Interim / Quarterly Report • Jul 2, 2025
Interim / Quarterly Report
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Update for the half year ended 30 April 2025
Investing in bright ideas around the world
10 Financial summary
12 Additional information
13 Corporate information
This Update contains material extracted from the unaudited results of the Company for the six months ended 30 April 2025. The unabridged results for the half year are available on the Company's website:
www.bankersinvestmenttrust.com
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, by investing in companies listed throughout the world.
Growth & Income Global
Bankers has the flexibility to invest in any geographic region and any sector with no set limits on individual country or sector exposures.
As a percentage of the investment portfolio
| As at 30 Apr 2025 |
As at 31 Oct 2024 |
|
|---|---|---|
| North | % | % |
| 59.9% America North America 21.0% Pan Europe |
59.9 | 49.6 |
| 11.5% Pan Europe Japan |
21.0 | 25.6 |
| 7.6% Pan Asia Japan |
11.5 | 13.5 |
| Pan Asia | 7.6 | 11.3 |
Source: Janus Henderson
Six months to 30 April 2025
NAV per share1 total return 2025
-4.0% (2024: 17.5%)
Share price2 total return 2025
0.1% (2024: 21.5%)
NAV per share1 At 30 April 2025
121.5p (2024: 125.5p)
Share price At 30 April 2025
109.6p (2024: 112.2p)
Dividends paid or declared in respect of the period3
1.372p (2024: 1.344p)
Revenue return per share
1.16p (2024: 1.31p)
| 6 months % |
1 year % |
3 years % |
5 years % |
10 years % |
|
|---|---|---|---|---|---|
| NAV1 | -4.0 | -1.1 | 14.8 | 49.3 | 129.2 |
| Share Price2 | 0.1 | 0.0 | 11.5 | 35.7 | 118.1 |
| FTSE World index4 | -2.6 | 5.3 | 29.5 | 83.9 | 144.4 |
Net asset value total return per share with income reinvested and with debt at fair value, see page 11
2 Share price total return using mid-market closing price
The first interim dividend for 2025 was paid on 30 May 2025; the second interim dividend has been declared and will be paid on 29 August 2025 4 For 10 years, the benchmark is a composite of the FTSE World Index and the FTSE All-Share Index
Sources: Janus Henderson, Morningstar Direct and LSEG Datastream
The Board will continue to deliver the Company's progressive dividend policy of successive annual dividend growth which it has achieved every year over the past 58 years."
The first half of the year has been dominated by the impact on markets of Donald Trump's election. The positive market enthusiasm which accompanied Trump's victory in November had evaporated by early April when he announced a swathe of much higherthan-expected tariffs on all US trading partners. My last statement highlighted that the greatest uncertainty this year would be the outcome of US tariffs. Share prices fell from their peak in February, as the new administration started discussing plans for trade tariffs on imported goods to the US market. Markets do not like uncertainty and investors sold both bonds and equities, forcing down the value of the US dollar. Performance was positive in Europe and Japan where governments are finally tackling slower growth with more reforms and increased spending plans.
Your Company has delivered a net asset value total return over the six months ended 30 April 2025 of -4.0% (six months to 30 April 2024: +17.5%) and a share price total return of +0.1% (2024: +21.5%), compared with the FTSE World Index benchmark total return of -2.6% (2024: +16.6%) over the same period. Most of the underperformance in the portfolio happened in November, following a sharp rise in US stocks associated with the new administration's policies. Over the remainder of the period, the portfolio outperformed its benchmark, and this outperformance continued through May. The Fund Manager discusses the key drivers of performance in his report.
Our net revenue for the six months was £12.6 million (2024: £15.9 million), equivalent to 1.16p per share (2024: 1.31p). We expected the reduction in revenue as a result of increasing investment into growth stocks. Companies in the Technology and Healthcare sectors have significant growth opportunities and are prioritising investment spending over dividends. The expectation is that profits will accelerate over time and ultimately lead to higher dividends. In the short term, drawing down on our revenue reserves will allow maintenance of a progressive dividend.
A first interim dividend of 0.686p per share (2024: 0.672p) was paid on 30 May 2025. The Board has declared a second interim dividend of 0.686p (2024: 0.672p) per share, an increase of 2.1%, which will be payable on 29 August 2025 to shareholders on the register on 25 July 2025.
The Board's current expectation is that the dividend for the full year will be at least 2% above the total dividend paid in 2024. This modest forecast reflects the current uncertainty in the market's forecasts for corporate profits and therefore dividends. However, it will continue to deliver the Company's progressive dividend policy of successive annual dividend growth which it has achieved every year over the past 58 years.
The Company's share price has continued to trade at a 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 they are trading at a discount, thereby enhancing shareholder value.
A total of 82,700,048 shares were bought back at an average discount of 10.2% to the net asset value in the six months ended 30 April 2025 (2024: 49,748,991 shares bought back at an average discount of 12.3%) for a total consideration of £97.1 million (2024: £53.4 million). The discount at 30 April 2025 was 9.8% (2024: 10.6%).
The hope is that the US will agree a reasonable level of tariffs with key trading partners. However, if the ongoing uncertainty extends through the summer, this will impact growth and ultimately profits. It would be premature to write off the US stock market at this point, given further reforms could well support growth in the economy.
Chair 25 June 2025
The Board's current expectation is that the dividend for the full year will be at least 2% above the total dividend paid in 2024."
Since November, the asset allocation has been more favourable and stock selection has improved although we were unable to make up all the earlier underperformance."
The six months to the end of April 2025 was a particularly volatile period for both bond and share prices, encompassing the presidential win by Donald Trump and the subsequent slew of new presidential orders. The US stock market rose by 5% in November, on the back of optimism that Trump would be business friendly, delivering tax cuts and policies to promote growth. This honeymoon period did not last long into the new year before worries started to arise. Markets peaked in February, then fell sharply on concerns about trade tariffs disrupting corporates and creating price inflation for consumers. The unveiling of specific country tariff rates on Liberation Day, in early April, shocked investors and was compounded by the face-off with China with their tariffs rising above 100%. Since then, markets have recaptured much of the fall, with hopes that pragmatism will prevail.
The US has called on other nations to raise their defence spending, which has spurred Germany to significantly raise investment spending on defence and energy. The promise of higher spending in Europe has supported their stock markets, although the real effect on GDP growth will be a few years into the future. Japan also performed well, as the currency strengthened and interest rates increased, supporting large sectors of the market like banks.
The policy uncertainty has driven a fear of recession, but corporate results delivered broadly in line with forecasts. While estimates for this year's growth have been reduced, most commentators are still predicting economic and corporate profit growth for all regions.
The portfolio underperformed the benchmark during November due to lower exposure to the US market than the index and underperformance of stock selection
in the US market. Since November, the asset allocation has been more favourable and stock selection has improved, although we were unable to make up all the underperformance. The best regions in absolute terms have been Europe and Japan: both rose by 5.5% in Sterling terms during the period. The Japanese stocks outperformed their benchmark index by 3%, driven predominantly by financials but Sony also put in a good performance, driven by high expectations on the gaming side of the business.
Financials generally were the largest positive contributor to relative performance. Banks have performed well as earnings are supported by interest rate hedging and expanding loan books, while cost pressure is easing through new digital offerings. Technology also performed well, driven by ongoing AI optimism although performance faded in the technology hardware sector on worries about tariffs. Healthcare and retail sectors held back performance. Valuations in the healthcare sector fell on concerns about pricing, tariffs and drug patent expiries. In the consumer sectors, rising prices have caused shoppers to prioritise their spending and to favour better value offerings, hitting margins.
The portfolio's allocation to the US market was increased following the US presidential election as the market friendly Republican party claimed the victory. Even with the allocation to the US market peaking at 63%, it remained below the benchmark's US allocation. Over the remaining months we have used the US market as a source of cash to fund the share buybacks, reducing the allocation to 60% by the period end. Gearing has been maintained at around 5% during the period, as we made sure that we were positioned for a bounce in markets. The portfolio is overweight Europe and Japan relative to the benchmark, as we feel valuations are more appealing,
combined with less exposure to the challenges of rising trade tariffs.
It is notable that share prices have recovered most of their fall this year despite any real certainty on trade negotiations between the US and their trading partners. Bringing manufacturing back to the US is likely to be impractical in some key sectors like textiles and is certain to depress margins in sectors like pharmaceuticals and technology. If tariffs end up in the 10% to 20% range, then the market is likely to move its focus to the more business friendly policies in the US, such as tax reforms and deregulation. Elsewhere in the world, economic growth is recovering from last year's slowdown and interest rate cuts are supporting easier monetary conditions. Valuations are lower than the US and may improve as confidence in growth increases.
Fund Manager 24 June 2025
As a percentage of the investment portfolio excluding cash
| As at 30 Apr 2025 £million |
As at 30 Apr 2024 £million |
|
|---|---|---|
| North North America 59.9% America |
7.6 | 5.6 |
| Pan Europe 21.0% |
4.4 | 7.9 |
| Pan Europe Pan Asia |
2.2 | 3.1 |
| 11.5% Japan Japan |
1.9 | 2.2 |
| 7.6% Pan Asia Emerging Markets |
- | 0.3 |
| 16.1 | 19.1 | |
Comparatives for 30 April 2024 have been restated for the change in portfolio sleeve. UK has been included in Pan Europe and China has been included in Pan Asia.
| Rank 30 Apr 2025 |
Rank 31 Oct 2024 |
Company | Country | Valuation 31 Oct 2024 £'000 |
Purchases £'000 |
Sales proceeds £'000 |
Appreciation/ (depreciation) £'000 |
Valuation 30 Apr 2025 £'000 |
|---|---|---|---|---|---|---|---|---|
| 1 | 1 | Microsoft | US | 65,307 | 16,451 | (9,586) | (6,377) | 65,795 |
| 2 | 5 | Alphabet | US | 27,066 | 19,084 | (1,683) | (5,821) | 38,646 |
| 3 | 4 | Broadcom | US | 28,032 | 9,158 | (1,463) | 2,867 | 38,594 |
| 4 | 3 | Amazon | US | 35,436 | 10,568 | (6,413) | (2,614) | 36,977 |
| 5 | 2 | Apple | US | 46,595 | 12,592 | (18,723) | (4,842) | 35,622 |
| 6 | 11 | Meta | US | 23,260 | 12,931 | (3,585) | (2,946) | 29,660 |
| 7 | 29 | Eli Lilly | US | 17,064 | 10,956 | (1,080) | 1,234 | 28,174 |
| 8 | 6 | KLA Corp | US | 26,961 | 5,667 | (5,792) | 522 | 27,358 |
| 9 | 8 | Visa | US | 25,759 | 6,978 | (9,773) | 3,869 | 26,833 |
| 10 | 10 | American Express US | 23,729 | 6,701 | (2,086) | (2,227) | 26,117 | |
| 11 | 40 | Philip Morris International |
US | 14,707 | 7,396 | (1,316) | 5,243 | 26,030 |
| 12 | 21 | Morgan Stanley | US | 19,775 | 7,561 | (1,333) | (1,408) | 24,595 |
| 13 | 43 | Amphenol | US | 14,164 | 6,470 | (765) | 1,499 | 21,368 |
| 14 | # | JPMorgan Chase | US | - | 23,520 | (945) | (1,626) | 20,949 |
| 15 | 12 | Chevron | US | 22,799 | 6,182 | (5,958) | (2,866) | 20,157 |
| 16 | # | Intuit | US | 9,968 | 11,354 | (894) | (712) | 19,716 |
| 17 | 14 | Siemens | Germany | 22,118 | - | (5,308) | 2,794 | 19,604 |
| 18 | 36 | Johnson & Johnson |
US | 15,622 | 5,551 | (1,026) | (1,083) | 19,064 |
| 19 | 24 | Deutsche Boerse | Germany | 18,149 | - | (4,180) | 4,772 | 18,741 |
| 20 | 27 | Prologis | US | 17,850 | 4,585 | (1,187) | (2,903) | 18,345 |
| 21 | 7 | CME | US | 26,908 | 7,276 | (20,132) | 3,569 | 17,621 |
| 22 | 41 | Verizon Communications US |
14,696 | 6,587 | (3,455) | (221) | 17,607 | |
| 23 | 18 | National Grid | UK | 20,462 | - | (4,595) | 1,736 | 17,603 |
| 24 | 44 | Raytheon Technologies |
US | 13,998 | 3,878 | (682) | 80 | 17,274 |
| 25 | 31 | NatWest | UK | 16,742 | - | (4,181) | 4,321 | 16,882 |
All securities are equity investments.
Convertibles and all classes of equity in any one company being treated as one investment
| Rank 30 Apr 2025 |
Rank 31 Oct 2024 |
Company | Country | Valuation 31 Oct 2024 £'000 |
Purchases £'000 |
Sales proceeds £'000 |
Appreciation/ (depreciation) £'000 |
Valuation 30 Apr 2025 £'000 |
|---|---|---|---|---|---|---|---|---|
| 26 | 34 | Marriott International |
US | 16,018 | 5,862 | (2,950) | (2,849) | 16,081 |
| 27 | 39 | Stryker | US | 14,718 | 2,376 | (1,465) | 34 | 15,663 |
| 28 | # | Booz Allen Hamilton |
US | 10,756 | 11,323 | (603) | (5,944) | 15,532 |
| 29 | 28 | Accenture | US | 17,249 | 7,620 | (7,179) | (2,310) | 15,380 |
| 30 | # | Walt Disney | US | - | 20,126 | (601) | (4,197) | 15,328 |
| 31 | # | Progressive | US | - | 14,450 | (635) | 1,366 | 15,181 |
| 32 | # | Eaton | US | 10,586 | 7,810 | (435) | (2,792) | 15,169 |
| 33 | 22 | UniCredit | Italy | 18,904 | - | (7,181) | 3,176 | 14,899 |
| 34 | # | Dell Technologies US | 7,303 | 14,634 | (580) | (6,597) | 14,760 | |
| 35 | 25 | Oracle | US | 18,142 | 5,593 | (4,679) | (4,328) | 14,728 |
| 36 | 33 | Roche | Switzerland | 16,287 | 1,890 | (3,453) | (86) | 14,638 |
| 37 | 19 | SGS | Switzerland | 20,297 | - | (3,818) | (1,983) | 14,496 |
| 38 | 9 | UnitedHealth | US | 25,474 | 3,887 | (7,972) | (6,919) | 14,470 |
| 39 | 15 | Compass | UK | 21,843 | - | (8,503) | 791 | 14,131 |
| 40 | # | Salesforce | US | - | 18,037 | (643) | (3,558) | 13,836 |
| 41 | 20 | TotalEnergies | France | 19,844 | - | (4,148) | (1,871) | 13,825 |
| 42 | # | Trane Technologies |
US | 9,275 | 5,518 | (532) | (500) | 13,761 |
| 43 | 26 | Hermès | France | 18,123 | - | (7,482) | 3,003 | 13,644 |
| 44 | # | Union Pacific | US | - | 16,698 | (531) | (2,942) | 13,225 |
| 45 | 42 | Safran | France | 14,233 | - | (3,429) | 1,631 | 12,435 |
| 46 | 35 | Sanofi | France | 15,978 | - | (3,342) | (301) | 12,335 |
| 47 | # | Vertex Pharmaceuticals |
US | 11,013 | 4,571 | (3,897) | 515 | 12,202 |
| 48 | # | Sony | Japan | 11,814 | 439 | (4,681) | 4,538 | 12,110 |
| 49 | 32 | Informa | UK | 16,585 | - | (3,896) | (1,129) | 11,560 |
| 50 | 48 | SAP | Germany | 12,324 | - | (3,039) | 2,184 | 11,469 |
| 893,933 | 342,280 (201,815) | (34,208) | 1,000,190 |
All securities are equity investments.
Convertibles and all classes of equity in any one company being treated as one investment
| Extract from the Condensed | Half-year ended | Year ended 31 Oct 2024 |
||
|---|---|---|---|---|
| Statement of Comprehensive Income (unaudited except October 2024 figures) |
Revenue return £'000 |
30 April 2025 Capital return £'000 |
Total return £'000 |
Total return £'000 |
| (Losses)/gains on investments held at fair value through profit or loss |
- | (70,740) | (70,740) | 205,394 |
| Investment income | 16,080 | - | 16,080 | 37,652 |
| Other operating income | 536 | - | 536 | 1,003 |
| Gross revenue and capital (losses)/gains |
16,616 | (70,740) | (54,124) | 244,049 |
| Expenses, finance costs and taxation |
(4,027) | (3,377) | (7,404) | (14,099) |
| Profit/(loss) for the period | 12,589 | (74,117) | (61,528) | 229,950 |
| Earnings/(loss) per ordinary share |
1.16p | (6.83p) | (5.67p) | 19.33p |
| Extract from the Condensed Statement of Financial Position (unaudited except October 2024 figures) |
30 April 2025 £'000 |
30 April 2024 £'000 |
31 Oct 2024 £'000 |
|---|---|---|---|
| Total assets | 1,388,222 | 1,588,357 | 1,560,217 |
| Current liabilities | (3,867) | (10,604) | (2,315) |
| Total assets less current liabilities | 1,384,355 | 1,577,753 | 1,557,902 |
| Non-current liabilities | (124,057) | (124,159) | (123,756) |
| Net assets | 1,260,298 | 1,453,594 | 1,434,146 |
| Net asset value per ordinary share1 | 118.5p | 122.7p | 125.2p |
See page 11
At 30 April 2025 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 251,912,008 were held in treasury (with no voting rights) (30 April 2024: 1,315,102,830 of which 130,619,544 were held in treasury; 31 October 2024: 1,315,102,830 of which 169,211,960 were held in treasury). During the half-year ended 30 April 2025, 82,700,048 shares were bought back into treasury at a total cost of £97,117,000 (half year to 30 April 2024: 49,748,991 shares were bought back into treasury for a total cost of £53,389,000; year to 31 October 2024: 88,341,407 shares were bought back into treasury for a total cost of £97,331,000). Since the period end to 24 June 2025, the Company has bought back 16,648,525 shares for treasury for a total cost of £19,467,000.
A first interim dividend of 0.686p (2024: 0.672p) per ordinary share was paid on 30 May 2025 to shareholders registered on 25 April 2025. The shares were quoted ex-dividend on 24 April 2025. Based on the number of ordinary shares in issue at 25 April 2025 (excluding shares held in treasury) of 1,064,854,738 the cost of this dividend was £7,305,000.
The Directors have declared a second interim dividend of 0.686p (2024: 0.672p) per ordinary share which will be payable on 29 August 2025 to shareholders on the register on 25 July 2025. The shares will be quoted ex-dividend on 24 July 2025. Based on the number of shares in issue, excluding shares held in treasury, at 24 June 2025 of 1,046,542,297 the cost of this dividend will be £7,179,000.
The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £1,260,298,000 (30 April 2024: £1,453,594,000; 31 October 2024: £1,434,146,000) and on 1,063,190,822 (30 April 2024: 1,184,483,286; 31 October 2024: 1,145,890,870) ordinary shares, being the number of ordinary shares in issue with voting rights at the period end.
The following table reconciles from the NAV with debt at par to the NAV with debt at fair value.
| Net asset value ("NAV") with debt at par and at fair value |
30 April 2025 £'000 |
30 April 2024 £'000 |
31 Oct 2024 £'000 |
|---|---|---|---|
| NAV with debt at par (A) | 1,260,298 | 1,453,594 | 1,434,146 |
| Add back par value of loan notes | 124,057 | 124,159 | 123,756 |
| Less fair value of loan notes | (92,324) | (91,757) | (92,618) |
| NAV with debt at fair value (B) | 1,292,031 | 1,485,996 | 1,465,284 |
| Ordinary shares in issue (C) | 1,063,190,822 | 1,184,483,286 | 1,145,890,870 |
| NAV per ordinary share with debt at par (A/C x 100) (pence) |
118.5 | 122.7 | 125.2 |
| NAV per ordinary share with debt at fair value (B/C x 100) (pence) |
121.5 | 125.5 | 127.9 |
The principal and emerging risks and uncertainties associated with the Company's business are divided into the following main areas:
Information on these risks and uncertainties and how they are managed are given in the Annual Report for the year ended 31 October 2024. 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.
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 Israel and changes in the international political landscape. 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.
The Directors confirm that, to the best of their knowledge:
Simon Miller Chair 24 June 2025
201 Bishopsgate, London EC2M 3AE
Janus Henderson Fund Management UK Limited 201 Bishopsgate London EC2M 3AE
Janus Henderson Secretarial Services UK Limited 201 Bishopsgate London EC2M 3AE Telephone: 020 7818 1818
BNP Paribas, London Branch and BNP Paribas SA 10 Harewood Avenue London NW1 6AA
J.P. Morgan Cazenove 25 Bank Street Canary Wharf London E14 5JP
Peel Hunt LLP 7th Floor 100 Liverpool Street London EC2M 2AT
Craigs Investment Partners Limited Head Office P.O. Box 13155 Tauranga 3141 New Zealand
Equiniti Limited Aspect House Spencer Road Lancing, West Sussex BN99 6DA
Telephone: 0371 384 2471 (or +44 121 415 7047 if calling from overseas).
Lines are open 8.30 am to 5.30 pm, UK time Monday to Friday excluding public holidays in England and Wales.
Computershare Investor Services Limited Private Bag 92119 Victoria Street West Auckland 1142, New Zealand Telephone: (New Zealand) (64) 09 488 8777
Ernst & Young LLP 25 Churchill Place London E14 5EY
For more information about The Bankers Investment Trust PLC, visit the website at www.bankersinvestmenttrust.com.
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Telephone: 020 7818 1818 Email: [email protected]
www.bankersinvestmenttrust.com
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The Bankers Investment Trust PLC Registered as an investment company in England and Wales with registration number 00026351
201 Bishopsgate, London EC2M 3AE
ISIN code GB00BN4NDR39
SEDOL number BN4NDR3
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
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