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 45 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.

Performance from equities was slightly weaker in April than previous months, as economic news remained mixed with uncertainty in both Europe and China. The stand out region was Japan following the Bank of Japan’s announcement of the doubling of the monetary base to purchase long-term bonds, in order to inflate the economy. The yen weakened markedly during the month, but the stock market rose in value, more than making up for the currency loss in sterling terms. Bankers Trust has approximately 10% of its assets invested in Japan and it predominantly holds financials and domestic companies, which are expected to be the biggest beneficiaries of rising inflation and a weaker currency.

Defensive companies remain in favour with investors, with utilities, pharmaceuticals, and telecoms performing well, while mining and resource-led companies have underperformed. The weaker trends in growth from China have affected demand for raw materials and meals, which is leading to price falls.

While economic activity remains subdued, corporate earnings have been mixed, which has resulted in increased volatility in both sector and stock selection. Bankers remains focused on seeking investment in companies with the potential to increase dividends. This focus appears to be delivering more consistent performance in these markets. It remains our view that the second half of 2013 should see better trends in global economic growth, which should give support to equity markets.

Alex Crooke
April 2013