DISCLAIMER

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and traded on the London Stock Exchange.

You agree that we may contact you about our products and services that we believe you might be interested in.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

ACCEPT AND PROCEED

Cookie Policy This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

CONTINUE LEARN MORE

August

In a quiet month for news-flow, BTEM’s NAV increased by 2.5% in August, aided by a tailwind from FX but depressed by a widening portfolio discount (from 24.6% to 25.9%). The top contributors were Jardine Strategic, Wendel, Exor, Pargesa, Toshiba Plant, Adler, Digital Garage, and Fondul Proprietatea. Detractors were far fewer, but included Riverstone Energy and Pershing Square Holdings.

While its NAV was up less than 1%, Jardine Strategic’s discount narrowed from 29% to 24% over the month. We note that Jardine Matheson, who own 84% of Jardine Strategic, has recently been adding to its shareholding.  In addition, it was announced that the company will be included in the Singapore Straits Times Index from mid-September.  Wendel’s NAV was up +5.6%, benefitting from strong performance at its largest position, Bureau Veritas.

ARE YOU

GO TO WEBSITE