Bankers Investment Trust Plc

Global Equity Income

Rated Fund 2013-19. Solid choice for global large companies

Bankers represents a “very solid choice” for global large company exposure, according to Morningstar, and we continue to regard it highly thanks to its impressive long-term record.

Although its yield is a relatively modest 2.5%, Bankers, one of the UK’s oldest investment trusts, has one of the longest records for consecutive annual dividend increases at 52 years. It also aims for dividend growth in excess of the increase in the retail prices index.

Bankers has separate regional portfolios, run by regional specialists. It has a very well-diversified portfolio with nearly 200 holdings.

Alex Crooke has been its manager since 2003. He takes a keen interest in global developments and how government policies are shaping the fortunes of different countries and regions. Crooke also runs the UK segment, which has been reduced from just under a half of the portfolio to just over one quarter in recent years. Almost one third is invested in North America. Following the reduction in the UK element, Bankers’ exposure to Europe, the Pacific region and Japan has increased. They now account for 16%, 14% and 12% of the portfolio, respectively.

The shares can typically be bought at a small discount to net asset value, and have traded within Alex Crooke a range of -10% to +2% in the past three years.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Name
Bankers Investment Trust Plc
Manager
Bankers Investment Trust PLC
Type
Closed Ended Investment Company
ISIN
GB0000767003
Sector
Global
Launched
13/04/1888
OCF
0.5 %
Risk Rating
4
3 Year Sharpe
1.18
3 Year Alpha
4.58
Yield
2.1 %
Benchmark
FTSE World TR GBP
Fund Size
£ 1.27 billion
NAV
998
Gearing
98
Discount Premium
1
To achieve capital growth in excess of the FTSE World Index and annual dividend growth greater than inflation, by investing in companies listed throughout the world.
Holding %
The Estee Lauder Companies Inc Class A 2.33 %
Microsoft Corp 2.22 %
American Express Co 2.00 %
American Tower Corp 1.76 %
Mastercard Inc A 1.62 %
Visa Inc Class A 1.61 %
Comcast Corp Class A 1.58 %
Berkshire Hathaway Inc B 1.58 %
Icon PLC 1.46 %
GlaxoSmithKline PLC 1.38 %
Region %
United States 33.81 %
United Kingdom 24.79 %
Japan 11.77 %
Eurozone 9.67 %
Asia - Emerging 8.31 %
Asia - Developed 5.35 %
Sector %
Financial Services 20.58 %
Technology 15.47 %
Consumer Defensive 13.62 %
Consumer Cyclical 12.51 %
Industrials 9.11 %
Healthcare 9.10 %
Basic materials 5.44 %
Name
Bankers Investment Trust PLC
Address
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Gordon MacKay
Joined 07/01/2018

Gordon Mackay is a Portfolio Manager on the UK-based Global Equities Team at Janus Henderson Investors, a position he has held since joining Henderson in 2016. He is also a Portfolio Manager on the International Opportunities strategy. Most recently, Gordon was a senior investment analyst at Speirs & Jeffrey Ltd covering a range of UK equity sectors. From 2004 to 2014, he was a portfolio manager at Ignis Asset Management responsible for managing a range of Asian equity portfolios. Prior to this, Gordon was with Abbey National Asset Managers for seven years, first as a trainee investment analyst covering North American equities before progressing to become an investment manager for that region. He began his career at Clydesdale Bank plc as a bank officer in 1991. Gordon has a BA degree (Hons) in economics and finance from the University of Strathclyde. He is an Associate Member of the Society of Investment Professionals (ASIP) and an Associate Member of the Chartered Banker Institute (ACBI).

Jamie Ross
Joined 07/01/2018

Jamie Ross is a Fund Manager of European equities at Janus Henderson Investors, a position he has held since 2016. He was appointed as a joint Fund Manager for a European investment trust in 2018. He is also a Fund Manager on the International Opportunities strategy. Prior to this, he was a fund manager on the UK Equities Team, where he co-managed a UK equities pooled fund. Before that, he was an assistant fund manager on the Pan European Equities Team. He started his career with Henderson in 2007. Jamie graduated with a BA degree (Hons) in economics from Durham University. He holds the Chartered Financial Analyst designation.

Junichi Inoue
Joined 07/01/2016

Junichi Inoue is Head of Japanese Equities at Janus Henderson Investors, a position he has held since joining Henderson in 2016. Junichi is also a Fund Manager on the International Opportunities strategy. Prior to Henderson, he worked at DIAM Asset Management, where he was a fund manager for global REITs on the broader equity team from 2012. Before that, he was with BlackRock for 14 years after originally being hired by Mercury Asset Management in Tokyo in 1998. (Mercury Asset Management was acquired by Merrill Lynch in 1997; their asset management business merged with BlackRock in 2006.) During this time, he covered Japanese equities as an analyst and portfolio manager and interacted with global/EAFE teams in London. From 2002 to 2006, he was based in London, working as part of the global equity team covering Japanese markets. In 2006, he moved back to Tokyo, where he managed fundamental Japan equity portfolios across all capitalisations until his departure in 2012. Junichi holds a bachelor of laws degree from Hitotsubashi University.

David Smith
Joined 07/01/2008

David Smith is a Portfolio Manager on the Global Equity Income Team at Janus Henderson Investors, a position he has held since 2008. David manages an investment trust and a number of UK equity institutional funds. He joined Henderson in 2002, initially working in operations and progressing to the UK Equities Team, and is now part of the Global Equity Income Team. David graduated with a BSc degree (Hons) in chemistry from Bristol University. He holds the Investment Management Certificate and the Chartered Financial Analyst designation.

Michael Kerley
Joined 07/01/2007

Mike Kerley is Director of Pan-Asian Equities and a Portfolio Manager at Janus Henderson Investors. He has managed Pacific equities since joining Henderson in 2004. Mike has been managing investment trusts at Henderson since 2007 and is co-manager of the Janus Henderson Asian Dividend Income strategy. Previously, he worked at ISIS Asset Management as director of Pacific Basin equities. Prior to this, he worked in the operations department at INVESCO Asset Management. Mike attended the London Business School where he studied investment management.

Alex Crooke
Joined 07/01/2003

Alex Crooke is Co-Head of Equities – EMEA and Asia Pacific at Janus Henderson Investors, a position he has held since 2018. Alex is responsible for equities in the EMEA and APAC regions and is a Portfolio Manager for the Global Equity Income and Global Dividend & Income strategies. Previously, he was head of global equity income and specialist equities from 2013. Alex was recruited by Henderson to co-manage the UK assets of an investment trust in 1994 as an associate director. He later became the fund manager responsible for a number of UK and Global income orientated equity products. Alex began his investment career with Equitable Life Assurance Society in 1990 as a U.S. investment analyst. Alex holds a BSc (Hons) in physics and astrophysics from Manchester University and is an associate member of the Society of Investment Professionals.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.