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The Bankers Investment Trust

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The Bankers Investment Trust The Bankers Investment Trust PLC Registered as an investment company in England and Wales Registration number: 00026351 Registered office: 201 Bishopsgate, London EC2M 3AE THE BANKERS ISIN code: GB0000767003 SEDOL number: 0076700 London Stock Exchange (EPIC) Code: BNKR Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826 Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69 INVESTMENT Telephone: 0800 832 832 Email: [email protected] www.bankersinvestmenttrust.com TRUST PLC Annual Report 2016 The Bankers Investment Trust PLC – Annual Report for the year ended 31 October 2016 Shareholder Shareholder Shareholder Shareholder Communication Communication Communication Communication Awards Awards Awards Awards 2016 2016 2016 2016 BEST PR CAMPAIGN BEST WEBSITE BEST PR CAMPAIGN BEST WEBSITE This report is printed on cocoon silk 50% recycled, a recycled paper containing 50% recycled waste and 50% virgin fibre and manufactured at a mill certified with ISO 14001 environmental management standard. The pulp used in this product is bleached using an Elemental Chlorine Free process (ECF). ® The FSC logo identifies products which contain wood from well managed forests certified in HGI9201/2016 accordance with the rules of the Forest Stewardship Council®. Typeset by 2112 Communications, London. Printed by Leycol, London HGI9201/2016 The Bankers Investment Trust PLC Annual Report 2016 Contents Strategic Report Corporate Report Investment Objectives and Policy 1 Report of the Directors 30-31 Performance Highlights 2-3 Statement of Directors’ Responsibilities 32 Business Model 4 Directors’ Remuneration Report 33-34 Strategy 4 Corporate Governance Statement 35-37 Investment Objectives 4 Investment Policy 4 Report of the Audit Committee 38-39 Management 4 Independent Auditor’s Report to the Members Management Fee 4 of The Bankers Investment Trust PLC 40-44 Chairman’s Statement 5-6 Financial Statements Fund Manager’s Review 7 Statement of Comprehensive Income 45 Statistical Record 8 Statement of Changes in Equity 46 Rates of Exchange 8 Statement of Financial Position 47 Distribution of Assets and Liabilities 8 Cash Flow Statement 48 Largest Investments 9 Notes to the Financial Statements 49-65 Changes in Investments 9 General Shareholder Information 66 Fund Manager Reports 10-21 Securities Financing Transactions 67-68 United Kingdom 10 Europe 12 North America 14 Japan 16 Pacific (ex Japan) 18 China 20 Emerging Markets 21 Portfolio Structure 22 Geographical Analysis 22 Geographical Total Return Analysis 22 Sector Analysis 22 Corporate Information 23-27 Directors 23 Registered Office 24 Service Providers 24 Independent Auditor 24 Financial Calendar 24 Information Sources 24 Investing 24 Nominee Share Code 24 Status 25 Principal Risks and Uncertainties 25 Viability Statement 26 Borrowing 26 Performance Measurement and Key Performance Indicators 26 Future Developments 26 Corporate Responsibility 26 Voting Policy and the UK Stewardship Code 27 Employees, Social, Community, Human Rights and Environmental Matters 27 Modern Slavery Act 27 Board Diversity 27 Glossary 28 The image on the front cover is based on the HSBC Bank Building in Hong Kong. The Bankers Investment Trust PLC Annual Report 2016 Strategic Report The Company aims to provide investors with an attractive total return, focused on growing both capital and income for shareholders. Objectives Capital – To achieve long term asset growth through active stock selection. Income – To achieve regular dividend growth greater than inflation. Investment Policy To achieve both these objectives by investing in a broadly diversified international portfolio of shares. The Bankers Investment Trust PLC Annual Report 2016 Strategic Report: Performance Highlights Total return performance for year to 31 October 2016 % 25 +23.1% 20 15 +14.5% +12.2% 10 5 0 FTSE All-Share Index Ordinary Share Price NAV per Ordinary Share1 Historical dividend in pence UK exchange rate (rebased to 100) 18 105 17.0 100 15 15.8 95 14.8 14.1 13.3 90 12 12.7 12.1 85 11.1 11.5 10.2 80 9 9.5 75 6 70 65 3 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 15 15 16 16 16 16 16 16 16 16 16 16 0 US$ to UK£ 2006 2007 2008 2009 2010 2011 2012 2013 20142015 2016 Euro to UK£ Yen to UK£ Ten year share price total return performance NAV and share price total return performance versus 3 to 31 October 2016 (rebased to 100) the index over the year to 31 October 2016 (rebased to 100) 250 125 120 200 115 110 150 105 100 100 95 50 90 2006 2007 2008 2009201020112012201322014 2015 016 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 15 15 16 16 16 16 16 16 16 16 16 16 NAV total return Share Price total return 2 FTSE All-Share Index The Bankers Investment Trust PLC Annual Report 2016 Strategic Report: Performance Highlights (continued) NAV per share at year end Share price at year end2 2016 755.9p 2015 630.2p 2016 690.0p 2015 618.5p Dividend for year4 Dividend yield5 2016 17.0p 2015 15.8p 2016 2.5% 2015 2.6% Retail Prices Index increase over year Ongoing charge for year 2016 2.0% 2015 0.7% 2016 0.52% 2015 0.52% Net gearing at year end6 Discount at year end 2016 2.6% 2015 2.0% 2016 8.7% 2015 1.9% Long Term Growth Record to 31 October 2016 3 years 5 years 10 years 15 years % % % % Capital return7 Net asset value . Share price . FTSE All-Share Index ¢. £. ¢. Total return8 Net asset value £. £. .£ Share price .¢ ¢. £.£ .£ FTSE All-Share Index . ¢. .£ . Net dividend .£ ££. .£ ¢.£ Retail Prices Index ¢. .£ £. ¢. 1 Net asset value total return per share (including dividends per share reinvested) 2 Share price is the mid market closing price 3 Graph shows the Company’s net-asset value total return and share price total return compared to the total return of the Index over the year to 31 October 2016 4 This represents the four ordinary dividends recommended or paid for the year (see page 5 for more details) 5 Based on the share price at the year end 6 Net gearing is calculated in accordance with the gearing definition in the glossary on page 28 7 Capital return excludes all dividends 8 Total return assumes net dividends re-invested Sources: Morningstar for the AIC, Henderson, Datastream 3 The Bankers Investment Trust PLC Annual Report 2016 Strategic Report: Business Model Strategy The Company achieves an appropriate spread of investment risk principally through a broadly diversified portfolio which, at 31 October The Company’s strategy is to meet its investment objectives. This is 2016, contained 194 (2015: 204) individual investments. At achieved through the appointment of external management which 31 October 2016, the largest single investment was BP, which operates in accordance with the Company’s investment policy. accounted for 2.48% of total investments, while the top 25 holdings totalled 29.25% of total investments. Investment Objectives The Company aims to provide investors with an attractive total return, Investment risk may be further reduced through the use of currency by focusing on growing both capital and income for shareholders. hedging, foreign borrowings and derivatives. Specifically, the Company’s objectives for capital is to achieve long Information regarding the Company’s investment exposures can be term asset growth through active stock selection and for income is to found on page 9. achieve regular dividend growth greater than inflation, as defined by the UK Retail Prices Index (RPI). Further information regarding investment risk and activity throughout the year can be found in the Fund Manager’s Review and The Company does not have a formal benchmark but aims over the accompanying regional pages. long term to deliver a total return greater than the UK stock market, being the home market for the majority of the shareholders. The investment strategy of the Company involves investment in shares of Management predominantly international companies listed throughout the world The Company qualifies as an Alternative Investment Fund (‘AIF’) and therefore entails exposure to additional political, currency and in accordance with the Alternative Investment Fund Manager market risks. It is expected that the total returns resulting from Directive (‘AIFMD’). undertaking these risks should, over the long term, outperform the UK stock market, as represented by the FTSE All-Share Index. The Company has appointed Henderson Investment Funds Limited However, given the divergent mix of investments relative to this index, (‘HIFL’) to act as its Alternative Investment Fund Manager (‘AIFM’) there may be periods of short to medium term deviation from this in accordance with an agreement which was effective from 22 July index’s returns. Meanwhile, the regional portfolios are reviewed and 2014 and is terminable on six months’ notice. HIFL delegates returns attributed against local indices and these are reflected in investment management services to Henderson Global Investors their respective fund manager reports in this Annual Report. Limited, which acts as Manager. Both entities are authorised and regulated by the Financial Conduct Authority (‘FCA’). References to Henderson within this report refer to the services provided by Investment Policy both entities. To achieve the investment objectives the Company’s investment policy is to invest its assets in a portfolio primarily composed of international The fund management team is led by Alex Crooke, who has been in equities. The portfolio is broadly diversified by both geography and place since 2003. He is assisted by Tim Stevenson, Ian Warmerdam, sector in order to reduce investment risk. The Manager (‘Henderson’) Michael Kerley, Charlie Awdry and Nicholas Cowley. has the flexibility to invest in any geographic region and has no set limits on individual country or sector exposures although the Board Henderson and its subsidiaries provide accounting, company regularly monitors the Company’s investments and the Manager’s secretarial and general administrative services.
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