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London, UK, 14 August 2023
Edison issues review on The Bankers Investment Trust (BNKR)
The Bankers Investment Trust (BNKR) posted an 8.1% net asset value (NAV) per share total return (TR) in H123 (period ending 30 April 2023). Most of its regional sub-portfolios (sleeves) outperformed their benchmarks, highlighting the respective managers' strong stock-selection capabilities. Dividend income across the portfolio was up 10% in H123 and BNKR declared a second interim dividend of 0.62p (with the ytd payout up c 10% y-o-y). Moreover, Alex Crooke (BNKR's lead manager) now expects FY23 dividend growth of at least 7% versus 5% earlier, which he believes should allow BNKR (after high inflation in FY22) to resume its track record of delivering dividend growth ahead of UK inflation.
BNKR can be viewed as a 'one-stop shop' for global equity exposure. Its portfolio consists of six geographic sleeves, managed by Janus Henderson Investors' (JHI's) regional specialists. It is an interesting proposition for investors seeking a global equities portfolio that is balanced geographically, large-cap biased and style-neutral, providing both exposure to growth stocks and growing income. We note that Crooke has recently increased the trust's exposure to more defensive businesses, while avoiding the most popular technology stocks. The manager acknowledges the ongoing disruption caused by the implementation of AI, but focuses on more diverse companies that should benefit from the trend, such as Microsoft and Accenture, rather than pure-play AI businesses.
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