Bankers reduces exposure to UK assets

19th Jun 2009 17:46

The strong market rally that started on 9 March helped Bankers Investment Trust record an improvement in net asset value (NAV) per share in the six months to 30 April 2009.NAV per share rose by 2.9% to 350.7p at the end of April from 340.8p six months earlier, while the FTSE All-Share index fell 0.5% over the same period and the S&P 500 index retreated 1.8%. Revenue in the period totalled £8.36m compared to £8.18m in rhw corresponding period of 2008, while earning per share rose 3.9% to 5.84p from 5.62p.Throughout the period the investment trust maintained its cash balances at around £36m, and gradually reduced its exposure to UK quoted assets, which now account forr 43% of the portfolio as against 53% at the end of April 2008.The company expects the UK element of its portfolio to stabilise around this lower level as the recent slide in the value of sterling could lead to an increase in demand for UK assets from overseas investors.The US portfolio has been steadily increased over 12 months reflecting a view that the US dollar would stabilise and that economic growth would be re-established following the fiscal and monetary stimulus. The Asian investments have increased from 6.4% of the portfolio to over 10% and may rise further, the company said.