British Empire Share Discussion Threads

[vacendak] 15/12/2016 13:21

Article/report on BTEM:

[vacendak] 12/12/2016 09:20

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.

[vacendak] 01/12/2016 11:15

Ex-dividend today.
9.7p regular and 2.8p special.

[vacendak] 17/11/2016 08:44

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. :)

[davebowler] 16/11/2016 18:29

masterinvestor.co.uk/funds-and-investment-trusts/british-empire-trust-upside-potential/?utm_source=Daily+Bulletin&utm_campaign=b35d799aaf-MI_MR_20161116&utm_medium=email&utm_term=0_25eff0bb7f-b35d799aaf-34956193

[topvest] 11/11/2016 19:57

Yes, its about time for a good year. Helped maintain some faith in their VALUE picking skills. Happy to hold.

[spectoacc] 11/11/2016 07:57

Indeed, still not letting on! Couldn't see anything new in the AR.

[skyship] 11/11/2016 07:46

Specto - from the Oct' Factsheet: "We continued to add to a new closed-end fund position we are building,..."

[spectoacc] 11/11/2016 07:23

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.

[spectoacc] 20/10/2016 16:27

@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 :)

[vacendak] 20/10/2016 13:14

@Specto

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.

[spectoacc] 20/10/2016 11:51

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 ;)

[davebowler] 05/10/2016 18:29

masterinvestor.co.uk/funds-and-investment-trusts/british-empire-trust/?utm_source=Master+Investor&utm_campaign=6635eb547b-Master_Investor_Daily_Bulletin10_5_2016&utm_medium=email&utm_term=0_25eff0bb7f-6635eb547b-34956193

[davebowler] 30/9/2016 13:31

Winterfloods;

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.

[vacendak] 29/9/2016 15:15

Hello LM,

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!

[luckymouse] 22/9/2016 01:03

Totally missed this one :/
well done here :)

[davebowler] 20/9/2016 16:36

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

[davebowler] 23/8/2016 13:53

NAV 19th August 2016 was as follows:

Net Asset Value -- Debt at par value: 640.33 pence
Net Asset Value -- Debt at market value: 630.65 pence

[davebowler] 11/8/2016 12:03

At the close of business on 09th August 2016 was as follows:

Net Asset Value -- Debt at par value: 637.78 pence
Net Asset Value -- Debt at market value: 628.16 pence

[davebowler] 02/8/2016 13:12

31 Jul Net Asset Value -- Debt at market value: 611.95 pence

[davebowler] 25/7/2016 16:17

22 Jul Net Asset Value -- Debt at market value: 608.35 pence

[davebowler] 19/7/2016 13:44

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 15th July 2016 was as follows:

Net Asset Value -- Debt at par value: 604.91 pence
Net Asset Value -- Debt at market value: 596.60 pence

[vacendak] 07/7/2016 15:30

I invested with them from 2009 and finally gave-up in August last year. I guess I was unlucky in the sense that I joined in for the duration of the "meh" period. I did not actually lose money, but did not make much either.

Now I am considering getting back in, trying to convince myself to believe the "value vs. growth" argument. They have had a new man at the helm since the end of last year and BTEM has not been doing too badly of late.

That being said, they earn mostly in "everything but Sterling", so like a lot of trusts in non-UK equities they have had an injection of steroids since Brexit. Then again they have a no-US policy, so are technically not profiting from the strong $.

So many things to consider...

[davebowler] 07/7/2016 11:48

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 05th July 2016 was as follows:

Net Asset Value -- Debt at par value: 593.30 pence
Net Asset Value -- Debt at market value: 584.99 pence

[topvest] 01/7/2016 20:39

Elliot are a real pain in my view.