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

June

In an eventful month, BTEM was up +8.1%, with the major moves coming in the last week following a shock victory for the Leave campaign in the EU referendum.  Headwinds from sharply widening discounts (portfolio discount expanded 300bps to 33.4%) were more than offset by the beneficial effects of the collapse in Sterling given our low exposure to GBP assets (just 6% on a look-through basis).

NAV growth of +17%, a moderately tighter discount, and a +9% translation effect from the Norwegian Krone combined to again make oil-focussed Norwegian holding company Aker our largest contributor.  Over the last 3 months, the shares are up +66% in GBP (+56% in local currency).  The activity at Aker is a textbook example of the value that engaged long-term owners can create throughout market cycles.

ARE YOU

GO TO WEBSITE