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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November

Developed markets were up over the month, led by the US.  Our MSCI AC World ex-US benchmark recorded a 0.49% gain against 1.8% for the MSCI AC World index (which includes the US).  British Empire’s NAV fell 0.21% on the back of further Euro weakness (down 1.5% vs Sterling), and continued outperformance of “Growth” vs “Value” stocks.

Jardine Matheson was our largest detractor as its NAV fell with the wider Asian market, exacerbated by a widening discount.  The position in BlackRock World Mining was once again painful, and we added to the holding at lower levels as it fell over the month.  Weak sentiment towards commodity-related exposure was also responsible for declines in Dundee Corporation, a Canadian holding company with exposure to gold (through listed Dundee Precious Metals) and oil (via private holding United Hydrocarbon).

The stand-out performer was Symphony International, up 11% in November.  Despite Thai-listed Minor International accounting for over half of Symphony’s NAV, there is a near-zero correlation between daily moves in the two companies’ share prices.  We once again took advantage of the resulting high volatility in Symphony’s discount to add to our position at the low levels seen at the start of the month.

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.