BTEM’s NAV increased +0.8% in June, aided by a tailwind from discount narrowing. Notwithstanding the move this month, the month-end portfolio discount of 28.4% compares to the significantly narrower level of 24.2% at which we began the calendar year. Happily, superior underlying NAV growth over the year-to-date has more than offset this drag on returns, and we continue to believe the current elevated discount level represents a valuable future store of deferred performance from our portfolio. FX aided the monthly return to a small extent with gains against Sterling from the US Dollar, Euro, and Norwegian Krone being largely – but not entirely – offset by weakness in the Japanese Yen and Swedish Krona.
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’