Following a maelstrom of falling prices in December, global stock markets recovered in January. BTEM participated to a large extent in the rally, with its NAV up +3.7% over the month despite the headwinds of a stronger sterling against most major currencies, and a slight widening of the portfolio discount by 40bps. Major contributors over the month included Cosan Ltd, EXOR, Pershing Square Holdings, Aker and Oakley Capital Investments, and the largest detractors were Fondul Proprietatea, Riverstone Energy, JPEL Private Equity and Kinnevik.
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’