Bankers Investment Trust : Monthly Factsheet as at 30 August 2023

THE BANKERS INVESTMENT TRUST PLC (BNKR) ISIN: GB00BN4NDR39

Factsheet - at 31 August 2023

Marketing Communication

Share price performance (total return)

Price (rebased)

	Benchmark
160	NAV (cum income)
140
120
100
80
60
40
20
0
Aug 18 Aug 19 Aug 20 Aug 21 Aug 22 Aug 23

Please note that the Company undertook a 'Share Split' of the ordinary Shares of 25p each into 10 Ordinary Shares of 2.5p each with effect from 1 March 2021. For more information please see the Company

Performance

6m

1y

3y

5y

10y

Commentary at a glance

over (%)

Share price

-3.3-3.7 1.2

21.0

123.4

Performance

(Total return)

In the month under review the Company's NAV total

return was -2.1% and the FTSE World Index total

NAV

0.3

1.7

17.3

34.9

153.3

return was -1.0%.

(Total return)

Benchmark

6.1

6.5

35.9

54.6

138.3

Contributors/detractors

(Total return)

At the regional level, an overweight position in

Chinese shares detracted the most from relative

Relative NAV

-5.8

-4.7

-18.6

-19.7

15.1

returns. An underweight position in US equities and

(Total return)

an overweight position in UK shares were also

detrimental. Selections in the US, Japan and Asia ex

Japan sleeves were notable detractors, while

selections within Europe ex UK added value. Sector

allocation was neutral in aggregate. An underweight

Discrete year

Share price

NAV

position in energy and an overweight position in

financials were among several small detractors, while

performance (%) (total return) (total return)

the underweight exposure to utilities proved

30/6/2022 to

1.5

6.8

favourable.

30/6/2023

Company overview

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 Prices Index ('CPI'), by investing in companies listed throughout the world.

Highlights

Since 1888 the Company has sought income and capital growth for shareholders with a globally diversified portfolio.

Company information

NAV (cum income)	111.2p
NAV (ex income)	110.0p
Share price	97.4p
Discount(-)/premium(+)	-12.4%

website.

Dividend history (pence/share)

2.5

Income

2.0

1.5

1.0

0.5

0.0

04 06 08 10 12 14 16 18 20 22

Please note that this chart could include dividends that have been declared but not yet paid.

	30/6/2021 to		-11.6		-6.4
	30/6/2022
	30/6/2020 to	17.3	20.4
30/6/2021
	30/6/2019 to		8.3		6.2
	30/6/2020
	30/6/2018 to	9.7	8.9
30/6/2019

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 31/08/23. © 2023 Morningstar, Inc. All rights reserved. The information

contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.

Outlook

Equity markets have performed well in 2023 to date, as inflation eased from high levels while corporate profits remained resilient. However, developed- market central banks are continuing to hike rates into a slowing growth environment, which risks tipping some economies into recession. China's economic recovery has taken longer than expected and adversely affected markets, although Beijing now appears willing to provide supportive policies where possible to accelerate growth. The Company is managed with the ability to adjust investment levels across regions and take advantage of market dislocations to buy quality companies that offer long- term income and capital return opportunities.

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Yield	2.5%
Net gearing	9%
Net cash	-
Total assets	£1,530m
Net assets	£1,391m
Market capitalisation	£1,219m
Total voting rights	1,251,330,232
Total number of holdings 194
Ongoing charges	0.50%
(year end 31 Oct 2022)
Benchmark	FTSE World Index

Morningstar Medalist RatingTM

Effective 23/11/2022

Analyst-Driven %: 100.00

Data Coverage %: 100.00

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to glossary for definition of share price total return.

How to invest		Find out more
Go to www.janushenderson.com/howtoinvest		Go to www.bankersinvestmenttrust.com

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please note that the total voting rights in the Company do not include shares held in Treasury.

THE BANKERS INVESTMENT TRUST PLC (BNKR) ISIN: GB00BN4NDR39

Factsheet - at 31 August 2023

Marketing Communication

Top 10 holdings	(%)
Microsoft	3.5
Apple	2.9
Accenture	2.0
JPMorgan Chase	1.5
KLA	1.4
UnitedHealth Group	1.2
AstraZeneca	1.2
Visa	1.2
Toyota Motor	1.2
Deere	1.0

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Geographical focus (%)

North America	39.0%
Europe	17.0%
United	16.1%
Kingdom
Japan	13.6%
Emerging	9.1%
Markets
Pacific Region	5.2%

The above geographical breakdown may not add up to 100% as this only shows the top 10.

Sector breakdown (%)

 Financials	16.8%
 Industrials	16.6%
 Technology	15.2%
 Consumer	14.9%
Discretionary
 Health Care	12.3%
 Consumer	11.0%
Staples
 Telecomms	4.5%
 Energy	3.5%
 Basic Materials 2.8%
 Utilities	1.3%
 Real Estate	1.1%

The above sector breakdown may not add up to 100% due to rounding.

Key information

Stock code	BNKR
AIC sector	AIC Global
Benchmark	FTSE World Index
Company type	Conventional (Ords)
Launch date	1888
Financial year	31-Oct
Dividend payment	May, August, November,
February
Risk rating	Average
(Source: Numis)
	0.45% on net assets up
	to £750m. 0.40% on net
Management fee	assets between £750m
	and £1.5bn. 0.35% on
	net assets over £1.5bn

Premium/(discount) of share price to NAV at fair value (%)

15
10
5
0
-5
-10
-15
Aug 20	Aug 21	Aug 22	Aug 23

10 year total return of £1,000

3,000		Share price total return	Benchmark
2,500
2,000
1,500
1,000
500
0
Aug 13	Aug 15	Aug 17	Aug 19	Aug 21	Aug 23

All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.

Performance fee

No

(See Annual Report & Key Information Document for more information)

Regional focus	Global
Fund manager	Alex Crooke 2003
appointment	Michael Kerley 2022

Alex Crooke, ASIP

Fund Manager

Mike Kerley

Fund Manager

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to glossary for definition of share price total return.

	How to invest			Customer services
	Go to www.janushenderson.com/howtoinvest			0800 832 832

THE BANKERS INVESTMENT TRUST PLC (BNKR) ISIN: GB00BN4NDR39

Factsheet - at 31 August 2023

Marketing Communication

Glossary

Discount/Premium

The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.

Net Asset Value (NAV)

The total value of a Company's assets less its liabilities.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the Company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

For a full list of terms please visit: https://www.janushenderson.com/en- gb/investor/glossary/

THE BANKERS INVESTMENT TRUST PLC (BNKR) ISIN: GB00BN4NDR39

Factsheet - at 31 August 2023

Marketing Communication

Source for fund ratings/awards

Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Morningstar Medalist Rating™

Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to www.global.morningstar.com/managerdisclosures.

Company specific risks

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
• Global portfolios may include some exposure to Emerging Markets, which tend to be less stable than more established markets. These markets can be affected by local political and economic conditions as well as variances in the reliability of trading systems, buying and selling practices and financial reporting standards.
• Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
• Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.
• All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

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