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  • 01 Oct 19

The Bankers Investment Trust - Overview

Bankers offers investors capital and income growth from a fund of funds approach to global equities. With £1.22bn net assets, the trust is one of the largest and more liquid in the AIC Global sector. Alex Crooke has been at the helm of the portfolio since 2003, setting geographical allocations for the portfolio, with each of the regional sub-portfolios run by a specialist at Janus Henderson. Each of the major sub-portfolios will typically hold between 25-30 stocks, principally looking for cash generative companies that will grow their dividends going forward. BNKR has a strong track record for capital appreciation, although this has been more varied in recent times. More notably, the trust’s standout characteristic is its dividend growth track record. The company has grown its dividend every year for the past 52 years, and forecasts another increase of 6% for the current year. Furthermore, the company has revenue reserves equal to 1.8x the annual dividend. Currently the trust is trading on a discount of 1%.

Companies: Bankers Investment Trust
  • 25 Mar 19

Bankers Investment Trust (The) - Global ‘best ideas’ fund with distinguished record

The Bankers Investment Trust (BNKR) has re-established its trend of long-term outperformance of its benchmark, after a slightly disappointing H218. While the portfolio retains a cyclical tilt, manager Alex Crooke at Janus Henderson Investors has overseen a gradual shift toward more defensive market areas in recent months. The trust’s regional sub-portfolio managers focus on finding well-managed, cash-generative companies whose growing dividends can support BNKR’s own impressive 52-year record of dividend growth. Crooke recognises the delicate balance between positive and negative factors in the global macro picture, and over the past year has taken some profits in highly rated technology names and kept gearing low at c 2–3%. He expects greater clarity on the macro outlook in the second half of 2019, but in the meantime is taking advantage of more attractive equity valuations resulting from the Q418 market sell-off.

Companies: Bankers Investment Trust
  • 29 May 18

Outperforming benchmarks old and new

The Bankers Investment Trust (BNKR) is celebrating its 130th anniversary with a 51st consecutive year of annual dividend growth, and a new FTSE World index benchmark that better reflects its investment approach. Recent performance has been strong, buoyed by good returns from the US portfolio and eye-catching outperformance in China, while dividends grew ahead of forecasts in FY17. Manager Alex Crooke cautions that recent sterling strength could be a headwind for overseas dividend income in the current period, although the trust’s large revenue reserve (1.8x the FY17 dividend) and focus on stocks with attractive dividend growth should help to ensure that BNKR’s long record of year-on-year growth is maintained. Crooke has recently been appointed co-head of equities at Janus Henderson Investors, but remains committed to overseeing BNKR.

Companies: Bankers Investment Trust
  • 02 Oct 17

Stock selection drives positive performance

The Bankers Investment Trust (BNKR) invests globally, with the aim of generating higher long-term total returns for its largely UK investor base than it could have achieved in its home market. Share price and NAV returns are ahead of the benchmark FTSE All-Share Index over both the short and longer term, with annualised NAV total returns of more than 15% pa over five years. BNKR also aims to grow its dividend ahead of inflation, and has the second-longest record of unbroken dividend growth of any investment company, on track for a 51st year in FY17. Lead manager Alex Crooke, at the helm since 2003, has slightly reduced the North America allocation as leading economic indicators begin to look less favourable, diverting resources to European portfolio manager Tim Stevenson, who is finding good value opportunities particularly among financial stocks.

Companies: Bankers Investment Trust
  • 14 Mar 17

50 years of growing dividends

The Bankers Investment Trust (BNKR) aims to reward investors who take the additional risk of investing overseas with total returns in excess of those they could have achieved at home (as measured by the FTSE All-Share Index). The trust has a diversified approach, with lead manager Alex Crooke setting the geographical allocation, and regional sub-portfolios managed by specialists at Henderson Global Investors. Value and income are key tenets of the investment process, and the trust has recently achieved a record 50th year of annual dividend growth. BNKR has a long-term record of outperformance versus its benchmark. In the past year it has simplified its fee structure and acted as one of two rollover vehicles for investors in Henderson Global Trust, boosting assets under management by c £60m.

Companies: Bankers Investment Trust
  • 14 Mar 16

Global portfolio with 49 years of dividend growth

The Bankers Investment Trust (BNKR) is a long-established, globally invested fund with a focus on achieving long-term capital growth greater than that of the FTSE All-Share index, and above-inflation dividend growth. Lead manager Alex Crooke makes use of the substantial resources of Henderson Global Investors, delegating ex-UK stock selection to regional specialists. BNKR has recently achieved its 49th consecutive annual dividend increase, the joint-longest record in the investment company sector. A proposal to merge its stablemate Henderson Global Trust with Henderson International Income Trust could see BNKR – which will be offered as a rollover option to investors who wish to retain a global growth mandate – receive a boost to its assets under management.

Companies: Bankers Investment Trust
  • 13 Jul 15

Global growth with growing income

The Bankers Investment Trust (BNKR) is a global investment trust that aims to deliver capital growth in excess of the return on the FTSE All-Share index, as well as growing its dividend by more than the rate of UK inflation. Lead manager Alex Crooke looks after UK stock selection (c 38% of the portfolio) and sets the geographical asset allocation; regional portfolios are run by specialists from Henderson Global Investors’ well resourced fund management team. While there is no overall ‘house style’, all the managers are focused on not overpaying for growth. 12-month returns to 30 June have been particularly strong versus the benchmark and the trust is on track to grow its dividend for a 49th successive year.

Companies: Bankers Investment Trust

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Bankers Investment Trust. We currently have 7 research reports from 2 professional analysts.

Open
937p
Range Today
937/945p
52 Week
766/970p
Daily Volume
19.3k
# Shares
104.0m
Daily Liquidity
(0.02%)
Pension Liability
£0m
Enterprise Value
£1,017m
Market Cap
£974.7m
Latest PE (hist)
45.66
Div Yield
2.07

Latest News/RNS

(more news)
Date Source Announcement
04Nov19 17:19 RNS Portfolio Update
17Oct19 16:18 RNS Monthly Factsheet as at 30 September 2019
26Sep19 13:06 RNS Dividend Declaration
18Sep19 15:17 RNS Monthly Factsheet as at 31 August 2019
15Aug19 16:47 RNS Monthly Factsheet as at 31 July 2019
02Aug19 13:43 RNS Portfolio Update
19Jul19 15:50 RNS Monthly Factsheet as at 30 June 2019
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  • 11 Nov 19

LIBERUM: AFH Financial Group* - Organically growing and improved FCF

AFH continues to grow at an impressive rate compared to peers in a tough market environment. It has delivered 8% organic net flows and new business written is up 46% yoy.

Companies: AFH Financial Group
  • 04 Nov 19

THE MONTHLY November 2019

The trade-off in the risk/reward for gold and gold mining equities is improving, as central banks push the current iteration of the post-World War II Bretton Woods financial order towards its limits.

Companies: AVO AJB AGY ARBB BUR CLIG DNL DPP FLTA GTLY GDR MCL MUR NSF PCA PIN SRE PHP RE/ RECI RMDL STX SCE TON SHED VTA W7L

  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 07 Nov 19

Cenkos Securities - Resilient broker with a substantial track record

Cenkos has a record of successful fund-raising for clients and maintaining annual profitability since its inception in 2005. This reflects its focus on client outcomes, a well-established network of business relationships and flexibility in its cost base. Its client relationships should stand it in good stead when market conditions become more favourable. In the meantime, the company’s strong balance sheet, with substantial capital headroom, provides reassurance and Cenkos would not need to attain earlier levels of return on equity to warrant a materially higher valuation.

Companies: Cenkos Securities
  • 13 Nov 19

End of the litany of Q3 19 bad news

British Land closed the British earnings season with no major surprises. The good news was the stable Offices segment. The bad news was the 10% negative revaluation in the Retail business. Once again: wait for the Brexit consequences.

Companies: British Land Company
  • 25 Sep 19

Cenkos: 1pm Plc - Foundations for sustainable, faster growth

1pm's FY19A results were well flagged by June's trading update with revenues of £31.8m (+6% YoY), adj PBT of £8.1m (+4%), while adj EPS grew +2%. Growth this year has come from purely organic means. FY20E will be somewhat of an investment year, building out management and infrastructure to accelerate revenues strongly over FY21-22E. 1pm is focused on sustainable lending over chasing volumes at lower margins.

Companies: 1PM
  • 11 Nov 19

Interims show strong growth

What’s new: Tatton Asset Management’s results for the six months to 30 September revealed strong growth in divisional revenue and profits: ▪ 15% rise in Group Revenue to £9.73m (1H18: £8.45m) - AuM based revenues rose 19% to £7.10m (1H18: £5.99m), with Tatton Investment revenue rising 35% and wrap income declining; - Paradigm revenues rose 7% to £2.60m (1H18: £2.43m); ▪ 23% rise in Group adjusted operating profit to £4.13m (1H18: £3.35m) - 23% rise in AuM based profit to £4.27m (1H18: £3.48m) which is 42% rise in Tatton Investment profits (as previously reported); - 11% rise in Paradigm profits to £0.91m (1H18: £0.82m) and - 11% rise in central costs to £1.1m (1H18: £0.96m) ▪ Adj FD EPS rose 18% to 5.4p (1H18: 4.6p); ▪ Interim DPS was increased 14% to 3.2p (1H18: 2.8p); ▪ Net cash was £9.17m after paying £3.1m final dividend and £2.0m for Sinfonia, with operating cash conversion at over 100%. The Group trading update on 17 October had already announced: ▪ 14.8% rise in Group AuM to £7.0 billion (30/9/18: £5.7 billion: 23% rise YoY; 31/3/19: £6.1 billion: 14.8% rise in the 6 months period): - 1H organic net inflows of £441m increased AuM by 7.2%; - the Sinfonia acquisition added £135m, increasing Group AuM by 2.2%. Outlook: Paul Hogarth, Founder and CEO, notes: “monthly net flows continuing to perform well from both existing and new IFAs despite an uncertain and volatile market” and the reorganisation of the group’s “IFA support services businesses under the existing Paradigm brand but with one simplified operational and management structure …[should enable] improved efficiencies and opportunities”.

Companies: Tatton Asset Management
  • 12 Nov 19

Huge ambition with resources available to execute

Kingswood presents investors with a rare opportunity to achieve outsized returns from an institutional grade financial services management team positioned to tap into underlying sector tailwinds in retail wealth management. The largest shareholder, KPI Nominees, has injected and underwritten new capital to establish a robust and efficient operation which is now able to benefit from an additional £80m growth capital from Pollen Street (£4.8m drawn), a global investor with a strong track record in financial services. The group aims to offer best in class, vertically-integrated wealth planning and investment management services backed by leading technology, a rigorous risk and compliance environment and innovative product offerings. Below we outline the potential for this model and note the shares could deliver a medium-term 4.8x return, backed by a UK and US-led acquisition strategy. An exciting first step towards rapid growth.

Companies: Kingswood Holdings
  • 31 Oct 19

LIBERUM: Orchard Funding Group* - Growth in a huge market

A growing specialist lender in attractive niches with a 15% NIM and low credit risk, yet trading at book because, for now, it has low leverage and not yet the banking licence it desires, nor further funding facilities. 2019 saw a superior new IT system, internally developed, new product areas and a stronger board.

Companies: Orchard Funding Group
  • 13 Nov 19

Gamesys Group - Growth across the enlarged group

Gamesys’ pro forma Q319 revenues increased by 20% to £144.3m due to 57% growth in Vera&John (international markets), strong momentum in the acquired Gamesys business and, encouragingly, a return to growth in the Jackpotjoy UK brand. The EBITDA margin declined 680bp to 26.7% as a result of higher taxes and marketing spend. We are raising our FY19 revenues estimate by 2.3% but keeping our EBITDA forecasts unchanged. We continue to forecast net cash flow of £105m in FY20 and our net debt/EBITDA falls from 3.0x currently to 2.0x at end FY20. The stock trades at 6.0x P/E and 7.1x EV/EBITDA, with a 13.8% FCF yield for FY20e.

Companies: Gamesys Group
  • 09 Oct 19

Bond proxy?

Bonds have traditionally been a core part of private client portfolios. Harry Markowitz is generally credited with developing and popularising the modern approach to investment diversification, as part of his doctoral thesis in 1952. Markowitz’s 60/40 equity/bond portfolio quickly became a staple of retail investor portfolios, and for many years equity and bond portfolios built around this basic concept have been highly successful for investors. The attractions were clear: aside from the solid income that bonds offer investors as a portfolio component portfolio, they also provided something of a hedge to equity exposure.

Companies: UKW TRIG HICL SONG

  • 07 Nov 19

Good numbers

Natixis released its numbers for Q3 19. Gross operating profit was 7.6% higher than expected (+2.2% vs our own expectations), mainly driven by the Asset and wealth management division. The CET1 ratio at 11.5% was flat qoq. Management is now targeting a CET1 ratio of 11.2% by end-2020 (vs 11% previously) through a decrease in Natixis’ 2018–20 budget (minimum payout ratio of 60% is unchanged however).

Companies: Natixis
  • 11 Nov 19

Fidelity China Special Situations - Domestic opportunities offer exciting prospects

Fidelity China Special Situations (FCSS) offers investors direct exposure to China for a portion of their portfolio, aiming to deliver long-term capital growth from investing in companies listed in China, and Chinese companies listed elsewhere. Since the trust’s inception in April 2010, FCSS’s NAV total return has increased by nearly 11% pa. The portfolio has a bias towards mid- and small-cap companies, which tend to be less well researched and potentially mispriced. The manager, Dale Nicholls, is focused on opportunities related to rising domestic consumption, which in his view is unlikely to be disrupted by the ongoing US-China trade dispute.

Companies: Fidelity China Special Situations
  • 12 Nov 19

Portfolio update reiterates progress

Tern has issued an update on the activities of its portfolio companies so far in the second half of 2019. It follows recent fundraises both for Tern itself (of £1.75 million) and one of its investee companies – see our note “Dual fundraises endorse Tern’s strategy”. The Group confirms that it has invested £1.1 million in its portfolio companies since the end of June 2019, mainly in the form of convertible debt. It also says that turnover of Tern’s four principal portfolio companies for the nine months ended 30 September 2019 was ahead of last year. If the four businesses conclude certain outstanding opportunities, their turnover should meet Tern’s expectations of a 50% increase for the full year. Tern is in the earlier stages of discussions regarding several potential new investments. We note the recognition of the investee companies by investors and clients which is reflected in the fundraisings, contract wins and participation in projects by the businesses.

Companies: Tern
  • 12 Nov 19

Yield decompression everywhere; but the City of London resists

Regional retail was the usual victim in H1 19. However, LandSec’s assets in the City of London resisted pretty well.

Companies: Land Securities Group