BTEM had a good month with its NAV rising by 4.5%. Strong individual stock performance, the portfolio discount narrowing 40bps, and the pound being weak against all major currencies helped returns.
Aker, comfortably our best performer over the last year, was also our top contributor over the month despite its discount widening slightly (by 50bps). Aker’s holding in DetNor – 58% of NAV – jumped 12% in NOK (18% in GBP), buoyed by a 4% rise in the oil price on tentative signs of an OPEC agreement to curtail production.
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’