Bankers Investment Trust Plc

Global Equity Income

Rated Fund 2013-2018. Seeks good total returns from income and capital

Bankers previously appeared in our Global Growth asset group, but in 2017 we switched it into the Global Equity Income category to reflect its impressive record of dividend income increases.

Although its yield is a relatively modest 2.2 per cent, Bankers, one of the UK's oldest investment trusts, has one of the longest records for consecutive annual dividend increases, at 51 years. It also aims for dividend growth in excess of the increase in the retail prices index.

Bankers has separate regional portfolios covering the UK, Europe ex UK, North America, Japan, Asia Pacific ex Japan, China and emerging markets, which are managed by regional specialists. It has a very well diversified portfolio with nearly 200 holdings. Alex Crooke, its manager since 2003, is responsible for the asset allocation of the trust, deciding how much to invest in different markets.

Crooke takes a keen interest in global developments and how government policies are shaping the fortunes of different countries and regions. He 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. A similar proportion is invested in North America. Following the reduction in the UK element, Bankers' exposure to the Pacific region, Europe and Japan has increased.

The shares can typically be bought at a small single-digit discount to net asset value, and have traded within a range of -11.7 per cent to +3.4 per cent in the past three years.

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Name
Bankers Investment Trust Plc
Manager
Janus Henderson Investors Ltd
Type
Closed Ended Investment Company
ISIN
GB0000767003
Sector
Global
Launched
13/04/1888
OCF
0.44 %
Risk Rating
4
3 Year Sharpe
1.12
3 Year Alpha
0.36
Yield
2.1 %
Fund Size
£ 1.09 billion
NAV
914
Gearing
103
Discount Premium
-4
The Company seeks to maximise returns for shareholders through a broadly diversified international portfolio. The trust aims to deliver capital growth in excess of the FTSE World Index, and regular dividend growth that exceeds the rise in the Retail Prices Index (RPI). To achieve these objectives, the Company’s investment policy is to invest its assets in a portfolio primarily composed of international equities. The portfolio is broadly diversified by both geography and sector in order to reduce investment risk. The Manager has the flexibility to invest in any geographic region and has no set limits on individual country or sector exposures, although the Board regularly monitors the Company’s investments and the Manager’s investment activity. The Manager primarily employs a bottom up value based investment process to identify suitable opportunities and pays particular regard to cash generation and dividends.
Holding %
BP PLC 1.74 %
Microsoft Corp 1.61 %
Apple Inc 1.59 %
American Express Co 1.51 %
Royal Dutch Shell PLC B 1.40 %
FedEx Corp 1.34 %
British American Tobacco PLC 1.30 %
Union Pacific Corp 1.27 %
The Estee Lauder Companies Inc Class A 1.27 %
Netflix Inc 1.18 %
Region %
United States 27.85 %
United Kingdom 26.12 %
Eurozone 11.83 %
Japan 11.40 %
Asia - Emerging 10.58 %
Sector %
Financial Services 20.26 %
Technology 16.29 %
Consumer Cyclical 15.28 %
Industrials 11.83 %
Consumer Defensive 11.30 %
Healthcare 7.12 %
Communication Services 5.67 %
Energy 5.15 %
Name
Janus Henderson Investors Ltd
Address
EC2M 3AE, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

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.

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