Monthly Update

 

TIDMBTEM 
 
RNS Number : 5598F 
British Empire Sec & Gen Tst PLC 
14 January 2010 
 

BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC 
 
 
Investment Objective: To achieve capital growth through a focused portfolio of 
investments, 
particularly in companies whose share prices stand at a discount to estimated 
net asset value. 
 
 
 
 
 
 
Performance Commentary 
 
 
This investment management report relates to performance figures to 31 December 
2009. 
 
 
Over the month NAV was up 3.6%1. This compares to an increase of 4.1%1 in the 
Benchmark2 and an increase of 3.5%1 for the MSCI World (GBP) index. 
 
 
Financial year* to date, net asset value rose 0.6%1 compared to 3.9%1 for the 
FundData IT Global Growth2  and 3.2%1 for the MSCI World (GBP) indices. 
 
 
 
 
Statistics 
 
 
+---------------------+--------+-------+--------+--------+--------+ 
|                     | Value  |  % 1  |% 1 yr  |% 3 yr  |% 5 yr  | 
|                     |        |  mo   |        |        |        | 
+---------------------+--------+-------+--------+--------+--------+ 
| Price (GBP)2        | 451.1  |  4.7  |  27.9  |  -3.3  |  47.1  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Net Asset Value1    | 448.0  |  2.3  |  22.9  |  -0.2  |  53.5  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Net Asset Value Total        |  3.6  |  25.0  |  4.6   |  64.2  | 
| Return1                      |       |        |        |        | 
+------------------------------+-------+--------+--------+--------+ 
| Benchmark3 (GBP)    |        |  4.1  |  24.5  |  1.9   |  47.9  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Annual Returns (%)  |  2009  | 2008  |  2007  |  2006  |  2005  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Price1              |  27.9  |-22.3  |  -2.8  |  0.3   |  51.7  | 
+---------------------+--------+-------+--------+--------+--------+ 
| MSCI World1         |  16.5  |-17.4  |  7.7   |  5.8   |  23.0  | 
+---------------------+--------+-------+--------+--------+--------+ 
 
 
1 Source: Fundamental Data. 
2 Source: Fundamental Data. Share price total return is on a mid-to-mid basis, 
with net income re-invested. 
3 Fundamental Data Investment Trust Global Growth Index official Benchmark from 
1st October 2008 
 
 
Top 10 Equity Holdings% 
+-----------------------------+-------+ 
| GBL                         |  5.74 | 
+-----------------------------+-------+ 
| Sofina                      |  5.33 | 
+-----------------------------+-------+ 
| Investor                    |  5.25 | 
+-----------------------------+-------+ 
| Vivendi                     |  5.17 | 
+-----------------------------+-------+ 
| Jardine Strategic           |  5.02 | 
+-----------------------------+-------+ 
| Jardine Matheson            |  4.22 | 
+-----------------------------+-------+ 
| Deutsche Wohnen             |  3.65 | 
+-----------------------------+-------+ 
| Electra Private Equity      |  2.99 | 
+-----------------------------+-------+ 
| Paris Orléans               |  2.52 | 
+-----------------------------+-------+ 
| Barrick Gold                |  2.30 | 
+-----------------------------+-------+ 
| Total                       | 42.19 | 
+-----------------------------+-------+ 
 
 
Capital Structure 
 
 
+-------------------------------------+---------------+ 
| Ordinary Shares                     |   160,080,089 | 
+-------------------------------------+---------------+ 
| 10 3/8% Debenture stock 2011#       |  GBP8,483,440 | 
+-------------------------------------+---------------+ 
| 8 1/8% Debenture stock 2023#        | GBP15,000,000 | 
+-------------------------------------+---------------+ 
| Equities index unsecured loan stock |     2,584,457 | 
| 2013 units**                        |               | 
+-------------------------------------+---------------+ 
 
 
*British Empire Securities & General Trust financial year commences on the 1st 
October. 
** Last audited figure updated annually 
 # Book Values updated annually 
 
 
Gross Assets/Gearing 
 
 
+-------------------------------------+-------------+ 
| Gross Assets                        | GBP753 mil. | 
+-------------------------------------+-------------+ 
| Debt                                |     GBP28.3 | 
|                                     |        mil. | 
+-------------------------------------+-------------+ 
| Actual Gearing (Debt less cash      |      -11.8% | 
| divided by net asset value)         |             | 
+-------------------------------------+-------------+ 
 
 
 
 
Fund Codes 
 
 
+--------------------+-----------------------------+ 
| Bloomberg          |       Reuters Ticker / ISIN | 
+--------------------+-----------------------------+ 
| BTEM               |                GB0001335081 | 
+--------------------+-----------------------------+ 
 
 
 
 
Geographical Breakdown 
 
 
+-----------------------------------------+----------+--------------------+---------+ 
| Continental Europe                      |    41.3% | 
+-----------------------------------------+----------+ 
| UK                                      |    13.1% | 
+-----------------------------------------+----------+ 
| Liquidity                               |    15.0% | 
+-----------------------------------------+----------+ 
| Asia Pacific                            |    13.0% | 
+-----------------------------------------+----------+ 
| Japan                                   |     6.6% | 
+-----------------------------------------+----------+ 
| EMEA                                    |     5.5% | 
+-----------------------------------------+----------+ 
| Canada                                  |     5.5% | 
+-----------------------------------------+----------+ 
| Sector Breakdown                                                        |         | 
| Closed-end Funds                             9.5%                       |         | 
| Investment Holding Companies                53.3%                       |         | 
| Open-end Funds                               1.6%                       |         | 
| Property                                     6.9%                       |         | 
| Resources & Mining                          11.0%                       |         | 
| Other                                       17.7%                       |         | 
|                                                                         |         | 
+-------------------------------------------------------------------------+---------+ 
|                                                                         |         | 
+-----------------------------------------+----------+--------------------+---------+ 
 
 
+----------------------------------------------------------------------------------------+ 
| Further Information                                                                    | 
| Investment Manager - John Pennink, AVI Ltd.                                            | 
| [phone] [e-mail]                                          | 
| The share price can be found under 'INVESTMENT COMPANIES' in The Financial Times, The  | 
| Times, The Daily Telegraph, The Scotsman and The Evening Standard.                     | 
| Information may be found on the following websites.                                    | 
| www.british-empire.co.uk or www.assetvalueinvestors.com                                | 
+----------------------------------------------------------------------------------------+ 
| Risk Factors you should consider before investing                                      | 
| Investment in the British Empire Securities and General Trust plc (the "Trust")        | 
| carries risks, which are more fully described in the Key Features Document. Listed     | 
| below are some of the key risks:                                                       | 
| Investors are reminded that past performance is not a guide to future performance and  | 
| that their capital will be at risk and they may therefore lose some or all of the      | 
| amounts that they choose to invest in the Trust.                                       | 
| The Trust utilises gearing techniques (leverage) which exaggerate market movements     | 
| both down and up and which could mean sudden and large falls in market value.          | 
| Movements in exchange rates can impact both the level of income received and the       | 
| capital value of your investment. If the currency of your residence strengthens        | 
| against the currency in which the underlying investments of the fund are made, the     | 
| value of your investment will reduce and vice versa.                                   | 
| As with all stock exchange investments the value of investment trust shares will       | 
| immediately fall by the difference between the buying and selling prices.              | 
| Where investments are made in emerging market, unquoted securities or smaller          | 
| companies, their potential volatility may increase the risk to the value of, and the   | 
| income from the investment.                                                            | 
| British Empire Securities and General Trust plc, Springfield Lodge, Colchester Road,   | 
| Chelmsford, Essex CM2 5PW. Registered in England & Wales No: 28203                     | 
+----------------------------------------------------------------------------------------+ 
| All figures as at the period under review unless otherwise stated.  All sources Asset  | 
| Value Investors Ltd unless otherwise stated. Asset Value Investors Limited ("AVI") is  | 
| authorised and regulated by the Financial Services Authority ("FSA"). This document    | 
| does not constitute an offer to buy or sell shares in the British Empire Securities    | 
| and General Trust plc (the "Trust"). The contents of this message are not intended to  | 
| constitute, and should not be construed as, investment advice. Potential investors in  | 
| the Trust should seek their own independent financial advice. AVI neither provides     | 
| investment advice to, nor receives and transmits orders from, investors in the Trust   | 
| nor does it carry on any other activities with or for such investors that constitute   | 
| "MiFID or equivalent third country business" for the purposes of the FSA's rules.      | 
+----------------------------------------------------------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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