British Empire Securities and General Trust said its investments had outstripped its benchmark in the final quarter of 2012. Over the three months the trust's net asset value rose by 7.9%, compared to an increase of 2.8% for its benchmark, the Morningstar Global Growth Index, resulting in an outperformance of 5.1%. French multinational, Vivendi, the largest position in the portfolio, was a significant contributor to the performance over the period. During the period the weighted average discount on the portfolio narrowed from 30.2% at the end of September 2012 to 25.9% at calendar year end. The discount calculation is a measure of how much the share price of each stock in the portfolio is below the firm's estimate of its net asset value. The narrowing was driven by a combination of factors including greater investor confidence and an increase in the level of corporate activity amongst portfolio companies, the trust said.
7 May '12
Very Strong Track Record
British Empire Investment Trust (BTEM.L) Discount to NAV British Empire Investment Trust has been added to my portfolio because it is uniquely positioned amongst funds at the crossroads of a number of themes that appeal to me. - Discount to NAV - Owner Operated Businesses - Strong Track Record - European Equities - No Sell-side coverage/ Institutional Sponsorship - Concentrated Portfolio The British Empire Investment Trust managers believe that their edge is maintained by keeping a very small investable universe relative to most of their “Global” investing peers. They focus on conglomerates, investment holding companies, asset backed investments or investment trusts trading at a discount to their own NAV. They think that this area of the market is particularly susceptible to inefficiencies and mispricing because their universe doesn’t possess any “natural owners” in the institutional world and often the stocks are quite hard to categorize or pigeonhole into sectors. Read this informative article in full, here: http://www.valuewalk.com/2012/04/british-empire-investment-trust-btem-l-discount-to-nav/ Also, Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
15 Apr '10
canot believe there is a post on this board there seems little interest in investment trusts on this board.btem is one of my largest holdings along with rit capital.i moved a lot of my scottish mortgage into btem last year when they were the same price i was beginning to wish i had not done that as scottish mortgage are now £6.10 but you are right btem does have exellent management and hopefully should have a good future.it is nice to see it has gathered momentum over the last couple of weeks.
15 Apr '10
Sleeping giant is awakening
This superbly managed international fund has a fine track record and was always at a premium to its asset value to reflect this. More recently it seems to have gone out of favour as it is now at a 7% discount. This looks likely to change as the market rediscovers the stock and it is certainly gathering momentum over the last few weeks-but much further to go.
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