Markets bounced back from October’s mensis horribilis, with BTEM registering a +0.6% increase in NAV. Jardine Strategic was the stand-out performer, followed by the Japanese Special Situations basket, Cosan Limited, EXOR, and Swire Pacific. The dramatic decline in the oil price ensured Aker was our largest detractor, followed by Wendel, Pargesa, and Riverstone Energy. The portfolio discount widened out from 30.8% to 31.5%, constituting a headwind over 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’