Manager's Comment for October 2013
Orkla’s share price rose 10% on the back of improved Q3 earnings figures. The transformation of the group over the last few years into a pure play branded consumer goods company is almost complete. This has led to a contracting discount which has benefitted us alongside the special periodic returns of capital over the years. As a consequence of the narrower discount we began reducing our holding.
British Empire Securities and General Trust plc
British Empire Securities and General Trust p.l.c. (British Empire) is a closed-end investment trust with shares listed on the London Stock Exchange in the FTSE 250 Index. The investment objective is to achieve capital growth through a focused portfolio of investments, particularly in companies whose share prices stand at a discount to estimated underlying net asset value. British Empire shares can be purchased and held in a Stocks & Shares ISA or a Share Saving scheme through the investment managers, Asset Value Investors.
Asset Value Investors is an employee owned management company founded in 1985 to manage the assets of British Empire, which was a £6 million trust at that time. Today, British Empire has assets of over £837* million and is managed by John Pennink and Joe Bauernfreund.
- Newsletter December 2013
- Quarterly Investment Manager's Review July 2013
- Interim Report 2013
- Annual Report 2012
- Half Year Report 2012
- Interim Results Announcement 2012
- Brochure Stocks & Shares ISA/Share Plan
- Key Features ISA/Share plan
Price Performance December 2002 to December 2012 †
How a typical investment of £11,280 performed over the last five years ‡
British Empire Securities and General Trust has had an average annual NAV total return of 12.6%* since 1985.