BIT – Doc re. Half Year Update

THE BANKERS INVESTMENT TRUST PLC

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69

3 July 2023


THE BANKERS INVESTMENT TRUST PLC

Half Year Update for the half-year ended 30 April 2023

The Company released its Half Year Report for the six months ended 30 April 2023 on 22 June
2023. 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

---

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The Bankers Investment Trust PLC
Update for the half year ended
30 April 2023

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 stock picking investment process, across six
regional portfolios, to identify suitable opportunities. While each regional portfolio manager
employs their own investment style, they all pay particular regard to cash generation and
dividend growth over the medium term.
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.
This update contains material extracted from the unaudited half-year results of the Company for the six
months ended 30 April 2023. The unabridged results for the half-year are available on the Company’s
website: www.bankersinvestmenttrust.com
THE BANKERS INVESTMENT TRUST PLC
Investment Objective and Policy

Tot a l return performance for the six months to 30 April 2023
NAV
1
8 .1%
Benchmark
2
3.5%
Share price
3
5.4%
1 Net asset value (NAV) total return per share with income reinvested and with debt at par
2 For 10 years, this is a composite of the FTSE World Index and the FTSE All-Share Index
3 Share price total return using mid-market closing price
4 First interim dividend for 2023 was paid on 31 May 2023, the second interim dividend has been declared and will be paid on 31 August 2023
Sources: Janus Henderson, Morningstar Direct and Refinitiv Datastream
Performance Highlights
NAV per share
112. 3 p 30 Apr 2023
113 .0 p (30 Apr 2022)
Revenue return per share
1. 29p 30 Apr 2023
1.08p (30 Apr 2022)
Share price
100.6p 30 Apr 2023
105.9p (30 Apr 2022)
Dividends paid or declared in
respect of the period
1. 24p 30 Apr 2023
1.128p (30 Apr 2022)
Tot a l return performance to 30 April 2023
(including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
1
8.11.532.0 44.3157.6
FTSE World Index
2
3.5 3.246.6 62.1131.5
Share price
3
5.4 -2.6 18.530.4 138.3
The Bankers Investment Trust PLC Half Year Report 2023 1

Our Investment Philosophy
Stewardship, consistency and diversification are the core principles that define how we invest
and safeguard our shareholders’ money. They are why we have produced stable and consistent
income and capital growth over decades. We have paid a dividend for the last 132 years and
it has been increased every year for the previous 56 years. This record is a testament to these
principles and our approach to long-term investing.
Our enduring core principles have remained unchanged:
• Stewardship – Since the Company was launched in 1888, the Company’s purpose has remained
unchanged. We are stewards of shareholders’ financial aspirations and our role is to generate long-term
returns while taking care of their assets over multiple generations with the utmost care and responsibility.
Long-term to us means taking decisions that may affect the Company in five years time and beyond,
such as the placing of long-dated loan notes. An independent Board acts as a guardian of shareholder
interests and works closely with the Manager to ensure that these long-term objectives are achieved.
• Consistency – The price you pay for a company will determine your long-term stock market returns.
Investing over a century has taught us to seek successful global companies that are growing year after
year. Buying these companies at the right time and price is key to sustaining our long-term track record.
• Diversification – Diversification is vital when investing globally. We invest across six different regions:
UK, Europe (ex UK), North America, Japan, the Pacific region (ex Japan and China) and China,
each managed by a regional portfolio manager. Fund Manager Alex Crooke has been with Janus
Henderson, the Company’s Manager, since 1994 and oversees the investment team. While each
regional portfolio manager invests based on their own style, Alex Crooke and his deputy Mike Kerley
work closely with each of them to ensure they find the best opportunities.
2The Bankers Investment Trust PLC Half Year Report 2023

Chair’s Statement
Dear shareholder,
Performance
Your Company has delivered a strong net asset value
total return over the six months ended 30 April 2023
of 8.1% (2022: -5.6%) and a share price total return
of 5.4% (2022: -6.3%), outperforming the FTSE
World Index total return of 3.5% (2022: -2.6%). The
Company’s portfolio benefitted as equity markets
fared better than last year.
The majority of the regional portfolios, with the
exception of Asia Pacific and China, outperformed
their respective benchmark indices. The UK portfolio
performed the best relative to its benchmark,
outperforming by 3.1% and reversing all the
underperformance in 2022. The European portfolio
benefitted from positive news from the luxury
consumer sector, responding to the opening
of travel and the Chinese economy. The Fund
Manager discusses the key drivers of performance
in the period in more detail in his report.
Revenue
We have also seen the Company’s revenue
increase over the period, as corporate profits
defied the predictions of many commentators
and held up well, with profit margins improving on
the back of price rises. This has enabled many
of the companies in the portfolio to increase their
dividends paid from 2022 profits.
The change in the US portfolio has also boosted
income from that region which, combined with the
continued good dividend growth elsewhere, has
allowed us to increase the Company’s quarterly
dividends quicker than we anticipated at the year
end. Our net revenue for the six months was £16.5
million (2022: £14.2 million), equivalent to 1.29p per
share (2022: 1.08p).
A first interim dividend of 0.62p per share (2022:
0.55p) was paid on 31 May 2023. The Board has
declared a second interim dividend of 0.62p (2022:
0.578p) per share, which will be payable on 31
August 2023 to shareholders on the register on 28
July 2023.
Our current expectation is that our dividend for the
full year will be at least 7% above the level for 2022,
higher than the 5% that we forecast originally for
2023. This is supportive of our progressive dividend
policy and the Board anticipates continuing the
Company’s track record of successive annual
dividend growth which it has achieved over the past
56 years.
Share buy-backs
It is frustrating to see the Company’s share price
continue to trade at a wide discount to its net asset
value. However, we have taken advantage of this
opportunity to buy back shares from the market.
This activity is beneficial to ongoing shareholders,
as shares are only purchased when the Company’s
shares are trading at a discount, thereby enhancing
shareholder value.
A total of 24,080,927 shares were bought back
at an average discount of 9.0% to the net asset
value in the six months ended 30 April 2023 (2022:
4,243,874 shares bought back at an average
discount of 6.0%) for a total consideration of £24.9
million (2022: £4.5 million). The discount at 30 April
2023 was 10.4% (2022: 6.3%).
Board changes and succession planning
Isobel Sharp, Chair of the Audit Committee, is to step
down from the Board on 30 June 2023. On behalf
of the Board, I would like to express our gratitude
for her valued contribution during her tenure. Julian
Chillingworth, our Senior Independent Director, is to
retire from the Board at the conclusion of the 2024
AGM when he will have served for nine years.
In line with its long-term succession planning, and
very mindful of the FCA’s diversity targets, the
Nominations Committee has begun the recruitment
process for additional non-executive Directors
and the Board expects to make at least one
appointment before the year end.
Outlook
Following the opening of the Chinese economy we
expect to see an economic recovery under way in
Asia and Japan where nearly a third of our assets
are invested. However, we should expect further
volatility in equity markets due to the uncertain
trajectory of interest rates and the elevated levels
of inflation.
We remain relatively cautious in our outlook but
optimistic that our improved performance can
continue. We are confident in the ability of our Fund
Manager and the investment philosophy applied
to the portfolio. This provides the flexibility for the
regional portfolio managers to use their best ideas
to drive future growth as they continue to focus on
finding quality companies at the right price.
Simon Miller
Chair
22 June 2023
The Bankers Investment Trust PLC Half Year Report 2023 3

Revenue Generated

2
0
2
3
2
0
2
2
30 April 2023
(£m)
30 April 2022
(£m)
UK4.76.1
Europe (ex UK)3.1 4.0
North America5.43.4
Japan2.42.1
Pacific (ex Japan and China)3.42.2
China 0.1-
19.117.8
Source: Janus Henderson
Portfolio Information as at 30 April 2023
Sector Analysis
As a percentage of the investment portfolio excluding cash
As at 30 April 2023As at 31 October 2022
TelecomsTechnologyConsumer
Staples
EnergyFinancialsHealth
Care
IndustrialsBasic
Materials
Consumer
Discretionary
Real
Estate
Utilities
0
5
10
15
20
25
2.3
3.7
13.9
14.2
10.0
10.7
2.5
3.1
21.4
17.9
10.9
13.1
16.5
3.5
3.1
12.3
15.4
2.4
1.2
1.5
1.1
19.3
Source: Janus Henderson
Valuation of investments
Geographical Analysis
Equities excluding cash held
2
0
2
2
2
0
2
3
30 April 2023
(%)
31 Oct 2022
(%)
UK16.817.3
Europe (ex UK)17.117.0
North America38.0 38.8
Japan12.912.3
Pacific (ex Japan and China)9.5 9.7
China 5.74.9
100.0100.0
Source: Janus Henderson
The Bankers Investment Trust PLC Half Year Report 2023 4

Fund Manager’s Report
Market review
Persistent inflation during the period under review
has meant central banks around the world have
continued raising interest rates to depress demand
for goods and services. The bottlenecks and limited
supply of certain goods due to Covid restrictions
have generally eased, though the delayed impact
of elevated energy prices in 2022 is still being
felt in consumer prices. Initially, equity valuations
were impacted by worries that reduced money
supply and higher borrowing costs would cause
a recession. However, corporate earnings and
economic activity have been far more resilient than
expected. Time will tell whether trading down or
changing spending patterns by consumers leads
companies to cut prices to maintain volumes or
market share.
Growth stocks in the US corrected in price
through the start of the period as a response
to rising interest rates, and because investors
preferred more defensive sectors. At the same
time China abruptly opened its economy from
Covid restrictions and Asian markets responded
favourably to expectations of increased activity. In
recent months there has been quite a reversal in
both these markets. The largest US technology
companies, often referred to as the FAANG stocks,
have led a remarkable recovery driven by profit
upgrades, especially at Nvidia and Meta, combined
with investors’ enthusiasm for everything related
to generative artificial intelligence. Meanwhile the
equity market recovery in China has started to
fade, although the 5% GDP target, if met, would far
exceed growth in any Western markets this year.
Europe and the UK have been the standout markets
during the period, but it is hard to put this down to
positive news, rather it has been a lack of further bad
news. Investors were very downbeat towards the end
of 2022. Although economies in Europe have been
weak, they have not collapsed, and markets had been
clearly oversold. Gas prices have fallen sharply over
the winter and the warmer than usual winter weather
has helped limit reserve drawdown. Wage growth
has helped offset the higher interest rates, preserving
consumers’ ability to keep spending.
Performance
Overall, the portfolio outperformed the benchmark
FTSE World Index by 4.6% over the period. The
portfolio was positioned for a recovery in Asia and
performed well relative to the benchmark through
October and November as Chinese equities
recovered. The allocation towards Europe and the UK
also provided an overall positive benefit, with these
two portfolios generating a total return of 19.3%
and 12.5% respectively. As there was little actual
good news in the region, we reduced exposure to
both in February and lowered the portfolio’s gearing.
The gearing remained at 5% through to the period
end as we look forward to repaying the £15 million
2023 debenture at the end of October. The majority
of regional portfolios fared better in the period, with
the exception of Asia Pacific and China. The former
was lacking exposure to technology and in China the
state-owned companies were the best performers in
the market, where we have no exposure.
The US portfolio was repositioned in mid-December,
reflecting the transfer of portfolio management to
Jeremiah Buckley, who is based in Denver alongside
the large analyst team at Janus Henderson covering
the US market. The change has broadened coverage
within the US stock market, increasing exposure
to pharmaceuticals and larger US financials. We
held no exposure to US regional banks which have
experienced a flight of deposits in recent months and
a sharp correction in share prices.
The UK portfolio performed the best relative to its
benchmark, outperforming by 3.1% and reversing
some of the underperformance in 2022. The
European portfolio benefitted from positive news
from the luxury consumer sector, responding to the
opening of travel and the Chinese economy, with
companies such as Moncler and Hermès performing
well. Other notable performers in the portfolio were
Microsoft in the US, Sony in Japan and 3i in the UK.
Outlook
Tighter monetary conditions, driven by increasing
interest rates and bond sales from central banks,
have a dampening effect on economic activity.
However, the real economy is actually weathering
these conditions well, with many companies having
low levels of debt and possessing pricing power,
while consumers are benefitting from wage growth
or using savings to bolster spending. However, the
rate of inflation needs to fall. The alternative is that
interest rates will continue to rise or be maintained
at a high level for longer and their impact will be felt
more deeply by many. There is good evidence that
prices are starting to moderate and, in the case of
energy, starting to fall. We expect markets in Asia to
lead the recovery and are positioned for better news
in that region. However, we remain more cautious in
other regions.
Alex Crooke
Fund Manager
22 June 2023
The Bankers Investment Trust PLC Half Year Report 2023 5

Portfolio Information (continued)
25 Largest Investments at 30 April 2023
Rank
30 Apr
2023
Rank
31 Oct
2022CompanyCountry
Valuation
31 Oct 2022
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr 2023
£’000
17MicrosoftUS 28,74918,887(2,423)8,657 53,870
2#AppleUS 12,43427,991(5,010)3,711 39,126
3#AccentureUS - 26,682 - (1,508) 25,174
4#JP Morgan ChaseUS - 22,585(938)368 22,015
517AstraZenecaUK 19,657 - (2,157)2,556 20,056
6#United HealthUS - 20,377 - (2,026) 18,351
79VisaUS 26,113645(9,693)36 17,101
8#KLA CorpUS - 18,029 - (1,146) 16,883
924TotalEnergiesFrance 15,978 - (1,584)1,138 15,532
10#United ParcelUS - 16,154 - (631) 15,523
115American ExpressUS 28,920 - (12,982)(518) 15,420
1225NestléSwitzerland 15,693 - (1,555)1,207 15,345
13#Texas InstrumentsUS - 16,282 - (1,036) 15,246
14#McDonald'sUS - 14,175 - 863 15,038
15#Deere & CoUS - 19,308(1,950)(2,820) 14,538
16#Novo-NordiskDenmark 9,3321,572(1,212)4,170 13,862
17#Sony Japan 10,482376 - 2,957 13,815
1822DiageoUK 16,926 - (3,252)83 13,757
19#Toyota MotorJapan 15,011222(561)(1,456) 13,216
20#Procter & GambleUS - 13,086 - 88 13,174
21#Reckitt BenckiserUK 13,089 - (1,400)1,284 12,973
22#ChevronUS - 13,214 - (504) 12,710
23#ComcastUS - 10,927 - 1,653 12,580
24#Lloyds BankingUK 12,251 - (1,701)1,968 12,518
25#SanofiFrance 11,393195(1,149)1,820 12,259
236,028 240,707 (47,567) 20,914 450,082
All securities are equity investments
# Not in top 25 at 31 October 2022
Convertibles and all classes of equity in any one company being treated as one investment
The Bankers Investment Trust PLC Half Year Report 2023 6

Financial summary
Extract from the Condensed Statement of
Comprehensive Income (unaudited)
30 April 2023
Revenue return
£’000
30 April 2023
Capital return
£’000
30 April 2023
Tot al
£’000
30 April 2022
Tot al
£’000
Gains/(losses) on investments held at
fair value through profit or loss-93,41993,419(100,441)
Investment income19,070-19,07017,822
Other operating income1,073-1,07362
Gross revenue and
capital gains/(losses)20,14393,419113,562(82,557)
Expenses, finance costs and taxation(3,600)(3,644)(7,244)(7,575)
Net profit/(loss)16,54389,775106,318(90,132)
Earnings/(loss) per ordinary share1.29p 6.97p8.26p(6.87p)
Extract from the Condensed Statement of Financial
Position (unaudited except October 2022 figures)
As at
30 April 2023
£’000
As at
30 April 2022
£’000
As at
31 October 2022
£’000
Total assets1,573,6971,622,5751,504,097
Current liabilities(21,801)(5,649)(19,151)
Total assets less current liabilities1,551,8961,616,9261,484,946
Non-current liabilities(125,328)(138,496)(124,280)
Net assets1,426,5681,478,4301,360,666
Net asset value per ordinary share112.3p113.0p105.1p
Share Capital
At 30 April 2023 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 44,332,551
were held in treasury (with no voting rights) (30 April 2022: 1,315,102,830 of which 6,275,628 shares
were held in treasury; 31 October 2022: 1,315,102,830 of which 20,251,624 shares were held in
treasury). During the half-year ended 30 April 2023, 24,080,927 shares were bought back into
treasury at a total cost of £24,881,000 (half year to 30 April 2022: 4,243,874 shares were bought
back into treasury for a total cost of £4,533,000; year to 31 October 2022: 18,219,870 shares were
bought back into treasury for a total cost of £18,525,000). Since the period end, the Company has
not bought back any shares.
Dividends
A first interim dividend of 0.62p (2022: 0.55p) per ordinary share was paid on 31 May 2023 to
shareholders registered on 28 April 2023. The shares were quoted ex-dividend on 27 April 2023.
Based on the number of ordinary shares in issue at 30 April 2023 (excluding the shares held in
treasury) of 1,270,770,279 the cost of this dividend was £7,879,000.
The Directors have declared a second interim dividend of 0.62p (2022: 0.578p) per ordinary share
which will be payable on 31 August 2023 to shareholders on the register on 28 July 2023. The shares
will be quoted ex-dividend on 27 July 2023. Based on the number of shares in issue, excluding shares
held in treasury, at 22 June 2023 of 1,270,770,279 the cost of this dividend will be £7,879,000.
The Bankers Investment Trust PLC Half Year Report 2023 7

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
• Risks associated with climate change
Information on these risks and uncertainties and
how they are managed are given in the Annual
Report for the year ended 31 October 2022.
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.
Going Concern
In assessing the Company’s going concern,
the Directors have considered among other
things, 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 12 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.
Directors’ Responsibility Statement
The Directors confirm that, to the best of their
knowledge:
a. the unaudited condensed set of financial
statements has been prepared in accordance
with IAS 34 - Interim Financial Reporting (‘IAS
34’) and gives a true and fair view of the assets,
liabilities, financial position and profit or loss
of the Company as required by Disclosure
Guidance and Transparency Rule 4.2.4R;
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
that have taken place in the first six months
of the current financial year and that have
materially affected the financial position or the
performance of the Company during the period;
and any changes in related party transactions
described in the latest annual report that could
have an impact in the first six months of the
current financial year).
On behalf of the Board
Simon Miller
Chair
22 June 2023
Additional Information
The Bankers Investment Trust PLC Half Year Report 2023 8

Registered office
201 Bishopsgate, London EC2M 3AE
Service providers
Alternative Investment Fund Manager
Janus Henderson Fund Management UK Limited
201 Bishopsgate
London EC2M 3AE
Corporate Secretary
Janus Henderson Secretarial Services UK Limited
201 Bishopsgate
London EC2M 3AE
Telephone: 020 7818 1818
Depositary and Custodian
BNP Paribas Trust Corporation UK Limited
& BNP Paribas SA
10 Harewood Avenue
London NW1 6AA
Stockbrokers
UK
JP Morgan Cazenove
25 Bank Street
Canary Wharf, London E14 5JP
New Zealand
Jarden Securities Limited
Level 20
ANZ Centre
23-29 Albert Street
PO Box 5333
Auckland, New Zealand
Registrar
UK
Equiniti Limited
Aspect House
Spencer Road
Lancing, West Sussex BN99 6DA
Telephone: 0371 384 2471 (or +44 121 415 7047
if calling from overseas). Lines are open 8.30 am
to 5.30 pm, UK time Monday to Friday excluding
public holidays in England and Wales.
New Zealand
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142, New Zealand
Telephone: (New Zealand) (64) 09 488 8777
Independent Auditor
Ernst & Young LLP
25 Churchill Place
London E14 5EY
Corporate Information
Information sources
For more information about The Bankers Investment Trust PLC, visit the website at
www.bankersinvestmenttrust.com.
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The Bankers Investment Trust PLC Half Year Report 2023

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The Bankers Investment Trust PLC
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