BIT- Half Year Update for the half-year ended 30 April 2022

THE BANKERS INVESTMENT TRUST PLC

JANUS HENDERSON INVESTMENT FUND MANAGEMENT UK LIMITED

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69

4 July 2022


THE BANKERS INVESTMENT TRUST PLC

Half Year Update for the half-year ended 30 April 2022

The Company released its Half Year Report for the six months ended 30 April 2022 on 24 June
2022. A copy of the report is available to download from the Company’s website:
www.bankersinvestmenttrust.com.

An abridged extract from the Half Year Report (the Half Year Update) will be sent to shareholders
today. The Half Year Update has been submitted to the National Storage Mechanism and will
shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The update is also available for download from the Company’s website:
www.bankersinvestmenttrust.com.


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) is incorporated into, or forms part of,
this announcement.



For further information please contact:

Wendy King
For and on behalf of Janus Henderson Secretarial Services UK Limited
Secretary to The Bankers Investment Trust PLC
Tel: 020 7818 4233

Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Tel: 020 7818 4458

Harriet Hall
PR Manager, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2919

---

The Bankers
Investment
Trust PLC
Update for the half year ended
30 April 2022

Investment Objective
Over the long term, the Company aims to achieve capital growth in excess of the FTSE
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Investment Policy
The following investment ranges apply:
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PU]LZ[TLU[JVTWHUPLZPUJS\KPUNSPZ[LKPU]LZ[TLU[[Y\Z[Z

Derivatives
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Gearing
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This update contains material extracted from the unaudited half-year results of the Company for the six
months ended 30 April 2022. The unabridged results for the half-year are available on the Company’s
website: www.bankersinvestmenttrust.com
Investment Objective and Policy
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Performance Highlights
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PUJS\KPUNKP]PKLUKZYLPU]LZ[LKHUKL_JS\KPUN[YHUZHJ[PVUJVZ[Z
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV

 
Index
2

Share price
3
 
NAV per share
30 Apr 2022 113.0p
30 Apr 2021 114.3p
Revenue return
per share
30 Apr 2022 1.08p
30 Apr 2021 0.97p
Share price
30 Apr 2022 105.9p
30 Apr 2021 114.2p
Dividends paid or declared in
respect of the period
30 Apr 2022
4
1.128p
30 Apr 2021 1.076p
NAV
1
-5.6%
Benchmark
2
-2.6%
Share price
3
-6.3%
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:OHYLWYPJL[V[HSYL[\YU\ZPUNTPKTHYRL[JSVZPUNWYPJL
-PYZ[PU[LYPTKP]PKLUKMVY^HZWHPKVU4H`[OLZLJVUKPU[LYPTKP]PKLUKOHZILLUKLJSHYLKHUK^PSSILWHPKVU(\N\Z[
:V\YJLZ!1HU\Z/LUKLYZVU4VYUPUNZ[HY+PYLJ[HUK9LÄUP[P]+H[HZ[YLHT

2
Review
In February I became Chair and I look forward to
working with the Board and the Investment Manager,
and to meeting many of our shareholders over the
coming years. Founded in 1888, Bankers has a
distinguished history. It has experienced a variety of
financial and economic crises as well as, of course, its
share of bull markets. Its strength has been its ability
to adapt to changing circumstances and to grow. I
have been involved in the investment trust sector for 30
years and Bankers struck me as interesting for a variety
of reasons. First it is an old established and substantial
trust. Second it has a sound record on both income
and capital growth. Third it is unique in the way in
which it manages separate portfolios under the same
roof. As a result, it has the ability to appeal to a wide
range of investors.
We have entered a more uncertain period for
markets, with inflationary pressures everywhere and
interest rates being raised to counter price demand
for goods and services. Over the six months ended
30 April 2022, the NAV total return was -5.6%
and the share price total return was -6.3%, both
underperforming the FTSE World Index total return
of -2.6%. The underperformance was due to mixed
performance from stock selection in various regional
sleeves combined with weakness in Asia, particularly
China. The accompanying Fund Manager’s Report
contains more information together with a useful
market commentary.
Dividends
The Company’s income has continued to recover this
year and our investment income for the six months
ended 30 April 2022 was £17.8 million compared
to £15.6 million for the same period last year, an
increase of 14.1%. This increase reflects continued
dividend growth, the strengthening US dollar and
a resumption in dividends from the few remaining
companies who suspended dividends. Our net
revenue for the six months was £14.2 million (2021:
£12.6 million), equivalent to 1.08p per share (2021:
0.97p).
A first interim dividend of 0.55p per share (2021:
0.538p) was paid on 31 May 2022. The Board has
declared a second interim dividend of 0.578p (2021:
0.538p) per share, which will be payable on 31
August 2022 to shareholders on the register on 29
July 2022.
The Company aims over the long-term to grow
dividends in excess of inflation, as measured by the
UK Consumer Price Index (‘CPI’). This year has seen
the highest level of CPI inflation in a generation and
while it will not be possible to grow our payments in
line with inflation this year, Bankers’ long-term record
is healthy. Over the past 10 years, to 31 October
2021, dividends have grown by 71% compared to
a 20% increase in CPI. The improving outlook for
our investment income combined with the revenue
reserve leads us to increase our forecast for dividend
growth for the current financial year, from at least 3%
to at least 5%.
Share buy-backs
The market uncertainty has led to the Company’s
shares trading at a discount which has offered an
opportunity to buy back shares from the market.
This activity is beneficial to ongoing shareholders,
as shares are only purchased below NAV. A total of
4,243,874 shares were bought back at an average
discount of 6% to the NAV in the six months
ended 30 April 2022 (30 April 2021: nil), for a total
consideration of £4.5 million. The discount at 30 April
2022 was 6.3% (2021: 0.1%). Since the period end,
a further 4,256,126 shares have been bought back,
for a total consideration of £4.3 million.
There have been no share issues in the financial year
to date.
Chair’s Statement

3
Chair’s StatementJVU[PU\LK
;OL)VHYKHUK0U]LZ[TLU[4HUHNLY
Sue Inglis stepped down from the Board at the
Annual General Meeting in February 2022, after
nine years on the Board and three years as Chair. I
should like to thank her on behalf of the Board for
her outstanding contribution. The Board will miss her
deep knowledge, experience and understanding of
the investment trust world. The search for a new non-
executive director has begun and will conclude before
the end of the year.
A change in Chair allows the Board to reflect on
the operation of the Company. The timing of this is
prescient, given the market volatility. In the Board’s
view there is no requirement to alter our long-term
objectives but rather there are opportunities to
tighten up the way in which the Company operates,
communicates and attracts new investors.
As part of this process the Company’s Manager,
Janus Henderson, has decided to appoint Mike
Kerley as deputy to Alex Crooke. This appointment
recognises the size and importance of the Company
to Janus Henderson and the provision of this
additional resource is welcomed by the Board. Mike
has been in the investment management business
for 37 years and he has been managing the Bankers’
Pacific (ex Japan and China) portfolio since 2006.
To support Mike with his portfolio role, Sat Duhra
will co-manage the Pacific portfolio. Sat joined
Janus Henderson in 2011 and has over 22 years of
experience in financial markets. We are fortunate to
have access to such experienced and knowledgeable
investment professionals within Janus Henderson.
6\[SVVR
Events this past year were impossible to predict.
The rapid economic recovery from Covid restrictions
created rising demand when there were still supply
bottlenecks of goods. The war in the Ukraine places
further restrictions on the provision of energy and food
supplies. There are some parallels to the economic
conditions in the 1970’s and 80’s but, as is often the
case, there are also key differences. Activity will slow
this year but market share prices are adjusting to this
outturn and, with the banking sector and corporates
well capitalised, there should be a solid foundation to
rebuild investors confidence.
Simon Miller
Chair
24 June 2022


4HYRL[YL]PL^
The highest level of price inflation for over 30 years
and potential central bank reactions have dominated
markets throughout the past half year under review.
The reasons for inflation touching 10% in the UK
are manyfold but stem from disruption to both
labour movement and supply chains throughout the
Covid lockdowns. Goods price inflation has been
compounded by rising service prices and, more
recently, energy and food prices following the invasion
of Ukraine. The equity markets have fallen in value
since the end of December with inflation proving far
from transitory as central banks assured investors last
year. Historically, such levels of inflation would provoke
central banks to raise interest rates rapidly to curtail
demand and bring prices back down but investors fear
that the increase in rates has been too slow.
Longer term bond yields have also risen over the
period, signalling unusual conditions where both
bonds and equities have fallen in value. Essentially,
market prices are signalling that central banks will not
contain inflation quickly and that it is increasingly likely
that a recession will follow. Growth equities, especially
technology companies, have been especially hard
hit while energy and other defensive sectors such
as utilities and healthcare have been relatively better
performers. Ironically, corporate profits are proving
resilient and are even rising, but the market valuation of
those earnings by investors has been derated because
of their cautious outlook. Typically markets derate
stocks well ahead of actual earnings falling.
The most resilient stock market has been the UK which
has risen in value over the period under review. This
has less to do with the strength of the UK economy
but rather the high weighting of oil and mining
companies and those with large overseas earnings
within the market. The US dollar has appreciated by
almost 9% over the period against sterling reflecting
a flight to quality and the expectation that the Federal
Reserve will raise interest rates quicker than the UK.
The remaining major markets, the US, Japan and
Europe have broadly fallen by the same amount in local
currencies, approximately 10% but in sterling terms the
US has delivered the better underlying return despite
the sell-off in technology shares. China has been a
notable laggard in terms of market performance as the
policy of zero Covid cases in the community is having
a detrimental impact on economic growth. It is proving
challenging to understand when this policy will be
overturned.
Performance
Overall, the portfolio has lagged the FTSE World
Index by 3% which is largely attributable to a lower
exposure to the US market and the poor performance
of the China portfolio. There has also been
underperformance in the US and European portfolios
that has impacted the return, as both these portfolios
have a significantly higher weight to growth stocks
which have derated in current market conditions. The
UK and Asian portfolios have delivered performance
ahead of their respective benchmarks attributable
to good stock picking and the more value based,
cash generative and dividend emphasis of the
respective managers. Higher yielding stocks have
been a noticeable outperformer in Asian markets this
year. Unusually, quality as a factor in stock selection
has performed poorly during this period which
emphasises how macroeconomic events have driven
stock market returns rather than fundamentals.
The portfolio’s income has continued to recover with
almost all companies reinstating dividends that were
withheld through Covid restrictions. The banking and
consumer services sectors were the last to return to
normal patterns of dividend payments. The challenging
economic outlook combined with many companies
facing rising labour and input inflation is likely to limit
further dividend growth this year. Similarly, the receipt
of special dividends is trending lower than last year.
Outlook
While we desperately hope that there will be an end
to the conflict in Ukraine, it is clear that energy and
food prices are likely to be elevated for some time to
come as supply shortages persist. While there is a
real risk that economic activity contracts in Europe
and elsewhere, purely through demand falling as
consumers pay more for basic goods and services,
shares are already pricing in a slowing growth outlook.
The resilience of the UK stock market should continue
despite the uncertainty stemming from UK politics.
US interest rates are forecast to rise to over 2% by
December, which will have a cooling effect on the US
economy, but we still expect US growth to remain
positive and therefore US corporate earnings to grow
this year. Stock markets will remain volatile until there
is a clear downward direction in inflationary pressures
and investors can gain confidence in stock valuations.
Alex Crooke
Fund Manager
24 June 2022
Fund Manager’s Report


Financial summary
Extract from the Condensed Statement
of Financial Position (unaudited except
2FWREHUðJXUHV
As at
30 April 2022
£’000
As at
(WYPS
£’000
As at
6J[
£’000
Tota l a s s ets
1,622,575
 
*\YYLU[SPHIPSP[PLZ


Total assets less
current liabilities1,616,926
+LILU[\YLZ[VJRHUK\UZLJ\YLK
loan notes
Net assets1,478,430
 
Net asset value per ordinary share113.0pW W
Share Capital
([(WYPS[OLYL^LYLVYKPUHY`ZOHYLZVMWLHJOPUPZZ\LVM^OPJO^LYLOLSKPU
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VM^OPJOZOHYLZ^LYLOLSKPU[YLHZ\Y`+\YPUN[OLOHSM`LHYLUKLK(WYPS
ZOHYLZ^LYLIV\NO[IHJRPU[V[YLHZ\Y`H[H[V[HSJVZ[VM‰(WYPS! ZOHYLZ^LYLPZZ\LKWYPVY
[V[OLMVYZOHYLZWSP[HUKMVSSV^PUN[OLMVYZOHYLZWSP[MVYWYVJLLKZVM‰HUK
ZOHYLZ^LYLIV\NO[IHJRPU[V[YLHZ\Y`MVYHUL[WH`TLU[VM‰:PUJL[OLWLYPVKLUK[OL
*VTWHU`OHZIV\NO[IHJRUL^ZOHYLZMVYH[V[HSJVZ[VM‰
The nVTPUHS]HS\LVM[OLZOHYLI\`IHJRZ^OPJO^LYLOLSKPU[YLHZ\Y`K\YPUN[OL`LHY[V6J[VILY^HZ
transMLYYLK[V[OLJHWP[HSYLKLTW[PVUYLZLY]LI\[ZOV\SKOH]LYLTHPULKPUZOHYLJHWP[HS;OPZ[YHUZMLYOHZILLU
YL]LYZLKPU[OLJ\YYLU[WLYPVK
Dividends
(ÄYZ[PU[LYPTKP]PKLUKVMW!WWLYVYKPUHY`ZOHYL^HZWHPKVU4H`[VZOHYLOVSKLYZYLNPZ[LYLKVU
 (WYPS;OLZOHYLZ^LYLX\V[LKL_KP]PKLUKVU(WYPS)HZLKVU[OLU\TILYVMVYKPUHY`ZOHYLZPUPZZ\LH[
(WYPSL_JS\KPUN[OLZOHYLZOLSKPU[YLHZ\Y`VM[OLJVZ[VM[OPZKP]PKLUK^HZ‰ 
;OL+PYLJ[VYZOH]LKLJSHYLKHZLJVUKPU[LYPTKP]PKLUKVMW!WWLYVYKPUHY`ZOHYL^OPJO^PSSIL
WH`HISLVU(\N\Z[[VZOHYLOVSKLYZVU[OLYLNPZ[LYVU 1\S`;OLZOHYLZ^PSSILX\V[LKL_KP]PKLUKVU
1\S`)HZLKVU[OLU\TILYVMZOHYLZPUPZZ\LL_JS\KPUNZOHYLZOLSKPU[YLHZ\Y`H[1\ULVM
[OLJVZ[VM[OPZKP]PKLUK^PSSIL‰
/HSM`LHYLUKLK
Extract from the Consolidated
Statement of Comprehensive Income
XQDXGLWHG
30 April 2022
Revenue return
£’000
30 April 2022
Capital return
£’000
30 April 2022
Tot al
£’000
(WYPS
Tota l
£’000
Investment income17,822-17,82215,610
Other operating income62-6253
3VZZLZNHPUZVUPU]LZ[TLU[ZOLSKH[
MHPY]HS\L[OYV\NOWYVÄ[VYSVZZ-220,218
Gross revenue and
FDSLWDOORVVHVJDLQV17,884235,881
,_WLUZLZÄUHUJLJVZ[ZHUK
taxation(6,214)
1HWSURðWORVV14,173
229,667
(DUQLQJVORVVSHURUGLQDU\VKDUH1.08pSS
17.67p


Portfolio Information as at 30 April 2022
Sector Analysis
As a percentage of the investment portfolio excluding cash
30 Apr 202231 Oct 2021
0510152025
Utilities
Energy
Real Estate
Telecommunications
Basic Materials
Consumer Staples
Health Care
Technology
Consumer Discretionary
Financials
Industrials
16.9%
10.7%
7.2%
3.0%
1.8%
2.5%
15.6%
8.0%
4.4%
4.6%
3.3%
3.1%
1.0%
1.6%
1.5%
18.8%
18.9%
19.4%
19.3%
14.5%
14.5%
9.4%
.LVNYHWOPJHS+PZ[YPI\[PVU








2
0
2
1







2
0
2
2
30 April
2022

31 Oct
2021
(%)
UK
19.718.1
Europe (ex UK)
16.618.8
North America
35.735.4
Japan
11.811.8
Pacific (ex Japan and China)
10.510.0
China
5.75.9
100.0100.0
Source: Janus Henderson
9L]LU\L.LULYH[LK








2
0
2
1







2
0
2
2
30 April
2022
æP
30 April
2021
(£m)
UK
6.15.6
Europe (ex UK)
4.03.4
North America
3.42.3
Japan
2.12.1
Pacific (ex Japan and China)
2.22.0
China
-0.2
17.815.6
Source: Janus Henderson
Source: Janus Henderson


Portfolio InformationJVU[PU\LK
3HYNLZ[0U]LZ[TLU[ZH[(WYPS
Rank
30 Apr
2022
Rank
31 Oct
2021CompanyCountry
Valuation
31 Oct 2021
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr 2022
£’000
12American ExpressUS 34,616 - - 3,386 38,002
21MicrosoftUS 46,870 - (5,506)(4,217) 37,147
34CMEUS 30,852 - - 2,678 33,530
45Automatic DataUS 29,085 - - 1,777 30,862
521Roper
Technologies
US 18,630 9,620 - 1,846 30,096
69Otis WorldwideUS 25,547 5,047 - (539) 30,055
711Union PacificUS 24,456 2,967 - 1,449 28,872
86American TowerUS 28,797 - - (1,881) 26,916
916AstraZenecaUK 21,880 - - 3,838 25,718
10#OracleUS - 24,963 - 730 25,693
1113VisaUS 22,418 - - 2,188 24,606
127Home DepotUS 27,220 - - (3,201) 24,019
133Estée LauderUS 31,924 - (5,030)(3,028) 23,866
1410Intercontinental
Exchange
US 25,072 - - (2,171) 22,901
1517MasterCardUS 21,732 - (2,848)3,399 22,283
1619DiageoUK 19,733 - (315)2,092 21,510
1714Sherwin-WilliamsUS 22,082 - - (1,162) 20,920
1834Thermo Fisher
Scientific
US 14,326 7,129 - (591) 20,864
1912Moody'sUS 23,309 - - (3,381) 19,928
208Intuit US 26,526 - - (7,149) 19,377
2115AlphabetUS 22,024 - - (3,412) 18,612
2222Toyota MotorJapan 17,305 - - 1,244 18,549
2339RocheSwitzerland 12,289 5,064 - 935 18,288
2420ZoetisUS 19,578 - - (2,060) 17,518
2524RELXUK 16,544 - - 935 17,479


Portfolio informationJVU[PU\LK
3HYNLZ[0U]LZ[TLU[ZH[(WYPS
Rank
30 Apr
2022
Rank
31 Oct
2021CompanyCountry
Valuation
31 Oct 2021
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr 2022
£’000
2627Reckitt BenckiserUK 15,378 - - 812 16,190
2746British American
Tobacco
UK 11,157 - - 3,526 14,683
2823ICONUS 16,947 - - (2,335) 14,612
2935NestléSwitzerland 13,607 - - 983 14,590
3026Lloyds BankingUK 15,495 - - (1,339) 14,156
31#Anglo AmericanUK 10,619 - - 3,067 13,686
3240CompassUK 12,136 - - 1,194 13,330
3330Novo-NordiskDenmark 14,986 - (3,346)1,615 13,255
34#Total EnergiesFrance 9,791 2,328 - 914 13,033
3542BunzlUK 11,582 - (316)1,700 12,966
36#Rio TintoUK 10,353 - - 2,600 12,953
3741Macquarie BankAustralia 12,050 - - 876 12,926
3829Sony Japan 15,086 - - (2,670) 12,416
39#SanofiFrance 10,235 - - 1,689 11,924
4037Taiwan
Semiconductor
Manufacturing
Taiwan 13,339 - - (1,433) 11,906
4118AppleUS 21,083 - (12,426)3,059 11,716
4236DSMNetherlands 13,568 - - (2,100) 11,468
4345OZ MineralsAustralia 11,233 - - 185 11,418
44433i UK 11,481 - - (332) 11,149
45#RWEGermany 9,194 - - 1,713 10,907
4644The Cooper
Companies
US 11,304 - - (620) 10,684
47#Daiichi SankyoJapan 9,170 493 - 953 10,616
48#KPNNetherlands 8,386 - - 2,208 10,594
4928Bawag Austria 15,301 - (2,401)(2,408) 10,492
50#Tokio MarineJapan 10,260 - (1,228)1,309 10,341
896,55657,6118,871929,622
All securities are equity investments
# Not in top 50 at 31 October 2021
Convertibles and all classes of equity in any one company being treated as one investment

Additional Information
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following main areas:
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pandemic and other health emergencies are now
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relating to heightened political and military tensions
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Going Concern
In assessing the Company’s going concern, the
Directors have considered among other things, cash
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for at least twelve months from the date of approval of
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knowledge:
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months and description of principal risks and
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On behalf of the Board
Simon Miller
Chair
24 June 2022
9

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If undelivered please return to the above address
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The Bankers Investment Trust PLC
201 Bishopsgate
London EC2M 3AE
1/0