Despite a fall in total assets from 575 million pounds to 547 million pounds at Bankers Investment (BNKR), the group saw its portfolio performance slightly better than its benchmark index during 1st May and 31st July 2011, following increased holdings in Japan, a market which outperformed world markets over the period. Gearing fell from 6% to 5% during the period, as dividend income and the sale of stock boosted cash levels. The group's shares lost 16.8p, closing at 363.80p; a price 13.6% lower than the company's net asset value.
18 Aug '11
Review of the period from 1 May 2011 to 31 July 2011 Portfolio Review: World markets fell over the period, reflecting a slowdown in economic growth and fears this will lead to lower corporate earnings. Performance was slightly better than the composite benchmark benefitting from the increased holdings in Japan, as the Japanese stock market outperformed world markets over the period. The gearing fell over the period, as dividend income and sales boosted levels of cash. New investments included L'Oreal and Adecco in Europe; Citi Group and Pfizer in the US. Sales included Drax, AT&T, CSX and Philips. Gearing: The net gearing position (borrowings and debentures minus cash as a percentage of net assets) was 5% (30 April 2011: 6%). Dividends: A first interim dividend of 3.175p per ordinary share net (2010: 3.00p) in respect of the year ending 31 October 2011 was paid on 31 May 2011 to shareholders registered on 6 April 2011. The Company's shares went ex-dividend on 4 April 2011. A second interim dividend of 3.175p per ordinary share net (2010: 3.00p) in respect of the year ending 31 October 2011 will be paid on 31 August 2011 to shareholders registered on 29 July 2011. The shares went ex-dividend on 27 July 2011. Discount: The share price discount to net asset value at 31 July 2011 was 13.6% (30 April 2011: 13.6%). Share Capital: During the period the Company bought back 24,000 ordinary shares at a cost of £98,000. The directors are not aware of any other significant events or transactions up to the date of this report which would have a material impact on the financial position of the Company.
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