BTEM’s NAV returned +2.2% over the month of April, which reflected a broad-based positive performance from the world’s major equity markets. The portfolio benefitted both from strong NAV growth in its holdings, as well as a 50 basis point (bps) tightening in the portfolio discount to 31.8%. Currency movements were marginally negative, but did not detract materially from performance. Major contributors over the month included the Japan Special Situations basket, Wendel, Oakley Capital Investments and Fondul Proprietatea; major detractors included Symphony International and GP Investments.
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’