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You are here: Announcement

Thursday 24 June, 2010


RNS Number : 1453O
Bankers Investment Trust PLC
24 June 2010
 



Page 1 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

This announcement contains regulated information

 

Interim Management Report:

 

Review of the period including material events and transactions

 

Compared to the first half of last year we would appear to have returned to a period of comparative normality. Indeed at first glance, the performance over the first half of our financial year appears steady, with the Net Asset Value per share rising by 12.2% compared to a rise in the FTSE All-Share Index of 10.8% and a rise of 14.3% in the 50/50 Composite Index.  However, as was the case during last year, stock markets continue to be characterised by periods of volatility leading to sharply rising or falling share prices on a monthly or weekly basis. When making longer term investment decisions in these periods, we should recognise that the fundamental valuations of and prospects for individual companies may become distorted by macro issues such as Greek default, Chinese slowdown or increasing LIBOR borrowing rates.

 

Until the end of 2009, investors remained optimistic that economic recovery would gather pace and analysts felt confident in terms of upgrading corporate prospects.  Generally consumer spending held up well in the face of limited job creation and even the obvious efforts of the Chinese administration to cool parts of their economy had a limited effect on stock prices.  Cracks in the bullish outlook began to appear early in the new year when the UK and European economies failed to come out of the recession at the same pace as the US, combined with the realisation that governments around the world just could not sustain their level of public spending.  Later in the period, the refinancing of Greece and austerity budgets announced by other countries running high budget deficits focussed investors' minds  on the likelihood that economic recovery will be hard to maintain and modest at best.

 

In my Chairman's statement in January, I made reference to the importance of the banking sector in terms of its shortage of capital and limited capacity to lend money.  This remains the case in western markets, where new lending, year on year, is now negative as companies are reducing their borrowings and consumers have limited access to or appetite for more debt.  However, the 2009 results from many companies exceeded expectations, exhibiting good growth in profits. Profit forecasts for 2010 and beyond have been increased on the back of further efficiency savings, lower levels of debt and reduced interest costs. However, investors seem reluctant to believe these projected increases in earnings unless revenue growth has been the key determining factor behind upgrades. 

 

Our performance in this period fell squarely between that of the UK market and our composite benchmark, with the latter being enhanced by the overseas element benefitting from the weakness in sterling.   In particular the sterling - US dollar rate moved in our favour from $1.65 on 31 October to $1.53 at the end of April, enhancing the returns from US equities.   While we have been increasing the portfolio's exposure to US$ assets in recent years (currently 19.4%), this still remains less than that of the 50/50 Composite Index (26.9%) and this underweight exposure largely explains why our performance in the period lagged the Composite Index.

 

- MORE -


Page 2 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

The major change in the portfolio has been to reduce fixed interest holdings.  The fixed interest portfolio was purchased in late 2008 at a time when we held significant amounts of cash and as corporate bond yields rose into double digits.  While not quite picking the bottom, the subsequent performance in terms of income and capital from the bonds has far outstripped the returns from holding cash.  As dividend growth from equities resumes, it is our view that the prospects for equity returns look better than those for fixed interest.  Therefore we have begun selling bonds.

 

The gearing has risen gently in the period from 0.9% to 2.8%, through steadily investing the cash holdings.  The regions where we have increased our equity investment include the UK, because the fall in sterling should benefit exporters and valuations remain low despite a steady stream of profit upgrades to the multi-national companies listed in London.  The Pacific region remains a favoured area for investment and the weak markets there have given us an opportunity to raise exposure to nearly 13% of the portfolio.

 

Revenue return and dividends

 

This current year was always going to be a challenge in terms of rebalancing our investments from higher yielding bonds, the low interest rates on cash and the lingering effects of annualising previous cuts in dividends from holdings like HSBC.  Our significant revenue reserves, covering nearly 2.5 times our annual dividend, gave us the confidence that the transitional effects outlined above could be withstood and lay behind our forecast in January of a 4.3% rise in annual dividends in the current year, to 12.0p. Our second interim dividend of 3.0p per ordinary share will be paid on 31 August 2010.

 

We remain confident in reiterating this dividend target despite the effect on our income from BP's suspension of its dividends. The weakness in sterling has improved the translation value of our overseas dividends at a time when nearly 60% of our investments are denominated in currencies other than sterling.  Underlying dividend growth from equities has now turned positive year on year but we expect it to lag the growth in corporate profits over the shorter term.  There have also been positive outcomes from individual holdings, especially those that had passed paying dividends now distributing again, such as Barclays and J D Wetherspoon; the latter actually paying a higher dividend than previously. 

 

Related party transactions

 

Details of related party transactions are contained in the annual report.  There have been no material transactions with our related party during the six month period affecting the financial position or performance of the Group other than the investment in the Henderson Liquid Assets Fund, a money market fund, where we enjoy a higher rate of interest than has been on offer from the clearing banks (see note 3).

 

 

 

 

 

 

 

- MORE -


Page 3 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

 

Outlook for the six months to 31 October 2010

 

Over the last 20 years, and maybe longer, there has been a sustained build up in the level of debt held by companies, financial institutions and consumers.  In bailing out all three groups over the last few years, much of this debt now persists as record levels of sovereign debt. It is patently obvious that goverments are realising now is the time to reduce spending. As the old quote goes, "if you find yourself in a hole, stop digging".  Accordingly, we are now witnessing austerity budgets across Europe and it is likely that in the early part of next year the US will need to address its own budget deficit (actually bigger as a percentage of GDP than Europe's).

 

Companies were early to address their high levels of borrowings and the anaemic recovery can partly be blamed on their lack of investment spending.  Companies turned sales into cash, didn't hire new staff or replace machinery and have been paying down borrowings for each of the last two years.  These actions will make them safer investments but the investment cycle does need to turn soon, with companies taking advantage of low interest rates to invest for future growth.

 

The big macro issues surrounding sovereign default or the future viability of the euro will not be resolved quickly and are likely to continue casting a shadow over equity markets.  However, we are investors in companies and not countries.  Corporate profitability is expected to continue its recovery, albeit we expect a lower trajectory than historically at this point in an economic recovery.  The volatility in markets is likely to be an ongoing feature but underlying equity valuations do not look stretched and offer attractive returns, especially compared to holding cash. In our view, an international spread of equity investments, selected prudently and offering fundamental value, continues to provide better prospects of growth and income than most other investment alternatives.

 

 

 

 

 

 

For further information contact:                                                            

 

Alex Crooke

Fund Manager

The Bankers Investment Trust PLC

Telephone: 020 7818 4447 or 07939 021208

 

Richard Brewster

Chairman

The Bankers Investment Trust PLC

Telephone: 020 7818 4233

James de Sausmarez

Director of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198



 

 

- MORE -



Page 4 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 


(Unaudited)


(Audited)





30 April


31 October


%



2010


2009


Change


Assets







Net asset value per ordinary share (with debt at book value)

448.7p


399.9p


12.2


Ordinary share mid-market price

380.8p


347.5p


9.6


Discount (share price to net asset value)

15.1%


13.1%




Total assets less current liabilities (£'000)

£524,673


£473,863


10.7
















Indices







FTSE All-Share Index

2,863.35


2,584.59


10.8


S&P 500 Composite Index

1,186.69


1,036.19


23.3

#

FTSE World Europe (ex UK) Index (£)

369.19


353.12


4.6


TOPIX (Tokyo First Section Index)

987.04


894.67


14.3

#

FTSE World (ex UK) Index (£)

341.59


290.33


17.7


50/50 FTSE All-Share Index/







    FTSE World (ex UK) Index (£)

228.50


200.00

*

14.3









# - £ adjusted







* - rebased as at 31 October 2009















(Unaudited)


(Unaudited)





Half year

ended


Half year ended





30 April


30 April


%



2010


2009


Change


Revenue







Gross revenue (£'000)

£8,145


£8,364


-2.6


Earnings per ordinary share

6.08p


5.84p


4.1


 

 

 

 

 

- MORE -


Page 5 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

 

CONSOLIDATED INCOME STATEMENT

for the half year ended 30 April 2010

 


(Unaudited)

Half year ended

30 April 2010

(Unaudited)

Half year ended

30 April 2009

(Audited)

Year ended

31 October 2009


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

 

 

-

 

 

54,967

 

 

54,967

 

 

-

 

 

11,809

 

 

11,809

 

 

-

 

 

66,848

 

 

66,848

Investment income

7,988

-

7,988

7,829

-

7,829

15,596

-

15,596

Other operating income

157

-

157

535

-

535

893

-

893

Interest on VAT refunds

-

-

-

-

-

-

377

-

377


---------

---------

---------

---------

---------

---------

---------

---------

---------

Total income

8,145

54,967

63,112

8,364

11,809

20,173

16,866

66,848

83,714


---------

---------

---------

---------

---------

---------

---------

---------

---------

Expenses










Management fees

(431)

(232)

(663)

(491)

(264)

(755)

(982)

(529)

(1,511)

Write back of prior years' VAT

 

-

 

-

 

-

 

-

 

-

 

-

 

525

 

-

 

525

Other expenses

(327)

-

(327)

(291)

-

(291)

(562)

-

(562)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before finance costs and taxation

 

7,387

 

54,735

 

62,122

 

7,582

 

11,545

 

19,127

 

15,847

 

66,319

 

82,166











Finance costs

(339)

(790)

(1,129)

(338)

(790)

(1,128)

(676)

(1,578)

(2,254)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit before taxation

7,048

53,945

60,993

7,244

10,755

17,999

15,171

64,741

79,912











Taxation

(254)

-

(254)

(643)

401

(242)

(1,797)

1,240

(557)


---------

---------

---------

---------

---------

---------

---------

---------

---------

Profit for the period

6,794

53,945

60,739

6,601

11,156

17,757

13,374

65,981

79,355


=====

=====

=====

=====

=====

=====

=====

=====

=====

Earnings per ordinary share (note 2)

 

6.08p

 

48.24p

 

54.32p

 

5.84p

 

9.86p

 

15.70p

 

11.83p

 

58.35p

 

70.18p

 

The total columns of this statement represent the Group's Income Statement, prepared in accordance with IFRS.  The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.  All items in the above statement derive from continuing operations.  All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.  There are no minority interests.

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 

 

- MORE -



Page 6 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the half year ended 30 April 2010


 Called up

share capital

 

 Share premium

account

 

Capital  redemption

reserve

 

Other capital

reserves

 

 

Revenue reserve

 

 

 

Total

Half year ended 30 April 2010 (Unaudited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2009

28,062

452

12,148

377,462

30,739

448,863

Buy back of 879,711 ordinary shares

(221)

-

221

(3,204)

-

(3,204)

Net profit from ordinary activities after tax

-

-

-

53,945

6,794

60,739

Payment of 3rd interim dividend (3.00p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,368)

 

(3,368)

Payment of final dividend (3.00p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,357)

 

(3,357)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2010

27,841

452

12,369

428,203

30,808

499,673


======

======

======

======

======

======


 Called up

share capital

 

Share premium

account

 

Capital  redemption

reserve

 

Other capital

reserves

 

 

Revenue reserve

 

 

 

Total

Half year ended 30 April 2009 (Unaudited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2008

28,290

452

11,920

314,783

30,216

385,661

Buy back of 50,000 ordinary shares

(13)

-

13

(143)

-

(143)

Net profit from ordinary activities after tax

-

-

-

11,156

6,601

17,757

Payment of 3rd interim dividend (2.93p) in respect of the year ended 31 October 2008

 

-

 

-

 

-

 

-

 

(3,315)

 

(3,315)

Payment of final dividend (2.93p) in respect of the year ended 31 October 2008

 

-

 

-

 

-

 

-

 

(3,314)

 

(3,314)


----------

----------

----------

----------

----------

----------

Balance at 30 April 2009

28,277

452

11,933

325,796

30,188

396,646


======

======

======

======

======

======


 Called up

share capital

 

 Share premium

account

 

Capital  redemption

reserve

 

Other capital

reserves

 

 

Revenue reserve

 

 

 

Total

Year ended 31 October 2009 (Audited)

 £'000

 £'000

 £'000

 £'000

 £'000

 £'000

Balance at 31 October 2008

28,290

452

11,920

314,783

30,216

385,661

Buy back of 913,774 ordinary shares

(228)

-

228

(3,302)

-

(3,302)

Net profit from ordinary activities after tax

-

-

-

65,981

13,374

79,355

Payment of 3rd interim dividend (2.93p) in respect of the year ended 31 October 2008

 

-

 

-

 

-

 

-

 

(3,315)

 

(3,315)

Payment of final dividend (2.93p) in respect of the year ended 31 October 2008

 

-

 

-

 

-

 

-

 

(3,314)

 

(3,314)

Payment of 1st interim dividend (2.75p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,111)

 

(3,111)

Payment of 2nd interim dividend (2.75p) in respect of the year ended 31 October 2009

 

-

 

-

 

-

 

-

 

(3,111)

 

(3,111)


----------

----------

----------

----------

----------

----------

Balance at 31 October 2009

28,062

452

12,148

377,462

30,739

448,863


======

======

======

======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

- MORE -


Page 7 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

 

CONSOLIDATED BALANCE SHEET

as at 30 April 2010


(Unaudited)

 30 April 2010

(Unaudited)

30 April

2009

(Audited)

31 October

2009


£'000

  £'000 

 £'000





Non-current assets




Investments held at fair value through profit or loss

513,842

380,534

452,962


----------

----------

----------





Current assets




Investment in cash fund (note 3)

8,300

25,000

13,500

Other receivables

5,367

3,942

2,207

Cash and cash equivalents

3,153

13,461

5,989


----------

----------

----------


16,820

42,403

21,696


----------

----------

----------

Total assets

530,662

422,937

474,658


----------

----------

----------

Current liabilities




Other payables

(5,989)

(1,291)

(795)


----------

----------

----------

Total assets less current liabilities

524,673

421,646

473,863





Non-current liabilities




Debenture stocks

(25,000)

(25,000)

(25,000)


----------

----------

----------

Net assets

499,673

396,646

448,863


======

======

======





Equity attributable to equity shareholders




Called up share capital

27,841

28,277

28,062

Share premium account

452

452

452

Capital redemption reserve

12,369

11,933

12,148

Retained earnings:




  Other capital reserves

428,203

325,796

377,462

  Revenue reserve

30,808

30,188

30,739


----------

----------

----------

Total equity

499,673

396,646

448,863


======

======

======

Net asset value per ordinary share (note 4)

448.7p

350.7p

399.9p


======

======

======





 

The accompanying condensed notes are an integral part of the financial statements.

 

 

 

 

- MORE -



Page 8 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

CONSOLIDATED CASH FLOW STATEMENT

for the half year ended 30 April 2010

 

 


(Unaudited)

Half year ended

 30 April

2010

(Unaudited)

Half year ended

30 April

2009

(Audited)

Year

ended

31 October 2009


£'000

  £'000 

 £'000





Net profit before taxation

60,993

17,999

79,912

Add back interest paid

1,128

1,128

2,254

Less: gains on investments held at fair value through profit or loss

 

(54,967)

 

(11,809)

 

(66,848)

(Increase)/decrease in accrued income

(438)

(1,298)

439

(Increase)/decrease in other debtors

(1)

1,271

1,278

Increase/(decrease) in other creditors

153

(28)

(33)

Net (purchases)/sales of investments

(6,032)

6,373

(10,909)

Net sale/(purchase) of cash fund

5,200

(25,000)

(13,500)

(Increase)/decrease in amounts due from brokers

(2,668)

11,395

11,395

Increase/(decrease) in amounts due to brokers

5,041

(750)

(1,241)

Scrip dividends included in investment income

-

-

(22)


----------

----------

----------





Net cash inflow/(outflow) from operating activities before interest and taxation

 

8,409

 

(719)

 

2,725





Interest paid

(1,128)

(1,128)

(2,254)

Taxation on investment income

(307)

(220)

(544)


----------

----------

----------





Net cash inflow/(outflow) from operating activities

6,974

(2,067)

(73)





Financing activities




Equity dividends paid

(6,725)

(6,629)

(12,851)

Purchase of ordinary shares

(3,204)

(143)

(3,302)


----------

----------

----------





Net cash used in financing

(9,929)

(6,772)

(16,153)


----------

----------

----------





Decrease in cash

(2,955)

(8,839)

(16,226)

Cash and cash equivalents at start of period

5,989

21,882

21,882

Realised profit on foreign currency

119

418

333


----------

----------

----------

Cash and cash equivalents at end of period

3,153

13,461

5,989


======

======

======

 

The accompanying condensed notes are an integral part of the financial statements.

 

 

- MORE -



Page 9 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

NOTES:

 

1.

Accounting policies


The condensed half year financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2009 and in accordance with IAS34.  The tax charge is based on overseas tax suffered during the period.



2.

Earnings per ordinary share


The earnings per ordinary share figure is based on the net profit for the half year of £60,739,000 (half year ended 30 April 2009: £17,757,000; year ended 31 October 2009: £79,355,000) and on 111,820,912 (half year ended 30 April 2009: 113,119,216; year ended 31 October 2009: 113,068,847) ordinary shares, being the weighted average number of ordinary shares in issue 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 2010

(Unaudited) Half year ended

30 April 2009

(Audited)

Year ended

31 October 2009



£'000

£'000

£'000







Net revenue profit

6,794

6,601

13,374


Net capital profit

53,945

11,156

65,981



----------

----------

----------


Net total profit

60,739

17,757

79,355



======

======

======


Weighted average number of ordinary

  shares in issue during each period

 

111,820,912

 

113,119,216

 

113,068,847







Revenue earnings per ordinary share

6.08p

5.84p

11.83p


Capital earnings per ordinary share

48.24p

9.86p

58.35p



----------

----------

----------


Total earnings per ordinary share

54.32p

15.70p

70.18p



======

======

======

 

3.

Current asset investment


The Group has a holding in Henderson Liquid Assets Fund, a money market fund that is used to hold what would otherwise be short term cash balances.  At 30 April 2010 this holding had a value of £8,300,000 (30 April 2009: £25,000,000; 31 October 2009: £13,500,000).



4.

Net asset value per ordinary share


The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £499,673,000 (30 April 2009: £396,646,000; 31 October 2009: £448,863,000) and on 111,366,339 (30 April 2009: 113,109,824; 31 October 2009: 112,246,050), being the number of ordinary shares in issue at the period end.



5.

Called up share capital

At 30 April 2010 there were 111,366,339 ordinary shares of 25p each in issue (30 April 2009: 113,109,824; 31 October 2009: 112,246,050).  During the half year ended 30 April 2010 the Company bought 879,711 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2009: 50,000; year ended 31 October 2009: 913,774).  The cost of the share buy-backs, including stamp duty, amounted to £3,204,000 (half year ended 30 April 2009: £143,000; year ended 31 October 2009: £3,302,000).

 

 

 

- MORE -



Page 10 of 11

 

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

6.

VAT on management fees


While the Company has received back from HMRC 100% of the VAT which had been borne by the Company on management fees between 1990 and 1996, and 2000 and 2007, as well as simple interest on those amounts, there remains an amount outstanding relating both to VAT reclaims for 1996 to 2000 and compound interest for 1990 to 2007 which has not been recognised.  It is uncertain whether any further amounts will be recovered.



7.

Going concern


The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future.



8.

Interim dividend


The directors have declared a second interim dividend of 3.00p (2009: 2.75p) net per ordinary share, payable on 31 August 2010 to shareholders registered on 30 July 2010.   The shares will be quoted ex-dividend on 28 July 2010.  Based on the number of ordinary shares in issue at 23 June 2010 of 111,366,339 the cost of this dividend will be £3,341,000.  A first interim dividend of 3.00p (2009: 2.75p) was paid on 28 May 2010 at a total cost of £3,341,000.



9.

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 2010 and 2009 has not been audited or reviewed by the auditors. 

 

The figures and financial information for the year ended 31 October 2009 have been extracted from the latest published accounts of the Company.  These accounts 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.



10.

Half year report


A copy of the  report for the half year ended 30 April 2010 will be posted to shareholders in July and will be available on the Company's website (www.bankersinvestmenttrust.com).  Copies can also be requested thereafter from the Secretary at the Registered Office at 201 Bishopsgate, London EC2M 3AE.

 

 

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 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 and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

On behalf of The Bankers Investment Trust PLC

R D Brewster, Chairman

23 June 2010

 

- MORE -



Page 11 of 11

THE BANKERS INVESTMENT TRUST PLC

Unaudited Results for the half year ended 30 April 2010

 

LARGEST INVESTMENTS

at 30 April 2010

 

The 50 largest investments (convertibles, fixed interest and all classes of equity in any one company being treated as one investment) were as follows:


Market value

£'000



Market value

£'000

BP

20,142


Lloyds Banking*

4,033

HSBC

10,599


Industrial & Commercial Bank of China

3,828

Petroleo Brasileiros

9,972


Quorum Oil & Gas Technology

3,735

Vodafone

9,868


Amcor

3,685

GlaxoSmithKline

9,349


Galliford Try

3,593

Royal Dutch Shell 

8,887


Anglo American

3,549

Catlin

8,431


Microsoft

3,500

British American Tobacco

8,360


Novartis

3,467

BG

7,012


QBE Insurance

3,445

Rolls-Royce

6,358


Smiths News

3,405

Barclays*

6,172


Christian Dior

3,345

Essar Energy

5,002


High Tech Computer

3,291

Jardine Lloyd Thompson

4,990


Anglogold Ashanti

3,268

Wetherspoon (J.D.)

4,957


Sino Land

3,267

Fraser & Neave

4,792


Incitec Pivot

3,198

Mitsubishi UFJ Financial

4,737


Santos

3,189

National Grid

4,553


Petrofac

3,184

Xstrata

4,400


ICAP

3,177

Aviva

4,390


Shire

3,175

DBS

4,387


Kasikornbank

3,063

Scottish & Southern Energy

4,340


Ascendas

3,049

Bank of China

4,138


ENI

3,001

Reckitt Benckiser

4,084


Cranswick

2,988

BHP Billiton

4,051


Shanghai Industrial

2,979

Impala Platinum

4,041


Intermediate Capital

2,954

 

These investments total £251,380,000 which represents 48.9% of the portfolio.

*Includes fixed interest.

 

GEOGRAPHICAL DISTRIBUTION


 

Valuation of investments

Currency exposure of operational assets


30 April

2010

%

31 October

2009

%

30 April

2010

%

31 October

2009

%

UK

45.3

45.9

42.6

44.5

Europe

9.6

8.6

10.0

9.0

North America

18.1

16.3

19.4

17.0

Japan

9.9

9.7

10.4

9.9

Pacific (ex Japan)

12.2

11.6

12.5

11.7

Emerging Markets

3.6

3.7

3.7

3.7

Fixed Interest

1.3

4.2

1.4

4.2


------

------

------

------


100.0

100.0

100.0

100.0


====

====

====

====

- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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