British Empire Trust PLC

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marvan
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British Empire Trust PLC

Berichtdoor marvan » 12 Dec 2017 15:25



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Re: British Empire Trust PLC

Berichtdoor marvan » 12 Dec 2017 15:30

BRITISH EMPIRE TRUST PLC



It is announced that the un‑audited 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 08th December 2017 was as follows:



Net Asset Value ‑ Debt at par value: 801.34 pence

Net Asset Value ‑ Debt at market value: 792.89 pence

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Re: British Empire Trust PLC

Berichtdoor marvan » 12 Dec 2017 17:53

Portfolio Holdings

Japan Special Situations* 7.7%
Pargesa 6.1%
Exor 5.5%
Riverstone Energy 5.2%
Wendel 5.1%
JPEL Private Equity 4.9%
Tetragon Financial 4.9%
Symphony International Holdings 4.7%
Pershing Square 4.7%
Jardine Strategic 4.6%
Adler Real Estate 4.5%
Third Point Offshore 4.4%
Tokyo Broadcasting System 4.2%
Investor 4.1%
Aker 4.0%
Aberdeen Private Equity 3.8%
NB Private Equity 3.4%
Toyota Industries 3.4%
Fondul Proprietatea 3.4%
Digital Garage 2.8%
Vietnam Phoenix – Private Equity 2.7%
Kinnevik 2.6%
Undisclosed 1.9%
GP Investments 1.6%
Toshiba Plant 1.4%
Vietnam Property 0.7%
Swire Pacific – A 0.5%
Better Capital 2009 0.4%
Ashmore Global Opportunities 0.3%
Ecofin Realisation 0.1%

marvan
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Re: British Empire Trust PLC

Berichtdoor marvan » 11 Jan 2018 20:04

BTEM’s NAV was up +1.8% in December, and closed the calendar year up +14.6%. With FX moves netting out to almost zero over the month, the gains came from local currency moves in key holdings. Our largest contributors were Aberdeen Private Equity, Aker, the Japanese Special Situations basket, Adler Real Estate, NB Private Equity Partners, JPEL Private Equity, Tetragon, Wendel, and Cosan Limited. Detractors were Jardine Strategic, GP Investments, Riverstone Energy, and Swire Pacific.

Aberdeen Private Equity (APEF)’s share price climbed +16% upon the announcement that an agreement had been reached to sell its entire investment portfolio at a modest premium to NAV. We made our initial investment in APEF in Apr-17 at a 20% discount to the prevailing NAV, and built up a stake in excess of 25% over the following months at tighter discounts.

https://www.british-empire.co.uk/commen ... wsletters/