BIT- Half Year Update

LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69 1 July 2019

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half-year ended 30 April 2019

This announcement contains regulated information

INVESTMENT OBJECTIVES
The Company aims over the long term to achieve capital growth in excess of the FTSE World Index and annual dividend
growth greater than inflation, as defined by the UK Retail Prices Index (‘RPI’), 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, value-based investment process to identify suitable opportunities and pays
particular regard to cash generation and dividends. The Board regularly monitors the Company’s investments and the
Manager’s investment activity. 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 2019
30 April 2018
Net Asset Value (‘NAV’) per share 929.9p
868.7p
Share price 906.0p
860.0p
Revenue return per share 9.25p
8.52p
Discount 2.6%
1.0%
Dividends (1
st
and 2
nd
interims) 10.20p
9.72p

Total Return Performance to 30 April 2019 (including dividends reinvested and excluding transaction costs)

6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
1
8.7
9.6 60.3 82.1 249.6
Index
2
6.9
11.7 42.3 44.3 186.0
Share price
3
9.8
7.8 65.6 83.8 264.9

1 Net asset value total return per share with income reinvested
2 Composite of FTSE All-Share index for the period 31 October 2017 and FTSE World Index from 1 November 2017 to 30 April 2019
3 Share price total return using mid-market closing price

Sources: Morningstar for the AIC and Datastream

INTERIM MANAGEMENT REPORT

CHAIRMAN’S STATEMENT

Review
Our Net Asset Value (‘NAV’) total return for the six month period to 30 April 2019 was 8.7%, outperforming the
FTSE World Index total return of 6.9%. Our share price total return was higher, at almost 10%, due to the
narrowing of the discount to NAV at which our shares traded.

The positive returns disguise that the period was quite eventful. After the sharp fall in global equity markets in
the final month of our last financial year, markets largely stabilised in November before falling again in
December. Negative investor sentiment at the end of 2018 reflected a number of possible outcomes in the
coming year. There was pessimism regarding the resolution of the ongoing US-China trade dispute, as well as
concerns that there would be further US interest rate rises in 2019 and fears that the next recession may be
closer than many had previously anticipated. The new year brought renewed optimism, driven by the belief
that trade tensions were easing and by more dovish central bank policy, in particular from the US Federal
Reserve, as inflationary pressures appeared to be subsiding. This led, in the first four months of 2019, to a
strong recovery in global equity markets, which broadly rose to the highs achieved in 2018. As, in our Fund
Manager’s opinion, investors were pricing in an over optimistic outlook, we used this rally to realise some
profits.

All of our regional portfolios made positive contributions to our overall portfolio performance; their respective
local benchmarks also delivered positive returns, with the exception of Japan. On a relative performance
basis, only the Asia Pacific (ex-Japan and China) and Emerging Market portfolios underperformed their local
benchmarks. The US portfolio was marginally reduced during the period following strong performance, with
the proceeds retained as cash to reduce the Company’s net gearing.

Our allocation to direct investments in emerging markets, other than Asia, has been, typically, around 2–3% of
our overall portfolio. However, we have significant exposure to the African and South American regions
through companies listed in Europe and New York. Having regard to its relatively small size and the volatility
of its performance over recent years, we concluded that our direct Emerging Markets portfolio has not
contributed meaningfully to the Company’s returns. Accordingly, we will start to sell down our investments in
that portfolio, initially raising cash before ultimately reallocating to other regions.

Revenue Returns and Dividend
The Company's net revenue for the six months was £11.3 million, equivalent to 9.25p per share (2018: 8.52p).

The Board paid a first interim dividend on 31 May 2019 of 5.10p (2018: 4.86p) and has declared a second
interim dividend of 5.10p (2018: 4.86p) per share payable on 30 August 2019 to shareholders on the register
on 26 July 2019.

I am pleased to be able to reiterate, on behalf of the Board, a forecast of dividend growth of approximately 6%
for the current financial year, resulting in aggregate dividends for the year of 20.9p (2018: 19.72p).

Borrowings
The Company has refinanced its short term borrowings by agreeing a new two year £20 million borrowing
facility with Sumitomo Mitsui Banking Corporation Europe Limited in February 2019. Currently, the Company is
not geared as it is considered that markets are running ahead of fundamentals.

Board Changes
My predecessor, Richard Killingbeck, who joined the Board in 2003 and became Chairman in 2013, retired
from the Board at the conclusion of the AGM in February. I would like to take this opportunity to thank Richard
for his outstanding contribution and commitment to Bankers and his wise counsel to me and other members of
the Board during his long association with the Company. Over the years we have aimed to achieve a level of
continuity in regard to the Board and thus we believe the efficient management and oversight of your
Company will continue in the same vein as it did under Richard’s tenure.

We are looking to replace Richard's investment knowledge with the appointment of a new non-executive
director to the Board later in the year.

Outlook

Since the end of the period under review, global equity markets have continued to ebb and flow as investors
react to the latest news. Of particular note were the more dovish statements from the European Central Bank
(‘ECB’) and US Federal Reserve in June. The ECB indicated that, if the inflation outlook fails to improve, it
could launch a further expansion of its €2.6tn quantitative easing programme and the US Federal Reserve
hinted at possible interest rate cuts, citing increased uncertainties about the economic outlook.

Whilst some recent economic data has been weaker than anticipated, there are factors that should be positive
for global equity markets. In particular, inflationary pressures remain muted, global monetary policy appears to
continue to be supportive and corporate earnings growth is still positive. However, the ongoing US-China
trade dispute is likely to continue to hold back both the global economy and global equity markets. Even if they
resolve their trade dispute, tension between the two countries may endure and adversely impact business
conditions, which could continue to constrain global economic growth.

In the UK, the unresolved Brexit saga continues to weigh on business prospects and investor sentiment
towards UK stocks. We will not know who the next Prime Minister will be until after 21 July and, even then,
when and how the Brexit saga will be resolved.

Overall, I remain cautious on the outlook for global equity markets. Global economic growth in the current
calendar year is expected to be lower than in 2018, particularly in the US where corporate earnings received a
significant boost from one-off tax cuts in 2018. As our Fund Manager believes that markets have run ahead of
fundamentals, we feel it is prudent to raise cash within the portfolio and would expect to deploy this at more
attractive prices later in the year. With the macro uncertainties, the recent higher levels of equity market
volatility are likely to persist but volatility does provide more opportunities for long-term managers, such as our
Fund Manager, to buy at attractive prices.

Sue Inglis
Chairman
1 July 2019

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties associated with the Company’s business are divided into the
following main areas:

• Investment Activity and Performance
• Portfolio and Market (including Brexit)
• Tax, Legal and Regulatory
• Financial
• Operational and Cyber

Information on these risks and uncertainties and how they are managed are given in the Annual Report for
the year ended 31 October 2018. In the view of the Board these principal risks and uncertainties are as
applicable to the remaining six months of the financial year as they were to the six months under review.

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


For and on behalf of the Board
Sue Inglis
Chairman
1 July 2019


For further information contact:

Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447

Sue Inglis
Chairman
The Bankers Investment Trust PLC
Telephone: 020 7818 4233
James de Sausmarez
Director and Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 3349
Laura Thomas
PR Manager
Janus Henderson Investors
Telephone: 020 7818 2636

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)
Half-year ended
30 April 2019
(Unaudited)
Half-year ended
30 April 2018
(Audited)
Year ended
31 October 2018
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/(losses) from
investments held at fair
value through profit or loss
- 82,146 82,146
- (8,679) (8,679) - (12,611) (12,611)
Investment income
13,649 - 13,649
12,731 - 12,731 30,321 - 30,321
Other operating income
108 - 108
98 - 98 226 - 226
--------- --------- ---------
--------- --------- --------- ----------- --------- -----------
Gross revenue and capital
gains/(losses) 13,757 82,146 95,903
12,829 (8,679) 4,150 30,547 (12,611) 17,936

---------- --------- ---------
---------- --------- --------- --------- --------- -----------
Expenses

Management fees (note 2)
(691) (1,612) (2,303)
(636) (1,484) (2,120) (1,344) (3,136) (4,480)
Other expenses
(539) (539)
(515) - (515) (990) - (990)

--------- --------- ---------
--------- --------- --------- --------- ---------- ----------
Profit/(loss) before finance
costs and taxation 12,527 80,534 93,061
11,678 (10,163) 1,515 28,213 (15,747) 12,466



Finance costs
(450) (1,050) (1,500)
(454) (1,061) (1,515) (917) (2,141) (3,058)

--------- ---------- ---------
--------- ---------- --------- ---------- ---------- ----------
Profit/(loss) before
taxation 12,077 79,484 91,561
11,224 (11,224) - 27,296 (17,888) 9,408



Taxation
(734) - (734)
(777) - (777) (1,823) (1,823)

--------- ----------- ---------
--------- ----------- --------- --------- ----------- -----------
Profit/(loss) for the period 11,343 79,484 90,827
10,447 (11,224) (777) 25,473 (17,888) 7,585
===== ======= =====
===== ======= ===== ===== ====== ======
Earnings/(loss) per
ordinary share (note 3) 9.25p 64.83p 74.08p
8.52p (9.15p) (0.63p) 20.78p (14.59p) 6.19p

The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRS
as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Companies.

All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.

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

CONDENSED STATEMENT OF CHANGES IN EQUITY





Half-year ended 30 April 2019 (Unaudited)
Called up
share
capital
£’000
Share
premium

account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000

Revenue
reserve
£’000


Total
£’000
Total equity at 1 November 2018 30,986 78,541 12,489 897,318 42,249 1,061,583
Total comprehensive income:
profit for the period - - - 79,484 11,343 90,827
Transactions with owners, recorded
directly to equity:
Payment of third interim dividend (5.00p) in
respect of the year ended 31 October 2018 - - - - (6,130) (6,130)
Payment of the final dividend (5.00p) in
respect of the year ended 31 October 2018 - - - - (6,130) (6,130)

---------- ---------- ---------- ---------- ---------- --------------
Total equity at 30 April 2019 30,986 78,541 12,489 976,802 41,332 1,140,150
====== ====== ====== ====== ====== ========




Half-year ended 30 April 2018 (Unaudited)
Called up
share
capital
£'000
Share
premium

account
£'000
Capital
redemption
reserve
£'000
Other
capital
reserves
£'000

Revenue
reserve
£'000


Total
£'000
Total equity at 1 November 2017 30,986 78,541 12,489 915,206 40,341 1,077,563
Total comprehensive income:
(Loss)/profit for the period - - - (11,224) 10,447 (777)
Transactions with owners, recorded
directly to equity:
Payment of third interim dividend (4.70p) in
respect of the year ended 31 October 2017 - - - - (5,763) (5,763)
Payment of the final dividend (4.80p) in respect
of the year ended 31 October 2017 - - - - (5,885) (5,885)
---------- ---------- ---------- ---------- ---------- --------------
Total equity at 30 April 2018 30,986 78,541 12,489 903,982 39,140 1,065,138

====== ====== ====== ====== ====== ========





Year ended 31 October 2018 (Audited)
Called up
share
capital
£’000
Share
premium

account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000

Revenue
reserve
£’000

Total
£’000
Total equity at 1 November 2017 30,986 78,541 12,489 915,206 40,341 1,077,563
Total comprehensive income:
(Loss)/Profit for the year - - - (17,888) 25,473 7,585
Ordinary dividends paid - - - - (23,565) (23,565)
----------- ----------- ----------- ------------ ----------- -------------
Total equity at 31 October 2018 30,986 78,541 12,489 897,318 42,249 1,061,583
====== ====== ====== ====== ====== =======

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

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2019
£’000
(Unaudited)
As at 30 April
2018
£’000
(Audited)
As at 31 October
2018
£’000




Non-current assets


Investments held at fair value through profit or loss
1,129,419
1,098,393 1,087,033

-------------
------------- -------------


Current assets

Investments held at fair value through profit or loss (note 4)
29,607
12,454 18,005
Other receivables
5,385
5,382 4,667
Cash and cash equivalents
42,027
18,354 20,075

------------
------------ -------------
77,019
36,190 42,747

-------------
------------- --------------
Total assets 1,206,438
1,134,583 1,129,780

-------------
------------- --------------
Current liabilities

Other payables
(1,469)
(2,621) (3,370)
Bank loans
-
(2,002) -

------------
------------ ------------

(1,469)
(4,623) (3,370)

-------------
------------- -------------
Total assets less current liabilities 1,204,969
1,129,960 1,126,410



Non-current liabilities

Debenture stock
(15,000)
(15,000) (15,000)
Unsecured loan notes
(49,819)
(49,822) (49,827)

-------------
------------- --------------
Net assets 1,140,150
1,065,138 1,061,583
========
======== ========



Equity attributable to equity shareholders

Share capital (note 5)
30,986
30,986 30,986
Share premium account
78,541
78,541 78,541
Capital redemption reserve
12,489
12,489 12,489
Retained earnings:


Other capital reserves
976,802
903,982 897,318
Revenue reserve
41,332
39,140 42,249

------------
------------ -------------
Total equity 1,140,150
1,065,138
1,061,583
=======
======= =======
Net asset value per ordinary share (note 6)
929.9p
868.7p 865.8p

=======
=======
======

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

CONDENSED CASH FLOW STATEMENT




Reconciliation of profit before taxation to net cash flow from
operating activities.
(Unaudited)
Half-year ended
30 April
2019
£'000
(Unaudited)
Half-year ended
30 April
2018
£'000
(Audited)
Year ended
31 October
2018
£'000
Operating activities

Net profit before taxation 91,561
- 9,408
Add: interest payable ('finance costs') 1,508
1,510 3,047
Adjustment to loan note value (8)
5 11
Add/(less):(Gains)/losses on investments held at fair value
through profit or loss (82,146)
8,679 12,611
(Increase)/decrease in accrued income (1,868)
(1,430) 113
Decrease/(increase) in other receivables 24
(5) (12)
Increase in other payables 43
42 82
Purchase of investments (145,370)
(175,050) (335,454)
Sales of investments 185,118
169,796 337,755
Purchases of current asset investments (33,452)
(22,002) (46,003)
Sales of current asset investments 21,850
32,800 51,250
Decrease/(increase) in securities sold for future settlement 1,257
(1,138) (1,834)
Decrease in securities purchased for future settlement (1,931)
(6,858) (6,163)
------------
------------ -----------
Net cash inflow from operating activities before interest and
taxation

36,586

6,349

24,811
Interest paid
(1,521)
(1,522) (3,058)
Taxation on investment income
(866)
(923) (2,083)
------------
------------ ------------
Net cash inflow from operating activities
34,199
3,904 19,670
=======
======= =======


Financing activities


Equity dividends paid (net of refund of unclaimed distributions
and reclaimed distributions) (12,260)
(11,648) (23,565)
Drawdown of loan -
2,002 2,005
Repayment of loan -
- (2,005)
------------
------------ ------------
Net cash outflow from financing activities
(12,260)
(9,646) (23,565)
------------
------------ ------------


Increase/(decrease) in cash
21,939
(5,742) (3,895)
Cash and cash equivalents at start of year 20,075
24,102 24,102
Exchange movements 13
(6) (132)
-----------
------------ ------------
Cash and cash equivalents at end of period
42,027
18,354 20,075
=======
======= =======

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

NOTES TO THE CONDENSED FINANCIAL STATEMENTS:

1.
Accounting Policies

The Bankers Investment Trust PLC (‘the Company’) is a company incorporated and domiciled in the United
Kingdom under the Companies Act 2006.

These condensed financial statements comprise the unaudited results of the Company for the half-year ended
30 April 2019. They have been prepared on a going concern basis and in accordance with International
Accounting Standard 34, ‘Interim Financial Reporting’
, as adopted by the European Union and with the
Statement of Recommended Practice for Investment Trusts (‘SORP’) issued by the Association of Investment
Companies dated November 2014, and updated in February 2018 with consequential amendments, where the
SORP is consistent with the requirements of IFRS.

For the period under review the Company adopted the following accounting policies: IFRS 9 - Financial
Instruments, IFRS 15 - Revenue from Contracts with Customers the impact of which are not material and
none respectively. These financial statements have not been either audited or reviewed by the Company's
Auditor.



2.
Management Fees

(Unaudited)
(Unaudited) (Audited)


Half-year ended
30 April 2019
Half-year ended
30 April 2018
Year ended
31 October 2018


Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000




Investment
management
691 1,612 2,303
636 1,484 2,120 1,344 3,136 4,480


===== ===== ====
===== ===== ===== ===== ===== =====


The management fee is calculated on a quarterly basis as the aggregate of 0.45% per annum of the first £750
million and 0.40% per annum on the excess over £750 million of the value of the net assets on the last day of
the quarter immediately preceding the quarter in respect of which the calculation is made. For the final quarter
of 2017, the quarterly fee was subject to a cap of £843,685.


3. Earnings per Ordinary Share

The earnings per ordinary share figure is based on the net profit for the half-year of £90,827,000 (30 April
2018: loss £777,000; 31 October 2018: profit £7,585,000) and on 122,606,783 (30 April 2018: 122,606,783;
31 October 2018: 122,606,783) ordinary shares, being the weighted average number of ordinary shares in
issue excluding treasury shares 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 2019
£'000
(Unaudited)
Half-year ended
30 April 2018
£'000
(Audited)
Year ended
31 October 2018
£'000


Revenue profit 11,343
10,447 25,473
Capital profit/(loss) 79,484
(11,224) (17,888)
------------
------------ ------------
Total profit/(loss) 90,827
(777) 7,585
=======
======= =======
Weighted average number of ordinary shares in
issue during each period excluding treasury
shares 122,606,783
122,606,783 122,606,783


Revenue earnings per ordinary share 9.25p
8.52p 20.78p
Capital earnings/(loss) per ordinary share 64.83p
(9.15p) (14.59p)
------------
------------ ------------
Total earnings/(loss) per ordinary share 74.08p
(0.63p) 6.19p
=======
======= =======

4. Current Asset Investment

The Company has a holding in the Deutsche Global Liquidity Series Fund, a money market fund which is
viewed as a readily disposable store of value and which is used to invest cash balances that would otherwise
be placed on short-term deposit. At 30 April 2019 this holding had a value of £29,607,000 (30 April 2018:
£12,454,000; 31 October 2018: £18,005,000).

5. Share Capital

At 30 April 2019 there were 123,945,292 ordinary shares of 25p each in issue (30 April 2018: 123,945,292; 31
October 2018: 123,945,292). During the half-year ended 30 April 2019 no shares were issued or bought back
(30 April 2018 and 31 October 2018: no shares were issued or bought back).

At 30 April 2019 1,338,509 shares were held in treasury (30 April 2018 and 31 October 2018: 1,338,509).
Shares held in treasury do not have any voting rights.

6. Net Asset Value per Ordinary Share

The net asset value per ordinary share is based on the net assets attributable to equity shareholders of
£1,140,150,000 (30 April 2018: £1,065,138,000; 31 October 2018: £1,061,583,000) and on 122,606,783 (30
April 2018: 122,606,783; 31 October 2018: 122,606,783) ordinary shares, being the number of ordinary
shares in issue with voting rights at the period end.

7. Bank loan

At 30 April 2019, the Company had drawn down: £nil (30 April 2018: £2,002,000; 31 October 2018: £nil) of its
£20 million multi-currency loan facility. The facility was renewed on 28 February 2019 with Sumitomo Mitsui
Banking Corporation Europe Limited, prior to that it was with RBS International Limited.

8. Related Party Transactions

The Company’s transactions with related parties during the period were with its Directors and Janus
Henderson. There have been no material transactions between the Company and its Directors during the
period other than the amounts paid to them in respect of Directors’ remuneration for which there were no
outstanding amounts payable at the period end.

In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the
ordinary course of business and the provision of sales and marketing services, there have been no
transactions with Janus Henderson affecting the financial position or performance of the Company during the
period under review.

9. Financial Instruments

At the period end the carrying value of financial assets approximates their fair value.

Financial Instruments Carried at Fair Value

Fair value hierarchy
The debenture stock and unsecured loan notes are valued at par in the Statement of Financial Position. The
fair value of the 8% debenture stock at 30 April 2019 was £18,731,000 (30 April 2018: £19,212,000; 31
October 2018: £18,722,000). The fair values are calculated using prices quoted on the exchange on which the
instruments trade and are categorised as Level 1 as described below. In order to comply with fair value
accounting disclosures only, the fair value of the loan note at 30 April 2019 has been estimated to be

£56,661,000 (30 April 2018: £55,241,000; 31 October 2018: £55,373,000) and is categorised as Level 3 in the
fair value hierarchy as described below. However, for the purpose of the daily NAV announcements, the
unsecured loan notes are valued at amortised cost in the fair value NAV because it is not traded and the
Directors expect it to be held to maturity and, accordingly, the Directors have assessed that this is the most
appropriate value to be applied for this purpose.

The following table analyses recurring fair value measurements for financial assets. These fair value
measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation
techniques used.

Financial assets at fair value through profit or loss at
30 April 2019 (Unaudited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000

Investments including derivatives:

- Equity investments 1,129,414 - - 1,129,414

- Fixed interest investments - - 5 5

- Current asset investments 29,607 - - 29,607

------------- --------- --------- -------------

Total financial assets carried at fair value 1,159,021 - 5 1,159,026


========= ======
====== =======



Financial assets at fair value through profit or loss at
30 April 2018 (Unaudited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000
Investments including derivatives:

- Equity investments 1,098,385 - - 1,098,385

- Fixed interest investments - - 8 8

- Current asset investments 12,454 - - 12,454

------------- --------- --------- -------------
Total financial assets carried at fair value 1,110,839 - 8 1,110,847
======== ====== ====== =======


Financial assets at fair value through profit or loss at
31 October 2018 (Audited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000

Investments including derivatives:


- Equity investments 1,087,026 - - 1,087,026

- Fixed interest investments - - 7 7

- Current asset investments 18,005 - - 18,005
------------- ---------- --------- -------------
Total financial assets carried at fair value 1,105,031 - 7 1,105,038
======== ====== ====== =======



(Unaudited)
Half-year
(Unaudited)
Half-year
(Audited)
Year ended

Level 3 investments at fair value through profit or loss
30 April
2019
£’000
30 April
2018
£’000
31 October
2018
£’000

Opening balance 7
445
445

Transferred into Level 3
-
-
-

Disposal proceeds
(1)
(9) (6)
Total losses included in the Statement of Comprehensive Income on
assets held at year end
(1)
(428) (432)


-------
-------
----------

Closing balance 5
8 7


====
==== =====

10. Going Concern

The assets of the Company consist of securities that are readily realisable and, accordingly, the Board believes
that the Company has adequate resources to continue in operational existence for at least twelve months from
the date of approval of the financial statements. Having assessed these factors and the principal risks, the
Board has determined that it is appropriate for the financial statements to be prepared on a going concern
basis.

11. Dividends

A first interim dividend of 5.10p (2018: 4.86p) per ordinary share, was paid on 31 May 2019 to shareholders
registered on 26 April 2019. The shares were quoted ex-dividend on 25 April 2019. Based on the number of
ordinary shares in issue excluding shares held in treasury at 25 April 2019 of 122,606,783 the cost of this
dividend was £ 6,253,000. The dividend was paid from the Company’s revenue account.

The Directors have declared a second interim dividend of 5.10p (2018: 4.86p) and is payable on 30 August
2019 to shareholders on the register on 26 July 2019. The shares will be quoted ex-dividend on 25 July 2019.
Based on the number of shares in issue excluding shares held in treasury at 1 July 2019 of 122,606,783 the
cost of this dividend will be £6,253,000. The dividend will be paid from the Company’s revenue account.

12. 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 2019 and
2018 has not been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2018 have been extracted from the latest
published financial statements of the Company. These financial statements have been delivered to the
Registrar of Companies and included the report of the Auditor which was unqualified and did not contain a
statement under either section 498(2) or 498(3) of the Companies Act 2006.

13. Half-Year Report

The half-year report will shortly be available on the Company’s website (www.bankersinvestmenttrust.com) or in
hard copy from the Company’s registered office. An abbreviated version of this half-year report, the ‘update’, will
be circulated to shareholders in July 2019.

14. General Information
Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): 0076700 / ISIN number is GB0000767003
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69

Registered Office
UK: 201 Bishopsgate, London EC2M 3AE.

Company Registration Number
UK: 00026351
NZ: 645360

Directors
The Directors of the Company are Susan Inglis (Chairman), Julian Chillingworth (Senior Independent Director),
Isobel Sharp (Audit Committee Chairman) and Richard Huntingford.

Corporate Secretary
Henderson Secretarial Services Limited, represented by Wendy King FCIS.

Website
Details of the Company’s share price and net asset value, together with general information about the
Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can
be found at www.bankersinvestmenttrust.com.

Largest Investments
At 30 April 2019

Rank
30 April
2019
Rank
31 Oct
2018 Company
Valuation
31 Oct
2018
£,000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(Depreciation)
£’000
Valuation
30 April
2019
£’000
1
(1) Microsoft

21,422

- (1,695) 4,038

23,765
2
(7)
Estée Lauder

18,089

-

- 4,858

22,947
3
(3)
American Express

20,174

-

- 2,397

22,571
4
(6)
Berkshire Hathaway

18,089

-

- 622

18,711
5
(11)
American Tower

14,412

-

- 3,290

17,702
6
(9)
Visa

14,938

-

- 2,525

17,463
7
(12)
Comcast

14,272

1,292

- 1,859

17,423
8
(14)
MasterCard

13,742

-

- 3,577

17,319
9
(27)
Alphabet

15,886

-

- 1,287

17,173
10
(15)
ICON

13,216

3,172

- (205)

16,183
11
(10)
Royal Dutch Shell

14,926

-

- (585)

14,341
12
(18)
Diageo

11,987

-

- 2,323

14,310
13
(16)
Aptiv

12,901

-

- 1,215

14,116
14
(17)
GlaxoSmithKline

12,710

656

- 565

13,931
15
(22)
Xylem

11,167

-

- 2,747

13,914
16
(4)
Union Pacific

19,776

- (8,337) 2,316

13,755
17
#
Adobe Systems

-

11,144

- 2,466

13,610
18
(24)
The Cooper
Companies

10,814

-

- 1,079

11,893
19
(21)
Intercontinental
Exchange

11,189

-

- 385

11,574
20
(26)
Netflix

10,598

- (1,757) 2,089

10,930
21
(35)
Electronic Arts

8,211

2,268

- 356

10,835
22
(23)
Cognizant Technology
Solutions

10,869

- (610) 369

10,628
23
(19)
British American
Tobacco

11,883

-

- (1,413)

10,470
24
(33)
Roper Technologies

8,301

-

- 2,037

10,338
25
(29)
Nestlé

9,110

487 (674) 1,034

9,957

Rank
30 April
2019
Rank
31 Oct
2018 Company
Valuation
31 Oct
2018
£,000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(Depreciation)
£’000
Valuation
30 April
2019
£’000
26
(5) BP

18,816

- (8,504) (597)

9,715
27
(28)
Amazon

9,514

- (1,400) 1,580

9,694
28
(43)
SAP

6,759

1,667 (554) 1,413

9,285
29
#
Ping An Insurance

6,740

-

- 2,514

9,254
30
(34)
Reckitt Benckiser

8,217

1,152

- (145)

9,224
31
#
ANTA Sports

5,461

-

- 3,744

9,205
32
(25)
Booking.com

10,709

- (1,106) (421)

9,182
33
(20)
Taiwan Semiconductor
Manufacturing

11,715

- (3,634) 1,030

9,111
34
(2)
Apple

21,285

- (8,031) (4,776)

8,478
35
(45)
DSM

6,658

419 (539) 1,784

8,322
36
#
PayPal

-

6,788

- 1,523

8,311
37
(40)
RELX

7,118

-

- 960

8,078
38
#
Daiichi Sankyo

6,350

-

- 1,652

8,002
39
#
National Grid

4,392

3,324

- 125

7,841
40
(30)
Roche Holdings

8,838

561 (2,098) 528

7,829
41
(13)
FedEx

13,876

- (3,599) (2,543)

7,734
42
(37)
Novo-Nordisk

7,438

- (575) 850

7,713
43
#
SoftBank

5,652

417

1,625

7,694
44
#
Tesco

5,834

578

- 1,067

7,479
45
(38)
Lloyds Banking

7,341

- (577) 693

7,457
46
(46)
Prudential

6,650

-

- 695

7,345
47
#
Chongqing Brewery

5,350

-

- 1,897

7,247
48
#
Sands China

-

5,525

- 1,614

7,139
49
#
Fisher (James) & Sons

6,093

-

- 993

7,086
50
#
Sage

4,756

531

- 1,797

7,084
------------- ------------- ------------- ---------------- -------------


524,244

39,981 (43,690) 60,833 581,368

------------- ------------- ------------- ------------------ -------------

# These investments total £581,368,000 which represented 51.5% of the portolio

All securities are equity investments
# Not in top 50 at 31 October 2018
Convertibles and all classes of equity in any one company being treated as one investment

GEOGRAPHICAL DISTRIBUTION


Valuation of investments

30 April 2019
%
31 October 2018
%
UK
25.2
25.2
Europe (ex UK)
13.5
14.9
North America
32.1
31.6
Japan
11.2
11.7
Pacific (ex Japan, China)
9.7
8.7
China
5.7
5.4
Emerging Markets
2.6
2.5

---------
---------

100.0
100.0

=====
=====

Source: Janus Henderson


REVENUE GENERATED



30 April 2019
%
31 October 2018
%
UK
10.7
11.7
Europe (ex UK)
14.1
14.9
North America
29.3
30.5
Japan
7.8
8.3
Developed Asia Pacific (ex Japan)
3.5
3.6
Emerging Asia
18.2
17.9
Emerging Other
12.7
13.1


These figures may not add up to 100% due to cash held

Source: Janus Henderson


SECTOR ANALYSIS

30 April 2019
%
31 October 2018
%
Financials
23.1
23.6
Consumer Goods
19.8
18.1
Industrials
16.1
16.2
Technology
11.4
11.9
Consumer Services
9.8
9.9
Health Care
7.1
6.7
Basic Materials
4.4
3.5
Oil & Gas
3.6
5.1
Telecommunications
3.4
4.0
Utilities
1.3
1.0

---------
---------

100.0
100.0

=====
=====

Source: Janus Henderson

Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the
Company’s website (or any other website) are incorporated into, or forms part of, this announcement.