In what was a relatively quiet September in terms of news-flow, BTEM’s NAV increased by +0.5% despite headwinds from discount widening (30.0% to 30.4%) and FX to close out the 2018 financial year with a +10% return (+5% ahead of the benchmark). Strong contributions over the month came from Aker (also the largest contributor for the year) and JPEL Private Equity, while EXOR, Symphony International, the Japan Special Situations basket, and Fondul Proprietatea also helped. Detractors included Vietnam Phoenix, and Third Point Offshore Investors.
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’