|Hudson's Bay still features as a case study on their website. They should update that indeed, the page was last updated on June 15th, 2015.
They could swap that story for one about Riverstone.
But well, you win some, you lose some...|
|They certainly don't get them all right - DCI was a notable failure, even after recent 100% bounce.|
|Hudson's Bay seems to have come a cropper for them since|
|I went back in at 620p (slightly before the ex-divi date, which was unplanned so made for a happy coincidence), half expecting to register a loss since I was buying on the way up.
It is still going up and it is currently at 650+p so I could survive a bit of trimming. Happy overall. Of course Lady Greed makes me wish I had gone back into it more convincingly. :)
They have a strategy and re-assessed their tactics (end of 2015) with the more focused portfolio approach. I like when people have convictions and act accordingly.|
|Agreed. Not a holder anymore but hoping to get back in sometime.
"With the portfolio discount at 27% (and the double discount at 35% when
one adjusts for the discount on British Empire’s shares), there is still latent
value in our holdings and in British Empire's shares. We also estimate
that approximately half the portfolio could be subject to specific events in
2017 that would unlock value, with these ranging from IPOs or trade sales
of key underlying assets, to restructuring and wind-ups. There is also no
shortage of investment ideas, both existing holdings and new positions,
into which we plan to recycle capital as it is distributed to us. "|
|December factsheet out:
Basically, a well deserved pat in the back for what they achieved in 2016.
Despite all the good deals during last year, the discounts (effective and look through) are still wide, which is interpreted as still "more value" for 2017.|
|BTEM is still holding some LMS, these seem to be going nowhere.
LMS is one of the few on the PE thread that is heading in the wrong direction.
Hopefully Mr Bauernfreund knows better.|
|And buying more of Riverstone:
|Article/report on BTEM:
|The new factsheet is up:
Moaning a bit about Sterling being on the up, or "less worse catastrophic collapse than earlier on".
To be fair, it does work both ways as in the following interview, Bauernfreund accepted having a lot of wind in the sails recently thanks to Sterling tanking:
Good news from the Athene multi-step IPOs. These were mentioned in the FT recently:
President Trump's expected "Drill Baby Drill!" approach seems positive for Riverstone Energy.
Dolphin Capital Investors (DCI) is selling its assets as indicated in the latest Annual Report.
Hudson's Bay is down, which does not look good for image purposes since it is advertised as a poster-child investment on the website.|
9.7p regular and 2.8p special.|
|Just restarted a share-plan with them. The share price may be high, but as indicated in the aforementioned link provided by Dave, the value of the through discount is still big, hence a lot of potential left to realise. That will also indirectly give my pf a little exposure to Japan/Pacific and also Continental "old money" funds.
This could be old news, but they have a document about their history:
It used to be called the "Transvaal Mortgage Loan and Finance Company". As history unfolded, it is evident that the trust had not always made the best investment choices along the years. They even had a shareholder revolt "verging on a boardroom coup, in 1928". Investing in the Transvaal right at the onset of the Boer War was not "value investing" at its best. :)|
|Yes, its about time for a good year. Helped maintain some faith in their VALUE picking skills. Happy to hold.|
|Indeed, still not letting on! Couldn't see anything new in the AR.|
|Specto - from the Oct' Factsheet: "We continued to add to a new closed-end fund position we are building,..."|
|Annual report out - had forgotten quite how well they've performed this year. Larger divi would have been nice but they've had a year that's hard to fault.|
|@vacendak - agreed re hoping to get back in on the cheap - and to be fair to BTEM, they're relatively cheap if you take the discount as the main determinant of value.
I just feel like a few of their holdings have been on a tear, largely or mainly thanks to £ weakness, & that it'll reverse again. If I'm wrong, I'm wrong - what's most likely is that they will fall back eventually and I'll never buy back in, then sit here cursing :)|
Same here, BTEM was an old friend, sort of thinking getting back in at some point too, potentially at the next world shattering event to re-enter on the cheap.
I have been actively monitoring BTEM in my spreadsheet for the past six months now. I like what I see, but still prefer to keep my money elsewhere... as it seems expensive now.|
|Have had a very good run in these and finally out today - will be back, but wanted the money elsewhere.
Against selling: the discount (c.12%, pretty wide for BTEM since it's effectively a "double discount" to all their holdings); the progress made under new lead manager; non-Sterling exposure; strong performer deserving of tighter discount.
For selling: "can't go bust taking a profit", expectation that Sterling will eventually mean-revert (could as likely lose another 10%), and number of holdings I have in common with BTEM, though JPEL currently the only substantial one. Also the dividend - barely 2%, and whilst I know BTEM isn't set up as a dividend stock, I just wonder when returns will be seen. (Yes - they'll be seen by holders selling shares. Well, that's what I've done).
Will try to avoid posting on this thread since I'm now a BTEM bear hoping for it to fall back and me buy back in ;)|
British Empire Trust attempts to exploit valuation anomalies in specific areas of the market that, in our opinion, benefit from specialist, fundamental research. This includes investment trusts, European and Asian holding companies and property funds. We believe that the resultant mandate is unique in the investment trust universe and the experienced team at Asset Value Investors (AVI) has generated impressive long-term returns. That said, performance over the last five years has been disappointing compared with its global peers, reflecting both its World ex US investment universe and the decision to maintain a significant degree of liquidity.
n Under Joe Bauernfreund’s sole stewardship the fund has retained its value discipline, although the portfolio has moved to a higher conviction approach and modest gearing is now deployed. There is now a far greater emphasis on ‘key events’ that will lead to discount tightening and the AVI investment team has been increasingly prepared to become actively involved to improve corporate governance and unlock potential shareholder value. The current portfolio is estimated to be trading on a 32% discount to its intrinsic value.
n These changes have resulted in a marked pick-up in performance and, since October last year when Joe was appointed sole manager, the fund’s NAV is up 33% compared with 29% for its benchmark, the MSCI AC World ex US index. In addition British Empire is one of the best performing global investment trusts in this period. Furthermore the fund’s discount has tightened this year from 14% at the start of 2016 to 9% currently. This has been supported by a buyback programme that has seen 4.7m shares bought back in the first eight months of the year, equivalent to 3.6% of the share capital.
n We believe that, as a result of these changes, British Empire is a fundamentally more attractive fund and, while its specialist mandate will still result in periods when performance will vary from its benchmark, there is now greater potential to generate attractive, long-term returns.|
Seen you on the UTL thread.
As stated in a previous post here, I used to be onboard BTEM and now half-regret having left. Considering getting back-in and even buy BREM, their 2023 bond.
It had been a dog for a while a couple of years ago but sure looks healthier now. A bit like UIL Ltd in some ways, but surely no regret is having held UTL instead!|
|Totally missed this one :/
well done here :)|
|It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of British Empire Trust plc, an investment trust managed by Asset Value Investors
Limited, at the close of business on 19th September 2016 was as follows:
Net Asset Value -- Debt at par value: 653.50 pence
Net Asset Value -- Debt at market value: 642.84 pence|