26th Feb 2014 16:33
LONDON (Alliance News) - Bankers Investment Trust PLC Wednesday said it underperformed against its benchmark in its last fiscal quarter, after a sharp fall in share prices in January following the announcement of further tapering of bond purchases by the US Federal Reserve.
Net asset value total return was negative 2.4% in the three months to January 31, weaker than the 2.0% fall in the FTSE All-Share Index.
At the start of the period, the trust had a 20.2% exposure to North America.
"Performance in all the geographical portfolios exceeded their respective benchmarks during the period, with the exception of the US portfolio. A review of the US stocks has resulted in a number of holdings being changed in favour of more cyclically exposed sectors.
The objective of The Bankers Investment Trust PLC is to achieve long term asset growth in excess of the FTSE All-Share Index and to achieve regular dividend growth in excess of the increase in the Retail Prices Index.
Shares in the trust were trading 0.4% higher at 581.00 pence per share Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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