March was a very strong month for equity markets. The broad MSCI AC World index rose by 4.2%, while our formal benchmark the MSCI AC World ex-USA increased 4.9% as the US underperformed the rest of the world in Sterling terms due to the weak US Dollar. British Empire outperformed over the month with our NAV up +5.7%. This outperformance was consistent with the narrowing of the discount on our portfolio from 33.3% at end-February to 31.2% at end-March.
British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’