BIT – Half Year Report

LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69 THE BANKERS INVESTMENT TRUST PLC Unaudited results for the half-year ended 30 April 2018 This announcement contains regulated information INVESTMENT OBJECTIVES The Company aims over the long term to achieve capital growth in excess of the FTSE World Index and annual dividend growth greater than inflation, as defined by the UK Retail Prices Index ('RPI'), 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 2018 30 April 2017 Net Asset Value ('NAV') per share 868.7p 798.3p Share price 860.0p 765.5p Revenue return per share 8.52p 9.35p Discount 1.0% 4.1% Dividends (1st and 2nd interims) 9.72p 9.10p Total Return Performance to 30 April 2018 (including dividends reinvested and excluding transaction costs) 6 months % 1 year % 3 years % 5 years % 10 years % NAV1 -1.0 10.2 40.5 78.7 141.0 FTSE World Index2 0.2 6.1 20.2 42.8 87.2 Share price3 2.1 14.9 46.1 82.7 176.5 1 Net asset value total return per share with income reinvested for 6 months, 1, 3 and 5 years and capital NAV plus income reinvested for 10 years 2 The Company's benchmark is the FTSE World Index 3 Share price total return using mid-market closing price Sources: Morningstar for the AIC and Datastream INTERIM MANAGEMENT REPORT CHAIRMAN'S STATEMENT Review The past six months has been a difficult period for global stock markets as a combination of the impact of inflationary concerns and greater prominence to political issues began to weaken the positive investor sentiment of the past two years. In the UK the addition of corporate profit warnings and a demonstrable softening in economic activity added to the uncertainty. Thus it is not surprising to report disappointing benchmark and portfolio total return figures for the six month period. Against a benchmark total return (FTSE World Index) of just 0.2% our Net Asset Value (NAV) total return was minus 1%. Encouragingly our share price rose by nearly 1% as the discount narrowed and when included with the dividends paid during the period the total return to shareholders was approximately 2%. When reviewing the underlying global components of the portfolio, the Japanese, Asia Pacific and UK portfolios failed to beat their local benchmark returns. Outperformance of the local benchmark and a positive contribution were recorded from the North American, Emerging Market and China elements of the portfolio and despite our continental European exposure outperforming its benchmark it contributed negatively to the overall portfolio. It is difficult to identify any key sectorial themes apart from the outperformance of global technology and oil (where we are underweight). In general growth markets such as North America were favoured over those deemed more value focused such as the UK. The impact of large technology stocks in the former should be noted from both a contribution to market performance and also due to our structural underweight position in these stocks. Revenue Returns and Dividend In my last Chairman's statement I was able to forecast a dividend increase of at least 6% for the year to October 2018. Again I am able to reiterate this forecast as our revenue account is in surplus at the half-year relative to this proposed increase. The overall contributors to this surplus are changing slightly as we see reduced special dividend flow from our UK holdings, increased flows from our international holdings and a reduced positive translation impact from the weakness of sterling. The Board declares a second interim dividend of 4.86p per share payable on 31 August 2018 to shareholders on the register on 27 July 2018. Borrowings The Company took out a ?20 million short-term borrowing facility with the Royal Bank of Scotland in February 2018. Outlook I remain cautious in the outlook for global stock market returns. Whilst positive economic growth is being recorded in North America and continental Europe it remains mixed in the UK and Japan. In addition the current currency crisis in Argentina has reminded investors of the risks of investing in emerging markets. Politics in the UK will continue to influence unduly local sentiment unless or until greater clarity is brought to Brexit. The issue of politics cannot be raised without reference to President Trump. His approach to many issues has broken down conventional diplomacy and thus his approach to trade and trade tariffs in particular is a key issue for the global economy which will need to be monitored closely. I believe all investors need to be prepared for greater volatility over the forthcoming summer months. If I am wrong regarding market sentiment changing, then positive market returns, I suspect, will return to more normalised levels of single digits. R W Killingbeck Chairman 18 July 2018 PRINCIPAL RISKS AND UNCERTAINTIES The principal risks and uncertainties associated with the Company's business are divided into the following main areas: o Investment Activity and Performance Risks o Portfolio and Market Risks o Tax, Legal and Regulatory Risks o Financial Risks o Operational Risks Information on these risks and how they are managed are given in the Annual Report for the year ended 31 October 2017. In the view of the Board 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. DIRECTORS' RESPONSIBILITY STATEMENT The Directors confirm that, to the best of their knowledge: (a) the condensed set of financial statements has been prepared in accordance with IAS 34; (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 (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). For and on behalf of the Board Richard Killingbeck Chairman 18 July 2018 For further information contact: Alex Crooke Fund Manager The Bankers Investment Trust PLC Telephone: 020 7818 4447 Richard Killingbeck Chairman The Bankers Investment Trust PLC Telephone: 020 7818 4233 James de Sausmarez Director and Head of Investment Trusts Janus Henderson Investors Telephone: 020 7818 3349 CONDENSED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Half-year ended 30 April 2018 (Unaudited) Half-year ended 30 April 2017 (Audited) Year ended 31 October 2017 Revenue return ?'000 Capital return ?'000 Total ?'000 Revenue return ?'000 Capital return ?'000 Total ?'000 Revenue return ?'000 Capital return ?'000 Total ?'000 (Losses)/gains from investments held at fair value through profit or loss - (8,679) (8,679) - 53,802 53,802 - 152,388 152,388 Investment income 12,731 - 12,731 13,606 - 13,606 29,445 - 29,445 Other operating income 98 - 98 111 - 111 189 - 189 --------- --------- --------- --------- ---------- ---------- ----------- --------- ----------- Gross revenue and capital (losses)/gains 12,829 (8,679) 4,150 13,717 53,802 67,519 29,634 152,388 182,022 ---------- --------- --------- ---------- --------- --------- --------- --------- ----------- Expenses Management fees (note 2) (636) (1,484) (2,120) (505) (1,179) (1,684) (1,012) (2,362) (3,374) Other expenses (515) - (515) (483) - (483) (963) - (963) --------- --------- --------- --------- ---------- ---------- --------- ---------- ---------- Profit/(loss) before finance costs and taxation 11,678 (10,163) 1,515 12,729 52,623 65,352 27,659 150,026 177,685 Finance costs (454) (1,061) (1,515) (454) (1,059) (1,513) (916) (2,137) (3,053) --------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- Profit/(loss) before taxation 11,224 (11,224) - 12,275 51,564 63,839 26,743 147,889 174,632 Taxation (777) - (777) (807) - (807) (1,624) - (1,624) --------- ----------- --------- --------- --------- --------- --------- ----------- ----------- Profit/(loss) for the period 10,447 (11,224) (777) 11,468 51,564 63,032 25,119 147,889 173,008 ===== ======= ===== ===== ===== ===== ===== ====== ====== Earnings/(loss) per ordinary share (note 3) 8.52p (9.15p) (0.63p) 9.35p 42.06p 51.41p 20.49p 120.62p 141.11p 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 2018 (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 2017 30,986 78,541 12,489 915,206 40,341 1,077,563 Total comprehensive income: (Loss)/profit for the period - - - (11,224) 10,447 (777) Transactions with owners, recorded directly to equity: Payment of third interim dividend (4.70p) in respect of the year ended 31 October 2017 - - - - (5,763) (5,763) Payment of the final dividend (4.80p) in respect of the year ended 31 October 2017 - - - - (5,885) (5,885) ---------- ---------- ---------- ---------- ---------- -------------- Total equity at 30 April 2018 30,986 78,541 12,489 903,982 39,140 1,065,138 ====== ====== ====== ====== ====== ======== Half-year ended 30 April 2017 (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 2016 30,986 78,541 12,489 767,317 37,405 926,738 Total comprehensive income: Profit for the period - - - 51,564 11,468 63,032 Transactions with owners, recorded directly to equity: Payment of third interim dividend (4.40p) in respect of the year ended 31 October 2016 - - - - (5,395) (5,395) Payment of the final dividend (4.60p) in respect of the year ended 31 October 2016 - - - - (5,640) (5,640) ---------- ---------- ----------- ----------- ----------- ----------- Total equity at 30 April 2017 30,986 78,541 12,489 818,881 37,838 978,735 ====== ====== ====== ====== ====== ====== Year ended 31 October 2017 (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 2016 30,986 78,541 12,489 767,317 37,405 926,738 Total comprehensive income: Profit for the year - - - 147,889 25,119 173,008 Ordinary dividends paid - - - - (22,183) (22,183) ----------- ----------- ----------- ------------ ----------- ------------- Total equity at 31 October 2017 30,986 78,541 12,489 915,206 40,341 1,077,563 ====== ====== ====== ====== ====== ======= The accompanying condensed notes are an integral part of the financial statements. CONDENSED STATEMENT OF FINANCIAL POSITION (Unaudited) As at 30 April 2018 ?'000 (Unaudited) As at 30 April 2017 ?'000 (Audited) As at 31 October 2017 ?'000 Non-current assets Investments held at fair value through profit or loss 1,098,393 1,002,383 1,101,816 ------------- ------------- ------------- Current assets Investments held at fair value through profit or loss (note 4) 12,454 15,600 23,252 Other receivables 5,382 12,943 2,660 Cash and cash equivalents 18,354 21,476 24,102 ------------ ------------ ------------- 36,190 50,019 50,014 ------------- ------------- -------------- Total assets 1,134,583 1,052,402 1,151,830 ------------- ------------- -------------- Current liabilities Other payables (2,621) (8,856) (9,451) Bank loans (2,002) - - ------------ ------------ ------------ (4,623) (8,856) (9,451) ------------- ------------- ------------- Total assets less current liabilities 1,129,960 1,043,546 1,142,379 Non-current liabilities Debenture stock (15,000) (15,000) (15,000) Unsecured loan notes (49,822) (49,811) (49,816) ------------ ------------ ------------ ------------- ------------- -------------- Net assets 1,065,138 978,735 1,077,563 ======== ======= ======== Equity attributable to equity shareholders Share capital (note 5) 30,986 30,986 30,986 Share premium account 78,541 78,541 78,541 Capital redemption reserve 12,489 12,489 12,489 Retained earnings: Other capital reserves 903,982 818,881 915,206 Revenue reserve 39,140 37,838 40,341 ------------ ------------- ------------- Total equity 1,065,138 978,735 1,077,563 ======= ======= ======= Net asset value per ordinary share (note 6) 868.7p 798.3p 878.9p ======= ======= ====== The accompanying condensed notes are an integral part of the financial statements. CONDENSED CASH FLOW STATEMENT Reconciliation of profit before taxation to net cash flow from operating activities. (Unaudited) Half-year ended 30 April 2018 ?'000 (Unaudited) Half-year ended 30 April 2017 ?'000 (Audited) Year ended 31 October 2017 ?'000 Operating activities Net profit before taxation - 63,839 174,632 Add back interest payable ('finance costs') 1,510 1,513 3,043 Amortisation of loan note issue costs 5 5 10 Add/(less):Losses/(gains)on investments held at fair value through profit or loss 8,679 (53,802) (152,388) (Increase)/decrease in accrued income (1,430) (2,407) 79 (Increase)/decrease in other receivables (5) 52 42 Decrease/(increase) in other payables 42 (102) (66) Purchase of investments (175,050) (143,632) (305,170) Sales of investments 169,796 146,046 306,581 Purchases of current asset investments (22,002) (26,802) (52,453) Sales of current asset investments 32,800 32,555 50,555 (Increase)/decrease in securities sold for future settlement (1,138) (2,711) 5,235 Decrease in securities purchased for future settlement (6,858) (3,144) (2,601) ------------ ------------ ----------- Net cash inflow from operating activities before interest and taxation 6,349 11,410 27,499 Interest paid (1,522) (1,520) (3,042) Taxation on investment income (923) (911) (1,832) ------------ ------------ ------------ Net cash inflow from operating activities 3,904 8,979 22,625 ======= ======= ======= Financing activities Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions) (11,648) (11,035) (22,183) Drawn down of loan 2,002 - - Cash received from the liquidation of Henderson Global Trust plc - - 9 ------------ ------------ ------------ Net cash outflow from financing activities (9,646) (11,035) (22,174) ------------ ------------ ------------ (Decrease)/increase in cash (5,742) (2,056) 451 Cash and cash equivalents at start of year 24,102 23,271 23,271 Exchange movements (6) 261 380 ------------ ------------ ------------ Cash and cash equivalents at end of period 18,354 21,476 24,102 ======= ======= ======= 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 2018. 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 November 2014, and updated in February 2018 with consequential amendments, 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 2017. 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 2018 Half-year ended 30 April 2017 Year ended 31 October 2017 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 636 1,484 2,120 505 1,179 1,684 1,012 2,362 3,374 ===== ===== ==== ===== ===== ===== ===== ===== ===== 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. For the final quarter of 2017, the quarterly fee was subject to a cap of ?843,685. 3. Earnings per Ordinary Share The earnings per ordinary share figure is based on the net loss for the half-year of ?777,000 (30 April 2017: profit ?63,032,000; 31 October 2017: profit ?173,008,000) and on 122,606,783 (30 April 2017: 122,606,783; 31 October 2017: 122,606,783) 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 2018 ?'000 (Unaudited) Half-year ended 30 April 2017 ?'000 (Audited) Year ended 31 October 2017 ?'000 Revenue profit 10,447 11,468 25,119 Capital (loss)/profit (11,224) 51,564 147,889 ------------ ------------ ------------ Total (loss)/profit (777) 63,032 173,008 ======= ======= ======= Weighted average number of ordinary shares in issue during each period excluding treasury shares 122,606,783 122,606,783 122,606,783 Revenue earnings per ordinary share 8.52p 9.35p 20.49p Capital (loss)/earnings per ordinary share (9.15p) 42.06p 120.62p ------------ ------------ ------------ Total (loss)/earnings per ordinary share (0.63p) 51.41p 141.11p ======= ======= ======= 4. Current Asset Investment The Company has a holding in Deutsche 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 2018 this holding had a value of ?12,454,000 (30 April 2017: ?15,600,000; 31 October 2017: ?23,252,000). 5. Share Capital At 30 April 2018 there were 123,945,292 ordinary shares of 25p each in issue (30 April 2017: 123,945,292; 31 October 2017: 123,945,292). During the half-year ended 30 April 2018 no shares were issued or bought back (30 April 2017 and 31 October 2017: no shares were issued or bought back). At 30 April 2018 1,338,509 shares were held in treasury (30 April 2017 and 31 October 2017: 1,338,509). Shares held in treasury do not have any voting rights. 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 ?1,065,138,000 (30 April 2017: ?978,735,000; 31 October 2017: ?1,077,563,000) and on 122,606,783 (30 April 2017: 122,606,783; 31 October 2017: 122,606,783) ordinary shares, being the number of ordinary shares in issue with voting rights at the period end. 7. Bank loan At 30 April 2018, the Company had drawn down ?2,002,000 (30 April 2017: ?nil; 31 October 2017: ?nil) of its ?20 million multi-currency loan facility with RBS International Limited. 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. 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 2018 was ?19,212,000 (30 April 2017: ?20,009,000; 31 October 2017: ?19,467,000). The fair values are calculated using prices quoted on the exchange on which the instruments trade and are categorised as Level 1 as described below. In order to comply with fair value accounting disclosures only, the fair value of the loan note at 30 April 2018 has been estimated to be ?55,241,000 (30 April 2017: ?56,028,000; 31 October 2017: ?55,155,000) 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 it is not traded and the Directors expect it 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 2018 (Unaudited) Level 1 ?,000 Level 2 ?,000 Level 3 ?,000 Total ?,000 Investments including derivatives: - Equity investments 1,098,385 - - 1,098,385 - Fixed interest investments - - 8 8 - Current asset investments 12,454 - - 12,454 ------------- --------- --------- ------------- Total financial assets carried at fair value 1,110,839 - 8 1,110,847 ========= ====== ====== ======= Financial assets at fair value through profit or loss at 30 April 2017 (Unaudited) Level 1 ?,000 Level 2 ?,000 Level 3 ?,000 Total ?,000 Investments including derivatives: - Equity investments 1,001,990 - 376 1,002,366 - Fixed interest investments - - 17 17 - Current asset investments 15,600 - - 15,600 - Foreign exchange contracts - 19 - 19 ------------- ---------- --------- ------------- Total financial assets carried at fair value 1,017,590 19 393 1,018,002 ======== ====== ====== ======= Financial assets at fair value through profit or loss at 31 October 2017 (Audited) Level 1 ?,000 Level 2 ?,000 Level 3 ?,000 Total ?,000 Investments including derivatives: - Equity investments 1,101,371 - 432 1,101,803 - Fixed interest investments - - 13 13 - Current asset investments 23,252 - - 23,252 ------------- ---------- --------- ------------- Total financial assets carried at fair value 1,124,623 - 445 1,125,068 ======== ====== ====== ======= (Unaudited) Half-year (Unaudited) Half-year (Audited) Year ended Level 3 investments at fair value through profit or loss 30 April 2018 ?'000 30 April 2017 ?'000 31 October 2017 ?'000 Opening balance 445 22 22 Transferred into Level 3 - 487 606 Disposal proceeds (9) - (9) Total losses included in the Statement of Comprehensive Income on assets held at year end (428) (116) (174) ------- -------- ---------- Closing balance 8 393 445 ==== ==== ===== 10. Going Concern The assets of the Company consist of securities that are readily realisable and, accordingly, the Board believes that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis. 11. Dividends A first interim dividend of 4.86p (2017: 4.40p) per ordinary share, was paid on 31 May 2018 to shareholders registered on 27 April 2018. The shares were quoted ex-dividend on 26 April 2018. Based on the number of ordinary shares in issue excluding shares held in treasury at 26 April 2018 of 122,606,783 the cost of this dividend was ?5,959,000. The Directors have declared a second interim dividend of 4.86p (2017: 4.70p) and is payable on 31 August 2018 to shareholders on the register on 27 July 2018. The shares will be quoted ex-dividend on 26 July 2018. Based on the number of shares in issue excluding shares held in treasury at 12 July 2018 of 122,606,783 the cost of this dividend will be ?5,959,000. 12. 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 2018 and 2017 has not been audited or reviewed by the auditors. The figures and financial information for the year ended 31 October 2017 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 auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. 13. 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 July 2018. 14. General Information Company Status The Company is a UK domiciled investment trust company. London Stock Exchange Daily Official List (SEDOL): 0076700 / ISIN number is GB0000767003 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 Richard Killingbeck (Chairman), Susan Inglis (Senior Independent Director), Isobel Sharp, CBE (Audit Committee Chair) and Julian Chillingworth. Corporate Secretary Henderson Secretarial Services Limited, represented by Wendy King FCIS. 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 2018 Company Market value 30 April 2018 ?'000 Company Market value 30 April 2018 ?'000 BP 18,847 Hangzhou Hikvision Digital Technology 9,939 Microsoft 17,398 Electronic Arts 9,877 Apple 17,210 Mitsubishi UFJ Financial 9,799 American Express 16,353 The Cooper Companies 8,885 Royal Dutch Shell 15,138 Macquarie 8,861 FedEx 14,442 Deutsche Post 8,534 British American Tobacco 14,003 Lloyds Banking 8,296 Alphabet 13,875 China International Travel 8,245 Union Pacific 13,741 KB Financial 8,141 Estee Lauder 13,724 AmerisourceBergen 8,066 Netflix 12,802 Barclays 7,747 Visa 12,763 Galliford Try 7,611 Berkshire Hathaway 12,613 Samsung 7,553 GlaxoSmithKline 12,291 DSM 7,531 Cognizant Technology Solutions 11,952 Activision Blizzard 7,462 American Tower 11,707 Reckitt Benckiser 7,399 Booking Holdings 11,536 Netease 7,382 Amazon 11,532 Hermes 7,345 Xylem 11,514 Novo-Nordisk 7,222 MasterCard 11,498 Amundi 7,200 Taiwan Semiconductor Manufacturing 10,968 Roper Technologies 7,193 Comcast 10,893 SK Telecom 7,173 ICON 10,448 Bank of China 7,099 Aptiv 10,340 ANTA Sports 7,094 Diageo 10,038 Prudential 7,035 These investments total ?526,315 000 which represents 47.9% of the portfolio. Convertibles, fixed interest and all classes of equity in any one company are treated as one investment. GEOGRAPHICAL DISTRIBUTION Valuation of investments Currency exposure of net assets 30 April 2018 % 31 October 2017 % 30 April 2018 % 31 October 2017 % UK 25.9 26.5 21.7 25.3 Europe (ex UK) 15.8 14.8 17.6 15.2 North America 27.8 27.7 28.7 28.4 Japan 11.4 11.7 11.8 11.2 Pacific (ex Japan, China) 10.1 10.8 10.4 11.1 China 6.1 6.1 6.8 6.3 Emerging Markets 2.9 2.4 3.0 2.5 --------- --------- --------- --------- 100.0 100.0 100.0 100.0 ===== ===== ===== ===== Source: Janus Henderson SECTOR ANALYSIS 30 April 2018 % 31 October 2017 % Financials 22.9 22.9 Consumer Goods 18.5 19.2 Industrials 15.9 16.8 Consumer Services 12.3 11.7 Technology 10.8 11.6 Health Care 5.9 5.1 Oil & Gas 5.2 4.0 Basic Materials 3.7 3.8 Telecommunications 3.6 3.5 Utilities 1.2 1.4 --------- --------- 100.0 100.0 ===== ===== Source: Janus Henderson 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. End CA:00321029 For:BIT Type:INTERIM Time:2018-07-19 08:30:56