Bankers Investment Trust PLC Edison reviews The Bankers Investment Trust (BNKR)
March 25 2019 - 7:29AM
RNS Non-Regulatory
TIDMBNKR
Bankers Investment Trust PLC
25 March 2019
London, UK, 25 March 2019
Edison reviews The Bankers Investment Trust (BNKR)
The Bankers Investment Trust (BNKR) has re-established its trend
of long-term outperformance of its benchmark, after a slightly
disappointing H218. While the portfolio retains a cyclical tilt,
manager Alex Crooke at Janus Henderson Investors has overseen a
gradual shift toward more defensive market areas in recent months.
The trust's regional sub-portfolio managers focus on finding
well-managed, cash-generative companies whose growing dividends can
support BNKR's own impressive 52-year record of dividend growth.
Crooke recognises the delicate balance between positive and
negative factors in the global macro picture, and over the past
year has taken some profits in highly rated technology names and
kept gearing low at c 2-3%. He expects greater clarity on the macro
outlook in the second half of 2019, but in the meantime is taking
advantage of more attractive equity valuations resulting from the
Q418 market sell-off.
BNKR's shares have traded in a relatively narrow band versus its
NAV over the past 18 months, ranging from a c 4.0% discount to a c
1.5% premium. At 21 March 2019, the shares stood at a 0.9% discount
to cum-income NAV, which was narrower than the averages over one,
three, five and 10 years, suggesting investor demand remains
robust. Following a 52nd year of annual dividend growth in FY18,
the shares currently yield 2.3%. Net gearing is relatively low at
3.0%, with potential to rise to c 8% via a combination of long-term
debt and a flexible borrowing facility.
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