Summary

The Bankers Investment Trust PLC (NZX:BIT), a globally diversified equity investment trust managed by Janus Henderson Investors, published its routine daily net asset value (NAV) update on 18 June 2026, reporting unaudited figures as at the close of business on 17 June 2026. Including current-year revenue items, NAV per share was 159.6p, rising to 163.4p when the trust’s borrowings are marked at fair value; excluding current-year revenue, the figures were 159.0p and 162.8p respectively. The disclosure is a transparency mechanism that lets shareholders track the underlying value of the portfolio and monitor any discount or premium between NAV and the market price. This article explains what NAV is, how the AIC methodology works, and how debt-at-par versus debt-at-fair-value treatment changes the reported number.

Key Points

  • NZX:BIT published a daily NAV update on 18 June 2026 with figures as at 17 June 2026, calculated on an unaudited basis under the AIC formula.
  • Including current financial year revenue items, NAV per share was 159.6p, or 163.4p with debt marked at fair value.
  • Excluding current financial year revenue items, NAV per share was 159.0p, or 162.8p with debt marked at fair value.
  • The trust uses gearing (borrowing to invest), so whether loan notes are valued at par or fair value alters the reported NAV slightly.
  • Daily NAV disclosure supports transparency and helps investors monitor the discount or premium of the BIT share price to its underlying value.

Introduction

The Bankers Investment Trust PLC (NZX:BIT) has issued a daily net asset value (NAV) update, dated 18 June 2026, reporting figures as at the close of business on 17 June 2026. For shareholders and prospective investors, this routine disclosure is a small but useful window into the underlying worth of one of the longest-established names in the listed investment company sector. A single daily NAV reading rarely moves markets, but it forms part of a continuous stream of information that helps investors gauge value and monitor the relationship between the share price and the portfolio behind it.

This article explains what BIT reported and, because a daily NAV notice is technical, walks through the concepts that give the figures meaning: what NAV is, why the trust reports several versions of the same number, and what a global equity trust does. The aim is education, not prediction.

Company Overview

The Bankers Investment Trust PLC is a closed-ended investment company with a primary listing on the London Stock Exchange. It is accessible to New Zealand investors through an NZX foreign-exempt listing under the code BIT. Its Legal Entity Identifier is 213800B9YWXL3X1VMZ69.

Bankers is a long-established, globally diversified equity investment trust managed by Janus Henderson Investors. Its objective is long-term growth in both capital and income, pursued by investing across a broad spread of companies and markets worldwide. As a closed-ended vehicle, it has a fixed pool of shares that trade on the market, rather than continuously issuing or redeeming units as an open-ended fund does. That structure is why NAV and the market share price are two distinct numbers.

A global equity trust like BIT spreads capital across many regions, sectors and currencies, reducing reliance on any single market or company while giving shareholders exposure to the long-term growth potential of world equities. The trade-off is that performance is tied to global markets and currency movements.

What the Announcement Says

The announcement reports per-share figures, all unaudited and calculated under the formula set out by the Association of Investment Companies (AIC), excluding shares held in treasury. It reports four related figures, reflecting two choices: whether current financial year revenue items are included, and whether the trust’s debt is valued at par or at fair value.

  • Including current financial year revenue items: NAV per share of 159.6p, rising to 163.4p when debt is marked at fair value.
  • Excluding current financial year revenue items: NAV per share of 159.0p, rising to 162.8p when debt is marked at fair value.

To value its borrowings at fair value, the trust applies a discount rate to its loan notes. For the GBP-denominated unsecured loan notes, this rate is based on the yield of a UK Gilt of similar maturity plus a credit spread; for the Euro-denominated notes, it is based on a Euro Swap of similar maturity plus a credit spread. This is why the fair-value NAV differs from the figure based on the book value of the debt.

Why the Announcement Matters

On its own, a daily NAV reading is routine housekeeping. Its importance lies in what it represents: an up-to-date estimate of what the trust’s investments are worth, less liabilities, divided by shares in issue. NAV per share is the key reference point for the market share price — when the price sits below NAV the shares trade at a discount, and when above, at a premium.

Because Bankers publishes this figure every business day, investors can track that relationship closely rather than waiting for periodic reports. This supports transparency, giving holders a steady reference point — particularly helpful for NZ investors accessing BIT via the NZX.

It also illustrates how accounting choices shape a single figure: 159.6p sits alongside 163.4p for the same trust on the same day because “the NAV” depends on clearly stated conventions.

Market and Sector Context

Globally diversified equity investment trusts appeal to investors seeking broad, professionally managed exposure to world equities in a single security. Their fortunes track global stock markets, rising and falling with equity sentiment, corporate earnings and the macroeconomic backdrop.

Several forces shape the sector. Interest rates influence both the cost of any borrowing and the relative appeal of equities versus other assets. Currency movements matter because a global portfolio holds assets priced in many currencies; for a New Zealand investor, the GBP/NZD exchange rate adds a further layer, since BIT’s NAV is struck in pence. The discount or premium can also widen or narrow with investor confidence, independently of portfolio performance.

Against that backdrop, a daily NAV figure is one input among many: it tells investors what the portfolio is currently estimated to be worth, but does not by itself signal the direction of markets or future returns. It is most useful read alongside the share price, the discount or premium and longer-term performance.

Potential Impact on Shareholders

For existing BIT shareholders, the daily NAV update is primarily an informational tool, letting holders compare the underlying value of their investment with the price at which shares are changing hands and observe whether the discount or premium is widening or narrowing. A persistent discount can be an opportunity to gain exposure for less than the portfolio’s stated value, but it can also reflect investor caution, and there is no guarantee any discount will narrow.

The distinction between NAV including and excluding current-year revenue items also matters to income-focused shareholders. The figure including revenue items captures undistributed income earned so far this financial year, which may eventually support dividends; the figure excluding it strips that income out. Neither version is inherently “correct” — they answer slightly different questions about value.

For prospective investors, it offers a transparent starting point for assessing whether the current share price looks expensive or inexpensive relative to the portfolio — though it is only one data point, and sound decisions would draw on wider information and, where appropriate, professional advice.

Financial or Operational Implications

A central feature of these figures is gearing — the trust’s use of borrowing to invest. Bankers funds part of its portfolio with unsecured loan notes denominated in both pounds and euros. Gearing can amplify returns when markets rise, because the trust controls more assets than shareholders’ capital alone would allow; equally, it can amplify losses when markets fall, magnifying outcomes in both directions.

This is why the trust reports NAV both with debt at par and at fair value. The par figure reflects the book value at which the loan notes were issued; the fair-value figure reflects what that debt is currently worth in the market, derived from prevailing interest rates plus a credit spread. When rates move, the fair value changes, which is why the two NAV figures diverge.

In the reported figures, the fair-value treatment produces a higher NAV per share than the par treatment — 163.4p versus 159.6p including revenue items, and 162.8p versus 159.0p excluding them. This is an accounting effect rather than a change in the portfolio, so investors should be clear which version they are comparing.

Key Risks and Uncertainties

As a globally diversified equity trust, BIT is exposed to the risks of investing in world stock markets. Equity values can fall as well as rise, and broad downturns would reduce the value of the portfolio and, in turn, the NAV. Past performance and current valuations are not reliable guides to future returns. The principal risks include:

  • Market risk: the value of global equities can decline, lowering NAV.
  • Currency risk: movements in exchange rates, including GBP/NZD for New Zealand investors, can affect the value of holdings and the NAV expressed in pence.
  • Gearing risk: because the trust borrows to invest, falling markets can magnify losses as well as gains.
  • Interest rate risk: changes in rates affect both the cost and the fair value of the trust’s loan notes, and the relative appeal of equities.
  • Discount risk: the share price may trade at a discount to NAV that widens, meaning the market value of holdings can lag the underlying portfolio value.

These risks are inherent to the trust’s strategy rather than signals of any specific problem. The daily NAV update is itself a transparency measure, not an indication that any of these risks is more or less likely to materialise.

What Investors Should Watch Next

Because NAV is published daily, the most immediate thing to watch is the trend over time, rather than any single day’s reading. How NAV evolves alongside the BIT share price reveals whether the discount or premium is widening or narrowing — an indicator of market sentiment toward the trust.

Investors may also wish to monitor the broader context that drives a global equity trust: the direction of world stock markets, currency movements (especially GBP/NZD for those holding via the NZX), and the interest rate environment that influences gearing costs and the fair value of borrowings. Periodic company communications — scheduled results, dividend declarations and portfolio commentary — typically offer deeper insight than a daily NAV notice and are worth following alongside these routine updates.

None of this should be read as a forecast. The sensible approach is to treat the daily NAV as one ongoing reference point within a wider assessment of the trust and one’s own goals.

Investor Takeaway

The latest daily NAV update from The Bankers Investment Trust (NZX:BIT) is a routine but useful disclosure. As at 17 June 2026, NAV per share was 159.6p including current-year revenue items, rising to 163.4p with debt at fair value, and 159.0p and 162.8p respectively when current-year revenue is excluded. These unaudited AIC-basis figures give shareholders a current reference point for the value behind their BIT holding.

The broader lesson is conceptual. Understanding what NAV represents, why a geared trust reports debt at both par and fair value, and how the discount or premium works equips investors to interpret these updates rather than simply note them. Bankers offers diversified exposure to global equities with potential for long-term capital and income growth, but that exposure carries market, currency, gearing and interest-rate risks. Used thoughtfully, the daily NAV from BIT is a helpful tool for monitoring value over time.