Bankers Investment Trust plc (LON:BNKR) has announced its unaudited results for the half-year ended 30 April 2026
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 four 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 2026 | 30 April 2025 | |
| Net asset value (‘NAV’) per share1 | 152.0p | 121.5p |
| Share price | 140.2p | 109.6p |
| Revenue return per share | 1.05p | 1.16p |
| Dividends paid or declared in respect of the period2 | 1.414p | 1.372p |
Total return performance to 30 April 2026 (including dividends reinvested and excluding transaction costs)
| 6 months% | 1 year% | 3 years% | 5 years% | 10 years % | |
| NAV3 | 3.7 | 27.6 | 44.2 | 47.8 | 204.4 |
| Share price4 | 6.5 | 30.6 | 49.5 | 37.5 | 199.5 |
| FTSE World Index5 | 5.5 | 31.0 | 64.2 | 79.9 | 239.3 |
1 Net asset value per share with debt at fair value, see Note 6 in the Notes to the Condensed Financial Statements
2 The first interim dividend for 2026 was paid on 29 May 2026; the second interim dividend has been declared and will be paid on 28 August 2026
3 Net asset value total return per share with income reinvested and with debt at fair value. Performance is calculated based on the daily NAV per ordinary share published as at the half year-end date with debt at fair value and this may differ from the NAV per share reported in the financial statements.
4 Share price total return using mid-market closing price
5 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
