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
  +1.00p +0.14% 715.00p 713.50p 716.00p 715.00p 710.50p 710.50p 17,459 09:04:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.9 10.4 68.5 882.01

British Empire Trust Share Discussion Threads

Showing 1 to 21 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
27/2/2013
10:03
Investec; British Empire Securities and General Trust (BTEM) ¢ BTEM is a good quality global equity fund run by Asset Value Investors. As the manager's name implies, BTEM focuses on value plays, usually in equities which have implicit balance sheet value which their share prices belie. Performance and positioning: ¢ BTEM has enjoyed strong performance of late. In Q4 2012 TR NAV was up 7.9% compared to MSCI World up 2.0% during the period. Year to date, NAV is up a further 7.5%. ¢ Vivendi, the largest position in the portfolio, has been a significant contributor to the outperformance over the period. It is likely that one or more of Vivendi's businesses will be sold and this should lead to a reduction in the discount of the French conglomerate. Orkla was another important contributor to returns. In Asia, Shun Tak, the Macau focussed gaming and property developer has started to re-rate as the prospect of permission being granted for its Cotai development property came closer to reality. ¢ During the Q4 2012 notable new investments include: ASM, Symphony International, Kinnevik and Dundee Corp. ¢ BTEM has reduced its commodity exposure by selling Sherritt and by taking profits in Amerisur after the stock had performed strongly on the back of an encouraging oil production update. BTEM also sold out of Japanese holdings in Showa Aircraft and Daidoh. Valuation and view: ¢ BTEM shares trade on an 9.9% discount to NAV however in real terms the discount is much wider considering the underlying investments, which include holding companies and other closed end funds, which themselves trade at discounts to their implicit values. BTEM's manager, Asset Value Investors, noted in a recent IMS that the weighted average discount of the portfolio at 31 December 2012 was 25.9%. As such there is a discount on a discount here. ¢ We like many of the investments and themes at play within the portfolio currently and note for example the investment in Shun Tak as not only is this stock still deeply discounted but we like the fundamentals of Macau and the continued growth potential from development of the Cotai peninsula. ¢ We have also written in the past on Symphony International, a new position for BTEM. BTEM invested in Symphony in the deeply discounted rights issue and while we did not like the dilution for previous holders due price at which the rights issue was completed, the value in the underlying portfolio is compelling. ¢ We also covered BTEM yesterday due to the volatility of its largest shareholding, Vivendi. Portfolio company, Symphony Holdings has also continued to do well, releasing a strong set of results this week.
davebowler
26/2/2013
09:43
Investec; British Empire (BTEM) Vivendi Up and then Down........ ¢ Vivendi Universal is BTEMs largest shareholding, accounting for 10.4% of the net assets. ¢ Its results released this morning saw it beat analysts' estimates, with sales coming in above expectations (€29bn vs.e.€28.5bn). The overall 2012 adjusted net income was however, down 14% yoy to €2.55bn. ¢ The share price was up over 3% yesterday before the results were announced, while the stock is down c.3% this morning. This might be in part due to the market reaction Italian election results but also seems to be in part due to disappointment over a lack of detail from Vivendi over any realisations or restructuring. ¢ Continued interest in the stock is coming from the speculation that the constituent parts of Vivendi will be sold off to help realise value. In the results it was noted that an "ongoing strategic review will define precisely, and as and when appropriate, the right paths to increase the group's overall value and to best serve shareholder interests." This said, no concrete details were provided. ¢ Analysts have identified that breaking up the group or selling specific companies within Vivendi's portfolio could realise significant value for investors, and this could provide a large uplift for BTEM's NAV. Investec Insight: ¢ BTEM has seen its performance boosted over the past few months by a narrowing in the discount of its underlying holdings as the market rally has improved investor sentiment. ¢ The same picture has been seen with BTEM's discount, which has narrowed from -14% in November, to the current discount of -10%. ¢ We believe further price outperformance will in part depend on continued positive investor sentiment, otherwise we could again see the discount widening, both in BTEM and its underlying holdings. This said, any positive moves by Vivendi to realise value in its underlying portfolio should help market sentiment toward BTEM and see a continued narrowing in discount. ¢ NAV performance from BTEM has seen its NAV outperform the FTSE World over the 1 year and six months, while it has lagged over the longer 3 year and 5 year horizons. The TER of the fund remains low at 0.75% and gearing is essentially flat. ¢ We view BTEM as part play on successful corporate action, and part play on a continuing narrowing of discounts in the underlying.
davebowler
22/2/2013
00:27
Re above last sentence, picked up another 10m at $0.68 (spread on 19th was 0.69-0.71)... http://www.investegate.co.uk/symphony-int-hdgs-(sihl)/rns/holding(s)-in-company/201302211145404065Y/
rambutan2
22/1/2013
09:27
Investec; Very strong performance for BTEM over Q4 2012 with TR NAV up 7.9% compared to MSCI World up 2.0% during the period. ¢ Vivendi, the largest position in the portfolio, was a significant contributor to the outperformance over the period. It is likely that one or more businesses will be sold and this should lead to a reduction in the discount. Orkla was another important contributor to returns. In Asia, Shun Tak, the Macau focussed gaming and property developer began to re-rate as the prospect of permission being granted for its Cotai development property came closer to reality. ¢ During the quarter notable new investments include: ASM, Symphony International, Kinnevik and Dundee Corp. ¢ BTEM reduced its commodity exposure by selling Sherritt and by taking profits in Amerisur after the stock had performed strongly on the back of an encouraging oil production update. BTEM also sold out of Japanese holdings in Showa Aircraft and Daidoh. Investec Insight: ¢ BTEM shares trade on a 9.4% discount to NAV however in real terms the discount is much wider considering the underlying investments, which include holding companies and other closed end funds, themselves may be trading at discounts to their implicit values. BTEM's managers, Asset Value Investors, note that the weighted average discount of the portfolio at 31 December 2012 was 25.9%, having narrowed from 30.2% at end of September 2012. ¢ We like many of the investments and themes at play within the portfolio currently and note for example the investment in Shun Tak as not only is this stock still deeply discounted but we like the fundamentals of Macau and the continued growth potential from development of the Cotai peninsula. We have also written in the past on Symphony International, a new position for BTEM, and while we did not like the nature or price at which the deeply discounted rights issue was completed, the value in the underlying portfolio is compelling.
davebowler
21/12/2012
16:52
http://www.british-empire.co.uk/information/report.html
davebowler
08/5/2012
03:42
Very Strong Track Record British Empire Investment Trust (BTEM.L) Discount to NAV British Empire Investment Trust has been added to my portfolio because it is uniquely positioned amongst funds at the crossroads of a number of themes that appeal to me. - Discount to NAV - Owner Operated Businesses - Strong Track Record - European Equities - No Sell-side coverage/ Institutional Sponsorship - Concentrated Portfolio The British Empire Investment Trust managers believe that their edge is maintained by keeping a very small investable universe relative to most of their "Global" investing peers. They focus on conglomerates, investment holding companies, asset backed investments or investment trusts trading at a discount to their own NAV. They think that this area of the market is particularly susceptible to inefficiencies and mispricing because their universe doesn't possess any "natural owners" in the institutional world and often the stocks are quite hard to categorize or pigeonhole into sectors. Read this informative article in full, here: http://www.valuewalk.com/2012/04/british-empire-investment-trust-btem-l-discount-to-nav/ Also, Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
northernlass
28/4/2010
11:58
Thanks for the comments - useful in my own deliberations.
babylon3
28/4/2010
11:52
I hold as part of a LTBH Inv Trust portfolio. Fortuntately I sold out a few years back at an 8% premium and bought back at an 8% discount. NAV performance has been disappointing. They have had far too much cash this last year and their investment universe has not been the most popular for investors so prices of various holdings have not kept up with the indices. Hopefully now more straightforward and traditional european shares are approaching full value investors will start to revisit these more esoteric stocks. Strip out the cash and use the NAV of the individual holdings instead of their prices and you find you're buying a lot of assets for the price. Over time I expect this implicit triple discount to narrow but it has been a poor performer for a couple of years now. Triple discount in the sense of the net-cash implying a double discount for the stock holdings valued at their market value, and so triple discount for the stock holdings valued at their NAV. John Walton was a great manager. John Pennink has not lived up to his mentor so far and I would hope the Board is making him aware of this and that he must try harder. IMO this is a good way of diversifying away from more traditional global growth ITs or index trackers to hopefully add some "alpha". But it certainly wouldn't be my main pension vehicle or anything like that. The chances of underperforming (and indeed outperforming) are far too great to take a risk like that. I've got 5% of my portfolio in it and that is enough for me. HTH Des
deswalker
28/4/2010
10:57
What are peeps current thoughts on this one?
babylon3
22/11/2009
11:10
Yes, this looks well placed for the long term. Intrinsic value given 10% discount and the fact that underlying investments are also on a 20-30% discount.
topvest
22/7/2009
07:19
Still a sound long term investment and I'm continuing to put in small monthly amounts for the benefit of my grandchildren.
howlaw2
22/7/2009
07:19
Still a sound long term investment and I'm continuing to put in small monthly amounts for the benefit of my grandchildren.
howlaw2
15/6/2009
19:59
I've bought some today as well. A very solid investment trust with a good record,
topvest
30/6/2008
10:41
I added more today - only half of what I put aside. May invest the other half later in the year.
1nf3rn0
16/6/2008
09:36
I own a fair few of these in my pension. Not really a buyer except for reinvesting the divis each year, and certainly not a seller for a long time. Good luck with your decision.
deswalker
16/6/2008
09:23
I bought into BTEM 3 months ago at 450p. I've got some cash to one side ready to double my holding at some point. I just need to decide when to do that. Any advice? The share price seems to be holding up rather well dispite all the chaos going on, so are we likely to see BTEM drop much further now or has the bottom been and gone? Are there any companies/trusts BTEM are exposed to that could be hit hard over the next few months? From the brief research I've done they all seem fairly defensive. Is anyone like me waiting to top up and if so what are your entry point? Thanks in advance 1
1nf3rn0
24/4/2006
11:27
potential to double/triple your investment within 5 years!!! Website: http://www.british-empire.co.uk
itmak
24/4/2006
11:23
potential to double/tripe your investment within 5 years!!!
itmak
20/4/2006
12:28
Been in this fund since 1997 this must be one of the best run funds in Europe - long may it continue
itmak
06/4/2006
20:44
Hi Mattb Good charts- thank YOU. I bought in for my grand-daughter in 02-04 . Since then +107%. It's to pay her school fees/university fees and ?beyond . Bought in myself in 03-05. Since = +40% Wish I'd bought in earlier. Keep upthe chart
davidbh
06/3/2006
23:06
Website: http://www.british-empire.co.uk I do like this trust, gotta love the name. If it ever trades on a discount again I may even buy it! Interesting that the fund management fees are based on an absolute return relative to the yield on gilts. Which works out from 0.4% to 0.8% of net assets. Pretty cheap in comparison to many others. DYOR.
mattybuoy
Chat Pages: 6  5  4  3  2  1
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