London, UK, 7 August 2023
Edison issues review on The Bankers Investment Trust (BNKR)
The Bankers Investment Trust (BNKR) has been managed by Alex Crooke, co-head of equities at Janus Henderson Investors (JHI), since July 2003. It can be considered as a 'one-stop shop' for global equity exposure as the fund is made up of six geographic portfolios (sleeves), which harness the talent of JHI's regional specialists. Crooke (in conjunction with the board) sets BNKR's asset allocation and manages its gearing. He believes that inflation will remain elevated, and that future shareholder total returns will be more balanced between income and capital growth, which will play into the trust's strengths. While BNKR's income growth lagged the rate of UK inflation in FY22, the manager is confident in the prospects for the trust's income generation. He highlights BNKR's top 10 holdings, which are dominated by US companies; higher income from these businesses is supporting the trust's overall income stream. BNKR has paid an annual dividend for the last 132 years, and FY22 marked the 56th year of consecutive growth.
BNKR's discount has been in a widening trend since early 2022. There is scope for a higher valuation if the trust can narrow the performance gap versus its benchmark. However, to provide some perspective, it has above-average total returns versus the 13 funds in the AIC Global sector over the last one, three and five years. BNKR's 10.9% discount to cum-income NAV is wider than the 2.4% to 7.9% range of average discounts over the last one, three, five and 10 years.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.
Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information, please contact Edison:
Mel Jenner +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn www.linkedin.com/company/edison-group-/
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
