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
  +1.50p +0.21% 732.00p 730.00p 732.00p 732.00p 729.00p 729.00p 75,472 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.9 10.4 70.1 902.98

British Empire Trust Share Discussion Threads

Showing 126 to 149 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
22/11/2017
15:20
21 Nov Net Asset Value -- Debt at market value: 813.80 pence
davebowler
21/11/2017
11:50
17 Nov Net Asset Value -- Debt at market value: 803.14 pence
davebowler
12/11/2017
15:34
The usual take on BTEM: What is meant by "value", investing with old money and the big shift of late towards Japan: Https://moneyweek.com/interview-joe-bauernfreund-british-empire-trust/ The Japan bit has some newish pieces of news about it about forcing companies to sell their shareholding in other companies.
vacendak
07/11/2017
13:22
3/11 Net Asset Value -- Debt at market value: 812.91 pence
davebowler
03/11/2017
14:20
@riverman Good catch, thanks. BTEM invests in "old money" trusts and Hansa is also "old money" from what I have gathered. Blast from the recent past (BTEM exited HBC) for those of us with premium access: Https://www.ft.com/content/4e1da91c-bfda-11e7-9836-b25f8adaa111 Hudson's Bay Company (HBC) or "Compagnie de la Baie d'Hudson" in French Canadian is eagerly fighting Signa, an Austrian company, to buy a German department store. [Excerpt] "Since listing in 2013, Hudson’s Bay has arguably shown more flair for real estate than retailing. Yet as Sears found out, financial engineering can only take you so far. A comparison of the share price of Metro (now called Ceconomy) with that of Hudson’s Bay since the original deal completed suggests getting out of department stores is the wiser choice — in Germany or anywhere else." Ironically British Empire dropped Hudson's Bay when they realised HBC were not going to sell the real-estate, or even spin-off into a REIT like entity. So the FT comment is a bit off-key.
vacendak
31/10/2017
19:44
I found some very insightful commentary on Exor (one of BTEMs top holdings) on the Hansa trust factsheet of all places, which I thought was worth sharing (interestingly Hansa also has a position in Pershing Square). We built a position in EXOR during the third quarter. EXOR is a holding company controlled by the Agnelli family (53% share) which holds stakes in Fiat Chrysler, CNH Industrial, Ferrari, PartnerRe, Juventus and The Economist. The Chairman and CEO is John Elkann who is a member of the Agnelli family. He has done an outstanding job since taking over in 2003 and created a huge amount of value for shareholders. Since becoming public in March of 2009 the total return of EXOR is 947% versus 228% for the MSCI World Index. The annualised return of over 30% speaks for itself. His ability to take a long term view thanks to his family’s large stake in the business is invaluable; he can afford to avoid focusing on quarterly and even annual results, unlike many of his peers in the wider market. During his tenure he has spun off Ferrari, bought back stock when EXOR was trading at a 40% discount, used those shares at a higher price to buy the insurer PartnerRe, diversifying the Company away from cyclical end markets, and alongside FIAT CEO Sergio Marchionne he engineered a deal with the bankrupt Chrysler to buy it, using Chrysler’s own cash. At the holding company level, he re-domiciled EXOR to Holland in order to reduce the tax rate to less than 1.5%, he reduced the number of employees from 40 to 10, and he cut overall head office costs (including his own salary) to less than 10bps of NAV. The proportion of independent directors on the board has moved from 24% in 2009 to 53% today. Finally, and perhaps the most telling, he created a structure whereby holders of EXOR’s companies receive enhanced voting rights related to the length by which they have held the shares. Just because management are aligned with shareholders and it has a strong track record, it does not necessarily follow that the company is a good investment; to quote Elkann “one more condition which I believe is indispensable: the price must be right”. EXOR trades at 70% of the value of the sum of its underlying holdings, which provides us with a margin of safety. However, we believe that the holdings are themselves undervalued, so the discount to intrinsic value is actually much larger. On this basis, if EXOR can compound its returns at just one-third of its historic rate then it should be an excellent investment.
riverman77
27/10/2017
15:09
One of the few "value" stocks that manages to shine these days. Very impressive year-and-a-half-to-date (or 78 weeks), to select the optimal positive window.
vacendak
27/10/2017
15:00
With debt @ par NAV now at a new high of 806.36p
skyship
16/10/2017
13:00
Hi Skyship, I'm afraid that was a bit before my time, but glad it brought back some good memories! I probably got the idea from the the old Nick Drake song, maybe it was playing when I set this up, but nothing remotely related to the stock market.
riverman77
16/10/2017
08:53
Sorry all - massively O/T... riverman77 - that moniker of yours!? I well remember seeing Riverman win at Newmarket back in 1972, in between defeats by Brig. Gerard in the King George and then the Champion Stakes. A mate and I had a handy bet on him that day; and he won handsomely at short but really quite reasonable odds. Perhaps your moniker has nothing to do with that racehorse; but it brings back memories...
skyship
16/10/2017
07:57
Ok bought in here today smalls , been reading up a little on the group and seems very solid for a long term holding
catsick
12/10/2017
16:57
DB - could you do us a favour and remove your last post on the CP+ site; and perhaps re-post using Tinyurl - though I have already done that for you. The Citywire link is screwing up the page width. Thnx...
skyship
12/10/2017
14:38
Fair enough. I didn't buy in till the mid 600s so am hoping for some more upside. They seem to have the right idea and also are prepared to cut losses (HBC for example) if things aren't going to plan. Might put any new investable cash into Pershing, just in a small way. Pretty shameful that the discount on a £2bn+ fund is so big.
stun12
12/10/2017
14:12
Actually it was more because BTEM had been on a good run generally and saw better opportunities elsewhere, although I think at the current discount Pershing is probably worth a punt.
riverman77
12/10/2017
12:56
Interesting, riverman. Any particular reason? BTEM noted a rise in Pershing's NAV, but a widening discount (again). I presume they will be 'encouraged' to address what is now an unusually high discount given that its investments are all listed and could be sold off to realise NAV or thereabouts.
stun12
12/10/2017
11:40
Not entirely surprised to see the Pershing Square position being the biggest detractor last month - I actually closed BTEM position when I heard they'd bought that a couple of months ago.
riverman77
12/10/2017
10:13
hTTps://gallery.mailchimp.com/9b233863ed88fa1e7ae357087/files/bc73f9a6-b248-4728-ad4b-541608874049/British_Empire_2017_SEP.pdf?ct=t(BTEM_Factsheet_30th_September_2017_10_10_2017)
davebowler
12/9/2017
09:18
http://goodhartpartners.us7.list-manage.com/track/click?u=9b233863ed88fa1e7ae357087&id=bdb37e2d4b&e=4c3cf2091e
davebowler
06/9/2017
20:03
It looks like BTEM has exited LMS completely. https://uk.advfn.com/p.php?pid=nmona&;article=75591530&symbol=L%5EBTEM https://uk.advfn.com/p.php?pid=nmona&;article=75591559&symbol=L%5EBTEM The LMS holding was a bit iffy - see the LMS thread for more fiery comments from those who held it - but is now technically under new management. Also from the BTEM website, still moving more money towards Japan: Http://www.british-empire.co.uk/content/uploads/2017/09/Investment-Week-4-SEP-2017.pdf
vacendak
24/8/2017
15:19
23/08 Net Asset Value -- Debt at market value: 789.42 pence
davebowler
11/8/2017
10:06
July factsheet out: Http://www.british-empire.co.uk/content/uploads/2017/08/British-Empire-2017-JULY.pdf Full exit from Hudson's Bay, BTEM seems to have been annoyed at the management's lack of desire to make gains on the property portfolio. They do not indicate a loss for exiting - it is implied they sold on a share price rebound - but they do not craw about making mucho dineros either. A lot of poker chips have been shifted to Japan, which I think is a good move. More money injected in Pershing Square despite another upset.
vacendak
10/8/2017
14:37
HTtp://citywire.co.uk/investment-trust-insider/news/british-empire-trust-discounts-could-narrow-further/a1040372?ea=252901&re=48493&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
07/8/2017
12:23
NAV up to 791.5p # 10% discount provides an share price of 712p # 5% discount provides an share price of 752p
skyship
07/8/2017
09:04
spob - thnx for that - good to see BTEM breaking out to new highs...this deserves to rate a discount of 5% or less, rather than the current 10%/11%.
skyship
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