BIT – Half Year Report

LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69 21 June 2021

THE BANKERS INVESTMENT TRUST PLC
(“the Company”)

Unaudited results for the half-year ended 30 April 2021

This announcement contains regulated information

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, 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 2021 30 April 2020
Net asset value (‘NAV’) per share
*
114.3p 90.7p
Share price
*
114.2p 90.4p
Revenue return per share* 0.97p 0.79p
Net (cash) / gearing 2.4% 0.0%
Dividends paid or declared in respect of the period
1*
1.076p 1.070p

Total return performance to 30 April 2021 (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
2
17.4 28.8 40.9 106.0 199.9
Index
3
21.5 33.9 48.0 88.6 144.1
Share price
4
17.7 28.9 41.8 117.8 248.8

1 First interim dividend for 2021 was paid on 28 May 2021, the second interim dividend has been declared and will be paid on 31 August 2021
2 Net asset value total return per share with income reinvested and with debt at par
3 Composite of FTSE All-Share Index for the period to 31 October 2017 and FTSE World Index from 1 November 2017 to 30 April 2021
4 Share price total return using mid-market closing price
* Current period and prior period figures have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each
on 1 March 2021

Sources: Morningstar and Refinitiv Datastream

INTERIM MANAGEMENT REPORT

CHAIR’S STATEMENT

Review
The announcement of successful Covid-19 vaccine trials in November and December 2020 provided a further
boost to the global market recovery that had begun months earlier. This has continued into 2021, reflecting
investor optimism that the pandemic-induced recession would be relatively short lived and that the aggressive
fiscal and monetary stimuli would lead to a much faster global economic recovery. It also marked a shift away
from lockdown beneficiaries (mainly tech and high growth stocks) to more cyclical sectors that should benefit
as economies open up. In the UK, a further boost was received when an eleventh-hour trade deal was struck
with the EU. The deal may be far from perfect but it is generally regarded as better than no deal.

The outcome of the bitterly contested US presidential election also buoyed investor optimism. Having entered
office in January, President Biden’s immediate priorities were vaccinating America and also introducing a $2
trillion stimulus package to drive the economy forward. Both have more than achieved the President’s aims. As
the virus wanes and the US economy reopens and supply chain shortages have become apparent, investors’
attention has turned to concerns about rising inflation and whether it would drive the Federal Reserve to
tighten monetary policy sooner than expected and choke off the nascent recovery. The Federal Reserve
members concerned about market volatility have gone to great lengths to defuse these worries, saying the Fed
would look through any inflation spike and maintain its loose monetary policy until the economy was on a solid
path to recovery.

Performance
Over the six months ended 30 April 2021, the NAV total return per share was 17.4% (2020: -3.2%) and the
share price total return was 17.7% (2020: -1.4%), both underperforming the FTSE World Index total return of
21.5% (2020: -5.3%). Our underperformance largely resulted from the shift from lockdown beneficiaries to the
reopening trade. Having been our worst performing portfolios over the previous financial year, our Pacific (ex
Japan and China) and UK portfolios were best placed to benefit from this shift and delivered the strongest
absolute performances over the period, both outperforming their benchmarks. The remaining four portfolios
also delivered positive returns but underperformed their benchmarks. The Manager's report includes more
detailed information on performance.

Revenue returns
Our dividend income for the six months ended 30 April 2021 was £15.6 million compared to £12.2 million for
the same period last year, an increase of 28.0%. Our net revenue for the six months was £12.6 million (2020:
£9.8 million), equivalent to 0.97p per share (2020: 0.79p as adjusted for the share split). Although the net
revenue per share was higher than the previous corresponding period, we expect the revenue return per share
for the current financial year to remain below the pre-Covid-19 level for the second year running. However, the
outlook for our dividend income continues to improve, though will take time to recover fully.

Dividends
A first interim dividend of 0.538p per share (2020: 0.535p per share when adjusted for the share split) was paid
on 28 May 2021. The Board has declared a second interim dividend of 0.538p (2020: 0.535p as adjusted) per
share, which will be payable on 31 August 2021 to shareholders on the register on 30 July 2021.

By virtue of the revenue reserves that the Company prudently built up in good times, I am pleased to be able
to reiterate, on behalf of the Board, our current intention to deliver dividend growth of approximately 0.5% for
the current financial year, resulting in aggregate dividends for the year of at least 2.164p per share (2020:
2.154p as adjusted for the share split).

Based on aggregate dividends of 2.164p per share for the current financial year and the number of shares
currently in issue, our revenue reserve at 30 April 2021, adjusted for the first and second interim dividends,
represented 0.8 times the cost of the current year's dividends.

Share split
Following the price of the Company's shares of 25p each almost trebling over the previous 10 years, the Board
proposed in January 2021 a share split to sub-divide each ordinary share of 25p into 10 ordinary shares of
2.5p each. Shareholders approved the resolution for the share split at the AGM on 24 February 2021 and the
sub-division took effect on 1 March 2021 when the new shares were admitted to trading on the London Stock
Exchange.

Share issuance and buy-backs
The Company's shares continued to trade close to, or at a small premium to, NAV during the six months ended
30 April 2021. Continued demand for the Company's shares led to the issue of a total of 18,825,000 new
shares during the period (975,000 shares of 25p each prior to the share split and subsequently adjusted and a
further 9,075,000 shares of 2.5p each following the share split), raising gross proceeds of £21.1 million. As at
30 April 2021, the Company had 1,310,402,830 shares in issue. Since the period end, a further 3,950,000 new
shares have been issued, raising gross proceeds of £4.5 million. The new shares have all been issued at a
premium sufficient to ensure that existing shareholders do not suffer any dilution of their NAV per share and
the net proceeds were invested into markets.

There have been no share buy-backs in the financial year to date.

Gearing
The Company began the current financial year with net cash of 1.1% and ended the period under review with
net gearing of 2.4%. The Company renewed its £20 million short-term borrowing facility with SMBC Bank
International plc (formerly called Sumitomo Mitsui Banking Corporation Europe Limited), which expired in
February, for a further year. The facility can be drawn and repaid as required and is in addition to the
Company's existing fixed debt. The Board is currently reviewing the Company's debt structure and will provide
an update on the outcome of this review in due course.

The Board
In our recent Annual Report it was noted that at 31 October 2021 I will have served nine years as a Director of
the Company. To allow for smooth succession in due course, the Nominations Committee has started the
process of recruiting a new Director. An independent consultancy firm that specialises in investment trust
board recruitments has been appointed to lead the search for a suitable candidate.

Outlook
The pandemic is far from over, but the development of effective vaccines has been a major turning point. The
accelerating vaccine rollout, leading to economies gradually reopening and the return to some form of
economic, financial and social normality, gives reason for optimism for a strong economic recovery this year
for those countries fortunate enough to secure abundant vaccine supplies. High levels of corporate cash
deposits and household savings may lead to a significant uptick in spending, providing a further boost to
economic recovery, albeit with attendant inflationary risk. Government stimulus packages and ongoing central
bank asset purchases should provide additional support, with central bank tapering unlikely to commence this
year. However, mass vaccination on a global scale will take time. The pace of recovery will differ materially
across regions and countries as well as business sectors and companies. In addition, concerns over infection
rates in certain parts of the world, new variants emerging and further waves, the return of inflation (whether
transitory or not) and geo-political tensions remain. Overall, the broad picture is positive, but market volatility
is likely to persist as the world endeavours to navigate its way out of the pandemic.

Sue Inglis
Chair
21 June 2021

FUND MANAGER’S REPORT

Market review
The period under review saw a significant stock market recovery, largely driven by optimism that the rollout of
vaccines would bring about a lifting of lockdowns and subsequent economic recovery. Upward revisions to
global growth forecasts have fed through to profit upgrades for many companies. There has been, however, a
change in leadership within markets whereby those companies hardest hit by lockdown (in sectors such as
travel, hospitality and retail) have seen the sharpest recovery in share prices, while growth stocks have not
materially participated in the rally. Nevertheless, many companies that investors believe will be beneficiaries of
reopening remain challenged, as it is unclear how quickly global travel, for example, will recover given the
threat of further Covid-19 variants.

The UK market has seen the largest bounce in share prices, as the country has benefitted from an early rollout
of vaccines but more importantly a conclusion to the tortuous process of leaving the European Union. The
Brexit deal concluded over Christmas was celebrated by politicians but is not the panacea for unfettered trade
with the EU. It will take most of the year to determine the winners and losers on trade. However, the simple
process of concluding an exit has clearly lifted uncertainty for international investors and renewed confidence
in sterling has also assisted the UK stock market.

Inflation has been rising through 2021, reflecting bottlenecks in supply chains and disruption to factories last
year from Covid-19 restrictions. In recent months, prices of basic goods such as food, timber and building
materials have risen rapidly. Currently, central banks view these increases as transitory and have not reacted
by raising interest rates. However, longer-term bond yields have risen reflecting investors’ views that rates will
ultimately move upwards. The increase in the gap between short and long-term rates has benefitted financial
stocks, and banks in particular, leading to the sector being one of the stand-out performers over the reported
half year.

Performance
The portfolio returns in the six-month period to 30 April 2021 have been strong but have lagged the benchmark
index, the FTSE World Index. There has been outperformance in the UK and Asia Pacific (ex Japan and
China) portfolios, both of which are positioned more towards value and cyclical sectors that have benefitted
from optimism of economic recovery. However, the US, European and Japanese portfolios are positioned
towards higher growth companies which, whilst delivering impressive returns, have lagged the overall index
gains in their respective markets. We continue to retain confidence in the high-quality companies within these
portfolios and expect steady growth in profitability over the coming years.

The income generated by the portfolio has steadily recovered from its low point last year, as more companies
have found confidence in their future outlook and returned to paying investors a dividend. We expect the sharp
recovery in economic activity over the coming twelve months to feed through to increasing dividends and a
steady recovery towards pre-pandemic levels of income for the Company.

The banking and retail sectors remain the two areas yet to reinstate dividends, but we remain hopeful about
prospects for resumption of pay-outs into 2022.

Outlook
Given the imbalance in supply and demand for Covid-19 vaccinations globally, it seems likely that there will be
periods of stop/start as we navigate the remainder of the year. We have been increasing investment into
European and Japanese markets based on lower valuations and a perception by investors that their recovery
will be delayed by slow vaccination programmes. We are more optimistic as these markets have historically
been beneficiaries of rising inflation and economic growth. These stock markets have higher representation of
larger, cyclical companies such as those in the auto and engineering sectors which still offer good value. There
will likely be periods of fluctuating share prices, as normally happens when markets have risen sharply, but we
remain optimistic about the global recovery and intend to use market setbacks to increase investment towards
our favoured companies.

Alex Crooke
Fund Manager
21 June 2021

MANAGING OUR RISKS

The principal risks and uncertainties associated with the Company’s business are divided into the
following main areas:
• Investment Activity and Performance Risks
• Portfolio and Market Risks
• Tax, Legal and Regulatory Risks
• Financial Risks
• Operational and Cyber Risks
• Global pandemic

Information on these risks and uncertainties and how they are managed are given in the Annual Report for
the year ended 31 October 2020. Following a recent review, the Board believes that 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. The alternative investment fund manager and the Company’s other third-party
service providers remain fully operational and have implemented appropriate business continuity plans to
ensure that there has been no change in service while the majority of staff have been working from home
due to the ongoing Covid-19 global pandemic.

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).


On behalf of the Board
Sue Inglis
Chair
21 June 2021


For further information contact:

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

Sue Inglis
Chair
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 2021
(Unaudited)
Half-year ended
30 April 2020
(Audited)
Year ended
31 October 2020
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) on
investments held at fair
value through profit or loss - 220,218 220,218 - (49,481) (49,481) - 44,013 44,013
Investment income 15,610 - 15,610 12,203 - 12,203 26,561 - 26,561
Other operating income 53 - 53 144 - 144 200 - 200
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Gross revenue and
capital gains/(losses) 15,663 220,218 235,881 12,347 (49,481) (37,134) 26,761 44,013 70,774
---------- --------- --------- ---------- --------- --------- --------- --------- ---------
Expenses
Management fees (note 2) (880) (2,055) (2,935) (767) (1,788) (2,555) (1,549) (3,615) (5,164)
Other expenses (535) - (535) (511) - (511) (1,086) - (1,086)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss) before
finance costs and
taxation 14,248 218,163 232,411 11,069 (51,269) (40,200) 24,126 40,398 64,524

Finance costs (454) (1,058) (1,512) (454) (1,061) (1,515) (914) (2,134) (3,048)
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Profit/(loss) before
taxation 13,794 217,105 230,899 10,615 (52,330) (41,715) 23,212 38,264 61,476

Taxation (1,232) - (1,232) (775) - (775) (1,840) - (1,840)
--------- ----------- --------- --------- ----------- --------- --------- --------- ---------
Net profit/(loss) for the
period 12,562 217,105 229,667 9,840 (52,330) (42,490) 21,372 38,264 59,636
===== ======= ===== ===== ======= ===== ===== ====== ======
Earnings/(loss) per
ordinary share (note 3)* 0.97p 16.70p 17.67p 0.79p (4.18)p (3.39)p 1.68p 3.02p 4.70p
===== ======= ===== ===== ======= ===== ===== ====== ======

*Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-division of
each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.

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 2021
(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 2020 32,289 134,125 12,489 1,043,682 38,386 1,260,971
Total comprehensive income:
Profit for the period - - - 217,105 12,562 229,667
Transactions with owners, recorded
directly to equity:
Issue of new shares 471 20,580 - - - 21,051
Share issue costs - (190) - - - (190)
Costs relating to sub-division of
shares - - - (45) - (45)
Ordinary dividends paid - - - - (14,043) (14,043)
---------- ---------- ---------- ------------- ---------- --------------
Total equity at 30 April 2021 32,760 154,515 12,489 1,260,742 36,905 1,497,411
====== ====== ====== ======== ====== ========




Half-year ended 30 April 2020
(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 2019 30,986 78,541 12,489 997,213 43,980 1,163,209
Total comprehensive income:
(Loss)/profit for the period - - - (52,330) 9,840 (42,490)
Transactions with owners, recorded
directly to equity:
Issue of shares from treasury - - - 8,205 - 8,205
Issue of new shares 1,015 44,556 - - - 45,571
Share issue costs - (108) - - - (108)
Ordinary dividends paid - - - - (13,245) (13,245)

---------- ---------- ---------- ---------- ---------- --------------
Total equity at 30 April 2020 32,001 122,989 12,489 953,088 40,575 1,161,142
====== ====== ====== ====== ====== ========





Year ended 31 October 2020 (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 2019 30,986 78,541 12,489 997,213 43,980 1,163,209
Total comprehensive income:
Profit for the year - - - 38,264 21,372 59,636
Transactions with owners, recorded
directly to equity:

Issue of shares from treasury - - - 8,205 - 8,205
Issue of new shares 1,303 55,714 - - - 57,017
Share issue costs - (130) - - - (130)
Ordinary dividends paid - - - - (26,966) (26,966)
----------- ----------- ----------- ------------ ----------- -------------
Total equity at 31 October 2020 32,289 134,125 12,489 1,043,682 38,386 1,260,971
====== ====== ====== ====== ====== =======

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

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2021
£’000
(Unaudited)
As at 30 April
2020
£’000
(Audited)
As at 31 October
2020
£’000



Non-current assets


Investments held at fair value through profit or loss 1,534,028 1,158,547 1,246,546
------------- ------------- -------------

Current assets
Investments held at fair value through profit or loss (note 4) 4,230 22,052 24,770
Other receivables 6,042 14,465 3,267
Cash and cash equivalents 21,202 38,774 54,221
------------ ------------ -------------
31,474 75,291 82,258
------------- ------------- --------------
Total assets 1,565,502 1,233,838 1,328,804
------------- ------------- --------------
Current liabilities
Other payables (3,255) (7,869) (3,001)
------------- ------------- -------------
Total assets less current liabilities 1,562,247 1,225,969 1,325,803
-------------- -------------- --------------

Non-current liabilities
Debenture stock (15,000) (15,000) (15,000)
Unsecured loan notes (49,836) (49,827) (49,832)
------------- ------------- --------------
Net assets 1,497,411 1,161,142 1,260,971
======== ======== ========

Equity attributable to equity shareholders
Share capital (note 5) 32,760 32,001 32,289
Share premium account 154,515 122,989 134,125
Capital redemption reserve 12,489 12,489 12,489
Retained earnings:
Other capital reserves 1,260,742 953,088 1,043,682
Revenue reserve 36,905 40,575 38,386
------------ ------------ -------------
Total equity 1,497,411 1,161,142
1,260,971
======= ======= =======
Net asset value per ordinary share (note 6)*
114.3p 90.7p
97.6p

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

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

* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the sub-
divison of eachOrdinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.

CONDENSED CASH FLOW STATEMENT




Reconciliation of profit before taxation to net cash flow from
operating activities
(Unaudited)
Half-year ended
30 April
2021
£'000
(Unaudited)
Half-year ended
30 April
2020
£'000
(Audited)
Year ended
31 October
2020
£'000
Operating activities
Net profit/(loss) before taxation
230,899 (41,715) 61,476
Add: interest payable ('finance costs')
1,512 1,515 3,048
(Gains)/losses on investments held at fair value through profit or
loss
(220,218) 49,481 (44,013)
Increase in accrued income
(2,261) (1,600) (62)
(Increase)/decrease in other receivables
(54) (2,291) 38
Increase/(decrease) in other payables
61 (168) 1,309
Purchases of investments
(330,735) (250,793) (407,280)
Sales of investments
263,779 171,312 333,019
Purchases of current asset investments
(33,066) (33,635) (57,674)
Sales of current asset investments
53,606 56,576 77,897
(Increase)/decrease in securities sold for future settlement
(214) (6,497) 980
Increase/(decrease) in securities purchased for future settlement
208 3,486 (2,866)

------------ ------------ ------------
Net cash outflow from operating activities before interest and
taxation
(36,483) (54,329) (34,128)
Interest paid
(1,512) (1,515) (3,039)
Taxation on investment income
(1,479) (716) (1,929)

------------ ------------ ------------
Net cash outflow from operating activities
(39,474) (56,560) (39,096)

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


Financing activities

Equity dividends paid (net of refund of unclaimed distributions)
(14,043) (13,245) (26,966)
Share issue proceeds
20,861 53,668 65,092
Costs relating to sub-division of shares
(45) - -

------------ ------------ ------------
Net cash inflow from financing activities
6,773 40,423 38,126

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


Decrease in cash
(32,701) (16,137) (970)
Cash and cash equivalents at start of period
54,221 54,944 54,944
Exchange movements
(318) (33) 247

----------- ----------- ------------
Cash and cash equivalents at end of period
21,202 38,774 54,221
======= ======= =======

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 2021. 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
October 2019, where the SORP is consistent with the requirements of IFRS.

For the period under review, the Company's accounting policies have not varied from those described in the
annual report for the year ended 31 October 2020.

A number of comparative figures for the periods ended 30 April 2020 and 31 October 2020 that are included within
these results have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary shares of
2.5p each on 1 March 2021. The amended figures have been highlighted accordingly.

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 2021
Half-year ended
30 April 2020
Year ended
31 October 2020


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
880 2,055 2,935 767 1,788 2,555 1,549 3,615 5,164

===== ===== ==== ===== ===== ===== ===== ===== =====
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.

3. Earnings per ordinary share
The earnings per ordinary share figure is based on the net profit for the half-year of £229,667,000 (30 April 2020:
net loss £42,490,000; 31 October 2020: net profit £59,636,000) and on 1,300,003,244 (30 April 2020:
1,253,059,590*; 31 October 2020: 1,269,959,930*) 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 2021
£'000
(Unaudited)
Half-year ended
30 April 2020
£'000
(Audited)
Year ended
31 October
2020
£'000
Revenue profit
12,562 9,840 21,372

Capital profit/(loss)
217,105

(52,330) 38,264

------------ ------------ ------------
Total profit/(loss)
229,667 (42,490) 59,636

======= ======= =======
Weighted average number of ordinary shares in
issue during each period *
1,300,003,244 1,253,059,590 1,269,959,930

Revenue earnings per ordinary share*
0.97p 0.79p 1.68p
Capital earnings/(loss) per ordinary share*
16.70p (4.18)p 3.02p

------------ ------------ ------------
Total earnings/(loss) per ordinary share*
17.67p (3.39)p 4.70p

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

*Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the
sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.

4. Current asset investment
The Company has a holding in the Deutsche Bank 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 2021 this holding had a value of £4,230,000 (30 April 2020:
£22,052,000; 31 October 2020: £24,770,000).

5. Share capital
At 30 April 2021 there were 1,310,402,830 ordinary shares of 2.5p each in issue (30 April 2020: 1,280,067,830*;
31 October 2020: 1,291,577,830*). During the half-year ended 30 April 2021, 18,825,000** new shares were
issued for a total consideration of £20,861,000 (30 April 2020: 13,385,090* shares were sold out of treasury and
40,614,910* new shares were issued for a total consideration of £53,668,000; 31 October 2020: 13,385,090*
shares were sold out of treasury and 52,124,910* new shares were issued for a total consideration of
£65,092,000). Shares held in treasury do not have any voting rights. At 30 April 2021 no shares were held in
treasury (30 April 2020: nil; 31 October 2020: nil).


Since 30 April 2021 and up to 21 June 2021 a further 3,950,000 new shares were issued for a total consideration
of £4.5 million.

* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the
sub-divison of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.

** Current period figures have been adjusted for the sub-division where the issue took place before 1 March 2021.

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
£1,497,411,000 (30 April 2020: £1,161,142,000; 31 October 2020: £1,280,971,000) and on 1,310,402,830 (30
April 2020: 1,280,067,830*; 31 October 2020: 1,291,577,830*) ordinary shares, being the number of ordinary
shares in issue with voting rights at the period end.

* Comparative figures for the periods ended 30 April 2020 and 31 October 2020 have been restated due to the
sub-division of each Ordinary share of 25p into ten Ordinary shares of 2.5p each on 1 March 2021.

7. Bank loan
At 30 April 2021, the Company had drawn down £nil (30 April 2020 and 31 October 2020: £nil) of its £20 million
multi-currency loan facility. The facility was renewed on 26 February 2021 with SMBC Bank International plc,
previously known as Sumitomo Mitsui Banking Corporation Limited.

Since the period end, the Company has drawn down £10,000,000 of its loan facility.

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. Included within the capital
return under the gains from investments is a loss of £1,553,000 (US$ 2,085,000) being the cost of the settlement
agreement relating to the sale of an investment in 2017, detail of which was set out in the 31 October 2020 Annual
Report.

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 2021 was £18,018,000 (30 April 2020: £18,312,000; 31 October 2020:
£18,140,000). The fair value of the debenture stock has been calculated using prices quoted on the exchange on
which the instrument trade and is categorised as Level 1 as described below. In order to comply with fair value
accounting disclosures only, the fair value of the loan notes at 30 April 2020 have been estimated to be £58,785,000
(30 April 2020: £63,938,000; 31 October 2020: £62,990,000) 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 they are not traded and the Directors expect them 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 2021 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

Equity investments 1,534,027 - - 1,534,027

Fixed interest investments - - 1 1
Current asset investments 4,230 - - 4,230
------------- --------- -------- -------------
Total financial assets carried at fair value 1,538,257 - 1 1,538,258
========= ====== ==== =======


Financial assets at fair value through profit or loss at
30 April 2020 (Unaudited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:
Equity investments 1,158,544 - - 1,158,544

Fixed interest investments - - 3 3

Current asset investments 22,052 - - 22,052
------------- --------- -------- -------------
Total financial assets carried at fair value 1,180,596 - 3 1,180,599
========= ====== ==== =======

Financial assets at fair value through profit or loss at
31 October 2020 (Audited)
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Investments including derivatives:

Equity investments 1,246,543 - - 1,246,543

Fixed interest investments - - 3 3

Current asset investments 24,770 - - 24,770
------------- ---------- --------- -------------
Total financial assets carried at fair value 1,271,313 - 3 1,271,316
========== ====== ==== =======


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

Level 3 investments at fair value through profit or loss
30 April
2021
£’000
30 April
2020
£’000
31 October
2020
£’000
Opening balance 3 4 4

Disposal proceeds (2) (1) (1)
------- ------- -------
Closing balance 1 3 3
==== ==== =====

10.

Reconciliation of liabilities arising from financing activities

Non-cash changes


At
1 November
2020
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements
£'000
At
30 April
2021
£'000

Financing activities
Financing liabilities 64,832 - 4 - - 64,836
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,832 - 4 - - 64,836

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


Non-cash changes


At
1 November
2019
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements
£'000
At
30 April
2020
£'000

Financing activities
Financing liabilities 64,823 - 4 - - 64,827
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,823 - 4 - - 64,827

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

Non-cash changes


At
1 November
2019
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements
£'000
At
31 October
2020
£'000

Financing activities
Financing liabilities 64,823 - 9 - - 64,832
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,823 - 9 - - 64,832

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

11. Going concern
In assessing the Company's going concern, the Directors have considered among other things the impact of
Covid-19, cash flow forecasts, a review of covenant compliance including the headroom above the most restrictive
covenants, and an assessment of the liquidity of the portfolio. The assets of the Company consist mainly of
securities that are listed and readily realisable. Thus, after making due enquiry, the Directors believe that the
Company has adequate financial resources to meet its financial obligations, including the repayment of any
borrowings, and to continue in operational existence for at least twelve months from the date of approval of the
financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the
financial statements.

12. Dividends
A first interim dividend of 0.538p per ordinary share of 2.5p (2020: 0.535p*), was paid on 28 May 2021 to
shareholders registered on 30 April 2021. The shares were quoted ex-dividend on 29 April 2021. Based on the
number of ordinary shares in issue at 30 April 2021 of 1,310,402,830 the cost of this dividend was £7,050,000.

The Directors have declared a second interim dividend of 0.538p per ordinary share of 2.5p (2020: 0.535p*) which is
payable to shareholders on 31 August 2021 to shareholders on the register on 30 July 2021. The shares will be
quoted ex-dividend on 29 July 2021. Based on the number of shares in issue at 21 June 2021 of 1,314,352,830 the
cost of this dividend will be £7,070,000.

*All comparative figures have been restated due to the sub-division of each Ordinary share of 25p into ten Ordinary
shares of 2.5p each on 1 March 2021.

13. 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 2021 and 2020
has not been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2020 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.

A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year
ended 31 October 2020.

14. 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 late June/early July 2021.

15. General information
Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): BN4NDR3 / ISIN number GB00BN4NDR39
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 Sue Inglis (Chair), Julian Chillingworth (Senior Independent Director),
Isobel Sharp (Audit Committee Chair), Richard Huntingford and Richard West.

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

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.

50 Largest Investments
At 30 April 2021

Rank
30
April
2021
Rank
31
Oct
2020 Company Country
Valuation
31 Oct
2020
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 April
2021
£’000
1 1 Microsoft
US
34,450 - (4,498) 5,335 35,287
2 2 Estée Lauder
US
26,875 - (4,047) 7,770 30,598
3 13 CME
US
17,757 4,947 - 5,272 27,976
4 7 American Tower
US
20,181 4,859 - 745 25,785
5 8 MasterCard
US
19,852 - - 4,660 24,512
6 6 Visa
US
22,449 - (2,293) 4,342 24,498
7 # Home Depot
US
- 19,961 - 3,508 23,469
8 9 Intuit
US
18,269 - - 4,074 22,343
9 # Otis Worldwide
US
- 21,739 - (73) 21,666
10 23 American Express
US
12,825 4,922 (4,594) 8,505 21,658
11 #
Automatic Data
Processing
US
- 19,347 - 2,083 21,430
12 19 Union Pacific
US
13,885 4,716 - 2,564 21,165
13 11
Intercontinental
Exchange
US
18,122 - - 2,983 21,105
14 5 Amazon
US
23,000 - (4,954) 1,238 19,284
15 15 Moody’s
US
16,075 - - 2,568 18,643
16 3 Apple
US
25,789 - (11,038) 3,577 18,328
17 (4) Alphabet
US
23,517 - (11,805) (5,888) 17,600
18 16 Roper Technologies
US
15,034 - - 1,846 16,880
19 17 Sherwin-Williams
US
14,719 - - 1,616 16,335
20 22
The Cooper
Companies
US
13,035 - - 2,643 15,678
21 # AstraZeneca
UK
- 14,703 - 940 15,643
22 30
Samsung
Electronics
South Korea
10,890 - - 4,289 15,179
23 39 Telecom Italia
Italy
10,062 - - 5,116 15,178
24 29 Diageo
UK
11,060 577 - 3,387 15,024
25 18 Netflix
US
14,161 - - 112 14,273

Rank
30
April
2021
Rank
31
Oct
2020 Company Country
Valuation
31 Oct
2020
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 April
2021
£’000
26 12 Adobe Systems
US
17,803 - (4,738) 931 13,996
27 43 Rio Tinto UK 9,306 1,168 (312) 3,631 13,793
28 14
Taiwan
Semiconductor
Manufacturing Taiwan 17,578 - (8,446) 4,418 13,550
29 50 Toyota Motor Japan 7,966 4,779 - 393 13,138
30 44 Bawag Austria 8,960 1,363 (979) 3,678 13,022
31 31 Cellnex Telecom Spain 10,824 2,730 - (1,090) 12,464
32 10 Facebook US 18,240 - (7,431) 1,524 12,333
33 # Lloyds Banking UK 3,814 4,706 - 3,283 11,803
34 32
British American
Tobacco UK 10,725 - - 1,025 11,750
35 28 Prosus Netherlands 11,532 - - 175 11,707
36 # RELX UK 7,210 2,565 - 1,711 11,486
37 41 SoftBank Japan 9,458 - (944) 2,883 11,397
38 # Anglo American UK - 8,761 - 2,626 11,387
39 35 Sony Japan 10,455 493 (1,049) 1,438 11,337
40 # Munich Re Germany 7,799 2,485 - 1,011 11,295
41 40 DSM Netherlands 9,905 - (631) 1,754 11,028
42 25 Reckitt Benckiser UK 12,243 580 (1,425) (601) 10,797
43 27
Thermo Fisher
Scientific US 11,946 1,075 (1,704) (779) 10,538
44 36 Nestlé Switzerland 10,447 - - (91) 10,356
45 20 PayPal US 13,836 - (7,419) 3,929 10,346
46 45 SIG Combibloc Switzerland 8,845 2,080 (1,503) 913 10,335
47 33 Roche Switzerland 10,607 200 - (561) 10,246
48 # 3i UK 7,659 - - 2,558 10,217
49 21 ICON US 13,136 - (4,369) 1,378 10,145
50 # ASML Netherlands 6,621 - - 3,521 10,142
------------ ------------- ------------- --------------- -------------


638,922 128,756 (84,179) 124,646 808,145

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

All securities are equity investments
# Not in top 50 at 31 October 2020
Convertibles and all classes of equity in any one company are treated as one investment

GEOGRAPHICAL DISTRIBUTION
30 April 2021
%
31 October 2020
%
UK
20.2 19.4
Europe (ex UK)
17.7 16.1
North America
34.1 35.9
Japan
11.4 12.4
Pacific (ex Japan and China)
10.0 9.0
China
6.6 7.2
--------- ---------
100.0 100.0
===== =====
Source: Janus Henderson
REVENUE GENERATED
30 April 2021
£ million
30 April 2020
£ million
UK
5.6
5.4
Europe (ex UK)
3.4
2.4
North America
2.3
1.5
Japan
2.1
1.7
Pacific (ex Japan and China)
2.0
1.2
China 0.2 -
--------- ---------
15.6 12.2
===== =====
Source: Janus Henderson
SECTOR ANALYSIS
As a percentage of the investment portfolio excluding cash
30 April 2021
%
31 October 2020
%
Industrials 20.0 15.6
Consumer Discretionary 18.2 17.3
Financials 17.4 15.7
Technology 16.8 20.3
Consumer Staples 7.1 9.4
Health Care 6.7 8.3
Telecommunications 4.6 3.7
Basic Materials 4.1 3.1
Real Estate 2.9 3.4
Utilities 1.3 2.2
Energy 0.9 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.