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% 718.50p 720.50p 721.00p 721.50p 718.00p 719.50p 115,294 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.9 10.4 68.8 886.33

British Empire Trust Share Discussion Threads

Showing 26 to 50 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
17/12/2014
12:08
Winterfloods; British Empire’s NAV rose 6.8% in its financial year to 30 September 2014 compared with a 5.1% increase for its lead benchmark, the MSCI All Country World ex US index. The Morningstar Investment Trust Global index and the MSCI AC World index were up by 9.2% and 11.8% respectively, benefiting from the strong performance of the US market. The largest contributors to the fund’s performance in the financial year were; Investor AB, Vivendi, Hyundai preference shares, NB Private Equity and Jardine Matheson. Conversely the largest detractors were Wm Morrison, Dogan Holdings, Mitra Energy, Dundee Corporation and Immofinanz. The NAV also benefited by 0.8% from buybacks. British Empire’s portfolio saw a pick‐up in corporate activity during the year, which led to an increase in the level of turnover in the portfolio. This is estimated to be 60% compared with 40% historically. Seven holdings were sold completely during the year, equivalent to 12% of the portfolio, while nineteen new investments have been made. The weighted average discount on the portfolio was 28.6% at the end of September compared with 28.4% a year earlier The largest area of investment remains European Holding companies, which includes Investor AB, GBL and Sofina. Closed ended funds accounted for 30% of the portfolio at the year end, with listed private equity funds such as HarbourVest Global Private Equity and LMS Capital. The fund’s liquidity varied significantly over the period, with a range of 1.5% to 15.1%. It stood at 9% in early November. Since the year end, the fund has hedged part of its exposure to the Japanese Yen. The fund’s ongoing charge increased in the year to 0.90% compared with 0.69% in the previous year. This reflects the management fee change from 0.6% to 0.7% of net assets and other regulatory driven costs. British Empire has seen its discount tighten this year due to a pick‐up in its performance and an active buyback programme. However, it is still trading at a wider discount than its peers (10% vs. 6%) and we believe that it continues to offer a value opportunity, particularly when the underlying discount is taken into consideration as well.
davebowler
23/11/2014
18:04
If the discount to NAV is so wide across many of their investments at this stage of the cycle, what happens when the cycle turns?, surely they just get wider.
essentialinvestor
23/11/2014
16:47
Think that's a bit harsh. They manage this investment trust pretty well. About time for some better investment returns though. Also, a bit disappointed that they let their 26 year dividend increase record slip. I think they should have kept a very small increase to keep this record intact as they can certainly afford to do so. It will take at least 27 years to get back to where they were in terms of this record so a tad short sighted in my view!
topvest
01/8/2014
07:41
Yes its bad when a company has a help line manned by people who don't know their own products.
davebowler
11/7/2014
17:46
Buying there own shares back lol http://uk.advfn.com/p.php?pid=nmona&article=62882500 Because? a) No one else will buy them? b) They can't find anything in the investment universe worth buying? c) They are incompetent? If they really have spare cash give it back to the patient loyal share holders in a dividend or return of capital IMHO. Asset Value Investors....lol should be Asset De-Value Investors. Sorry this outburst is because of being poorly handled over the phone by both BTEM and Asset value Investors when I a shareholder made some quite basic enquiries about the debentures and was basically lied to. Trust me some of these people do not know their capital structure or what they are doing.
praipus
07/5/2014
14:02
Wins; This fund is a highly specialised investment trust both in terms of its investment approach and the nature of its portfolio. The fund is managed by John Pennink and Joe Bauernfreund of Asset Value Investors (AVI), a boutique that focuses on identifying value opportunities amongst asset backed companies. Their emphasis is on companies with defensive earnings profiles, strong balance sheets, and high dividend yields. The portfolio is focused with around 40 holdings that include holding companies, both in Europe and Asia, closed-ended funds, particularly listed private equity funds, and property companies. British Empire has a strong long-term performance record with the fund's NAV up 162% over the last ten years compared with a rise of 122% for the MSCI World and 130% for the MSCI AC World ex US index. However, more recent performance has been disappointing with the fund underperforming over the last five years due to its value style and high levels of cash. This has resulted in the fund's discount widening out to 15%, its widest level in nearly 14 years. It is difficult at present to find value in the investment trust sector. Discounts are at historically narrow levels, with many funds trading on a premium or around NAV. British Empire is an exception, being one of the few large liquid funds that is available on a mid teens discount. This rating reflects the fund's recent performance record and the out-of-favour nature of its value approach. We believe that this presents a considerable value opportunity, particularly when the underlying portfolio discount of 26% is considered. Recent performance has picked up and the fund was the best performing global investment trust in the first quarter of this year. If this could be sustained we believe that British Empire could be re-rated. In short, we believe the current discount of 14% provides an attractive entry point to a fund with an experienced management team with a differentiated value approach.
davebowler
01/5/2014
13:12
http://www.citywire.co.uk/new-model-adviser/investment-trusts-unfashionable-empire-looks-to-strike-back/a748238/2
davebowler
29/4/2014
12:18
NAV 25th April 2014 : Net Asset Value -- Debentures at par value: 568.20 pence Net Asset Value -- Debentures at market value: 565.78 pence
davebowler
08/4/2014
15:07
Winterflood; British Empire is a highly specialised investment trust both in terms of its investment approach and the nature of its portfolio. The fund is managed by John Pennink and Joe Bauernfreund of Asset Value Investors (AVI), a boutique that focuses on identifying value opportunities amongst asset backed companies. Their emphasis is on companies with defensive earnings profiles, strong balance sheets and high dividend yields. The estimated weighted average discount of the portfolio's underlying holdings is 26% at present and AVI believes that there is 24% upside from potential discount compression. The portfolio is focused with around 40 holdings that include holding companies, both in Europe and Asia, closed-ended funds, particularly listed private equity funds, and property companies. British Empire has a strong long-term performance record with the fund's NAV up 162% over the last ten years compared with a rise of 123% for the MSCI World and 129% for the MSCI AC World ex US index. However, more recent performance has been disappointing with the fund underperforming over the last five years due to its value style and high levels of cash. This has resulted in the fund's discount widening to 14%, its widest level in nearly 14 years. Winterflood View It is difficult at present to find value in the investment trust sector. Discounts are at historically narrow levels, with many funds trading on a premium or around NAV. British Empire is an exception, being one of the few large liquid funds that is available on a mid-teens discount. This rating reflects the fund's recent performance record and the out-of-favour nature of its value approach. We believe that this presents a considerable value opportunity, particularly when the underlying portfolio discount of 26% is considered. Recent performance has picked up and the fund was the best performing global investment trust in the first quarter of this year. If this could be sustained we believe that British Empire could be re-rated. In short, we believe the current discount of 14% provides an attractive entry point into a fund with an experienced management team with a differentiated value approach.
davebowler
26/2/2014
17:02
P - As you know, there are threads occupied by people worth reading and sometimes following. My best investment ideas have come from suggestions made on ADVFN B/b threads - the best of course being the SHA thread where I first read of ACD, DSC & HPEQ...
skyship
26/2/2014
15:12
Will have a look at CDI, I never listen to what people say on BB's:-)
praipus
26/2/2014
13:28
P - BTEM looks like mental luggage - cut them out, remove from your Monitor & do better elsewhere. Have you checked out what we've been discussing over at CDI. I added again today...
skyship
26/2/2014
12:22
Skyship mental accounting:-) And very angry with the way Asset Value Investors treat PI's. Especially giving false information. It makes me think Asset Value Investors are either a) careless b) Incompetent c) deliberately trying to mislead PI's Also makes me think if a genuine whistle blower was trying to call them to say their main investment had come off the rails the call wouldnt get through and we would all lose out...IMHO
praipus
26/2/2014
12:08
Westhouse; British Empire Securities (BTEM.L, -13.8%, Buy) – This fund remains somewhat unloved at present given its rating, with a discount of more t han twice the weighted sector average. Once more, we believe that the fund has plenty of c atching up to do in terms of recent NAV performance, but we think there is value in this st ock at present.
davebowler
21/2/2014
12:58
Hi P - you say: "...and would sell if I could." ??? What prevents you exactly...presumably something other than price? No need to answer, but if just price - cut and run; and make up the loss elsewhere.
skyship
20/2/2014
21:29
I'm not impressed with Asset Value Investors. As a Private Investor/BTEM shareholder I tried calling their office with a very simple question. I did a little more research and discovered the answer they gave was significantly and materially incorrect. I wont be buying any more BTEM shares and would sell if I could.
praipus
20/2/2014
20:26
On a 1, 3 and 5 year view of past performance this has been quite an awful investment versus the ftse all share index. A bog standard low cost tracker would've fared much better. I can't see any reason for that to change anytime soon either - looks like these guys have lost their ways when it comes to stock picking. And I'm sure they're paying themselves a handsome fee for such poor performance.
1nf3rn0
20/2/2014
11:26
Westhouse; British Empire (BTEM.L, -14.1%, Buy) – While virtually the entire global growth sector presently trades tighter than its 12-month ave, the key exception here remains that of BTEM. Relative NAV performance has improved over the last quarter, though the fund's longer- term figures are now a pale imitation of their form er glories. Yet recent re-pricing has benefitted a number of other global growth laggards , so it could be argued that BTEM does look somewhat isolated in drifting still wider.
davebowler
30/1/2014
14:56
Just looked through this with the underlying discount and the discount to the trust you get about £1.50 of assets for every £1 invested. Dont like Hong Kong property investments - I think the underlying asset is overvalued. I also dont entirely trust the valuation of their private equity holdings. More here: hxxp://deepvalueinvestments.wordpress.com/2014/01/30/mining-british...ire-securities/
rjmahan
23/1/2014
11:20
From the Interim Management Statement; Discounts(4) At the end of December the weighted average discount of the underlying portfolio (excluding liquidity) stood at 26.4% compared to 28.4% at the end of September. The discount calculation is a measure of how much the share price of each stock in the portfolio is below our estimate of its net asset value. The trend in the weighted average discount can be seen in the chart below: Weighted Average Discounts in the underlying portfolio of British Empire Securities & General Trust (ex liquidity) http://www.rns-pdf.londonstockexchange.com/rns/2445Y_-2014-1-22.pdf Source: Asset Value Investors Ltd
davebowler
23/12/2013
16:00
They've been buying back shares in decent sized chunks for quite a while now. There's no doubt that NAV performance has been sluggish in recent times but I'm betting on a reversal of investment fortunes and an associated narrowing of the discount. The last time I sold these was when they stood at an 8% premium. I doubt they'll return to that level for a long time but you never know. They are my largest holding anyway.
deswalker
23/12/2013
15:35
Just noticed the buy back on the 20th Dec. The Company announces that it has today bought back 92,000 Ordinary shares of 10p each in the capital of the Company (SEDOL: 0133508 / ISIN: GB0001335081), representing approximately 0.057% of the issued Ordinary share capital, at a price of 482.56 pence per Ordinary share. The Ordinary shares bought back will be placed in treasury. Hopefully this can help narrow the discount or at least stop it from widening. Wonder if it was a one-off purchase or will continue?
argoal
13/11/2013
16:23
Just posted this on the Private Equity thread - PE ================================================== A very positive Holdings RNS from JPEL yesterday. The well-respected British Empire Securities and General Trust (BTEM) has increased its stake by 25% from 10m to 12.5m shares. Should help to hoover out the recent tap seller. On a 36% NAV discount JPEL looks to be seriously good value: free stock charts from uk.advfn.com
skyship
13/11/2013
11:04
hxxp://www.british-empire.co.uk/pdfs/british_empire_2013_nov.pdf
davebowler
16/10/2013
15:21
hxxp://www.british-empire.co.uk/pdfs/british_empire_2013_sep.pdf
davebowler
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