LEGAL ENTITY IDENTIFIER:
213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST
PLC
('the
Company')
Unaudited results for the
half-year ended 30 April 2024
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 stock picking investment process, across six regional
portfolios, to identify suitable opportunities. While each regional
portfolio manager employs their own investment style, they all pay
particular regard to cash generation and dividend growth over the
medium term.
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
2024
|
30 April
2023
|
|
Net
asset value ('NAV') per share1
|
122.7p
|
112.3p
|
|
Share price
|
112.2p
|
100.6p
|
|
Revenue return per share
|
1.31p
|
1.29p
|
|
Dividends paid or declared in respect of the
period2
|
1.344p
|
1.24p
|
Total return performance to 30 April 2024
(including dividends reinvested and excluding
transaction costs)
|
|
6 months
%
|
1 year
%
|
3 years
%
|
5 years
%
|
10 years
%
|
|
NAV3
|
17.5
|
14.3
|
17.0
|
50.5
|
174.0
|
|
FTSE
World Index4
|
16.6
|
19.1
|
30.4
|
72.8
|
149.4
|
|
Share price5
|
21.5
|
14.4
|
5.2
|
38.4
|
154.5
|
1 Net asset value per share with
debt at par
2 The first interim dividend for
2024 was paid on 31 May 2024; the second interim dividend has been
declared and will be paid on 30 August 2024
3 Net asset value total return per
share with income reinvested and with debt at fair value
4 For 10 years, the benchmark is a
composite of the FTSE World Index and the FTSE All-Share
Index
5 Share price total return using
mid-market closing price
Sources: Janus Henderson,
Morningstar Direct and LSEG Datastream
INTERIM MANAGEMENT REPORT
CHAIR'S STATEMENT
Dear shareholder
Performance
Your Company has delivered a strong
net asset value total return over the six months ended 30 April
2024 of 17.5% (2023: 8.1%) and a share price total return of 21.5%
(2023: 5.4%), both returns outperforming the FTSE World Index total
return of 16.6% (2023: 3.5%). Stock markets around the world rose
in value principally due to solid corporate profit recovery
exceeding forecasts by analysts. The anticipated tailwind of
interest rate cuts from central banks never materialised as
inflation remained higher than expected. The Fund Manager discusses
the key drivers of performance in the period in more detail in his
report.
Following a strategic review, our
Manager has started a process of concentrating the portfolio into
four regional portfolios and reducing the number of holdings to
approximately 100. This will direct a greater amount of the
Company's capital into the portfolio managers' best investment
ideas and bring greater focus to the regional portfolios. The
reduction in portfolios from six to four will create a Pan European
portfolio, incorporating the UK, and a Pan Asian (ex Japan)
portfolio, including the Chinese A shares. This will reduce the
overlap within these regions and remove potential conflicts. We
continue to believe in the value of regional specialists with
access to stock markets right across the globe.
We are also pleased to announce that
Jamie Ross, our European portfolio manager, will assume the role of
Deputy Fund Manager, following the recent retirement of Mike
Kerley. Jamie has over 17 years of financial industry experience
and has been a member of the Company's investment team since late
2018. We look forward to working more closely with Jamie alongside
our Fund Manager, Alex Crooke.
Revenue
Our net revenue for the six months
was £15.9 million (2023: £16.5 million), equivalent to 1.31p per
share (2023: 1.29p). The reduction in revenue was a result of lower
interest income, partially offset by a lower finance cost following
the repayment of the 8% 2023 debenture on 31 October 2023. A
reduced share count following share buybacks resulted in the
earnings per share increasing by 1.6% over the period.
A first
interim dividend of 0.672p per share (2023: 0.62p) was paid on 31
May 2024. The Board has declared a second interim dividend of
0.672p (2023: 0.62p) per share, an increase of 8.4%, which will be
payable on 30 August 2024 to shareholders on the register on 26
July 2024.
The Board's current expectation is
that the dividend for the full year will be at least 5% above the
total dividend paid in 2023. This continues
the Company's progressive dividend policy of successive annual
dividend growth which it has achieved over the past 57
years.
Share buy-backs
The Company's share price has
continued to trade at a wide discount to its net asset value and we
have taken advantage of this opportunity to buy back shares from
the market. This activity is beneficial to ongoing shareholders, as
shares are only purchased when the Company's shares are trading at
a discount to NAV, thereby enhancing shareholder value.
A total of 49,748,991 shares were bought back at
an average discount of 12.3% to the net asset value in the
six months ended 30 April 2024 (2023: 24,080,927 shares bought back
at an average discount of 9.0%) for a total consideration of
£53.4 million
(2023: £24.9 million). The discount at
30 April 2024 was 8.6% (2023: 10.4%).
Board changes
As mentioned at the year end, Julian
Chillingworth retired from the Board at the Annual General Meeting
in February 2024, having served as a Director for nine years, and
as Senior Independent Director for the latter five years of his
tenure. Richard West, who joined the Board on 1 April 2020, was
appointed as the Company's Senior Independent Director on 23 April
2024.
Outlook
Economic recovery is now under way
in the European and Chinese markets while growth remains robust in
the US and Japan. Corporate earnings should therefore be expected
to continue to grow, supported at some point by interest rate cuts
later this year or next. While share price returns to date have
discounted some of this positive outlook, valuations do not look
stretched which will ensure that your
Company is well placed to continue to grow.
Simon Miller
Chair
25
June 2024
FUND
MANAGER'S
REPORT
Market Review
The six month period to the end of
April 2024 has been a good time to be invested in equity markets,
as a strong recovery in share prices led to most markets reaching
new all-time highs. Investors were optimistic that fading price
inflation would lead to the tight monetary policy being eased by
rate cuts. However, as it turned out, rates were not cut during the
period in any major market and instead it was the delivery of
stronger-than-expected corporate profits that underpinned higher
share prices. In most sectors, companies experienced improving
margins as higher prices stuck and energy costs fell.
The US market was marginally the
better performer during the period, closely followed by Europe,
Japan and the UK. The best performing stocks continued to be those
focused on delivering artificial intelligence ('AI') solutions,
particularly in the US market. However, recovery was fairly broad
based in most markets as financials, industrials and retail exposed
companies performed best, while energy, utilities and telecoms were
laggards.
Performance
As indicated in the Annual Report, a
number of new holdings were purchased in zero yielding US
technology companies, including Alphabet, Amazon and Meta. Results
from these companies were well received during the period, as
margins grew strongly on the back of reducing costs by closing
loss-making divisions and growing revenues. The technology exposure
in the overall portfolio was increased from 16.3% to 22.3%. Despite
these new additions, performance in the US portfolio continued to
lag the benchmark, driven principally by lack of exposure to
Nvidia. There is exposure to semiconductor manufacture across a
wide spectrum of technologies in each of the Japanese, US, Asian
and European portfolios. However, Nvidia is garnering all the
exposure, and investors chasing returns. Undoubtedly they are the
leader in developing AI chips, but we do have concerns that new
orders will start to plateau leading to pricing pressure,
ultimately impacting their share price.
Performance in the Japanese
portfolio was considerably better than the benchmark, delivering a
return nearly 5% ahead. This was driven by recovery in financials
as the Bank of Japan raised interest rates for the first time since
2007, ending the period of negative interest rates. The Yen
weakened over the period but the stock market recovery more than
made up for this, delivering a total return of 20.2% over the
period. The European, Asian and Chinese portfolios also delivered
returns in excess of their benchmarks.
Portfolio
The portfolio has grown in both the
number of regions and stocks over the past decade, delivering
diversification and access to new markets such as China and India.
However this has thrown up conflicts as companies can be dual
listed and choices within sectors have narrowed due to
consolidation by merger or acquisition. We have therefore decided
to consolidate the number of regions to four: North America, Pan
Europe (to include the UK), Pan Asia (ex Japan) and Japan. We will
continue to invest directly in the UK and Chinese markets but with
a single investment team overseeing these regions with greater
scope to invest more capital in the best companies across wider
regions. Jamie Ross, supported by myself, will manage the Pan
European portfolio and Sat Duhra will manage the Pan Asian
portfolio.
Additionally, we have conducted a
careful review of stock selection and portfolio construction. The
conclusion of this work was that smaller holdings were not
improving performance and by concentrating the portfolios, we would
have a higher active stance, an indicator of greater divergence
from the index. We therefore intend to increase the amount of
capital in our best ideas by reducing the number of holdings
towards 100. We will target regional portfolios of 20 investments
with slightly more in the US, as it is a market with significantly
more listed companies and therefore investment opportunities. We
expect the tighter concentrated portfolio to be substantially
implemented by the end of October 2024.
Outlook
We are excited by the prospect of a
focused portfolio, investing more in our best ideas. In meetings
with our investee companies, we are hearing positive messages about
orders improving, restocking from customers and margins holding up.
Inflation has fallen close to central bank targets and the first
interest rate cuts have started in major economic regions. The
overall outlook is more positive than six months ago and should
support the increase in share prices we have seen this
year.
Alex
Crooke
Fund
Manager
25
June 2024
|
MANAGING OUR RISKS
|
|
The principal and emerging 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, Regulatory and Governance
Risks
·
Financial Risks
·
Operational and Cyber Risks
·
Risks associated with Climate Change
|
|
|
|
Information on these risks and
uncertainties and how they are managed are given in the Annual
Report for the year ended 31 October 2023.
Following a recent review, the Board has amended Tax, Legal and
Regulatory Risk to include Governance. All other principal and
emerging risks at the year-end remain and 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 (listed in note 15)
confirm that, to the best of their knowledge:
|
|
|
|
|
(a)
|
the unaudited condensed set of
financial statements has been prepared in accordance with IAS 34 -
Interim Financial Reporting ('IAS 34') and gives a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company as required by Disclosure Guidance and
Transparency Rule 4.2.4R;
|
|
(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 that have taken place in the first six months of the
current financial year and that have materially affected the
financial position or the performance of the Company during the
period; and any changes in related party transactions described in
the latest annual report that could have an impact in the first six
months of the current financial year).
|
On behalf of the Board
Simon Miller
Chair
25 June 2024
For further information
contact:
|
Alex Crooke
Fund Manager
The Bankers Investment Trust
PLC
Telephone: 020 7818 4447
|
Simon Miller
Chair
The Bankers Investment Trust
PLC
Telephone: 020 7818 4233
|
|
Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 4458
|
Harriet Hall
PR Director, Investment
Trusts
Janus Henderson Investors
Telephone: 020 7818 2636
|
CONDENSED STATEMENT OF
COMPREHENSIVE INCOME
|
|
(Unaudited)
Half-year
ended
30 April
2024
|
(Unaudited)
Half-year
ended
30 April
2023
|
(Audited)
Year
ended
31
October 2023
|
|
|
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 on investments held at fair
value through profit or loss
|
-
|
177,057
|
177,057
|
-
|
93,419
|
93,419
|
-
|
37,376
|
37,376
|
|
Investment income
|
19,107
|
-
|
19,107
|
19,070
|
-
|
19,070
|
40,439
|
-
|
40,439
|
|
Other operating income
|
567
|
-
|
567
|
1,073
|
-
|
1,073
|
1,326
|
-
|
1,326
|
|
|
---------
|
-----------
|
---------
|
---------
|
-----------
|
---------
|
-----------
|
------------
|
------------
|
|
Gross revenue and capital gains
|
19,674
|
177,057
|
196,731
|
20,143
|
93,419
|
113,562
|
41,765
|
37,376
|
79,141
|
|
|
----------
|
------------
|
-----------
|
----------
|
------------
|
-----------
|
------------
|
-----------
|
------------
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Management fees (note 2)
|
(910)
|
(2,123)
|
(3,033)
|
(887)
|
(2,071)
|
(2,958)
|
(1,790)
|
(4,176)
|
(5,966)
|
|
Other expenses
|
(642)
|
-
|
(642)
|
(378)
|
-
|
(378)
|
(970)
|
-
|
(970)
|
|
|
---------
|
-----------
|
---------
|
---------
|
-----------
|
---------
|
---------
|
---------
|
---------
|
|
Profit before finance costs and taxation
|
18,122
|
174,934
|
193,056
|
18,878
|
91,348
|
110,226
|
39,005
|
33,200
|
72,205
|
|
Finance costs
|
(519)
|
(1,151)
|
(1,670)
|
(712)
|
(1,573)
|
(2,285)
|
(1,376)
|
(3,211)
|
(4,587)
|
|
|
---------
|
------------
|
---------
|
---------
|
------------
|
---------
|
---------
|
------------
|
------------
|
|
Profit before taxation
|
17,603
|
173,783
|
191,386
|
18,166
|
89,775
|
107,941
|
37,629
|
29,989
|
67,618
|
|
|
---------
|
----------
|
---------
|
---------
|
----------
|
---------
|
---------
|
----------
|
---------
|
|
Taxation
|
(1,662)
|
(59)
|
(1,721)
|
(1,623)
|
-
|
(1,623)
|
(3,061)
|
-
|
(3,061)
|
|
|
---------
|
------------
|
---------
|
---------
|
------------
|
---------
|
---------
|
----------
|
---------
|
|
Profit for the period
|
15,941
|
173,724
|
189,665
|
16,543
|
89,775
|
106,318
|
34,568
|
29,989
|
64,557
|
|
|
=====
|
=======
|
======
|
=====
|
=======
|
======
|
======
|
=======
|
=======
|
|
Earnings per ordinary share (note 3)
|
1.31p
|
14.31p
|
15.62p
|
1.29p
|
6.97p
|
8.26p
|
2.72p
|
2.35p
|
5.07p
|
|
|
=====
|
======
|
======
|
=====
|
======
|
======
|
======
|
=======
|
=======
|
The total columns of this statement
represent the Statement of Comprehensive Income, prepared in
accordance with UK adopted international accounting standards. 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 2024 (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 2023
|
32,878
|
159,797
|
12,489
|
1,084,848
|
43,511
|
1,333,523
|
|
Total comprehensive income:
|
|
|
|
|
|
|
|
- Profit for the period
|
-
|
-
|
-
|
173,724
|
15,941
|
189,665
|
|
Transactions with owners,
recorded
directly to equity:
|
|
|
|
|
|
|
|
Buy-back of shares to treasury
(note 5)
|
-
|
-
|
-
|
(53,389)
|
-
|
(53,389)
|
|
Ordinary dividends paid (note
12)
|
-
|
-
|
-
|
-
|
(16,205)
|
(16,205)
|
|
|
----------
|
----------
|
----------
|
-------------
|
----------
|
--------------
|
|
Total equity at 30 April 2024
|
32,878
|
159,797
|
12,489
|
1,205,183
|
43,247
|
1,453,594
|
|
|
======
|
======
|
======
|
========
|
======
|
========
|
|
|
|
|
|
|
|
|
|
Half-year ended 30 April 2023
(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
2022
|
32,878
|
159,797
|
12,489
|
1,115,343
|
40,159
|
1,360,666
|
|
Total comprehensive
income:
|
|
|
|
|
|
|
|
- Profit for the period
|
-
|
-
|
-
|
89,775
|
16,543
|
106,318
|
|
Transactions with owners,
recorded
directly to equity:
|
|
|
|
|
|
|
|
Buy-back of shares to treasury
(note 5)
|
-
|
-
|
-
|
(24,881)
|
-
|
(24,881)
|
|
Ordinary dividends paid (note
12)
|
-
|
-
|
-
|
-
|
(15,535)
|
(15,535)
|
|
|
----------
|
----------
|
----------
|
-------------
|
----------
|
--------------
|
|
Total equity at 30 April
2023
|
32,878
|
159,797
|
12,489
|
1,180,237
|
41,167
|
1,426,568
|
|
|
======
|
======
|
======
|
========
|
======
|
========
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 October 2023
(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
2022
|
32,878
|
159,797
|
12,489
|
1,115,343
|
40,159
|
1,360,666
|
|
Total comprehensive
income:
|
|
|
|
|
|
|
|
- Profit for the
year
|
-
|
-
|
-
|
29,989
|
34,568
|
64,557
|
|
Transactions with owners, recorded
directly to equity:
|
|
|
|
|
|
|
|
Buy-back of shares to treasury
(note 5)
|
-
|
-
|
-
|
(60,484)
|
-
|
(60,484)
|
|
Ordinary dividends paid (note
12)
|
-
|
-
|
-
|
-
|
(31,216)
|
(31,216)
|
|
|
----------
|
----------
|
-----------
|
-------------
|
----------
|
-------------
|
|
Total equity at 31 October
2023
|
32,878
|
159,797
|
12,489
|
1,084,848
|
43,511
|
1,333,523
|
|
|
======
|
======
|
======
|
========
|
======
|
========
|
The accompanying condensed notes are
an integral part of the financial statements.
CONDENSED
STATEMENT OF FINANCIAL POSITION
|
|
(Unaudited)
As at 30
April
2024
£'000
|
(Unaudited)
As at 30
April
2023
£'000
|
(Audited)
As at 31
October
2023
£'000
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investments held at fair value
through profit or loss
|
1,530,994
|
1,489,862
|
1,428,787
|
|
|
-------------
|
-------------
|
--------------
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Investments held at fair value
through profit or loss (note 4)
|
21,509
|
26,353
|
13,116
|
|
Other receivables
|
7,128
|
13,619
|
19,001
|
|
Cash and cash equivalents
|
28,726
|
43,863
|
14,525
|
|
|
--------------
|
--------------
|
--------------
|
|
|
57,363
|
83,835
|
46,642
|
|
|
--------------
|
--------------
|
--------------
|
|
Total assets
|
1,588,357
|
1,573,697
|
1,475,429
|
|
|
--------------
|
--------------
|
--------------
|
|
Current liabilities
|
|
|
|
|
Other payables
|
(10,604)
|
(6,801)
|
(17,006)
|
|
Debenture stock
|
-
|
(15,000)
|
-
|
|
|
--------------
|
--------------
|
--------------
|
|
|
(10,604)
|
(21,801)
|
(17,006)
|
|
|
--------------
|
--------------
|
--------------
|
|
Total assets less current liabilities
|
1,577,753
|
1,551,896
|
1,458,423
|
|
|
--------------
|
--------------
|
--------------
|
|
Non-current liabilities
|
|
|
|
|
Unsecured loan notes
|
(124,159)
|
(125,328)
|
(124,900)
|
|
|
--------------
|
--------------
|
--------------
|
|
Net
assets
|
1,453,594
|
1,426,568
|
1,333,523
|
|
|
========
|
========
|
========
|
|
|
|
|
|
|
Equity attributable to equity shareholders
|
|
|
|
|
Share capital (note 5)
|
32,878
|
32,878
|
32,878
|
|
Share premium account
|
159,797
|
159,797
|
159,797
|
|
Capital redemption reserve
|
12,489
|
12,489
|
12,489
|
|
Retained earnings:
|
|
|
|
|
Other capital
reserves
|
1,205,183
|
1,180,237
|
1,084,848
|
|
Revenue reserve
|
43,247
|
41,167
|
43,511
|
|
|
--------------
|
--------------
|
--------------
|
|
Total equity
|
1,453,594
|
1,426,568
|
1,333,523
|
|
|
========
|
========
|
========
|
|
Net
asset value per ordinary share (note
6)
|
122.7p
|
112.3p
|
108.0p
|
|
|
======
|
======
|
======
|
|
|
|
|
|
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
2024
£'000
|
(Unaudited)
Half-year
ended
30
April
2023
£'000
|
(Audited)
Year
ended
31
October
2023
£'000
|
|
Operating activities
|
|
|
|
|
Profit before taxation
|
191,386
|
107,941
|
67,618
|
|
Less: gain on investments held at
fair value through profit or loss
|
(177,057)
|
(93,419)
|
(37,376)
|
|
Purchases of investments
|
(353,778)
|
(611,067)
|
(830,071)
|
|
Sales of investments
|
428,187
|
649,246
|
872,865
|
|
Indian capital gains tax paid on
sales
|
(59)
|
-
|
-
|
|
Purchases of current asset
investments
|
(49,907)
|
(44,581)
|
(80,700)
|
|
Sales of current asset
investments
|
41,514
|
18,229
|
67,585
|
|
Increase in securities purchased for
future settlement
|
13,540
|
2,915
|
12,119
|
|
Increase in securities sold for
future settlement
|
(6,271)
|
(5,983)
|
-
|
|
Increase in other
receivables
|
(32)
|
(87)
|
(58)
|
|
Decrease in other payables
|
(104)
|
(236)
|
(169)
|
|
Increase in accrued income
|
(1,651)
|
(2,854)
|
(14,217)
|
|
Add back interest payable ('finance
costs')
|
1,670
|
2,285
|
4,587
|
|
|
------------
|
------------
|
------------
|
|
Net
cash inflow from operating activities
before interest and taxation
|
87,438
|
22,389
|
62,183
|
|
Interest paid
|
(2,438)
|
(1,265)
|
(4,525)
|
|
Taxation on investment
income
|
(1,647)
|
(1,822)
|
(3,290)
|
|
|
------------
|
------------
|
-------------
|
|
Net
cash inflow from operating activities
|
83,353
|
19,302
|
54,368
|
|
|
=======
|
=======
|
=======
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Equity dividends paid
|
(16,205)
|
(15,535)
|
(31,216)
|
|
Redemption of debenture
|
-
|
-
|
(15,000)
|
|
Share buy-backs
|
(53,389)
|
(24,881)
|
(59,579)
|
|
|
------------
|
------------
|
-------------
|
|
Net
cash outflow from financing activities
|
(69,594)
|
(40,416)
|
(105,795)
|
|
|
=======
|
=======
|
=======
|
|
|
|
|
|
|
Increase/(decrease) in cash
|
13,759
|
(21,114)
|
(51,427)
|
|
Cash and cash equivalents at the
start of the period
|
14,525
|
65,871
|
65,871
|
|
Exchange movements
|
442
|
(894)
|
81
|
|
|
-----------
|
-----------
|
-------------
|
|
Cash
and cash equivalents at the end of the period
|
28,726
|
43,863
|
14,525
|
|
|
=======
|
=======
|
=======
|
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 2024. They have been
prepared on a going concern basis and in accordance with UK adopted
international accounting standards and with the Statement of
Recommended Practice for Investment Trusts ('SORP') dated July
2022, where the SORP is consistent with the requirements of UK
adopted international accounting standards.
For the period under review, the
Company's accounting policies have not varied in any material way
from those described in the Annual Report for the year ended 31
October 2023.
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
2024
|
Half-year
ended
30 April
2023
|
Year
ended
31
October 2023
|
|
|
|
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
|
910
|
2,123
|
3,033
|
887
|
2,071
|
2,958
|
1,790
|
4,176
|
5,966
|
|
|
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
=====
|
|
|
|
|
3.
|
Earnings per ordinary share
|
|
|
The earnings per ordinary share
figure is based on the net profit for the half-year of £189,665,000
(30 April 2023: net profit of £106,318,000; 31 October 2023: net
profit of £64,557,000) and on 1,214,507,013 (30 April 2023:
1,286,965,652; 31 October 2023: 1,272,116,196) 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
2024
£'000
|
(Unaudited)
Half-year ended
30 April
2023
£'000
|
(Audited)
Year
ended
31 October
2023
£'000
|
|
|
Revenue profit
|
15,941
|
16,543
|
34,568
|
|
|
Capital profit
|
173,724
|
89,775
|
29,989
|
|
|
|
------------
|
------------
|
------------
|
|
|
Total profit
|
189,665
|
106,318
|
64,557
|
|
|
|
=======
|
=======
|
=======
|
|
|
Weighted average number of ordinary
shares
in issue during each
period
|
1,214,507,013
|
1,286,965,652
|
1,272,116,196
|
|
|
Revenue earnings per ordinary
share
|
1.31p
|
1.29p
|
2.72p
|
|
|
Capital earnings per ordinary
share
|
14.31p
|
6.97p
|
2.35p
|
|
|
|
------------
|
------------
|
------------
|
|
|
Total earnings per ordinary
share
|
15.62p
|
8.26p
|
5.07p
|
|
|
|
=======
|
=======
|
=======
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2024 this holding had a value of
£21,509,000 (30 April 2023: £26,353,000; 31 October 2023:
£13,116,000).
|
|
|
|
|
5.
|
Share capital
|
|
|
At 30 April 2024
there were 1,315,102,830 ordinary shares of 2.5p each in issue of
which 130,619,544 were held in treasury (with no voting rights) (30
April 2023: 1,315,102,830 of which 44,332,551 shares were held in
treasury; 31 October 2023: 1,315,102,830 of which 80,870,553 shares
were held in treasury). During the half-year ended 30 April 2024,
49,748,991 shares were bought back into treasury at a total cost of
£53,389,000 (half year to 30 April 2023: 24,080,927 shares were
bought back into treasury for a total cost of £24,881,000; year to
31 October 2023: 60,618,929 shares were bought back into treasury
for a total cost of £60,484,000). Since the period end, the Company
has bought back 11,181,474 shares for a total cost of
£12,625,000.
|
|
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 £1,453,594,000 (30 April 2023: £1,426,568,000; 31
October 2023: £1,333,523,000) and on 1,184,483,286
(30 April 2023: 1,270,770,279; 31
October 2023: 1,234,232,277) ordinary shares, being
the number of ordinary shares in issue with voting rights at the
period end.
|
|
7.
|
Bank loan
|
|
|
The Company's multi-currency loan
facility with SMBC Bank International plc expired on 1 March 2024
and has not been renewed.
|
|
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 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 2024
was £n/a (30 April 2023: £15,224,000; 31 October 2023: £n/a). The
fair value of the debenture stock was calculated using prices
quoted on the exchange on which the instrument trades and was
categorised as Level 1 as described below.
The fair value of the loan notes at
30 April 2024 has been estimated to be £91,757,000 (30 April 2023:
£94,815,000; 31 October 2023: £88,985,000) and is categorised as
level 3 in the fair value hierarchy as described below. This has
been reflected in the daily NAV announcements since January
2024. Previously the unsecured loan notes were valued at
amortised cost in the fair value
NAV.
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 2024 (Unaudited)
|
Level 1
£'000
|
Level 2
£'000
|
Level 3
£'000
|
Total
£'000
|
|
|
Investments including derivatives:
|
|
|
|
|
|
|
- Equity investments
|
1,530,994
|
-
|
-
|
1,530,994
|
|
|
- Fixed interest
investments
|
-
|
-
|
-
|
-
|
|
|
- Current asset
investments
|
21,509
|
-
|
-
|
21,509
|
|
|
|
--------------
|
---------
|
--------
|
--------------
|
|
|
Total financial assets carried at fair value
|
1,552,503
|
-
|
-
|
1,552,503
|
|
|
|
========
|
=====
|
====
|
========
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value
through profit or loss at 30 April 2023 (Unaudited)
|
Level
1
£'000
|
Level
2
£'000
|
Level
3
£'000
|
Total
£'000
|
|
|
Investments including
derivatives:
|
|
|
|
|
|
|
- Equity investments
|
1,489,862
|
-
|
-
|
1,489,862
|
|
|
- Fixed interest
investments
|
-
|
-
|
-
|
-
|
|
|
- Current asset
investments
|
26,353
|
-
|
-
|
26,353
|
|
|
|
--------------
|
---------
|
--------
|
--------------
|
|
|
Total financial assets carried at
fair value
|
1,516,215
|
-
|
-
|
1,516,215
|
|
|
|
========
|
=====
|
====
|
========
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value
through profit or loss at 31 October 2023 (Unaudited)
|
Level
1
£'000
|
Level
2
£'000
|
Level
3
£'000
|
Total
£'000
|
|
|
Investments including
derivatives:
|
|
|
|
|
|
|
- Equity investments
|
1,428,787
|
-
|
-
|
1,428,787
|
|
|
- Fixed interest
investments
|
-
|
-
|
-
|
-
|
|
|
- Current asset
investments
|
13,116
|
-
|
-
|
13,116
|
|
|
|
--------------
|
---------
|
--------
|
--------------
|
|
|
Total financial assets carried at
fair value
|
1,441,903
|
-
|
-
|
1,441,903
|
|
|
|
========
|
=====
|
====
|
========
|
|
Level 3 investments at fair value through profit or
loss
|
(Unaudited)
Half-year
ended
30 April
2024
£'000
|
(Unaudited)
Half-year
ended
30 April
2023
£'000
|
(Audited)
Year
ended
31 October
2023
£'000
|
|
|
|
|
|
|
Opening balance
|
-
|
1
|
-
|
|
Disposal proceeds
|
-
|
(1)
|
-
|
|
|
------
|
------
|
------
|
|
Closing balance
|
-
|
-
|
-
|
|
|
====
|
====
|
====
|
|
|
|
|
|
|
10.
|
Reconciliation of liabilities arising from financing
activities
|
|
|
|
|
Non-cash changes
|
|
|
|
|
At
1 November
2023
£'000
|
Cash
flows
£'000
|
Amortisation
of issue
costs
£'000
|
Foreign
exchange
£'000
|
At
30 April
2024
£'000
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Financing
liabilities
|
124,900
|
-
|
14
|
(755)
|
124,159
|
|
|
|
-----------
|
-------
|
--------
|
---------
|
------------
|
|
|
Closing liabilities from
financing activities
|
124,900
|
-
|
14
|
(755)
|
124,159
|
|
|
|
=======
|
====
|
====
|
=====
|
=======
|
|
|
|
|
|
|
|
|
Non-cash changes
|
|
|
|
|
At
1
November
2022
£'000
|
Cash
flows
£'000
|
Amortisation
of issue
costs
£'000
|
Foreign
exchange
£'000
|
At
30
April
2023
£'000
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Financing
liabilities
|
139,280
|
-
|
12
|
1,036
|
140,328
|
|
|
|
-----------
|
-------
|
--------
|
---------
|
------------
|
|
|
Closing liabilities from
financing activities
|
139,280
|
-
|
12
|
1,036
|
140,328
|
|
|
|
=======
|
====
|
====
|
=====
|
=======
|
|
|
|
|
|
|
|
|
Non-cash changes
|
|
|
|
|
At
1
November
2022
£'000
|
Cash
flows
£'000
|
Amortisation
of issue
costs
£'000
|
Foreign
exchange
£'000
|
At
31 October
2023
£'000
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
Financing
liabilities
|
139,280
|
(15,000)
|
62
|
558
|
124,900
|
|
|
|
----------
|
-----------
|
--------
|
---------
|
------------
|
|
|
Closing liabilities from
financing activities
|
139,280
|
(15,000)
|
62
|
558
|
124,900
|
|
|
|
======
|
=======
|
====
|
=====
|
======
|
|
11.
|
Going concern
|
|
|
In assessing
the Company's going concern, the Directors have considered among
other things, cash flow forecasts, a review of covenant compliance
including the headroom above the most restrictive covenants, an
assessment of the liquidity of the portfolio and the impact of the
war in Ukraine and the Gaza-Israel conflict. 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 12 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 0.672p
(2023: 0.62p) per ordinary share was paid on 31 May 2024 to
shareholders registered on 26 April 2024. The shares were quoted
ex-dividend on 25 April 2024. Based on the number of ordinary
shares in issue at 25 April 2024 (excluding the shares held in
treasury) of 1,184,483,286 the cost of this dividend was
£7,960,000.
The Directors have declared a second
interim dividend of 0.672p (2023: 0.62p) per ordinary share which
will be payable on 30 August 2024 to shareholders on the register
on 26 July 2024. The shares will be quoted ex-dividend on 25 July
2024. Based on the number of shares in issue, excluding shares held
in treasury, at 25 June 2024 of 1,173,301,812 the cost of this
dividend will be £7,885,000.
|
|
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 2024 and 2023 have
not been audited or reviewed by the Auditor.
The figures and financial
information for the year ended 31 October 2023 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 2023.
|
|
14.
|
Half-year report
|
|
|
The half-year report will 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 early July 2024.
|
|
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
New Zealand Stock Exchange Code:
BIT
Global Intermediary Identification
Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI):
213800B9YWXL3X1VMZ69
Registered Office
201 Bishopsgate, London EC2M
3AE.
Company Registration Number
UK: 00026351
NZ: 645360
Directors
The Directors of the Company are
Simon Miller (Chair), Richard West (Senior Independent Director),
Ankush Nandra (Audit & Risk Assurance Committee Chair), Hannah
Philp (Marketing Committee Chair) and Charlotte Valeur.
Corporate Secretary
Janus Henderson Secretarial Services
UK 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 2024
|
Rank
30 Apr 2024
|
Rank
31 Oct
2023
|
Company
|
Country
|
Valuation
31 Oct
2023
£'000
|
Purchases
£'000
|
Sales
proceeds
£'000
|
Appreciation/
(depreciation)
£'000
|
Valuation
30 Apr
2024
£'000
|
|
|
1
|
1
|
Microsoft
|
US
|
57,500
|
-
|
-
|
6,649
|
64,149
|
|
|
2
|
5
|
KLA Corp
|
US
|
20,579
|
-
|
-
|
8,645
|
29,224
|
|
|
3
|
12
|
American Express
|
US
|
14,457
|
4,827
|
-
|
8,814
|
28,098
|
|
|
4
|
3
|
Accenture
|
US
|
28,251
|
-
|
-
|
(520)
|
27,731
|
|
|
5
|
#
|
Amazon
|
US
|
-
|
25,028
|
-
|
741
|
25,769
|
|
|
6
|
#
|
Alphabet
|
US
|
-
|
21,730
|
-
|
3,641
|
25,371
|
|
|
7
|
7
|
Visa
|
US
|
19,047
|
4,132
|
-
|
1,974
|
25,153
|
|
|
8
|
4
|
UnitedHealth
|
US
|
21,616
|
2,681
|
-
|
(2,845)
|
21,452
|
|
|
9
|
2
|
Apple
|
US
|
30,506
|
-
|
(8,857)
|
(368)
|
21,281
|
|
|
10
|
18
|
CME
|
US
|
12,928
|
8,491
|
-
|
(412)
|
21,007
|
|
|
11
|
10
|
Toyota Motor
|
Japan
|
16,790
|
-
|
(1,176)
|
5,215
|
20,829
|
|
|
12
|
11
|
Novo Nordisk
|
Denmark
|
15,734
|
-
|
-
|
4,853
|
20,587
|
|
|
13
|
#
|
Morgan Stanley
|
US
|
8,831
|
7,819
|
-
|
2,550
|
19,200
|
|
|
14
|
20
|
Chevron
|
US
|
12,592
|
5,343
|
-
|
1,105
|
19,040
|
|
|
15
|
9
|
TotalEnergies
|
France
|
16,810
|
-
|
-
|
1,075
|
17,885
|
|
|
16
|
#
|
Meta
|
US
|
-
|
15,320
|
-
|
2,009
|
17,329
|
|
|
17
|
13
|
McDonald's
|
US
|
13,802
|
3,030
|
-
|
(53)
|
16,779
|
|
|
18
|
19
|
Deere
|
US
|
12,667
|
3,115
|
-
|
530
|
16,312
|
|
|
19
|
15
|
Texas Instruments
|
US
|
13,412
|
-
|
-
|
2,722
|
16,134
|
|
|
20
|
21
|
Oracle
|
US
|
12,288
|
1,269
|
-
|
861
|
14,418
|
|
|
21
|
#
|
ASML
|
Netherlands
|
8,770
|
1,731
|
-
|
3,883
|
14,384
|
|
|
22
|
47
|
BP
|
UK
|
9,198
|
4,651
|
(832)
|
884
|
13,901
|
|
|
23
|
17
|
Procter & Gamble
|
US
|
13,092
|
-
|
-
|
710
|
13,802
|
|
|
24
|
37
|
Starbucks
|
US
|
9,785
|
4,476
|
-
|
(940)
|
13,321
|
|
|
25
|
8
|
AstraZeneca
|
UK
|
17,286
|
-
|
(6,140)
|
2,172
|
13,318
|
|
|
26
|
40
|
Marriott
|
US
|
9,608
|
1,620
|
-
|
2,059
|
13,287
|
|
|
27
|
32
|
Lloyds Banking
|
UK
|
10,370
|
438
|
(773)
|
3,153
|
13,188
|
|
|
28
|
#
|
Lam Research
|
US
|
8,660
|
298
|
-
|
4,181
|
13,139
|
|
|
29
|
41
|
Eli Lilly
|
US
|
9,556
|
-
|
-
|
3,509
|
13,065
|
|
|
50
Largest Investments continued
At 30 April 2024
|
|
|
|
|
|
|
Rank
30 Apr 2024
|
Rank
31 Oct
2023
|
Company
|
Country
|
Valuation
31 Oct
2023
£'000
|
Purchases
£'000
|
Sales
proceeds
£'000
|
Appreciation/
(depreciation)
£'000
|
Valuation
30 Apr
2024
£'000
|
|
30
|
#
|
Hershey
|
US
|
7,789
|
5,021
|
-
|
145
|
12,955
|
|
31
|
33
|
Hitachi
|
Japan
|
10,313
|
-
|
(2,309)
|
4,435
|
12,439
|
|
32
|
28
|
Nike
|
US
|
10,765
|
3,233
|
-
|
(1,656)
|
12,342
|
|
33
|
#
|
Daiichi Sankyo
|
Japan
|
8,892
|
1,228
|
(755)
|
2,738
|
12,103
|
|
34
|
27
|
Abbott Laboratories
|
US
|
11,026
|
114
|
-
|
956
|
12,096
|
|
35
|
#
|
Constellation Brands
|
US
|
4,707
|
6,778
|
-
|
471
|
11,956
|
|
36
|
#
|
Marsh & McLennan
|
US
|
6,101
|
5,290
|
-
|
401
|
11,792
|
|
37
|
#
|
Broadcom
|
US
|
7,203
|
801
|
-
|
3,620
|
11,624
|
|
38
|
29
|
Shin-Etsu
Chemical
|
Japan
|
10,628
|
-
|
(2,251)
|
3,034
|
11,411
|
|
39
|
43
|
Safran
|
France
|
9,490
|
-
|
(1,524)
|
3,435
|
11,401
|
|
40
|
#
|
Unicredit
|
Italy
|
7,812
|
-
|
-
|
3,379
|
11,191
|
|
41
|
#
|
Taiwan Semiconductor
Manufacturing
|
Taiwan
|
8,214
|
-
|
(1,094)
|
4,048
|
11,168
|
|
42
|
35
|
Honeywell
|
US
|
9,925
|
1,035
|
-
|
143
|
11,103
|
|
43
|
30
|
Sanofi
|
France
|
10,419
|
-
|
-
|
669
|
11,088
|
|
44
|
#
|
Samsung Electronics
|
South Korea
|
6,752
|
6,613
|
(3,194)
|
820
|
10,991
|
|
45
|
44
|
SAP
|
Germany
|
9,364
|
-
|
(1,528)
|
2,949
|
10,785
|
|
46
|
42
|
Sumitomo Mitsui
|
Japan
|
9,538
|
755
|
(1,091)
|
1,493
|
10,695
|
|
47
|
#
|
IBM
|
US
|
6,998
|
2,726
|
-
|
641
|
10,365
|
|
48
|
49
|
AbbVie
|
US
|
9,136
|
-
|
-
|
1,061
|
10,197
|
|
49
|
48
|
ADP
|
US
|
9,158
|
298
|
-
|
694
|
10,150
|
|
50
|
#
|
Siemens
|
Denmark
|
-
|
10,304
|
-
|
(162)
|
10,142
|
|
|
|
|
|
598,365
|
160,195
|
(31,524)
|
100,111
|
827,147
|
All securities are equity
investments
# Not in top 50 at 31 October
2023
Convertibles and all classes of
equity in any one company are treated as one investment
|
REVENUE GENERATED
|
|
|
|
30 April
2024
£million
|
30 April
2023
£million
|
|
UK
|
4.4
|
4.7
|
|
Europe (ex UK)
|
3.5
|
3.1
|
|
North America
|
5.6
|
5.4
|
|
Japan
|
2.2
|
2.4
|
|
Pacific (ex Japan and
China)
|
2.8
|
3.4
|
|
China
|
0.3
|
0.1
|
|
Emerging Markets
|
0.3
|
-
|
|
|
---------
|
---------
|
|
|
19.1
|
19.1
|
|
|
=====
|
=====
|
|
Source: Janus Henderson
|
|
|
|
|
|
|
GEOGRAPHICAL ANALYSIS
Equities excluding cash held
|
Valuation of investments
|
|
|
30 April
2024
%
|
31 October
2023
%
|
|
UK
|
13.9
|
15.1
|
|
Europe (ex UK)
|
17.1
|
16.7
|
|
North America
|
42.4
|
40.2
|
|
Japan
|
13.1
|
13.1
|
|
Pacific (ex Japan and
China)
|
7.6
|
9.9
|
|
China
|
4.6
|
5.0
|
|
Emerging Markets
|
1.3
|
-
|
|
|
---------
|
---------
|
|
|
100.0
|
100.0
|
|
|
=====
|
=====
|
|
Source: Janus Henderson
|
|
|
|
SECTOR ANALYSIS
As a percentage of the investment portfolio
excluding cash
|
|
|
30 April
2024
%
|
31 October
2023
%
|
|
Technology
|
22.3
|
16.3
|
|
Financials
|
19.4
|
16.9
|
|
Consumer Discretionary
|
15.7
|
16.0
|
|
Industrials
|
14.4
|
17.2
|
|
Health Care
|
10.9
|
12.6
|
|
Consumer Staples
|
7.7
|
9.5
|
|
Energy
|
3.7
|
3.9
|
|
Basic Materials
|
3.3
|
2.8
|
|
Utilities
|
1.0
|
1.2
|
|
Telecommunications
|
0.9
|
2.5
|
|
Real Estate
|
0.7
|
1.1
|
|
|
---------
|
---------
|
|
|
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) are
incorporated into, or forms part of, this
announcement.
*********************************
|