An option for investors who are seeking both long term capital growth and income from a wide variety of investments around the world. The Bankers Investment Trust is one of the highest yielding companies in its sector and may be considered as a core holding by investors. Many people buy its shares when investing for children or grandchildren as it is widely diversified in medium and large companies globally.

The Bankers Investment Trust buys shares in a wide variety of medium and large companies across the globe. Lead manager Alex Crooke manages a team who have a 'value' investment style aiming to provide shareholders with both long term capital growth and income greater than inflation.

• Asset allocation is undertaken by the Fund Manager and then regional expertise within Henderson is utilised by allocating the management of regional assets to these specialist managers.
• As well as a consistent history of capital growth, the Trust pays one of the highest yields in the Global Growth sector. Please remember that past performance is not a guide to future performance.
• The Trust has one of the best dividend track records in the industry having raised its dividend every year for the past 44 years. Future dividend growth is supported by a substantial revenue reserve. Full details of the Trust's performance.

• Investors need to be aware of exchange rates. Not all the investments in this portfolio are made in Sterling, so exchange rates could affect the value of and income from your investment.
• Global portfolios include a small weighting to Emerging Markets, usually less than 10%, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards. Full details of risks.

The final month of the year ended positively for most markets as the continuing resilience of the US economy was illustrated by positive consumer retail sales and upgrades to fourth quarter GDP numbers. European markets fell again, although the summit of European leaders provided a little confidence allowing markets to rally from a low point earlier in the month. Asian markets were mixed, ending a very poor year for equity returns despite decent economic growth.

Over the month we reduced exposure to Europe and increased investment in the US, where we see continuing strength in the domestic economy providing the backdrop for better earnings growth. The key to a more positive view in the Euro region is intervention by the European Central Bank and recapitalising of the banking sector. Simple austerity and tax increases are unlikely to help growth and will ultimately lead to popular unrest. Overall there are low expectations for equity returns in 2012 but, when combined with low valuations, there is scope to absorb further bad news, leaving the prospect for share price appreciation if the low expectations are beaten.

Alex Crooke
December 2011