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LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
('the Company')
Unaudited results for the half-year ended 30 April 2026
This announcement contains regulated information
INVESTMENT OBJECTIVE
Over the long term, the Company aims to achieve capital growth in excess of the FTSE World Index and dividend growth greater than inflation, as measured by the UK Consumer Price Index ('CPI'), by investing in companies listed throughout the world.
INVESTMENT POLICY
The following investment ranges apply:
· Equities: 80% to 100%
· Debt securities and cash investments: 0% to 20%
· Investment trusts, collective funds and derivatives: 0% to 15%
To achieve an appropriate spread of investment risk the portfolio is broadly diversified by geography, sector and company. The Manager ('Janus Henderson') has the flexibility to invest in any geographic region and any sector with no set limits on individual country or sector exposures and, therefore, the make-up and weighting of the portfolio may differ materially from the FTSE World Index.
The Manager primarily employs a bottom-up stock picking investment process, across four regional portfolios, to identify suitable opportunities. While each regional portfolio manager employs their own investment style, they all pay particular regard to cash generation and dividend growth over the medium term.
The Company can, but normally does not, invest up to 15% of its gross assets in any other investment companies (including listed investment trusts).
Derivatives
The Company may use financial instruments known as derivatives for the purpose of efficient portfolio management while maintaining a level of risk consistent with the risk profile of the Company.
Gearing
The Company can borrow to make additional investments with the aim of achieving a return that is greater than the cost of the borrowing. The Company can borrow up to 20% of net assets at the time of draw down.
PERFORMANCE HIGHLIGHTS
| 30 April 2026 | 30 April 2025 |
Net asset value ('NAV') per share1 | 152.0p | 121.5p |
Share price | 140.2p | 109.6p |
Revenue return per share | 1.05p | 1.16p |
Dividends paid or declared in respect of the period2 | 1.414p | 1.372p |
Total return performance to 30 April 2026 (including dividends reinvested and excluding transaction costs)
| 6 months % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV3 | 3.7 | 27.6 | 44.2 | 47.8 | 204.4 |
Share price4 | 6.5 | 30.6 | 49.5 | 37.5 | 199.5 |
FTSE World Index5 | 5.5 | 31.0 | 64.2 | 79.9 | 239.3 |
1 Net asset value per share with debt at fair value, see Note 6 in the Notes to the Condensed Financial Statements
2 The first interim dividend for 2026 was paid on 29 May 2026; the second interim dividend has been declared and will be paid on 28 August 2026
3 Net asset value total return per share with income reinvested and with debt at fair value. Performance is calculated based on the daily NAV per ordinary share published as at the half year-end date with debt at fair value and this may differ from the NAV per share reported in the financial statements.
4 Share price total return using mid-market closing price
5 For 10 years, the benchmark is a composite of the FTSE World Index and the FTSE All-Share Index
Sources: Janus Henderson, Morningstar Direct and LSEG Datastream
INTERIM MANAGEMENT REPORT
CHAIR'S STATEMENT
Dear shareholder,
Performance
The six months to 30 April 2026 witnessed their fair share of geopolitical events. The on-off nature of US trade tariffs as well as the escalation of the conflict with Iran created volatility in markets. The world feels an uncomfortable place; however, despite the challenges, economies and corporate profits have continued to grow. By historic standards unemployment is low and wage growth continues to support consumer spending despite the higher level of inflation. Bond yields have risen in recent months reflecting worries about stagflation but share prices rebounded in April in the hope of a ceasefire.
Your Company has delivered a net asset value total return over the six months ended 30 April 2026 of +3.7% (2025: -4.0%) and a share price total return of +6.5% (2025: +0.1%), compared with the FTSE World Index benchmark total return of +5.5% (2025: -2.6%) over the same period. The portfolio's regional allocation has been a positive contributor to performance during the period, especially the overweight allocation to Japan. Sectoral performance has seen a wide dispersion of returns. Energy and materials sectors have outperformed over the period while consumer driven sectors have lagged. The Fund Managers discuss at greater length the key drivers of performance in their report.
Revenue and financial statements
Our net revenue for the six months was £10.0 million (2025: £12.6 million), equivalent to 1.05p per share (2025: 1.16p). The reduction in income has previously been highlighted. It remains our expectation that profit growth over time will ultimately lead to higher dividends. A first interim dividend of 0.707p per share (2025: 0.686p) was paid on 29 May 2026. The Board has declared a second interim dividend of 0.707p (2025: 0.686p) per share, an increase of 3.1%, which will be payable on 28 August 2026 to shareholders on the register on 24 July 2026.
The Board's current expectation is that the dividend for the full year will be at least 3% above the total dividend paid in 2025. This forecast continues to deliver the Company's progressive dividend policy of successive annual dividend growth which it has achieved every year over the past 59 years.
Investment approach
Bankers has a 138-year history of adapting to changing markets while remaining true to its core purpose of growing capital and income for shareholders. The trust has evolved over time to reflect how global companies grow, how markets function and, importantly, how opportunities are created. This process of evolution is deliberate: building on a strong heritage, while ensuring the portfolio remains forward-looking and relevant for today's investors.
Over the past year, the Board has supported several changes to strengthen the Company's ability to deliver long-term capital growth alongside a growing dividend. Since our last update, the unification of the portfolio has continued, and the number of holdings has been reduced to around 80. The result is a clearer focus on the manager's highest conviction ideas. As more companies are growing to substantial scale before seeking a stock market listing, there can be opportunities to invest before a public offering. We are currently reviewing whether we seek to extend our investment policy to take advantage of these opportunities in a prudent manner and we will update shareholders in due course.
Specialist regional expertise remains an important input, particularly in areas such as Asia and Japan, but is now applied in support of a more cohesive, globally constructed portfolio. This reflects the most important drivers of change; technological innovation, demographic shifts and the energy transition, which are not confined by geography, but play out across markets and sectors.
The Board believes this approach enhances the Company's ability to identify and invest in companies that can benefit from these long-term trends. By focusing on individual businesses with strong fundamentals, cash generation and the potential to grow over time, the portfolio is positioned to outperform over the long-term. At the same time, the Company retains the discipline and balance that have underpinned its record of dividend growth, ensuring that income continues to play a supportive role alongside capital growth.
Fund Manager Update
After 23 years as Fund Manager of The Bankers Investment Trust, and 36 years in financial services, Alex Crooke will be retiring from the industry in December 2026. Alex will remain engaged in his current role until his departure, after which Richard Clode will continue as Fund Manager of your Company.
The Board would like to thank Alex for his momentous contribution to Bankers. He and his predecessor, Michael Moule, have managed the Company between them for the past 50 years while Alex has delivered an annualised NAV total return of 11% during his 23 years of service. This exemplifies Bankers' consistent philosophy of long-term growth and performance. Alex has combined intellect with stature and he commands respect from shareholders, colleagues and competitors alike. We all wish him the very best for a well-deserved retirement.
Both the Board and Alex are delighted to have Richard in place to continue managing the portfolio and have every confidence in his abilities to do so.
Outlook
This time last year, the magnitude of US tariffs worried investors and yet companies found a way to trade through the uncertainty. Currently the concern is the elevated price of oil following the blockade in the Strait of Hormuz. Exposure to resilient companies with the financial resources to invest in innovation can provide a buffer to these macro challenges.
Simon Miller
Chair
23 June 2026
FUND MANAGERS' REPORT
Market Review
The six months to the end of April 2026 continued the recent trend of pronounced market volatility, largely due to President Trump's approach to both domestic and foreign policy. Geopolitics came to the fore again with US military action in Venezuela and the Middle East. The latter put pressure on energy costs, drove broader inflationary pressures and risks of shortages, and may result in a broader impact to global economic activity if there is further escalation or continued stalemate on the Strait of Hormuz. In turn, this has upended expectations for the future path of interest rates and put pressure on long term bond yields. Also, during the period under review, the launch of Anthropic's Opus 4.5 in late 2025 ushered in the agentic AI era. The accelerated pace of AI innovation severely impacted sub-sectors such as software, with the drawdown coined the 'SaaSpocalypse'. It seems surprising that, against that backdrop, global markets have recovered to all-time highs by the end of April, with the notable exception of the UK which was held back by political turmoil.
Markets are forward looking and the resiliency of economic data, corporate earnings and a belief that the current situation in the Middle East is temporary, as the 'TACO' trade remains intact, brought markets roaring back in April from a steep selloff in February and March. A combination of greater US energy independence, as well as its AI leadership, resulted in US and technology stocks leading that rebound after some growth to value rotation from late 2025. Japan also continued its recent strength, despite its exposure to energy imports, because of a landslide election mandate for new prime minister, Sanae Takaichi, to enact much needed reform. This, combined with existing strong wage growth and improved corporate governance, has attracted investors to the country. While macro headlines continue to swirl, strong corporate earnings generally, and most notably in areas like semiconductors, have been rewarded and emphasise the need to stay true to the Bankers' investment philosophy of following the profits and cashflow.
Performance
The explosion in AI token generation, as reasoning models and now agentic AI take off, led to escalating AI capital spending benefitting semiconductor stocks, many of which were key contributors to the portfolio. Micron Technology was helped by very strong memory pricing driving outsized profit growth as AI demand outpaced supply growth. That has led to the industry signing new multi-year contracts with their key customers, at high margins and with significant prepayments, giving the latter confidence to accelerate their capital spending, to the advantage of semiconductor equipment makers like Applied Materials. Mediatek, a Taiwanese fabless semiconductor design company traditionally focused on smartphone chips, is now benefitting from AI datacentre tailwinds as a new supplier of Google's tensor processing unit (TPU) chips. TSMC has a virtual monopoly as the world's leading foundry producing the latest AI compute and networking chips from the likes of Nvidia, Broadcom, AMD and Mediatek with current supply shortages giving them strong pricing power and higher margins on that accelerated growth. In analogue semiconductors, Texas Instruments is benefitting from not only exposure to AI datacentre power management demand and rising content but also from a cyclical recovery in industrials, as a year on from Liberation Day new factories start installing equipment. In a world of deglobalisation, contract manufacturer Jabil can provide customers with manufacturing in multiple locations and enjoy higher margins from that complexity and limited competition. Given events in the Middle East, unsurprisingly energy names such as the French diversified energy producer TotalEnergies and Canadian natural gas infrastructure play, TC Energy, performed well. Not owning Tesla, due to valuation concerns as well as weaker earnings trends given EV adoption challenges and Chinese competition, also contributed positively.
Fears of agentic AI and its coding capabilities disrupting the business models of software companies led to negative contribution from many of our software holdings such as Zscaler in cybersecurity, Snowflake in datacentre infrastructure and ServiceNow, a workflow automation SaaS platform. Oracle suffered from market sentiment around its customer concentration with OpenAI and financing needs. We believe agentic AI will actually be a tailwind for cybersecurity budgets and the migration to modern data architectures but the proclivity for trading in the US via ETFs and baskets has made software stock picking challenging. The broader AI disruption threat has also impacted some of our internet and content platforms such as Netflix, Spotify Technology and Sony given concerns around generative AI's ability to create content. However, that ignores the strong licensing framework established by Hollywood and the music labels and we view these internet platforms as best placed to bring us legal, copyrighted AI generated content leveraging our favourite artists and characters. During the depths of peak AI disruption fears in mid-February, even commercial insurance brokers such as Arthur J Gallagher were impacted by agentic fears. Broadly, those two weeks in February were the key driver of our underperformance versus our benchmark during the period.
Portfolio
At the start of the period, with the change of management of the US sleeve, the portfolio was realigned to capture more of the growth opportunity prevalent there given its greater exposure to technology and AI. This was achieved cross-sector, so maintaining diversification, and with a natural balance to our non-US holdings where these exposures are scarcer and, in many cases, often more expensive due to that scarcity. New stocks added in that AI theme included memory maker Micron Technology, semiconductor equipment maker Applied Materials, datacentre exposed REIT Digital Realty Trust, datacentre exposed utilities NextEra Energy and Xcel Energy. We also added significantly to our Nvidia position and to TSMC, via their US-listed shares. This was funded from stocks we view as at higher risk from AI disruption such as online travel platform, Booking Holdings, derivatives of AI capital spending that trade on valuation premiums, such as Eaton Corp and Trane Technologies, and companies we view as more challenged after recent missteps, like Nike, Walt Disney and Abbott Laboratories. Gearing has been maintained at 5% to reflect an ongoing optimistic outlook balanced with geopolitical risks.
Towards the end of the period, we took the next step in our journey of unifying the portfolio to drive greater conviction in our stocks held and to harmonise our portfolio exposure to key trends and themes. While not changing our regional exposures, we did reduce the number of non-US holdings, taking down the total number in the portfolio from around 100 to c.80 stocks. As part of this process, we increased our positions in the high conviction non-US stocks still held, as evidenced by our current top 10 holdings. We believe a 60-80 stock portfolio provides us with the right balance of conviction and diversification. Going forward the portfolio will be managed as a unified portfolio, rather than in a sleeve structure, reflecting that greater harmonisation from a thematic as well as risk management framework. We will maintain our local expertise from Junichi Inoue and Sat Duhra as well as drawing more from the wider Janus Henderson investment teams.
Outlook
Given the current incumbent of the White House, we expect market volatility to remain elevated, albeit as we head into mid-term elections in the US later this year we expect a pivot back to focusing on domestic affairs. Geopolitical tensions should subside, with an expected framework for both a Middle Eastern and Russia/Ukraine settlement in the works, as well as President Trump's recent visit to Beijing evidencing a greater recent push for negotiation and conciliation rather than confrontation. Against that backdrop the resiliency of the global economy and corporate profit growth should continue. However, with stock markets back to all-time highs we need to be mindful of valuations and the potential for pockets of hype with some of the impending megacap IPOs. Our investment experience, valuation discipline and focus on profits and cashflow will be important as we navigate the period ahead.
Alex Crooke and Richard Clode
Co-Fund Managers
23 June 2026
MANAGING OUR RISKS
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The principal and emerging risks and uncertainties associated with the Company's business are divided into the following main areas:
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· Investment Activity and Performance Risks · Portfolio and Market Risks · Tax, Legal, Regulatory and Governance Risks · Financial Risks · Operational and Cyber Risks · Risks associated with Climate Change | |
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Information on these risks and uncertainties and how they are managed are given in the Annual Report for the year ended 31 October 2025. In the view of the Board, these principal risks and uncertainties continue to apply to the remaining six months of the financial year as they were to the six months under review. | |
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DIRECTORS' RESPONSIBILITY STATEMENT
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The Directors (listed in note 14) confirm that, to the best of their knowledge: | |
(a) | the unaudited condensed set of financial statements for the half year to 30 April 2026 has been prepared in accordance with IAS 34 - Interim Financial Reporting ('IAS 34') and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by Disclosure Guidance and Transparency Rule 4.2.4R;
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(b) | the interim management report and condensed financial statements include a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and |
(c) | the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the Company during the period; and any changes in related party transactions described in the latest annual report that could have an impact in the first six months of the current financial year).
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On behalf of the Board
Simon Miller
Chair
23 June 2026
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
| (Unaudited) Half-year ended 30 April 2026 | (Unaudited) Half-year ended 30 April 2025 | (Audited) Year ended 31 October 2025 | ||||||
| Revenue return £'000 | Capital return £'000 |
Total £'000 | Revenue return £'000 | Capital return £'000 |
Total £'000 | Revenue return £'000 | Capital return £'000 |
Total £'000 |
Gains/(losses) on investments held at fair value through profit or loss | - | 33,455 | 33,455 | - | (70,740) | (70,740) | - | 199,242 | 199,242 |
Investment income | 13,109 | 11 | 13,120 | 16,080 | - | 16,080 | 31,177 | - | 31,177 |
Other operating income | 132 | - | 132 | 536 | - | 536 | 298 | - | 298 |
--------- | ----------- | --------- | --------- | ----------- | --------- | ----------- | ----------- | ----------- | |
Gross revenue and capital gains/(losses) | 13,241 | 33,466 | 46,707 | 16,616 | (70,740) | (54,124) | 31,475 | 199,242 | 230,717 |
--------- | ----------- | --------- | ---------- | ------------ | ----------- | ----------- | ----------- | ----------- | |
Expenses |
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Management fees (note 2) | (877) | (2,045) | (2,922) | (900) | (2,099) | (2,999) | (1,762) | (4,112) | (5,874) |
Other expenses | (446) | - | (446) | (777) | - | (777) | (1,435) | - | (1,435) |
---------- | ------------ | ----------- | --------- | ----------- | --------- | --------- | --------- | --------- | |
Profit/(loss) before finance costs and taxation | 11,918 | 31,421 | 43,339 | 14,939 | (72,839) | (57,900) | 28,278 | 195,130 | 223,408 |
Finance costs | (494) | (1,154) | (1,648) | (491) | (1,145) | (1,636) | (1,002) | (2,338) | (3,340) |
---------- | ------------ | ----------- | --------- | ----------- | --------- | --------- | ----------- | ----------- | |
Profit/(loss) before taxation | 11,424 | 30,267 | 41,691 | 14,448 | (73,984) | (59,536) | 27,276 | 192,792 | 220,068 |
---------- | ------------ | ----------- | --------- | ---------- | --------- | --------- | ---------- | --------- | |
Taxation | (1,409) | (200) | (1,609) | (1,859) | (133) | (1,992) | (3,164) | (213) | (3,377) |
---------- | ------------ | ----------- | --------- | ----------- | --------- | --------- | ---------- | --------- | |
Profit/(loss) for the period | 10,015 | 30,067 | 40,082 | 12,589 | (74,117) | (61,528) | 24,112 | 192,579 | 216,691 |
===== | ====== | ====== | ===== | ====== | ====== | ====== | ====== | ====== | |
Earnings/(loss) per ordinary share (note 3) | 1.05p | 3.16p | 4.21p | 1.16p | (6.83p) | (5.67p) | 2.25p | 18.00p | 20.25p |
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The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with UK adopted international accounting standards. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.
The accompanying condensed notes are an integral part of the financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Half-year ended 30 April 2026 (Unaudited) | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 | |||||
Total equity at 1 November 2025 | 32,878 | 159,797 | 12,489 | 1,193,228 | 37,294 | 1,435,686 | |||||
Total comprehensive income: |
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Profit for the period | - | - | - | 30,067 | 10,015 | 40,082 | |||||
Transactions with owners, recorded directly to equity: |
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Buyback of shares to treasury (note 5) | - | - | - | (75,317) | - | (75,317) | |||||
Ordinary dividends paid (note 11) | - | - | - | - | (13,512) | (13,512) | |||||
---------- | ---------- | ---------- | ------------- | ---------- | -------------- | ||||||
Total equity at30 April 2026 | 32,878 | 159,797 | 12,489 | 1,147,978 | 33,797 | 1,386,939 | |||||
| ====== | ====== | ====== | ======== | ====== | ======== | |||||
Half-year ended 30 April 2025 (Unaudited) | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 | |||||
Total equity at 1 November 2024 | 32,878 | 159,797 | 12,489 | 1,186,189 | 42,793 | 1,434,146 | |||||
Total comprehensive income: | |||||||||||
(Loss)/profit for the period | - | - | - | (74,117) | 12,589 | (61,528) | |||||
Transactions with owners, recorded directly to equity: | |||||||||||
- Buyback of shares to treasury (note 5) | - | - | - | (97,117) | - | (97,117) | |||||
- Ordinary dividends paid (note 11) | - | - | - | - | (15,203) | (15,203) | |||||
---------- | ---------- | ---------- | ------------- | ---------- | -------------- | ||||||
Total equity at 30 April 2025 | 32,878 | 159,797 | 12,489 | 1,014,955 | 40,179 | 1,260,298 | |||||
====== | ====== | ====== | ======== | ====== | ======== | ||||||
Year ended 31 October 2025 (Audited) | Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other capital reserves £'000 |
Revenue reserve £'000 |
Total £'000 | |||||
Total equity at 1 November 2024 | 32,878 | 159,797 | 12,489 | 1,186,189 | 42,793 | 1,434,146 | |||||
Total comprehensive income: | |||||||||||
Profit for the year | - | - | - | 192,579 | 24,112 | 216,691 | |||||
Transactions with owners, recorded directly to equity: | |||||||||||
Buyback of shares to treasury (note 5) | - | - | - | (185,540) | - |
(185,540) | |||||
Ordinary dividends paid (note 11) | - | - | - | - | (29,611) | (29,611) | |||||
---------- | ---------- | ----------- | ------------- | ---------- | ------------- | ||||||
Total equity at 31 October 2025 | 32,878 | 159,797 | 12,489 | 1,193,228 | 37,294 | 1,435,686 | |||||
====== | ====== | ====== | ======== | ====== | ======== | ||||||
The accompanying condensed notes are an integral part of the financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) As at 30 April 2026 £'000 | (Unaudited) As at 30 April 2025 £'000 | (Audited) As at 31 October 2025 £'000 | |
Non-current assets |
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Investments held at fair value through profit or loss | 1,451,170 | 1,320,427 | 1,516,260 |
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Current assets |
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Investments held at fair value through profit or loss (note 4) | 2 | 23,962 | 7,545 |
Other receivables | 147,594 | 4,658 | 4,582 |
Cash and cash equivalents | 50,501 | 39,175 | 37,093 |
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| 198,097 | 67,795 | 49,220 |
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Total assets | 1,649,267 | 1,388,222 | 1,565,480 |
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Current liabilities |
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Other payables | (137,714) | (3,867) | (4,522) |
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(137,714) | (3,867) | (4,522) | |
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Total assets less current liabilities | 1,511,553 | 1,384,355 | 1,560,958 |
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Non-current liabilities |
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Unsecured loan notes | (124,614) | (124,057) | (125,272) |
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Net assets | 1,386,939 | 1,260,298 | 1,435,686 |
| ======== | ======== | ======== |
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Equity attributable to equity shareholders |
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Share capital (note 5) | 32,878 | 32,878 | 32,878 |
Share premium account | 159,797 | 159,797 | 159,797 |
Capital redemption reserve | 12,489 | 12,489 | 12,489 |
Retained earnings: |
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Other capital reserves | 1,147,978 | 1,014,955 | 1,193,228 |
Revenue reserve | 33,797 | 40,179 | 37,294 |
-------------- | -------------- | -------------- | |
Total equity | 1,386,939 | 1,260,298 | 1,435,686 |
| ======== | ======== | ======== |
Net asset value per ordinary share (note 6) | 148.1p | 118.5p | 144.7p |
| ====== | ====== | ====== |
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The accompanying condensed notes are an integral part of the financial statements.
CONDENSED CASH FLOW STATEMENT
Reconciliation of profit/(loss) before taxation to net cash flow from operating activities | (Unaudited) Half-year ended 30 April 2026 £'000 | (Unaudited) Half-year ended 30 April 2025 £'000 | (Audited) Year ended 31 October 2025 £'000 |
Operating activities |
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Profit/(loss) before taxation | 41,691 | (59,536) | 220,068 |
Less: (gain)/loss on investments held at fair value through profit or loss | (33,455) | 70,740 | (199,242) |
Purchases of investments | (861,776) | (458,000) | (672,008) |
Sales of investments | 960,002 | 524,303 | 812,508 |
Purchases of current asset investments | (10,000) | (93,533) | (164,107) |
Sales of current asset investments | 17,544 | 103,120 | 190,111 |
Increase in securities purchased for future settlement | 134,498 | 632 | - |
Increase in securities sold for future settlement | (142,624) | - | - |
Decrease/(increase) in other receivables | 115 | (30) | (112) |
(Decrease)/increase in other payables | (194) | 73 | 55 |
(Increase)/decrease in accrued income | (742) | 65 | 291 |
Add back interest payable ('finance costs') | 1,648 | 1,636 | 3,340 |
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Net cash inflow from operating activities before interest and taxation | 106,707 | 89,470 | 190,904 |
Interest paid | (1,634) | (1,664) | (3,322) |
Taxation paid | (1,379) | (2,038) | (3,493) |
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Net cash inflow from operating activities | 103,694 | 85,768 | 184,089 |
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Financing activities |
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Equity dividends paid (net of refund of unclaimed distributions) | (13,512) | (15,203) | (29,611) |
Share buybacks | (76,429) | (96,244) | (183,388) |
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Net cash outflow from financing activities | (89,941) | (111,447) | (212,999) |
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Increase/(decrease) in cash | 13,753 | (25,679) | (28,910) |
Cash and cash equivalents at the start of the period | 37,093 | 66,689 | 66,689 |
Exchange movements | (345) | (1,835) | (686) |
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Cash and cash equivalents at the end of the period | 50,501 | 39,175 | 37,093 |
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The accompanying condensed notes are an integral part of the financial statements.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS:
1. | Accounting policies |
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| The Bankers Investment Trust PLC ('the Company') is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006.
These condensed financial statements comprise the unaudited results of the Company for the half-year ended 30 April 2026. They have been prepared on a going concern basis and in accordance with UK adopted international accounting standards and with the Statement of Recommended Practice for Investment Trusts ('SORP') dated July 2022, where the SORP is consistent with the requirements of UK adopted international accounting standards.
For the period under review, the Company's accounting policies have not varied in any material way from those described in the Annual Report for the year ended 31 October 2025.
These financial statements have not been either audited or reviewed by the Company's Auditor.
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2. | Management fees |
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| (Unaudited) | (Unaudited) | (Audited) |
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| Half-year ended 30 April 2026 | Half-year ended 30 April 2025 | Year ended 31 October 2025 |
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| Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 | Revenue return £'000 | Capital return £'000 | Total £'000 |
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Investment management | 877 | 2,045 | 2,922 | 900 | 2,099 | 2,999 | 1,762 | 4,112 | 5,874 |
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3. | Earnings/(loss) per ordinary share |
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| The total earnings per ordinary share is based on the net profit for the half-year of £40,082,000 (30 April 2025: net loss of £61,528,000; 31 October 2025: net profit of £216,691,000) and on 951,610,567 (30 April 2025: 1,085,471,866; 31 October 2025: 1,069,953,981) ordinary shares, being the weighted average number of ordinary shares in issue excluding treasury shares during the period.
|
| ||||||||||
| The return per share detailed above can be further analysed between revenue and capital, as below.
| |||||||||||
(Unaudited) Half-year ended 30 April 2026 £'000 | (Unaudited) Half-year ended 30 April 2025 £'000 | (Audited) Year ended 31 October 2025 £'000 |
| |||||||||
Revenue profit | 10,015 | 12,589 | 24,112 |
| ||||||||
Capital profit/(loss) | 30,067 | (74,117) | 192,579 |
| ||||||||
------------ | ------------ | ----------- |
| |||||||||
Total profit/(loss) | 40,082 | (61,528) | 216,691 |
| ||||||||
======= | ======= | ======= |
| |||||||||
Weighted average number of ordinary shares in issue during each period |
951,610,567 | 1,085,471,866 | 1,069,953,981 |
| ||||||||
|
| |||||||||||
Revenue earnings per ordinary share | 1.05p | 1.16p | 2.25p |
| ||||||||
Capital earnings/(loss) per ordinary share | 3.16p | (6.83p) | 18.00p |
| ||||||||
------------ | ------------ | ----------- |
| |||||||||
Total earnings/(loss) per ordinary share | 4.21p | (5.67p) | 20.25p |
| ||||||||
======= | ======= | ======= |
| |||||||||
4. | Current asset investment The Company has a holding in the Deutsche Bank Global Liquidity Series Fund, a money market fund which is viewed as a readily disposable store of value and which is used to invest cash balances that would otherwise be placed on short-term deposit. At 30 April 2026 this holding had a value of £2,000 (30 April 2025 £23,962,000; 31 October 2025: £7,545,000). | |||||||
|
| |||||||
5. | Share capital | |||||||
| At 30 April 2026 there were 1,315,102,830 ordinary shares of 2.5p each in issue of which 378,752,396 were held in treasury (with no voting rights) (30 April 2025: 1,315,102,830 of which 251,912,008 were held in treasury; 31 October 2025: 1,315,102,830 of which 322,768,349 were held in treasury). During the half-year ended 30 April 2026, 55,984,047 shares were bought back into treasury at a total cost of £75,317,000 (half year 30 April 2025: 82,700,048 shares were bought back into treasury at a total cost of £97,117,000; 31 October 2025: 153,556,389 shares were bought back in to treasury for a total cost of £185,540,000). As at 19 June 2026, being the latest practicable date prior to the publication, the Company has bought back 11,326,532 shares for treasury for a total cost of £16,568,000.
| |||||||
6. | Net asset value per ordinary share | |||||||
| The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £1,386,939,000 (30 April 2025: £1,260,298,000; 31 October 2025: £1,435,686,000) and on 936,350,434 (30 April 2025: 1,063,190,822; 31 October 2025: 992,334,481) ordinary shares, being the number of ordinary shares in issue with voting rights at the period end.
The following table reconciles from the NAV with debt at par to the NAV with debt at fair value.
Net asset value ("NAV") with debt at par and at fair value
| |||||||
| 30 April 2026 | 30 April 2025 | 31 Oct 2025 | |||||
| £'000 | £'000 | £'000 | |||||
| NAV with debt at par (A) | 1,386,939 | 1,260,298 | 1,435,686 | ||||
| Add back par value of loan notes | 124,614 | 124,057 | 125,272 | ||||
| Less fair value of loan notes | (88,477) | (92,324) | (92,992) | ||||
| NAV with debt at fair value (B) | 1,423,076 | 1,292,031 | 1,467,966 | ||||
| ||||||||
| Ordinary shares in issue (C) | 936,350,434 | 1,063,190,822 | 992,334,481 | ||||
|
|
|
|
| ||||
| NAV per ordinary share with debt at par (A/C x 100) (pence) | 148.1 | 118.5 | 144.7 | ||||
| NAV per ordinary share with debt at fair value (B/C x 100) (pence) | 152.0 | 121.5 | 147.9 | ||||
| ||||||||
7. | Related party transactions | |||||||
| The Company's transactions with related parties during the period were with its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period other than the amounts paid to them in respect of Directors' remuneration for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and the facilitation of marketing activities with third parties, there were no material transactions with Janus Henderson affecting the financial position or performance of the Company during the period under review.
| |||||||
8. | Financial instruments | |||||||
| At the period end the carrying value of financial assets approximates their fair value.
Financial instruments carried at fair value Fair value hierarchy The unsecured loan notes are valued at par in the Statement of Financial Position.
The fair value of the loan notes at 30 April 2026 has been estimated to be £88,477,000 (30 April 2025: £92,324,000; 31 October 2025: £92,992,000) and is categorised as level 3 in the fair value hierarchy as described below.
The following table analyses recurring fair value measurements for financial assets. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used.
| |||||||
| Financial assets at fair value through profit or loss at 30 April 2026 (Unaudited) | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | |||
| Investments including derivatives: | |||||||
| - Equity investments | 1,451,170 | - | - | 1,451,170 | |||
| - Current asset investments | 2 | - | - | 2 | |||
| -------------- | --------- | -------- | -------------- | ||||
| Total financial assets carried at fair value | 1,451,172 | - | - | 1,451,172 | |||
| ======== | ===== | ===== | ======== | ||||
|
|
|
|
| ||||
| Financial assets at fair value through profit or loss at 30 April 2025 (Unaudited) | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | |||
| Investments including derivatives: |
|
|
|
| |||
| - Equity investments | 1,320,427 | - | - | 1,320,427 | |||
| - Current asset investments | 23,962 | - | - | 23,962 | |||
| -------------- | --------- | -------- | -------------- | ||||
| Total financial assets carried at fair value | 1,344,389 | - | - | 1,344,389 | |||
| ======== | ===== | ==== | ======== | ||||
|
| |||||||
| Financial assets at fair value through profit or loss at 31 October 2025 (Audited) | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 | |||
| Investments including derivatives: | |||||||
| - Equity investments | 1,516,260 | - | - | 1,516,260 | |||
| - Current asset investments | 7,545 | - | - | 7,545 | |||
| -------------- | --------- | -------- | -------------- | ||||
| Total financial assets carried at fair value | 1,523,805 | - | - | 1,523,805 | |||
| ======== | ===== | ==== | ======== | ||||
| ||||||||
9. | Reconciliation of liabilities arising from financing activities | ||||||||||
|
| Non-cash changes | |||||||||
|
| At 1 November 2025 £'000 |
Cash flows £'000 |
Amortisation of issue costs £'000 |
Foreign exchange £'000 |
At 30 April 2026 £'000 | |||||
| Financing activities |
|
|
|
|
| |||||
| Financing liabilities | 125,272 | - | 13 | (671) | 124,614 | |||||
| Total liabilities from financing activities | ---------- 125,272 | --------- - | ---------- 13 | ---------- (671) | ---------- 124,614 | |||||
|
| ======== | ======== | ======== | ======== | ======== | |||||
|
| Non-cash changes | |||||||||
|
| At 1 November 2024 £'000 | Cash flows £'000 |
Amortisation of issue costs £'000 | Foreign exchange £'000 | At 30 April 2025 £'000 | |||||
| Financing activities |
|
|
|
|
| |||||
| Financing liabilities | 123,756 | - | 10 | 291 | 124,057 | |||||
| Total liabilities from financing activities | ---------- 123,756 | -------- - | --------- 10 | --------- 291 | ---------- 124,057 | |||||
|
| ======== | ======== | ======== | ======== | ======== | |||||
|
|
|
|
|
|
| |||||
|
| Non-cash changes | |||||||||
|
| At 1 November 2024 £'000 | Cash flows £'000 |
Amortisation of issue costs £'000 | Foreign exchange £'000 | At 31 October 2025 £'000 | |||||
| Financing activities |
|
|
|
|
| |||||
| Financing liabilities | 123,756 | - | 17 | 1,499 | 125,272 | |||||
| Total liabilities from financing activities | ----------- 123,756 | ----------- - | ----------- 17 | ----------- 1,499 | ----------- 125,272 | |||||
|
| ======== | ======== | ======== | ======== | ======== | |||||
10. | Going concern | ||||||||||
| In assessing the Company's going concern, the Directors have considered among other things, cash flow forecasts, a review of covenant compliance including the headroom above the most restrictive covenants and an assessment of the liquidity of the portfolio, and changes in the international political landscape and macroeconomic uncertainties. The assets of the Company consist mainly of securities that are listed and readily realisable. Thus, after making due enquiry, the Directors believe that the Company has adequate financial resources to meet its financial obligations, including the repayment of any borrowings, and to continue in operational existence for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements. | ||||||||||
11. |
Dividends | ||||||||||
| A first interim dividend of 0.707p (2025: 0.686p) per ordinary share, was paid on 29 May 2026 to shareholders registered on 24 April 2026. The shares were quoted ex-dividend on 23 April 2026. Based on the number of ordinary shares in issue at 24 April 2026 (excluding shares held in treasury) of 940,350,434 the cost of this dividend was £6,648,000.
The Directors have declared a second interim dividend of 0.707p (2025: 0.686p) per ordinary share which will be payable on 28 August 2026 to shareholders on the register on 24 July 2026. The shares will be quoted ex-dividend on 23 July 2026. Based on the number of shares in issue at 23 June 2026 (excluding shares held in treasury) of 925,023,902 the cost of this dividend will be £6,540,000.
| ||||||||||
12. | Comparative information | ||||||||||
| The financial information contained in this half-year report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the half-years ended 30 April 2026 and 2025 have not been audited or reviewed by the Auditor. The figures and financial information for the year ended 31 October 2025 have been extracted from the latest published financial statements of the Company. These financial statements have been delivered to the Registrar of Companies and included the report of the Auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year ended 31 October 2025.
| ||||||||||
13. | Half-year report | ||||||||||
| The half-year report will be available on the Company's website (www.bankersinvestmenttrust.com) or in hard copy from the Company's registered office. An abbreviated version of this half-year report, the 'Update', will be circulated to shareholders in early July 2026.
| ||||||||||
14. | General information | ||||||||||
| Company status The Company is a UK domiciled investment trust company. Company Registration Number UK: 00026351 London Stock Exchange Daily Official List (SEDOL): BN4NDR3 / ISIN number: GB00BN4NDR39 London Stock Exchange (TIDM) Code: BNKR Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826 Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69 The Company has a secondary stock exchange listing in New Zealand: Company Registration Number NZ: 645360 New Zealand Stock Exchange Code: BIT
Registered Office 201 Bishopsgate, London EC2M 3AE
Directors and Corporate Secretary The Directors of the Company are Simon Miller (Chair), Richard West (Senior Independent Director), Ankush Nandra (Audit & Risk Assurance Committee Chair), Hannah Philp (Marketing Committee Chair) and Charlotte Valeur. The Corporate Secretary is Janus Henderson Secretarial Services UK Limited.
Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.bankersinvestmenttrust.com.
For further information contact:
| ||||||||||
50 Largest Investments
At 30 April 2026
Rank 30 Apr 2026 | Rank 31 Oct 2025 | Company | Country | Valuation31 Oct 2025 £'000 | Purchases £'000 | Sales proceeds £'000 | Appreciation/(depreciation) £'000 | Valuation30 Apr 2026 £'000 |
1 | 16 | Nvidia | US | 24,473 | 63,566 | - | (3,575) | 84,464 |
2 | 4 | Amazon | US | 50,012 | 20,731 | (8,185) | 1,738 | 64,296 |
3 | 2 | Alphabet | US | 65,833 | 8,202 | (35,573) | 12,092 | 50,554 |
4 | 42 | Taiwan Semiconductor Manufacturing | Taiwan | 14,447 | 23,441 | - | 10,027 | 47,915 |
5 | 5 | Apple | US | 49,544 | 7,956 | (8,286) | (1,861) | 47,353 |
6 | 3 | Broadcom | US | 59,102 | 4,736 | (27,014) | 3,386 | 40,210 |
7 | 9 | JPMorgan Chase | US | 32,807 | 601 | - | (882) | 32,526 |
8 | 1 | Microsoft | US | 89,318 | - | (43,433) | (15,758) | 30,127 |
9 | 7 | Meta | US | 35,644 | 12,329 | (15,132) | (3,404) | 29,437 |
10 | # | Japan Post Bank | Japan | - | 28,102 | (1,569) | 2,501 | 29,034 |
11 | 11 | Morgan Stanley | US | 29,956 | - | (7,233) | 2,785 | 25,508 |
12 | 22 | Raytheon Technologies | US | 19,290 | 7,585 | (707) | (1,880) | 24,288 |
13 | # | Applied Materials | US | - | 17,348 | (3,587) | 10,050 | 23,811 |
14 | # | Micron Technology | US | - | 16,955 | (8,546) | 14,754 | 23,163 |
15 | 13 | Visa | US | 26,700 | - | (2,477) | (1,679) | 22,544 |
16 | 19 | NatWest | UK | 20,618 | 3,274 | (2,082) | (120) | 21,690 |
17 | 37 | ASML | Netherlands | 15,942 | - | - | 4,909 | 20,851 |
18 | 26 | Siemens | Germany | 18,210 | 2,023 | - | 160 | 20,393 |
19 | 41 | TotalEnergies | France | 15,049 | - | (1,207) | 6,523 | 20,365 |
20 | # | Netflix | US | - | 23,825 | - | (4,186) | 19,639 |
21 | 39 | Union Pacific | US | 15,490 | 1,299 | (812) | 2,941 | 18,918 |
22 | # | NextEra Energy | US | - | 19,689 | (3,954) | 2,799 | 18,534 |
23 | 10 | American Express | US | 31,276 | - | (9,986) | (2,824) | 18,466 |
24 | # | Canadian Pacific Kansas City Railway | Canada | - | 15,357 | - | 2,821 | 18,178 |
25 | 8 | Amphenol | US | 34,415 | 4,818 | (22,310) | 1,251 | 18,174 |
26 | 31 | UniCredit | Italy | 17,183 | - | - | 121 | 17,304 |
27 | # | TC Energy | Canada | - | 20,200 | (7,198) | 4,275 | 17,277 |
28 | 44 | Roche | Switzerland | 12,557 | 4,035 | (2,125) | 2,472 | 16,939 |
29 | # | Intuitive Surgical | US | - | 19,811 | - | (3,505) | 16,306 |
30 | # | Samsung Electronics | South Korea | - | 10,208 | - | 6,009 | 16,217 |
31 | # | CVS Health | US | - | 15,954 | - | 38 | 15,992 |
32 | # | Rio Tinto | UK | 6,034 | 7,812 | - | 2,058 | 15,904 |
33 | # | Spotify Technology | US | - | 27,399 | (4,553) | (7,290) | 15,556 |
34 | # | Oversea-Chinese Banking | Singapore | 6,880 | 7,614 | (760) | 1,780 | 15,514 |
35 | # | Contemporary Amperex Technology | China | - | 14,194 | - | 1,134 | 15,328 |
36 | 20 | Texas Instruments | US | 19,690 | 2,933 | (16,093) | 8,782 | 15,312 |
37 | # | Motorola Solutions | US | - | 17,991 | (4,207) | 1,488 | 15,272 |
38 | # | Xcel Energy | US | - | 15,301 | - | (140) | 15,161 |
39 | 17 | Chevron | US | 23,518 | 5,700 | (17,626) | 3,548 | 15,140 |
40 | # | Tokio Marine | Japan | 7,508 | 6,661 | (551) | 1,505 | 15,123 |
41 | 18 | Johnson & Johnson | US | 21,493 | 2,402 | (12,365) | 3,554 | 15,084 |
42 | # | Jabil | US | - | 11,655 | - | 3,410 | 15,065 |
43 | # | Dai-ichi Life | Japan | 6,017 | 7,473 | (314) | 1,640 | 14,816 |
44 | 32 | Safran | France | 17,007 | 2,023 | (2,279) | (2,119) | 14,632 |
45 | 45 | Sony | Japan | 12,154 | 7,056 | (635) | (3,970) | 14,605 |
46 | # | Disco | Japan | 6,756 | 7,910 | (2,336) | 2,256 | 14,586 |
47 | # | Hitachi | Japan | 9,326 | 6,316 | - | (1,204) | 14,438 |
48 | # | Alibaba | Hong Kong | 5,798 | 10,743 | - | (2,225) | 14,316 |
49 | # | Arista Networks | US | - | 11,802 | - | 1,486 | 13,288 |
50 | # | Digital Realty Trust | US | - | 13,072 | (1,517) | 1,704 | 13,259 |
|
|
|
| 820,047 | 538,102 | (274,652) | 69,375 | 1,152,872 |
All securities are equity investments
# Not in 50 largest investments at 31 October 2025
Convertibles and all classes of equity in any one company are treated as one investment
Revenue Generated |
| |
30 April 2026 £million | 30 April 2025 £million | |
North America | 5.9 | 7.6 |
Pan Europe | 4.3 | 4.4 |
Japan | 1.6 | 1.9 |
Pan Asia | 1.3 | 2.2 |
--------- | --------- | |
13.1 | 16.1 | |
===== | ===== | |
Source: Janus Henderson |
| |
Geographical Distribution Equities As a percentage of the investment portfolio excluding cash held | ||
Valuation of investments | ||
30 April 2026 % | 31 October 2025 % | |
North America | 66.6 | 64.5 |
Pan Europe | 14.0 | 17.1 |
Japan | 10.1 | 10.0 |
Pan Asia | 9.3 | 8.4 |
--------- | --------- | |
100.0 | 100.0 | |
===== | ===== | |
Source: Janus Henderson |
| |
Sector Analysis As a percentage of the investment portfolio excluding cash held | ||
30 April 2026 % | 31 October 2025 % | |
Technology | 36.9 | 36.8 |
Industrials | 16.2 | 14.8 |
Financials | 14.5 | 15.8 |
Consumer Discretionary | 11.0 | 12.6 |
Healthcare | 4.9 | 8.6 |
Energy | 3.9 | 3.7 |
Utilities | 3.0 | 2.9 |
Basic Materials | 2.7 | 0.8 |
Consumer Staples | 2.5 | 1.8 |
Real Estate | 2.4 | 1.0 |
Telecommunications | 2.0 | 1.2 |
--------- | --------- | |
100.0 | 100.0 | |
===== | ===== | |
Source: Janus Henderson |
| |
|
| |
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or forms part of, this announcement.
********************************* | ||
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