In NAV terms we ended 2014 2.6% ahead of our benchmark.
The share price of Marwyn Value Investors (MVI) bucked the market, climbing 6% over the month on the back of an 8% rise in its largest holding, media company Entertainment One. Shortly before the start of the month, MVI had announced the sale of its second largest holding, Breedon Aggregates. A return of capital equivalent to 4% of month-end share price will be affected in January.
German residential owner, Westgrund, was up 9% over the month as the company closed the refinancing of their recently acquired Berlinovo portfolio. A 7 year loan with a cost of 2.14% has replaced bridge financing which cost 2.75%. Investors’ belief that the sector is due for further consolidation following the merger of Deutsche Wohnen and GAGFAH was a further boon for Westgrund as investors identified it as a potential takeover target.
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’