Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and traded on the London Stock Exchange.

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The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

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March

BTEM’s NAV increased by a subdued 0.5% in March as Sterling strength and a widening portfolio discount (26.1% from 24.9%) acted as headwinds to performance.

Wendel, Jardine Strategic, Investor AB, Pargesa, Exor, Digital Garage, and NB Private Equity Partners were the largest contributors; Hudson’s Bay, Symphony, Aker, and Adler all detracted from returns.

Jardine Strategic benefitted from both a rising NAV (up 7% on strong performance from Hongkong Land, Dairy Farm, and Jardine Cycle & Carriage) and narrowing discount (in from 31% to 28% as the post-MSCI index inclusion buying continued). Although Pargesa’s discount remained wide, material share price increases at its holdings in Adidas, Imerys, and Lafarge boosted its NAV.  Exor, the Agnelli-family controlled Italian holding company with investments that include Fiat, Ferrari, and Partners Re, saw its discount narrow markedly from 25% to 21%.  Our investment in Digital Garage, a Japanese technology-focused holding company, also benefitted from a narrowing discount (18% in from 26%) which was more than enough to offset the impact of a decline in NAV resulting from share price weaknesses at its largest holding Kakaku.

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’

British Empire currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © British Empire Trust plc. 2014 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. British Empire uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.