Bankers Investment Trust (The)

NZ: BNKR

Market Cap£1554.7m

Last Close 118.4p

The Bankers Investment Trust (BNKR) aims, over the longer term, to achieve capital growth in excess of the World Index and annual dividend growth greater than UK CPI inflation, by investing in companies listed throughout the world. It has one of the longest records of uninterrupted annual dividend growth for an investment trust (52 years based on the year ended 31 October 2018). It is listed on the London Stock Exchange with a secondary listing in New Zealand.

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Investment summary

The Bankers Investment Trust (BNKR) has continued to post solid returns (NAV TR +17.4% in the six months to 30 April 2021) from its diversified global equity portfolio. Lead manager Alex Crooke oversees a team of regional fund managers, as well as setting the trust’s overall asset allocation and managing its gearing. While gearing has been low in recent times (averaging 1.25% net over the past 12 months), two newly announced loan note issues totalling c £75m will boost the available borrowing to c 10% of NAV, allowing the manager greater flexibility to express positive market views or take advantage of undervalued opportunities. Crooke is guardedly optimistic on the outlook for equities, particularly in Europe and Japan, which have a greater proportion of attractively valued stocks that should do well in a more inflationary environment. BNKR remains on track for a record-equalling 55th year of annual dividend growth in FY21, and currently yields 1.8%.