The Bankers Investment Trust (BNKR) has recently moved from a slightly geared to a small net cash position, as manager Alex Crooke seeks to lock in gains and await a more favourable re-entry point. The global fund is run as a collection of regional portfolios, with an overall tilt towards a value style of investment, although this varies from one sub-portfolio manager to another. Over 12 months to end-September almost all the regional portfolios have outperformed local indices, with the exception of the UK and the small and now largely liquidated non Asian emerging markets allocation. BNKR invests for both capital and income growth, and is on track to grow its dividend by c 6% for FY19 (ended 31 October), a 53rd consecutive annual increase.