |
|
(Increase)/decrease in securities sold for future settlement |
(214) |
(6,497) |
980 |
|
Increase/(decrease) in securities purchased for future settlement |
208 |
3,486 |
(2,866) |
|
|
------------ |
------------ |
------------ |
|
Net cash outflow from operating activities before interest and taxation |
(36,483) |
(54,329) |
(34,128) |
|
Interest paid |
(1,512) |
(1,515) |
(3,039) |
|
Taxation on investment income |
(1,479) |
(716) |
(1,929) |
|
|
------------ |
------------ |
------------ |
|
Net cash outflow from operating activities |
(39,474) |
(56,560) |
(39,096) |
|
|
======= |
======= |
======= |
|
|
|
|
|
|
Financing activities |
|
|
|
|
Equity dividends paid (net of refund of unclaimed distributions) |
(14,043) |
(13,245) |
(26,966) |
|
Share issue proceeds |
20,861 |
53,668 |
65,092 |
|
Costs relating to sub-division of shares |
(45) |
- |
- |
|
|
------------ |
------------ |
------------ |
|
Net cash inflow from financing activities |
6,773 |
40,423 |
38,126 |
|
|
======= |
======= |
======= |
|
|
|
|
|
|
Decrease in cash |
(32,701) |
(16,137) |
(970) |
|
Cash and cash equivalents at start of period |
54,221 |
54,944 |
54,944 |
|
Exchange movements |
(318) |
(33) |
247 |
|
|
----------- |
----------- |
------------ |
|
Cash and cash equivalents at end of period |
21,202 |
38,774 |
54,221 |
|
|
======= |
======= |
======= |
The accompanying condensed notes are an integral part of the financial statements.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS:
|
1. |
Accounting policies |
|||||||||
|
|
The Bankers Investment Trust PLC ('the Company') is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006.
These condensed financial statements comprise the unaudited results of the Company for the half-year ended 30 April 2021. They have been prepared on a going concern basis and in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and with the Statement of Recommended Practice for Investment Trusts ('SORP') issued by the Association of Investment Companies dated October 2019, where the SORP is consistent with the requirements of IFRS.
For the period under review, the Company's accounting policies have not varied from those described in the annual report for the year ended 31 October 2020.
A number of comparative figures for the periods ended 30 April 2020 and 31 October 2020 that are included within these results have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021. The amended figures have been highlighted accordingly.
These financial statements have not been either audited or reviewed by the Company's Auditor. |
|||||||||
|
|
|
|||||||||
|
2. |
Management fees |
|||||||||
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||||
|
|
|
Half-year ended 30 April 2021 |
Half-year ended 30 April 2020 |
Year ended 31 October 2020 |
||||||
|
|
|
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
Revenue return £'000 |
Capital return £'000 |
Total £'000 |
|
|
Investment management |
880 |
2,055 |
2,935 |
767 |
1,788 |
2,555 |
1,549 |
3,615 |
5,164 |
|
|
|
===== |
===== |
==== |
===== |
===== |
===== |
===== |
===== |
===== |
|
|
The management fee is calculated on a quarterly basis as the aggregate of 0.45% per annum of the first £750 million and 0.40% per annum on the excess over £750 million of the value of the net assets on the last day of the quarter immediately preceding the quarter in respect of which the calculation is made.
|
|||||||||
|
3. |
Earnings per ordinary share |
|||||||||
|
|
The earnings per ordinary share figure is based on the net profit for the half-year of £229,667,000 (30 April 2020: net loss £42,490,000; 31 October 2020: net profit £59,636,000) and on 1,300,003,244 (30 April 2020: 1,253,059,590*; 31 October 2020: 1,269,959,930*) ordinary shares, being the weighted average number of ordinary shares in issue excluding treasury shares during the period. |
|||||||||
|
|
The return per share detailed above can be further analysed between revenue and capital, as below. |
|||||||||
|
|
|
(Unaudited) Half-year ended 30 April 2021 £'000 |
(Unaudited) Half-year ended 30 April 2020 £'000 |
(Audited) Year ended 31 October 2020 £'000 |
||||||
|
|
Revenue profit |
12,562 |
9,840 |
21,372 |
||||||
|
|
Capital profit/(loss) |
217,105 |
(52,330) |
38,264 |
||||||
|
|
|
------------ |
------------ |
------------ |
||||||
|
|
Total profit/(loss) |
229,667 |
(42,490) |
59,636 |
||||||
|
|
|
======= |
======= |
======= |
||||||
|
|
Weighted average number of ordinary shares in issue during each period * |
1,300,003,244 |
1,253,059,590 |
1,269,959,930 |
||||||
|
|
Revenue earnings per ordinary share* |
0.97p |
0.79p |
1.68p |
|
|
Capital earnings/(loss) per ordinary share* |
16.70p |
(4.18)p |
3.02p |
|
|
|
------------ |
------------ |
------------ |
|
|
Total earnings/(loss) per ordinary share* |
17.67p |
(3.39)p |
4.70p |
|
|
|
======= |
======= |
======= |
*Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the
sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
|
4. |
Current asset investment |
|
|
The Company has a holding in the Deutsche Bank Global Liquidity Series Fund, a money market fund which is viewed as a readily disposable store of value and which is used to invest cash balances that would otherwise be placed on short-term deposit. At 30 April 2021 this holding had a value of £4,230,000 (30 April 2020: £22,052,000; 31 October 2020: £24,770,000).
|
|
5. |
Share capital |
|
|
At 30 April 2021 there were 1,310,402,830 ordinary shares of 2.5p each in issue (30 April 2020: 1,280,067,830*; 31 October 2020: 1,291,577,830*). During the half-year ended 30 April 2021, 18,825,000** new shares were issued for a total consideration of £20,861,000 (30 April 2020: 13,385,090* shares were sold out of treasury and 40,614,910* new shares were issued for a total consideration of £53,668,000; 31 October 2020: 13,385,090* shares were sold out of treasury and 52,124,910* new shares were issued for a total consideration of £65,092,000). Shares held in treasury do not have any voting rights. At 30 April 2021 no shares were held in treasury (30 April 2020: nil; 31 October 2020: nil).
Since 30 April 2021 and up to 21 June 2021 a further 3,950,000 new shares were issued for a total consideration of £4.5 million.
* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-divison of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
** Current period figures have been adjusted for the sub-division where the issue took place before 1 March 2021.
|
|
6. |
Net asset value per ordinary share |
|
|
The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £1,497,411,000 (30 April 2020: £1,161,142,000; 31 October 2020: £1,280,971,000) and on 1,310,402,830 (30 April 2020: 1,280,067,830*; 31 October 2020: 1,291,577,830*) ordinary shares, being the number of ordinary shares in issue with voting rights at the period end.
* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
|
|
7. |
Bank loan |
|
|
At 30 April 2021, the Company had drawn down £nil (30 April 2020 and 31 October 2020: £nil) of its £20 million multi-currency loan facility. The facility was renewed on 26 February 2021 with SMBC Bank International plc, previously known as Sumitomo Mitsui Banking Corporation Limited.
Since the period end, the Company has drawn down £10,000,000 of its loan facility.
|
|
8. |
Related party transactions |
|
|
The Company's transactions with related parties during the period were with its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period other than the amounts paid to them in respect of Directors' remuneration for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and the provision of sales and marketing services, there have been no transactions with Janus Henderson affecting the financial position or performance of the Company during the period under review. |
|
9. |
Financial instruments |
||||
|
|
At the period end the carrying value of financial assets approximates their fair value. Included within the capital return under the gains from investments is a loss of £1,553,000 (US$ 2,085,000) being the cost of the settlement agreement relating to the sale of an investment in 2017, detail of which was set out in the 31 October 2020 Annual Report.
Financial instruments carried at fair value Fair value hierarchy The debenture stock and unsecured loan notes are valued at par in the Statement of Financial Position. The fair value of the 8% debenture stock at 30 April 2021 was £18,018,000 (30 April 2020: £18,312,000; 31 October 2020: £18,140,000). The fair value of the debenture stock has been calculated using prices quoted on the exchange on which the instrument trade and is categorised as Level 1 as described below. In order to comply with fair value accounting disclosures only, the fair value of the loan notes at 30 April 2020 have been estimated to be £58,785,000 (30 April 2020: £63,938,000; 31 October 2020: £62,990,000) and is categorised as Level 3 in the fair value hierarchy as described below. However, for the purpose of the daily NAV announcements, the unsecured loan notes are valued at amortised cost in the fair value NAV because they are not traded and the Directors expect them to be held to maturity and, accordingly, the Directors have assessed that this is the most appropriate value to be applied for this purpose.
The following table analyses recurring fair value measurements for financial assets. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used. |
||||
|
|
Financial assets at fair value through profit or loss at 30 April 2021 (Unaudited) |
Level 1 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'000 |
|
|
Investments including derivatives: |
|
|
|
|
|
|
Equity investments |
1,534,027 |
- |
- |
1,534,027 |
|
|
Fixed interest investments |
- |
- |
1 |
1 |
|
|
Current asset investments |
4,230 |
- |
- |
4,230 |
|
|
|
------------- |
--------- |
-------- |
------------- |
|
|
Total financial assets carried at fair value |
1,538,257 |
- |
1 |
1,538,258 |
|
|
|
========= |
====== |
==== |
======= |
|
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss at 30 April 2020 (Unaudited) |
Level 1 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'000 |
|
|
Investments including derivatives: |
|
|
|
|
|
|
Equity investments |
1,158,544 |
- |
- |
1,158,544 |
|
|
Fixed interest investments |
- |
- |
3 |
3 |
|
|
Current asset investments |
22,052 |
- |
- |
22,052 |
|
|
|
------------- |
--------- |
-------- |
------------- |
|
|
Total financial assets carried at fair value |
1,180,596 |
- |
3 |
1,180,599 |
|
|
|
========= |
====== |
==== |
======= |
|
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss at 31 October 2020 (Audited) |
Level 1 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'000 |
|
|
Investments including derivatives: |
|
|
|
|
|
|
Equity investments |
1,246,543 |
- |
- |
1,246,543 |
|
|
Fixed interest investments |
- |
- |
3 |
3 |
|
|
Current asset investments |
24,770 |
- |
- |
24,770 |
|
|
|
------------- |
---------- |
--------- |
------------- |
|
|
Total financial assets carried at fair value |
1,271,313 |
- |
3 |
1,271,316 |
|
|
|
========== |
====== |
==== |
======= |
|
|
|
(Unaudited) Half-year ended |
(Unaudited) Half-year ended |
(Audited) Year ended |
|
|
|
Level 3 investments at fair value through profit or loss |
30 April 2021 £'000 |
30 April 2020 £'000 |
31 October 2020 £'000 |
|
|
|
Opening balance |
3 |
4 |
4 |
|
|
|
Disposal proceeds |
(2) |
(1) |
(1) |
|
|
|
|
------- |
------- |
------- |
|
|
|
Closing balance |
1 |
3 |
3 |
|
|
|
|
==== |
==== |
===== |
|
|
10. |
Reconciliation of liabilities arising from financing activities |
||||||
|
|
|
Non-cash changes |
|||||
|
|
|
At 1 November 2020 £'000 |
Cash flows £'000 |
Amortisation of issue costs £'000 |
Foreign exchange £'000 |
Other non-cash movements £'000 |
At 30 April 2021 £'000 |
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Financing liabilities |
64,832 |
- |
4 |
- |
- |
64,836 |
|
|
|
---------- |
-------- |
-------- |
--------- |
---------- |
------------ |
|
|
Closing liabilities from financing activities |
64,832 |
- |
4 |
- |
- |
64,836 |
|
|
|
===== |
==== |
==== |
===== |
===== |
===== |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash changes |
|||||
|
|
|
At 1 November 2019 £'000 |
Cash flows £'000 |
Amortisation of issue costs £'000 |
Foreign exchange £'000 |
Other non-cash movements £'000 |
At 30 April 2020 £'000 |
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Financing liabilities |
64,823 |
- |
4 |
- |
- |
64,827 |
|
|
|
---------- |
-------- |
-------- |
--------- |
---------- |
------------ |
|
|
Closing liabilities from financing activities |
64,823 |
- |
4 |
- |
- |
64,827 |
|
|
|
===== |
==== |
==== |
===== |
===== |
===== |
|
|
|
Non-cash changes |
|||||
|
|
|
At 1 November 2019 £'000 |
Cash flows £'000 |
Amortisation of issue costs £'000 |
Foreign exchange £'000 |
Other non-cash movements £'000 |
At 31 October 2020 £'000 |
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Financing liabilities |
64,823 |
- |
9 |
- |
- |
64,832 |
|
|
|
---------- |
-------- |
-------- |
--------- |
---------- |
------------ |
|
|
Closing liabilities from financing activities |
64,823 |
- |
9 |
- |
- |
64,832 |
|
|
|
===== |
==== |
==== |
===== |
===== |
===== |
|
|
|
||||||
|
11. |
Going concern |
||||||
|
|
In assessing the Company's going concern, the Directors have considered among other things the impact of Covid-19, cash flow forecasts, a review of covenant compliance including the headroom above the most restrictive covenants, and an assessment of the liquidity of the portfolio. The assets of the Company consist mainly of securities that are listed and readily realisable. Thus, after making due enquiry, the Directors believe that the Company has adequate financial resources to meet its financial obligations, including the repayment of any borrowings, and to continue in operational existence for at least twelve months from the date of approval of the financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements. |
||||||
|
12. |
Dividends |
|
|
A first interim dividend of 0.538p per ordinary share of 2.5p (2020: 0.535p*), was paid on 28 May 2021 to shareholders registered on 30 April 2021. The shares were quoted ex-dividend on 29 April 2021. Based on the number of ordinary shares in issue at 30 April 2021 of 1,310,402,830 the cost of this dividend was £7,050,000.
The Directors have declared a second interim dividend of 0.538p per ordinary share of 2.5p (2020: 0.535p*) which is payable to shareholders on 31 August 2021 to shareholders on the register on 30 July 2021. The shares will be quoted ex-dividend on 29 July 2021. Based on the number of shares in issue at 21 June 2021 of 1,314,352,830 the cost of this dividend will be £7,070,000.
*All comparative figures have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.
|
|
13. |
Comparative information |
|
|
The financial information contained in this half-year report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the half-years ended 30 April 2021 and 2020 has not been audited or reviewed by the Auditor.
The figures and financial information for the year ended 31 October 2020 have been extracted from the latest published financial statements of the Company. These financial statements have been delivered to the Registrar of Companies and included the report of the Auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year ended 31 October 2020.
|
|
14. |
Half-year report |
|
|
The half-year report will shortly be available on the Company's website (www.bankersinvestmenttrust.com) or in hard copy from the Company's registered office. An abbreviated version of this half-year report, the 'update', will be circulated to shareholders in late June/early July 2021.
|
|
15. |
General information |
|
|
Company Status The Company is a UK domiciled investment trust company. London Stock Exchange Daily Official List (SEDOL): BN4NDR3 / ISIN number GB00BN4NDR39 London Stock Exchange (TIDM) Code: BNKR Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826 Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office UK: 201 Bishopsgate, London EC2M 3AE.
Company Registration Number UK: 00026351 NZ: 645360
Directors The Directors of the Company are Sue Inglis (Chair), Julian Chillingworth (Senior Independent Director), Isobel Sharp (Audit Committee Chair), Richard Huntingford and Richard West.
Corporate Secretary Henderson Secretarial Services Limited, represented by Wendy King FCG.
Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com.
|
50 Largest Investments
At 30 April 2021
|
Rank 30 April 2021 |
Rank 31 Oct 2020 |
Company |
Country |
Valuation 2020 £'000 |
Purchases £'000 |
Sales proceeds £'000 |
Appreciation/ £'000 |
Valuation £'000 |
|
1 |
1 |
Microsoft |
US |
34,450 |
- |
(4,498) |
5,335 |
35,287 |
|
2 |
2 |
Estée Lauder |
US |
26,875 |
- |
(4,047) |
7,770 |
30,598 |
|
3 |
13 |
CME |
US |
17,757 |
4,947 |
- |
5,272 |
27,976 |
|
4 |
7 |
American Tower |
US |
20,181 |
4,859 |
- |
745 |
25,785 |
|
5 |
8 |
MasterCard |
US |
19,852 |
- |
- |
4,660 |
24,512 |
|
6 |
6 |
Visa |
US |
22,449 |
- |
(2,293) |
4,342 |
24,498 |
|
7 |
# |
Home Depot |
US |
- |
19,961 |
- |
3,508 |
23,469 |
|
8 |
9 |
Intuit |
US |
18,269 |
- |
- |
4,074 |
22,343 |
|
9 |
# |
Otis Worldwide |
US |
- |
21,739 |
- |
(73) |
21,666 |
|
10 |
23 |
American Express |
US |
12,825 |
4,922 |
(4,594) |
8,505 |
21,658 |
|
11 |
# |
Automatic Data Processing |
US |
- |
19,347 |
- |
2,083 |
21,430 |
|
12 |
19 |
Union Pacific |
US |
13,885 |
4,716 |
- |
2,564 |
21,165 |
|
13 |
11 |
Intercontinental Exchange |
US |
18,122 |
- |
- |
2,983 |
21,105 |
|
14 |
5 |
Amazon |
US |
23,000 |
- |
(4,954) |
1,238 |
19,284 |
|
15 |
15 |
Moody's |
US |
16,075 |
- |
- |
2,568 |
18,643 |
|
16 |
3 |
Apple |
US |
25,789 |
- |
(11,038) |
3,577 |
18,328 |
|
17 |
(4) |
Alphabet |
US |
23,517 |
- |
(11,805) |
(5,888) |
17,600 |
|
18 |
16 |
Roper Technologies |
US |
15,034 |
- |
- |
1,846 |
16,880 |
|
19 |
17 |
Sherwin-Williams |
US |
14,719 |
- |
- |
1,616 |
16,335 |
|
20 |
22 |
The Cooper Companies |
US |
13,035 |
- |
- |
2,643 |
15,678 |
|
21 |
# |
AstraZeneca |
UK |
- |
14,703 |
- |
940 |
15,643 |
|
22 |
30 |
Samsung Electronics |
South Korea |
10,890 |
- |
- |
4,289 |
15,179 |
|
23 |
39 |
Telecom Italia |
Italy |
10,062 |
- |
- |
5,116 |
15,178 |
|
24 |
29 |
Diageo |
UK |
11,060 |
577 |
- |
3,387 |
15,024 |
|
25 |
18 |
Netflix |
US |
14,161 |
- |
- |
112 |
14,273 |
|
Rank 30 April 2021 |
Rank 31 Oct 2020 |
Company |
Country |
Valuation 2020 £'000 |
Purchases £'000 |
Sales proceeds £'000 |
Appreciation/ £'000 |
Valuation £'000 |
||
|
26 |
12 |
Adobe Systems |
US |
17,803 |
- |
(4,738) |
931 |
13,996 |
||
|
27 |
43 |
Rio Tinto |
UK |
9,306 |
1,168 |
(312) |
3,631 |
13,793 |
||
|
28 |
14 |
Taiwan Semiconductor Manufacturing |
Taiwan |
17,578 |
- |
(8,446) |
4,418 |
13,550 |
||
|
29 |
50 |
Toyota Motor |
Japan |
7,966 |
4,779 |
- |
393 |
13,138 |
||
|
30 |
44 |
Bawag |
Austria |
8,960 |
1,363 |
(979) |
3,678 |
13,022 |
||
|
31 |
31 |
Cellnex Telecom |
Spain |
10,824 |
2,730 |
- |
(1,090) |
12,464 |
||
|
32 |
10 |
|
US |
18,240 |
- |
(7,431) |
1,524 |
12,333 |
||
|
33 |
# |
Lloyds Banking |
UK |
3,814 |
4,706 |
- |
3,283 |
11,803 |
||
|
34 |
32 |
British American Tobacco |
UK |
10,725 |
- |
- |
1,025 |
11,750 |
||
|
35 |
28 |
Prosus |
Netherlands |
11,532 |
- |
- |
175 |
11,707 |
||
|
36 |
# |
RELX |
UK |
7,210 |
2,565 |
- |
1,711 |
11,486 |
||
|
37 |
41 |
SoftBank |
Japan |
9,458 |
- |
(944) |
2,883 |
11,397 |
||
|
38 |
# |
Anglo American |
UK |
- |
8,761 |
- |
2,626 |
11,387 |
||
|
39 |
35 |
Sony |
Japan |
10,455 |
493 |
(1,049) |
1,438 |
11,337 |
||
|
40 |
# |
Munich Re |
Germany |
7,799 |
2,485 |
- |
1,011 |
11,295 |
||
|
41 |
40 |
DSM |
Netherlands |
9,905 |
- |
(631) |
1,754 |
11,028 |
||
|
42 |
25 |
Reckitt Benckiser |
UK |
12,243 |
580 |
(1,425) |
(601) |
10,797 |
||
|
43 |
27 |
Thermo Fisher Scientific |
US |
11,946 |
1,075 |
(1,704) |
(779) |
10,538 |
||
|
44 |
36 |
Nestlé |
Switzerland |
10,447 |
- |
- |
(91) |
10,356 |
||
|
45 |
20 |
PayPal |
US |
13,836 |
- |
(7,419) |
3,929 |
10,346 |
||
|
46 |
45 |
SIG Combibloc |
Switzerland |
8,845 |
2,080 |
(1,503) |
913 |
10,335 |
||
|
47 |
33 |
Roche |
Switzerland |
10,607 |
200 |
- |
(561) |
10,246 |
||
|
48 |
# |
3i |
UK |
7,659 |
- |
- |
2,558 |
10,217 |
||
|
49 |
21 |
ICON |
US |
13,136 |
- |
(4,369) |
1,378 |
10,145 |
||
|
50 |
# |
ASML |
Netherlands |
6,621 |
- |
- |
3,521 |
10,142 |
||
|
|
|
|
|
------------ |
------------- |
------------- |
--------------- |
------------- |
||
|
|
|
|
|
638,922 |
128,756 |
(84,179) |
124,646 |
808,145 |
||
|
|
|
|
|
======= |
======= |
======= |
======= |
======= |
||
All securities are equity investments
# Not in top 50 at 31 October 2020
Convertibles and all classes of equity in any one company are treated as one investment
|
GEOGRAPHICAL DISTRIBUTION
|
|
|
|
|
30 April 2021 % |
31 October 2020 % |
|
UK |
20.2 |
19.4 |
|
Europe (ex UK) |
17.7 |
16.1 |
|
North America |
34.1 |
35.9 |
|
Japan |
11.4 |
12.4 |
|
Pacific (ex Japan and China) |
10.0 |
9.0 |
|
China |
6.6 |
7.2 |
|
|
--------- |
--------- |
|
|
100.0 |
100.0 |
|
|
===== |
===== |
Source: Janus Henderson
|
REVENUE GENERATED |
|
|
|
|
30 April 2021 £ million |
30 April 2020 £ million |
|
UK |
5.6 |
5.4 |
|
Europe (ex UK) |
3.4 |
2.4 |
|
North America |
2.3 |
1.5 |
|
Japan |
2.1 |
1.7 |
|
Pacific (ex Japan and China) |
2.0 |
1.2 |
|
China |
0.2 |
- |
|
|
--------- |
--------- |
|
|
15.6 |
12.2 |
|
|
===== |
===== |
Source: Janus Henderson
|
SECTOR ANALYSIS As a percentage of the investment portfolio excluding cash |
30 April 2021 % |
31 October 2020 % |
|
Industrials |
20.0 |
15.6 |
|
Consumer Discretionary |
18.2 |
17.3 |
|
Financials |
17.4 |
15.7 |
|
Technology |
16.8 |
20.3 |
|
Consumer Staples |
7.1 |
9.4 |
|
Health Care |
6.7 |
8.3 |
|
Telecommunications |
4.6 |
3.7 |
|
Basic Materials |
4.1 |
3.1 |
|
Real Estate |
2.9 |
3.4 |
|
Utilities |
1.3 |
2.2 |
|
Energy |
0.9 |
1.0 |
|
|
--------- |
--------- |
|
|
100.0 |
100.0 |
|
|
===== |
===== |
Source: Janus Henderson
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