Bankers Investment Trust PLC Edison reviews The Bankers Investment Trust (BNKR)

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.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Sarah Godfrey, [phone]

Mel Jenner, [phone]

[e-mail]

Learn more at www.edisongroup.com and connect with Edison on:

   LinkedIn        https://www.linkedin.com/company/edison-investment-research 
   Twitter           www.twitter.com/Edison_Inv_Res 
   YouTube       www.youtube.com/edisonitv 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

NRAPGUMPWUPBGGA

(END) Dow Jones Newswires

March 25, 2019 07:29 ET (11:29 GMT)