March brought a third month of recovery from the lows of December, with broad-based strong performance across the major equity markets. BTEM’s NAV gained +1.6% for the month, for a quarterly NAV total return of +8.5%. The portfolio benefitted from favourable currency movements relative to sterling as well as positive NAV and share price performance from the portfolio; these benefits were tempered slightly by an 83 basis points (bps) widening in the weighted average discount to 32.2%. Major contributors included Swire Pacific ‘B’, EXOR, Tetragon Financial, Third Point Offshore and Oakley Capital; major detractors included Riverstone Energy, Jardine Strategic and Pargesa Holding.
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’