Global equity markets extended their rally into the second month of 2019, with BTEM participating in full with a NAV total return of +3.0%. The portfolio faced a mixed set of head- and tailwinds over the month, being hindered by the strong performance of sterling against most major currencies, while being supported by a tightening of the portfolio discount by 185bps to 32%. Major contributors include the Japan Special Situations basket, Pershing Square Holdings, Tokyo Broadcasting Systems, and Fondul Proprietatea. Major detractors include EXOR and Riverstone Energy.
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’