Share Name Share Symbol Market Type Share ISIN Share Description
British Empire Trust LSE:BTEM London Ordinary Share GB0001335081 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.00p -0.42% 718.00p 716.00p 718.00p 724.00p 716.00p 724.00p 125,355 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.9 10.4 68.8 804.52

British Empire Trust Share Discussion Threads

Showing 201 to 225 of 225 messages
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DateSubjectAuthorDiscuss
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.
vacendak
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.
topvest
15/10/2018
13:14
hTTps://gallery.mailchimp.com/9b233863ed88fa1e7ae357087/files/15bc9f9f-9953-4a3d-99cc-7ad4ce8579b6/British_Empire_2018_SEP.pdf?ct=t(BTEM_Factsheet_31st_December_2017_1_10_2018_COPY_0)
davebowler
12/9/2018
18:54
More corrections: Https://portfolio-adviser.com/trust-faces-delicate-task-taking-activist-approach-to-japan/ 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.
vacendak
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...
skyship
10/9/2018
21:09
And it is also mentionned in Moneyweek: Https://moneyweek.com/494631/three-exciting-new-small-cap-investment-trusts/ 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.
vacendak
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.
riverman77
09/9/2018
22:39
With a low exposure to Japan, I will be applying.
tiltonboy
09/9/2018
20:13
Thanks for that. Very interesting.
davebowler
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.
topvest
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.
vacendak
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.
topvest
09/9/2018
19:17
It seems AJOT already has a website. Https://www.ajot.co.uk/how-to-invest/ The brochure is easier, and quicker, to read than the prospectus. Https://www.ajot.co.uk/content/uploads/2018/09/Brochure.pdf ... 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. Https://citywire.co.uk/investment-trust-insider/news/british-empire-manager-launches-japan-activist-trust/a1152708 The prospectus can be found here: Http://accounts.citywire.info/IFrameRedirector?returnUrl=hxxps%253A%252F%252Fwww.ajot.co.uk%252Fcontent%252Fuploads%252F2018%252F09%252FAJOT-Prospectus-06-SEP-2018.pdf 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.
vacendak
05/9/2018
09:56
hTTp://citywire.co.uk/investment-trust-insider/news/dividend-darling-nb-private-equity-overhauls-board-to-please-investors/a1151270?re=57927&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
14/8/2018
12:21
10 Aug Net Asset Value -- Debt at market value: 845.56 pence
davebowler
14/8/2018
12:20
TFG (a big holding) is perking up at last.
davebowler
31/7/2018
15:11
30 Jul Net Asset Value -- Debt at market value: 837.55 pence
davebowler
27/6/2018
14:34
26/6/18 Net Asset Value - Debt at market value: 821.60 pence
davebowler
22/6/2018
11:02
hTTp://citywire.co.uk/investment-trust-insider/ezine/it-insider-46?p=13&utm_campaign=iti-ezine-consumer&utm_source=citywire-iti-consumer&utm_medium=iti-homepage&utm_content=2018-issue-46-iti-homepage-chapter-9
davebowler
19/6/2018
23:24
another Citywire extract; British Empire: Pershing’s 23% discount ‘unsustainable’ By Michelle McGagh 19 Jun, 2018 at 14:32 The wide discount on Pershing Square Holdings (PSH) is ‘unsustainable’ and puts star hedge fund manager Bill Ackman under pressure, says British Empire (BTEM). Pershing is the third largest holding in the £850 million British Empire trust, managed by Joe Bauernfreund, which specialises in buying undervalued investment companies and family-run conglomerates. London-listed Pershing offers access to Ackman's hedge fund and makes up 5.9% of British Empire but has suffered poor performance forcing the US activist investor to restructure and focus more of this time on investing. This has started to benefit British Empire, with Pershing's net asset value rising 10% last month, thanks to strong results from Automatic Data Processing, Restaurant Brands International and a new holding in DIY store operator Lowe’s Corp. British Empire steered cleer of Pershing's $300 million share tender which saw some investors sell their stakes on a wide 20.5% discount to NAV, which suggested to Bauernfreund that some long-standing investors had capitulated. ‘We did not participate in the tender and thus benefited in full from the +2% per share accretion generated for continuing shareholders,’ said the manager. Bauernfreund added to his position in Pershing when its shares swung out to a discount of 25% after the tender offer completed. He said we ‘continue to see the current 23% level as unsustainable for a portfolio of large-cap, liquid, listed securities’. The British Empire manager welcomed the decision of Ackman (pictured) to purchase $160 million PSH shares but said ‘the managers will find themselves under increasing pressure if this discount level persists’. Bauernfreund noted credit rating agency Fitch turned negative on Pershing but said the level of gearing, or borrowing, Fitch believes would trigger a downgrade ‘does leave some headroom for further share repurchases and/or tender offers’. ‘In any event, there exists scope for more innovative solutions to the wide discount than simply buybacks and tenders,’ he said. Oakley Capital Investments (OCI) - a £379 million private equity investment trust - also provided an uplift for British Empire in May. Its shares rose 6% in the month and have gained 13% since Bauernfreund first invested in April, boosted by the sale of Italy’s leading price comparison site Facile to Swedish private equity house EQT. Bauernfreund said Oakley’s presentation to investors in the City the day before the sale was announced, confirmed the trust’s ‘differentiated approach...and willingness to embrace complex acquisitions’. ‘In an increasingly competitive and highly-priced private equity market, these features should allow Oakley to continue to unearth compelling acquisition opportunities at below-market multiples,’ he said. British Empire’s net asset value increased 1.8% in May, despite the discount widening 1.01% to 29.3%. The trust’s largest detractor in May was in French-listed Wendel that holds positions in a number of companies such as South African insurer Sanlam. The shares continued their de-rating, which began in March, on the back of currency risks. Bauernfreund said the share price reaction was ‘unwarranted’ and it now trades on a 35% discount. ‘We believe the market may need to see a significant realisation from their private equity portfolio to restore - somewhat unfairly-lost - faith in management,’ he said. At yesterday's close of 755p, British Empire's shares stood 9% below NAV, a narrower discount than the 10% average of the past year. Over five years its NAV including dividends has grown 64.9% while shareholders have received a total return of 71.6%. This is less than half of the 150.9% average return of trusts in the AIC Global sector although its relative performance has been held back by being very underweight the US bull market.
cordwainer
13/6/2018
11:24
BTEM is trying to get TBS to see their point of view- hTTps://www.improvingtbs.com/home/
davebowler
12/6/2018
13:41
hTTps://gallery.mailchimp.com/9b233863ed88fa1e7ae357087/files/a062e753-8739-43fa-9400-90574f4f0fcd/British_Empire_2018_May.pdf?ct=t(BTEM_Factsheet_31st_December_2017_1_10_2018_COPY_0)
davebowler
07/6/2018
13:56
There is also Miton Global Opportunities but I think that's on a slight premium. For me, BTEM is the most interesting of the 3 as it tends to take a more activist approach and is also on a nice discount.
riverman77
07/6/2018
13:53
Ah yes, thank you.
steve3sandal
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