Monthly Update

 

TIDMBTEM 
 
RNS Number : 9557G 
British Empire Sec & Gen Tst PLC 
10 February 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 January 
2010. 
 
Over the month NAV was down 1.0%1.  This compares to a decrease of 3.3%1 in the 
Benchmark2 and a decrease of 3.4%1 for the MSCI World (GBP) index. 
 
Financial year* to date, net asset value fell 0.4%1 compared to a rise of 
0.4%1 for the FundData IT Global Growth2  and a fall of 0.3%1 for the MSCI World 
(GBP) indices. 
 
 
Statistics 
 
+-----------------+-------+-------+------+------+------+ 
|                 |Value  |  % 1  | % 1  | % 3  | % 5  | 
|                 |       |  mo   |  yr  |  yr  |  yr  | 
+-----------------+-------+-------+------+------+------+ 
| Price (GBP)2    |413.2  | -0.8  |24.6  |-2.5  |39.7  | 
+-----------------+-------+-------+------+------+------+ 
| Net Asset       |446.4  | -1.0  |28.5  |-3.2  |47.7  | 
| Value1          |       |       |      |      |      | 
+-----------------+-------+-------+------+------+------+ 
| Net Asset Value Total   | -1.0  |30.6  | 1.5  |58.1  | 
| Return1                 |       |      |      |      | 
+-------------------------+-------+------+------+------+ 
| Benchmark3      |       | -3.3  |28.7  |-2.4  |41.3  | 
| (GBP)           |       |       |      |      |      | 
+-----------------+-------+-------+------+------+------+ 
|                 |       |       |      |      |      | 
| 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                    |  5.81 | 
+------------------------+-------+ 
| Investor               |  5.07 | 
+------------------------+-------+ 
| Sofina                 |  5.04 | 
+------------------------+-------+ 
| Jardine Strategic      |  4.96 | 
+------------------------+-------+ 
| Vivendi                |  4.64 | 
+------------------------+-------+ 
| Jardine Matheson       |  4.29 | 
+------------------------+-------+ 
| Deutsche Wohnen        |  3.98 | 
+------------------------+-------+ 
| Electra Private Equity |  3.19 | 
+------------------------+-------+ 
| Tupras Turkiye         |  2.41 | 
+------------------------+-------+ 
| Paris Orléans          |  2.35 | 
+------------------------+-------+ 
| Total                  | 41.74 | 
+------------------------+-------+ 
 
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 |     2,584,457 | 
| stock 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                  | GBP745mil. | 
|                               |            | 
+-------------------------------+------------+ 
| Debt                          |    GBP28.5 | 
|                               |       mil. | 
+-------------------------------+------------+ 
| Actual Gearing (Debt less     |     -16.4% | 
| cash divided by net asset     |            | 
| value)                        |            | 
+-------------------------------+------------+ 
 
 
Fund Codes 
 
+----------------+------------------------+ 
| Bloomberg      |  Reuters Ticker / ISIN | 
+----------------+------------------------+ 
| BTEM           |           GB0001335081 | 
+----------------+------------------------+ 
 
 
Geographical Breakdown 
 
+-----------------------------------+-------+-----+------+ 
| Continental Europe                | 40.4% |            | 
+-----------------------------------+-------+------------+ 
| UK                                |  9.7% |            | 
+-----------------------------------+-------+------------+ 
| Liquidity                         | 19.3% |            | 
+-----------------------------------+-------+------------+ 
| Asia Pacific                      | 13.1% |            | 
+-----------------------------------+-------+------------+ 
| Japan                             |  7.2% |            | 
+-----------------------------------+-------+------------+ 
| EMEA                              |  5.3% |            | 
+-----------------------------------+-------+------------+ 
| Canada                            |  5.0% |            | 
+-----------------------------------+-------+------------+ 
|                                                 |      | 
|                                                 |      | 
| Sector Breakdown                                |      | 
|                                                 |      | 
| Closed-end Funds                     10.2%      |      | 
| Investment Holding Companies         54.7%      |      | 
| Open-end Funds                        1.7%      |      | 
| Property                              8.9%      |      | 
| Resources & Mining                    9.0%      |      | 
| Other                                15.5%      |      | 
|                                                 |      | 
+-------------------------------------------------+------+ 
|                                                 |      | 
+-------------------------------------------------+------+ 
|                                   |       |     |      | 
+-----------------------------------+-------+-----+------+ 
 
+----------------------------------------------------------------------------+ 
| 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 
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