British Empire Dividends - BTEM

British Empire Dividends - BTEM

Best deals to access real time data!
Monthly Subscription
for only
Level 2 Basic
Monthly Subscription
for only
UK/US Silver
Monthly Subscription
for only
VAT not included
Stock Name Stock Symbol Market Stock Type
British Empire Trust Plc BTEM London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 733.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
733.00 733.00
more quote information »
Industry Sector

British Empire BTEM Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

vacendak: At least with FCIT (formerly FRCL) they called for a vote, it was rigged in a way, but there was a vote. About ten years ago or so Foreign & Colonial had a resolution to change the name, it got defeated. More recently, they had an obscure one giving the right to the board of directors to alter the name without saying they would change it. This was enough wool put over the eyes of those who did not care. This one passed of course. Now BTEM... well, that does not leave many historical names with more than a hundred years under their belt. Witan is one, unless this means something un-PC in some language unknown to me :( The fact that BTEM had nothing to do with Britain or what is left of its Empire (invested mostly in europe and hardly anything in the UK) was all the more amusing. Sad indeed.
davebowler: Kepler; hxxps:// British Empire Trust (BTEM) has a very long history as a specialist “value” investment vehicle. Over the course of its history, the managers have always aimed to exploit their niche expertise in identifying listed companies which are trading at well below the manager’s estimate of intrinsic value. Since Joe Bauernfreund took sole responsibility for the portfolio in October 2015, he has significantly concentrated the portfolio, and tried to focus more on ideas which have an identifiable catalyst for a re-rating. Increasingly, the managers look to take a “behind the scenes” activist approach which may help unlock value, or bring forward the catalyst. As we discuss in the performance section, this change has made a tangible improvement to performance. BTEM’s portfolio of companies offers diversification on a number of levels. First, the underlying holdings of each stock are often highly diversified, meaning that the portfolio is arguably not as concentrated as it looks. Currently, the top ten investments make up 66% of the portfolio, but given these are mainly funds or holding companies with varied portfolios of their own, the top ten underlying holdings represent 20.6%, a level of concentration similar to many traditional equity funds. In general, the idiosyncratic nature of the strategy means that its fortunes can diverge significantly from global markets, and in fact pigeon-holing the trust is sometimes difficult. Importantly, the trust has very different return drivers from many of its peers. Following the sell-off in Q4 2018, the weighted average underlying discount of the portfolio is approaching historically wide levels. Clearly part of this is influenced by the portfolio make-up, but it also represents the availability of interesting opportunities the team are finding which have attractive discounts. Since Joe took over sole responsibility for the trust, performance has measurably improved. After a very strong 2016, the trust has essentially kept up with its benchmark, but is currently lagging global peers over 12 months. On the other hand, it has been considerably less volatile than them, lagging in strong periods for the sector, but falling less far in more difficult periods. The discount remains wide both in absolute terms, but also relative to other investment trusts. It has certainly narrowed since Joe took sole responsibility for the trust in October 2015, and the performance started to improve. However, the difference between the trust’s discount (9.1%) and the sector average remains wide, with global trusts now trading close to par. This could revert if the world suffers a “growth wobble”, or US interest rates start to rise once again. William Heathcoat Amory
davebowler: OUr man Joe Bauernfreund on 15% of our portfolio- hTTps://;utm_source=BulkEmail_Investment+Trust+Insider+Daily&utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily Transcript; Joe Bauernfreund is chief executive of Asset Value Investors which last year raised £80 million for the AVI Japan Opportunities (AJOT) investment trust. In this video interview Bauernfreund explains how through the management of global British Empire (BTEM) investment trust, his team spotted a huge investment opportunity in Japanese smaller companies. Bauernfreund describes how the trust is helping to challenge Japan’s cosy corporate culture that has enabled otherwise good businesses sit on large piles of cash and ignore their shareholders. Reforms by Japan’s prime minister Abe have begun to turn the tide with a growing number companies realising they need to take steps to improve shareholder returns and their share price. The onus is on communication rather than confrontation, says Bauernfreund. ‘We’re trying to develop a relationship of trust with them, and understanding and try to get them to understand we’re not the greedy foreigners who are trying to destroy Japanese culture.’ Can’t watch now? Read the transcript. Gavin Lumsden: Hello, with me today is Joe Bauernfreund, chief executive of Asset Value Investors, who is probably best known as the manager of British Empire investment trust but in recent months has also been running the AVI Japan Opportunity Trust or AJOT for short to use its share price ticker. Joe, very good to see you, thanks for coming in. Now AJOT raised £80 million in October. It was one of the more interesting investment trust launches last year, can you remind us what it is you’re seeking to do? Joe Bauernfreund: Well thank you very much for seeing me today. The idea behind AJOT is to capitalise on opportunities amongst Japanese small-cap companies and specifically amongst companies that have accumulated huge amounts of cash on their balance sheets over a good number of years. And effectively we’re able to buy into good quality operating businesses at very attractive valuations. GL: Right, so Japan is often cited amongst major global stock markets as being one of the cheapest and in that market you’re going for some of the smallest and cheapest companies you can find? JB: That’s right. It’s undoubtedly cheap and it has been cheap for a number of years. The question is, is there a catalyst that can reverse that undervaluation? We believe that the corporate governance code and the stewardship code that were introduced four or five years ago in Japan are the catalyst for change in Japan. GL: Because Japanese companies were traditionally viewed, certainly by Western companies, Western investors, as being shareholder unfriendly, but this is changing? JB: Absolutely right. Historically Japanese companies were run for the benefit of employees, pensioners, customers and the broad Japanese society. But finally, because of ‘Abenomics’, companies are being encouraged to focus on shareholders, on share price, on share returns, on balance sheet efficiency. All that idle cash on the balance sheet or cross-shareholdings that exist in Japan, companies are now being asked to address that by boosting returns on equity. GL: Now I can understand the problem of having too much cash, but what’s the problem with cross-shareholdings that you mentioned? Is that because they’re investing in things that have got nothing to do with their main business? JB: Well it’s more to do with the fact that in Japan a culture has evolved whereby if two companies are doing business together they’ll own shares in each other as a way of demonstrating support for each other’s business. And as you expand that, the problem arises that this cosy relationship prevents outside shareholders from having a say in the governance of the companies. GL: So you want to go in there and shake it up and with all this cash that’s sitting on their balance sheets, what, you basically want them to return it to shareholders like yourself? JB: Well it would be great if they start returning all that cash to shareholders. GL: Through dividends? JB: Through dividends. Through share buybacks, buying their own shares on very low valuations. Or by finding attractive opportunities for them to invest that cash. So it’s trying to reverse this psyche that’s developed in Japan that you keep a big pile of cash for a rainy day and you don’t actually do anything productive with it. GL: So it’s all quite civilised. You’re not going in to wage war against them? You’re communicating with them. JB: Absolutely, we’re communicating with them, we’re trying to develop a relationship of trust with them, and understanding and try to get them to understand we’re not the greedy foreigners who are trying to destroy Japanese culture. We want good things to happen that will benefit them, their employees, Japan at large as well as ourselves. GL: And are you the catalyst for this change? What sort of stakes have you got in these companies? They’re small companies but you’re not a big player in Japan are you? JB: We own relatively small stakes, low single digit stakes. But the interesting thing about Japan is that once you own 1% of a company that entitles you to submit shareholder proposals to the agm [annual general meeting]. So you can make quite a lot of noise with a relatively small shareholding. And we’ve been meeting companies, we’ve been writing letters to them, we’ve been telling them what they should do and now the regulatory bodies are telling them what to do and now other domestic institutional investors are telling them the same thing. So collectively the message is beginning to permeate. GL: And now, as I said some of these companies are beginning to move in the right direction? Are you particularly pleased about Tokyo Broadcasting? Because before you launched AJOT you were waging a campaign against them in Japan through British Empire trust. And they resisted your overtures and actually defeated your proposal but they’ve swung around and they’re also increasing their dividend? JB: Well that’s right. We’ve continued to engage with the board of TBS. You’re absolutely right, we submitted shareholder proposals at last year’s agm and we wanted them to reduce their strategic shareholder portfolio and use that money to boost shareholder returns. So it was pleasing a few weeks ago to see that they’ve started to sell down some of the holdings within that strategic shareholding portfolio. They’ve made a very small increase in their dividend. None of this is enough but it’s all a step in the right direction. GL: What sort of returns could you anticipate? You’ve got 29-30 companies in the portfolio. If they start really meaningfully returning some of the cash they've got what could that generate for investors? JB: Well the interesting thing is that the implied valuations of these sometimes really good quality operating businesses is very low single digit multiples. So therefore a company could go up in price by 50% or a 100% and would still not look particularly expensive. GL: Wow, so they are really, really cheap. What’s the most interesting company in AJOT that isn’t in British Empire? JB: Tokyo Radiator manufactures catalytic converters for cars. It’s got almost 100% of its market cap [capitalisation] in cash, 80% of its market cap in cash, and the largest shareholder in there is Calsonic Kansei who owns 40% of the company and that company in turn is controlled by KKR. And that’s another interesting angle we’re seeing in Japan, which is the presence of the big, global private equity players who have all raised funds in order to capitalise on some of the cheap opportunities. GL: Sounds like a value investor’s dream. Talking of big investors, one of your investors is City of London Investment Management or Investment Group. Not everybody will know about them but they’re a leading investor in investment trusts. They like to buy things on a discount so they’re a value investor like you. Quite unusually it appears they have invested in you at launch. JB: Well I think they just, they know us, they saw the value opportunity within this universe and the fact that AJOT is doing something very different to other trusts out there. GL: And are you pleased with progress so far? Very early days but your shares are a premium to the underlying net asset value of about 6-7%. JB: Well we’re very pleased that the thesis is playing out as we suggested it might. So companies are adopting these corporate governance improvements. Our companies are continuing to perform well, which we’re pleased about, and as you say the shares are at a premium. GL: And if they continue to trade at that premium, will you come back and issue some more shares, raise some more money? JB: Yeh we hope so. GL: Well Joe, thanks very much for telling us about it, it certainly sounds a very interesting opportunity and we’ll look forward to hearing more about it in the future. JB: Thank you.
riverman77: I have to say, there's some really interesting positions in BTEM and performance a lot better under the new(ish) manager - still on a wider discount v other funds in the global sector, but I think only a matter of time before it rerates, especially if value investing comes back into fashion.
davebowler: hTTps:// The 129-year-old British Empire (BTEM) may sound like an imperial throwback but is in fact an increasingly canny and determined investor in investment companies and holding companies trading at big discounts to their underlying value. On a 9% discount to NAV its own shares offer value and a distinct investment approach.
vacendak: The AR is out for 2018 Https://
skyship: Bought back into BTEM today - discount back up to 11%.
vacendak: @topvest Yes, I should have mentioned the bloodbath in the market when they IPOed. Good news for you on Smithson, I have read the trust listed straight to premium, notwithstanding the fact that it collected money over expectations. It would be an understatement to say that Smithson benefited from the star status of the name. AJOP is not really helped by its top guy, I mean "Bauernfreund" is barely pronounceable let alone recognisable! :) Still, BTEM/AJOP, good manager, Midas' touch for the past few years, slightly under the radar, the kind of things I like putting my money in.
vacendak: AVI is about to launch a new trust, mostly based on the Japan Special Situations component of the British Empire Trust, but expanding to cheap/hidden value, Japanese smaller companies, that cannot be held through BTEM. Https:// The prospectus can be found here: Http:// The trust, AVI Japan Opportunity Trust, will have a ticker of AJOT. I might risk a few groats on this one if/when it shows up on the IPO section of my ISA. Japan is one of the few places not overpriced from what the "experts" tend to say. The Japan Special Situations component has been doing well since its inception according to the BTEM newsletters in any case.
davebowler: hTTp://
ADVFN Advertorial
Your Recent History
British Em..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210724 12:02:31