This report covers the period from 1 October 2017 to 30 September 2018.
Our accounting year to 30 September 2018 was challenging for equity investors as volatility returned to the markets. Our Investment Manager is an active stock picker, focused on finding discounted assets rather than being driven by equity markets in general – and this has proven beneficial over the period under review. As described in the Investment Manager’s Review, the portfolio management team has been particularly active this year in seeking to extract value from portfolio investments. This has borne fruit and I am happy to report that the portfolio once again delivered strong performance over the period, with a net asset value total return of 10.0%, which was 4.8 percentage points higher than the return of the benchmark, the MSCI All Country World ex-US Index.
Susan Noble, Chairman
The Companies Act 2006 (as amended) requires British Empire to provide an electronic address for the receipt of any document or information relating to proxies for a general meeting.
For these purposes, documents relating to proxies include:
The Annual General Meeting (“AGM”) takes place each year in December. You will receive a Proxy Form prior to the AGM taking place, should you wish to appoint a proxy to vote at the AGM in accordance with your directions you will need to complete the Proxy Form and submit the same via post or via email to the Registrars at Proxy.Votes@equiniti.com.
Please ensure that that all identification numbers and any information completed by you on the Proxy Form is clearly legible, otherwise the Form may be rejected and your proxy instructions will not be accepted.
* Net Liquidity is: the fixed income investments less the Debenture (at par value) plus or minus the net current assets/(liabilities), divided by the net assets of the Company.
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’