British Empire Share Discussion Threads

[davebowler] 22/1/2019 13:18

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 18th January 2019 was as follows:

Net Asset Value -- Debt at par value: 777.39 pence
Net Asset Value -- Debt at market value: 768.79 pence

[davebowler] 07/1/2019 09:55

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 03rd January 2019 was as follows:

Net Asset Value -- Debt at par value: 756.19 pence

[davebowler] 20/12/2018 11:40

Good news about Tetragon TFG,one of our major holdings.

[topvest] 24/11/2018 13:53

Yes, Annual Report is an interesting read. 12% per annum long-term return is very good. I like the strategy here: buy quality, buy at a discount of 30%+ and buy when there is a trigger for the discount to close. This strategy works much better than some other deep value investors where they don’t get the quality quite right and end up buying loads of orphan funds. This is a hold forever sort of stock!
I always look at their portfolio to consider additional stocks to buy as well. Decided to buy some Pershing Square Holdings this week. Tarragon also looks very interesting.

[vacendak] 12/11/2018 19:12

The AR is out for 2018

[vacendak] 25/10/2018 20:02

I started a thread for AJOT


...Bauernfreund fanboy that I am. :)

[skyship] 24/10/2018 09:17

Bought back into BTEM today - discount back up to 11%.

[vacendak] 22/10/2018 21:09

The link to the press release about the £80m launch is dead/erroneous.



is going nowhere.

Not a good start! :0

[vacendak] 21/10/2018 20:24

@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.

[topvest] 21/10/2018 16:46

Well they have a placing programme to come. I actually think £80m is a wonderful start in difficult market conditions. Lets face it Mobius Investment Trust only managed to get £100m even with Mobius putting in a big chunk. To be honest with you, I thought that they would struggle to achieve the minimum. It bodes well for what they are trying to do.

[vacendak] 19/10/2018 20:28

Some news about AJOP:



More than the minimum (£50m) but definitely less than the upper limit set at £200m.

All in all, AJOP is "go"; which suits me fine.
I may need to keep some cash on hand when they call for a top-up at some point since £80m is a bit on the low side for a closed-end vehicle.

[vacendak] 15/10/2018 21:14

@topvest
Yeah, I have been thinking along the same lines, I put a small position in the IPO but have the feeling that the money might be returned.

Japan seems all the rage at the moment though, so who they could even succeed in a falling market.

[topvest] 15/10/2018 21:02

I subscribed for a few shares in AVI Japan along with Smithson Investment Trust. The latter will definitely list, but suspect AVI Japan is touch and go given market conditions. Thought it was a sound prospect though.

[vacendak] 12/9/2018 18:54

More corrections:


Despite Equiniti mentioning October 23rd, the actual close of the IPO should be the 18th according to the linked story. October 23rd is the beginning of trading, as confirmed in the prospectus, page 27 thereof.

[skyship] 12/9/2018 13:35

Like the strategy, like the management - HATE buying an investment trust at NAV.

23rd October - so plenty of time to deliberate - but suspect I'll pass...

[vacendak] 10/9/2018 21:09

And it is also mentionned in Moneyweek:


Can't say we did not know! :)

[Edit]
My bad, Equiniti Shareview offers the IPO, minimum investment £100.
It opened yesterday and is closing on October 23rd.

[riverman77] 10/9/2018 20:57

Agree this look interesting and hope it raises the money. Focuses on cash rich Japanese companies so a good way to get some yen exposure.

[tiltonboy] 09/9/2018 22:39

With a low exposure to Japan, I will be applying.

[davebowler] 09/9/2018 20:13

Thanks for that. Very interesting.

[topvest] 09/9/2018 20:07

Yes, agreed. My cash levels have been building for a couple of years now and 20% cash. Bull markets don't last forever though.
I do like Asset Value Investors as well. British Empire is a great trust. I am going to take a look. Might buy a few, but not sure. British Empire aren't underwriting the launch, so they are going to have to raise the minimum without their help.

[vacendak] 09/9/2018 20:01

@topvest
As you have said, we might be at an end of cycle - although a lot of people were saying this in 2016 already - but I have liked what Bauernfreund has been doing with British Empire since he took the reins. I also have an horizon of twenty odd years before switching to income and/or drawdown, so cannot really go wrong on that timescale.

I also like the 4-year option of selling at NAV if the investors are unhappy. This could prove pretty tight indeed if we are due for a big bear market.

[topvest] 09/9/2018 19:34

Thanks for the link to the prospectus. Yes, noticed this one on Friday. Will certainly take a look. Nice idea. Only negative really is its very late cycle to be launching an investment trust. It will be very interesting to see whether they can get this one away.

[vacendak] 09/9/2018 19:17

It seems AJOT already has a website.


The brochure is easier, and quicker, to read than the prospectus.


... and Equiniti is not on the list, so I shall buy later then.

[vacendak] 09/9/2018 19:09

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.



The prospectus can be found here:


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.