|British Empire Trust
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
British Empire Trust Share Discussion Threads
Showing 101 to 125 of 125 messages
|Full page manager interview in this week's IC.|
|They have a policy of having fewer but bigger holdings, so I think a lot of it is reinvesting in their favourites|
|BTEM gone under 3% on BRWM - had escaped me that they even held BRWM.
BRWM had a stunning run but struggling to sell it here whilst the discount's so wide - particularly compared to eg BRCI.
What interests me more with BTEM is what they're buying instead? If eg DCI, EGL & BRWM no longer floats their boat, where are they seeing much better value?|
|Big jump by 10p this morning, now a bit more muted 3p up.|
Thanks. I knew I had heard/read about Vietnam Phoenix recently. I thought it had been in one of those articles/podcasts/interviews on "value investing" and BTEM that have cropped-up over the past few months.
Always strange to read that things are going according to plan when investment policy is announced in advance. :)|
|Looks like it was going that way anyway. From December's portfolio report:
"Our investment in Vietnam Phoenix Fund was restructured at year-end into
an open-ended fund (two-thirds of our position) that will realise its
investments over the next three months and return cash to shareholders
along the way, and a closed-end fund housing the private equity assets that
should do the same over the next two years."|
|Off-loading some Vietnam Phoenix?
Http://www.investegate.co.uk/vietnam-phoenix-fd-l/btem/holding-in-company/201701300956344504V/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Vietnam Phoenix Fd L%20Alert|
|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.|