Bankers Investment Trust has published its results for the year that ended on 31 October 2014. The net asset value rose by 1.5% while the FTSE All-Share Index fell by 2.3%. The full year dividend was increased by 4.7% to 14.8p and the Board is forecasting a dividend of at least 15.5p for the current accounting year. With effect from 1 November 2014 the management fee changed to 0.45% on the first £750m of assets and 0.4% on the balance.
The manager’s report draws investors’ attention to the expiry of their £10m debenture in October 2016. This has a coupon of 10.5% and so, as the report says, pretty much anything they replace this with will leave the trust better off – boosting the revenue account.
Disappointingly, there’s no mention of the contribution of individual stocks to the performance of the fund in the statement but a table in the back suggests the best positive performance came from holdings in Apple, Amerisource and Walt Disney. The biggest negative contributions seem to have come from GlaxoSmithKline, BP and Sports Direct.
BNKR : Bankers outperformance helped by Apple