BIT - Doc re Half Year Update

THE BANKERS INVESTMENT TRUST PLC

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69

3 July 2024


THE BANKERS INVESTMENT TRUST PLC

Half Year Update for the half-year ended 30 April 2024

The Company released its Half Year Report for the six months ended 30 April 2024 on 26 June
2024. 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 Director, Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 2919

---

Sophisticated global investing made effortless
The Bankers Investment Trust PLC
Update for the half year ended
30 April 2024

Total return performance for the six months to 30 April 2024
NAV
1
17. 5%
Benchmark
2
16.6%
Share price
3
21.5%
1
Net asset value total return per share with income reinvested and with debt at fair value
2
For 10 years, the benchmark 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
Net asset value per share with debt at par
5
The first interim dividend for 2024 was paid on 31 May 2024; the second interim dividend has been declared and will be paid on 30 August 2024
Sources: Janus Henderson, Morningstar Direct and LSEG Datastream
Performance Highlights
NAV per share
4
122.7p 30 Apr 2024
112 . 3 p (30 Apr 2023)
Revenue return per share
1.31p 30 Apr 2024
1.29p (30 Apr 2023)
Share price
112. 2p 30 Apr 2024
100.6p (30 Apr 2023)
Dividends paid or declared in
respect of the period
5
1.344p 30 Apr 2024
1.24p (30 Apr 2023)
Total return performance to 30 April 2024
(including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
1
17.514.317.050.5174.0
FTSE World Index
2
16.619.130.472.8149.4
Share price
3
21.514.45.238.4154.5
The Bankers Investment Trust PLC Half Year Update 2024

Chair’s Statement
Dear shareholder
Performance
Your Company has delivered a strong net asset
value total return over the six months ended
30 April 2024 of 17.5% (2023: 8.1%) and a share
price total return of 21.5% (2023: 5.4%), both
returns outperforming the FTSE World Index total
return of 16.6% (2023: 3.5%). Stock markets
around the world rose in value principally due to
solid corporate profit recovery exceeding forecasts
by analysts. The anticipated tailwind of interest
rate cuts from central banks never materialised as
inflation remained higher than expected. The Fund
Manager discusses the key drivers of performance
in the period in more detail in his report.
Following a strategic review, our Manager has
started a process of concentrating the portfolio into
four regional portfolios and reducing the number
of holdings to approximately 100. This will direct
a greater amount of the Company’s capital into
the portfolio managers’ best investment ideas and
bring greater focus to the regional portfolios. The
reduction in portfolios from six to four will create a
Pan European portfolio, incorporating the UK, and a
Pan Asian (ex Japan) portfolio, including the Chinese
A shares. This will reduce the overlap within these
regions and remove potential conflicts. We continue
to believe in the value of regional specialists with
access to stock markets right across the globe.
We are also pleased to announce that Jamie Ross,
our European portfolio manager, will assume the
role of Deputy Fund Manager, following the recent
retirement of Mike Kerley. Jamie has over 17 years
of financial industry experience and has been
a member of the Company’s investment team
since late 2018. We look forward to working more
closely with Jamie alongside our Fund Manager,
Alex Crooke.
Revenue
Our net revenue for the six months was
£15.9 million (2023: £16.5 million), equivalent to
1.31p per share (2023: 1.29p). The reduction in
revenue was a result of lower interest income,
partially offset by a lower finance cost following
the repayment of the 8% 2023 debenture on
31 October 2023. A reduced share count following
share buybacks resulted in the earnings per share
increasing by 1.6% over the period.
A first interim dividend of 0.672p per share (2023:
0.62p) was paid on 31 May 2024. The Board has
declared a second interim dividend of 0.672p
(2023: 0.62p) per share, an increase of 8.4%,
which will be payable on 30 August 2024 to
shareholders on the register on 26 July 2024.
The Board’s current expectation is that the
dividend for the full year will be at least 5% above
the total dividend paid in 2023. This continues
the Company’s progressive dividend policy of
successive annual dividend growth which it has
achieved over the past 57 years.
Share buy-backs
The Company’s share price has continued to
trade at a wide discount to its net asset value and
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 to NAV, thereby enhancing
shareholder value.
A total of 49,748,991 shares were bought back
at an average discount of 12.3% to the net asset
value in the six months ended 30 April 2024 (2023:
24,080,927 shares bought back at an average
discount of 9.0%) for a total consideration of
£53.4 million (2023: £24.9 million). The discount
at 30 April 2024 was 8.6% (2023: 10.4%).
Board changes
As mentioned at the year end, Julian Chillingworth
retired from the Board at the Annual General
Meeting in February 2024, having served as a
Director for nine years, and as Senior Independent
Director for the latter five years of his tenure.
Richard West, who joined the Board on 1 April
2020, was appointed as the Company’s Senior
Independent Director on 23 April 2024.
Outlook
Economic recovery is now under way in the
European and Chinese markets while growth
remains robust in the US and Japan. Corporate
earnings should therefore be expected to continue
to grow, supported at some point by interest cuts
later this year or next. While share price returns
to date have discounted some of this positive
outlook, valuations do not look stretched, which
will ensure that your Company is well placed to
continue to grow.
Simon Miller
Chair
25 June 2024
1The Bankers Investment Trust PLC Half Year Update 2024

Geographical Analysis
Equities excluding cash held
2
0
2
3
2
0
2
4
Revenue Generated
2
0
2
3
2
0
2
4
30 April 2024
(£m)
30 April 2023
(£m)
UK4.44.7
Europe (ex UK)3.53.1
North America5.65.4
Japan2.22.4
Pacific (ex Japan and China)2.83.4
China0.30.1
Emerging Markets0.3 -
Source: Janus Henderson
Portfolio Informationas at 30 April 2024
Sector Analysis
As a percentage of the investment portfolio excluding cash
As at 30 April 2024
As at 31 October 2023
EnergyIndustrialsConsumer
Staples
Basic
Materials
TechnologyHealth
Care
FinancialsUtilitiesConsumer
Discretionary
TelecomsReal
Estate
0
5
10
15
20
25
17.2
7.7
2.8
3.3
16.3
22.3
12.6
10.9
1.2
1.0
16.0
15.7
2.5
0.9
1.1
0.7
16.9
19.4
14.4
9.5
3.9
3.7
Source: Janus Henderson
30 April 2024
(%)
31 Oct 2023
(%)
UK13.915.1
Europe (ex UK)17.116.7
North America42.440.2
Japan13.113.1
Pacific (ex Japan and China)7.69.9
China4.65.0
Emerging Markets1.3 -
Source: Janus Henderson
2The Bankers Investment Tr ust PLC Half Ye ar Update 2024

Fund Manager’s Report
Market Review
The six month period to the end of April 2024 has
been a good time to be invested in equity markets,
as a strong recovery in share prices led to most
markets reaching new all-time highs. Investors
were optimistic that fading price inflation would
lead to the tight monetary policy being eased by
rate cuts. However, as it turned out, rates were
not cut during the period in any major market
and instead it was the delivery of stronger-than-
expected corporate profits that underpinned
higher share prices. In most sectors, companies
experienced improving margins as higher prices
stuck and energy costs fell.
The US market was marginally the better performer
during the period, closely followed by Europe,
Japan and the UK. The best performing stocks
continued to be those focused on delivering
artificial intelligence (‘AI’) solutions, particularly in
the US market. However, recovery was fairly broad
based in most markets as financials, industrials
and retail exposed companies performed best,
while energy, utilities and telecoms were laggards.
Performance
As indicated in the Annual Report, a number of
new holdings were purchased in zero yielding
US technology companies, including Alphabet,
Amazon and Meta. Results from these companies
were well received during the period, as margins
grew strongly on the back of reducing costs
by closing loss-making divisions and growing
revenues. The technology exposure in the overall
portfolio was increased from 16.3% to 22.3%.
Despite these new additions, performance in the
US portfolio continued to lag the benchmark,
driven principally by lack of exposure to Nvidia.
There is exposure to semiconductor manufacture
across a wide spectrum of technologies in each of
the Japanese, US, Asian and European portfolios.
However, Nvidia is garnering all the exposure,
and investors chasing returns. Undoubtedly they
are the leader in developing AI chips, but we do
have concerns that new orders will start to plateau
leading to pricing pressure, ultimately impacting
their share price.
Performance in the Japanese portfolio was
considerably better than the benchmark, delivering
a return nearly 5% ahead. This was driven by
recovery in financials as the Bank of Japan raised
interest rates for the first time since 2007, ending
the period of negative interest rates. The Yen
weakened over the period but the stock market
recovery more than made up for this, delivering
a total return of 20.2% over the period. The
European, Asian and Chinese portfolios also
delivered returns in excess of their benchmarks.
Portfolio
The portfolio has grown in both the number
of regions and stocks over the past decade,
delivering diversification and access to new
markets such as China and India. However this
has thrown up conflicts as companies can be dual
listed and choices within sectors have narrowed
due to consolidation by merger or acquisition. We
have therefore decided to consolidate the number
of regions to four: North America, Pan Europe (to
include the UK), Pan Asia (ex Japan) and Japan.
We will continue to invest directly in the UK and
Chinese markets but with a single investment team
overseeing these regions with greater scope to
invest more capital in the best companies across
wider regions. Jamie Ross, supported by myself,
will manage the Pan European portfolio and Sat
Duhra will manage the Pan Asian portfolio.
Additionally, we have conducted a careful review
of stock selection and portfolio construction.
The conclusion of this work was that smaller
holdings were not improving performance and
by concentrating the portfolios, we would have
a higher active stance, an indicator of greater
divergence from the index. We therefore intend to
increase the amount of capital in our best ideas
by reducing the number of holdings towards 100.
We will target regional portfolios of 20 investments
with slightly more in the US, as it is a market
with significantly more listed companies and
therefore investment opportunities. We expect the
tighter concentrated portfolio to be substantially
implemented by the end of October 2024.
Outlook
We are excited by the prospect of a focused
portfolio, investing more in our best ideas. In
meetings with our investee companies, we are
hearing positive messages about orders improving,
restocking from customers and margins holding
up. Inflation has fallen close to central bank targets
and the first interest rate cuts have started in major
economic regions. The overall outlook is more
positive than six months ago and should support
the increase in share prices we have seen this year.
Alex Crooke
Fund Manager
25 June 2024
3The Bankers Investment Trust PLC Half Year Update 2024

Portfolio Information
All securities are equity investments
# Not in top 50 at 31 October 2023
Convertibles and all classes of equity in any one company being treated as one investment
50 Largest Investments at 30 April 2024
Rank
30 Apr
2024
Rank
31 Oct
2023CompanyCountry
Valuation
31 Oct 2023
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr 2024
£’000
11MicrosoftUS57,500 - - 6,649 64,149
25KLA CorpUS20,579 - - 8,645 29,224
312American ExpressUS 14,457 4,827-8,814 28,098
43AccentureUS 28,251 - - (520) 27,731
5#AmazonUS - 25,028 - 741 25,769
6#AlphabetUS - 21,730 - 3,641 25,371
77VisaUS19,0474,132- 1,974 25,153
84UnitedHealthUS 21,616 2,681 - (2,845) 21,452
92AppleUS30,506 - (8,857)(368) 21,281
1018CMEUS 12,928 8,491 - (412) 21,007
1110Toyota MotorJapan16,790 - (1,176)5,215 20,829
1211Novo NordiskDenmark15,734 - - 4,853 20,587
13#Morgan StanleyUS 8,831 7,819 - 2,550 19,200
1420ChevronUS 12,592 5,343 - 1,105 19,040
159TotalEnergiesFrance 16,810 - - 1,075 17,885
16#MetaUS - 15,320 - 2,009 17,329
1713McDonald'sUS13,8023,030 - (53) 16,779
1819DeereUS12,667 3,115 - 530 16,312
1915Texas InstrumentsUS13,412 - - 2,722 16,134
2021OracleUS 12,288 1,269 - 861 14,418
21#ASMLNetherlands8,770 1,731 - 3,883 14,384
2247BPUK 9,198 4,651(832)884 13,901
2317Procter & GambleUS 13,092 - - 710 13,802
2437StarbucksUS9,785 4,476 - (940) 13,321
258AstraZenecaUK17,286 - (6,140)2,172 13,318
4The Bankers Investment Trust PLC Half Year Update 2024

Portfolio Information (continued)
All securities are equity investments
# Not in top 50 at 31 October 2023
Convertibles and all classes of equity in any one company being treated as one investment
50 Largest Investments at 30 April 2024
Rank
30 Apr
2024
Rank
31 Oct
2023CompanyCountry
Valuation
31 Oct 2023
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 Apr 2024
£’000
2640MarriottUS9,6081,620 - 2,059 13,287
2732Lloyds BankingUK10,370438(773)3,153 13,188
28#Lam ResearchUS8,660298 - 4,181 13,139
2941Eli LillyUS9,556 - - 3,509 13,065
30#HersheyUS7,7895,021 - 145 12,955
3133HitachiJapan10,313 - (2,309)4,435 12,439
3228NikeUS10,7653,233 - (1,656) 12,342
33#Daiichi SankyoJapan8,8921,228(755)2,738 12,103
3427Abbott LaboratoriesUS11,026114 - 956 12,096
35#Constellation BrandsUS4,7076,778 - 471 11,956
36#Marsh & McLennanUS6,1015,290 - 401 11,792
37#BroadcomUS7,203801 - 3,620 11,624
3829Shin-Etsu Chemical Japan10,628 - (2,251)3,034 11,411
3943SafranFrance9,490 - (1,524)3,435 11,401
40#UnicreditItaly7,812 - - 3,379 11,191
41#
Taiwan Semiconductor
Manufacturing
Taiwan8,214 - (1,094)4,048 11,168
4235HoneywellUS9,9251,035 - 143 11,103
4330SanofiFrance10,419 - - 669 11,088
44#Samsung Electronics
South
Korea
6,7526,613(3,194)820 10,991
4544SAPGermany9,364 - (1,528)2,949 10,785
4642Sumitomo MitsuiJapan9,538755(1,091)1,493 10,695
47#IBMUS6,9982,726 - 641 10,365
4849AbbVieUS9,136 - - 1,061 10,197
4948ADPUS9,158298 - 694 10,150
50#SiemensDenmark - 10,304 - (162) 10,142
598,365 160,195 (31,524)100,111827,147
5The Bankers Investment Trust PLC Half Year Update 2024

Financial summary
Extract from the Condensed Statement of
Comprehensive Income (unaudited)
30 April 2024
Revenue return
£’000
30 April 2024
Capital return
£’000
30 April 2024
Tot al
£’000
30 April 2023
Tot al
£’000
Gains on investments held at
fair value through profit or loss-177,057177,05793,419
Investment income19,107-19,10719,070
Other operating income567-5671,073
Gross revenue and
capital gains19,674177,057196,731113,562
Expenses, finance costs and taxation(3,733)(3,333)(7,066)(7,244)
Profit for the period15,941173,724189,665106,318
Earnings per ordinary share1.31p14.31p15.62p8.26p
Extract from the Condensed Statement of Financial
Position (unaudited except October 2023 figures)
As at
30 April 2024
£’000
As at
30 April 2023
£’000
As at
31 October 2023
£’000
Total assets1,588,3571,573,6971,475,429
Current liabilities(10,604)(21,801)(17,006)
Total assets less current liabilities1,577,7531,551,8961,458,423
Non-current liabilities(124,159)(125,328)(124,900)
Net assets1,453,5941,426,5681,333,523
Net asset value per ordinary share122.7p112.3p108.0p
Share Capital
At 30 April 2024 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which
130,619,544 were held in treasury (with no voting rights) (30 April 2023: 1,315,102,830 of which
44,332,551 shares were held in treasury; 31 October 2023: 1,315,102,830 of which 80,870,553
shares were held in treasury). During the half-year ended 30 April 2024, 49,748,991 shares were
bought back into treasury at a total cost of £53,389,000 (half year to 30 April 2023: 24,080,927
shares were bought back into treasury for a total cost of £24,881,000; year to 31 October 2023:
60,618,929 shares were bought back into treasury for a total cost of £60,484,000). Since the period
end, the Company has bought back 11,181,474 shares for a total cost of £12,625,000.
Dividends
A first interim dividend of 0.672p (2023: 0.62p) per ordinary share was paid on 31 May 2024 to
shareholders registered on 26 April 2024. The shares were quoted ex-dividend on 25 April 2024.
Based on the number of ordinary shares in issue at 25 April 2024 (excluding the shares held in
treasury) of 1,184,483,286 the cost of this dividend was £7,960,000.
The Directors have declared a second interim dividend of 0.672p (2023: 0.62p) per ordinary share
which will be payable on 30 August 2024 to shareholders on the register on 26 July 2024. The shares
will be quoted ex-dividend on 25 July 2024. Based on the number of shares in issue, excluding shares
held in treasury, at 25 June 2024 of 1,173,301,812 the cost of this dividend will be £7,885,000.
6The Bankers Investment Trust PLC Half Year Update 2024

Managing our Risks
The principal and emerging 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, Regulatory and Governance 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
2023. Following a recent review, the Board
has amended Tax, Legal and Regulatory Risk
to include Governance. All other principal and
emerging risks at the year-end remain and 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, an assessment of the
liquidity of the portfolio and the impact of the war in
Ukraine and the Gaza-Israel conflict. 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
25 June 2024
Additional Information
7The Bankers Investment Trust PLC Half Year Update 2024

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
and BNP Paribas SA
10 Harewood Avenue
London NW1 6AA
Stockbrokers
UK
JP Morgan CazenovePeel Hunt LLP
25 Bank Street 7th Floor
Canary Wharf 100 Liverpool Street
London E14 5JPLondon EC2M 2AT
New Zealand
Craigs Investment Partners Limited
Head Office
P.O. Box 13155
Tauranga 3141
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.
To sign up for expert insights about investment trusts, updates from our fund managers as well as AGMs
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8The Bankers Investment Trust PLC Half Year Update 2024

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The Bankers Investment Trust PLC
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JHI9200/0424
377164 Henderson.indd 1020/06/2024 16:36
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