Monthly Update - Replacement

RNS Number : 1335M
British Empire Sec & Gen Tst PLC
18 May 2010
 



REPLACEMENT FOR RNS 7113L

 

This announcement replaces RNS 7113L released at 13.31 on 11 May 2010 which incorrectly stated the share price as at 30 April 2010 - now correctly stated as 447 pence below.

 

BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

 

Investment Objective:  To achieve capital growth through a focused portfolio of investments,

particularly in companies whose share prices stand at a discount to estimated net asset value.

 

 

 

Performance Commentary

 

This investment management report relates to performance figures to 30 April 2010.

 

Over the month NAV was down 0.2%1.  This compares to a decrease of 0.4%1 in the Benchmark2 and 0.8%1 for the MSCI World (£) index.

 

Financial year* to date, net asset value rose 9.1%1 compared to a rise of 12.6%1 for the FundData IT Global Growth2  and 12.6%1 for the MSCI World (£) indices.

 

Calendar year to date, net asset value rose 8.4%1 compared to a rise of 8.5%1 for the FundData IT Global Growth2  and 9.1%1 for the MSCI World (£) indices.

 

 

 

Statistics

 


Value

% 1 mo

% 1 yr

% 3 yr

% 5 yr

Price (pence)2

447.0

0.2

15.5

-0.8

55.3

Net Asset Value (pence)1

485.9

-0.2

29.5

0.8

60.4

Net Asset Value Total Return1

7.5

-0.2

31.6

5.7

Benchmark3


-0.4

35.8

4.0

60.8

 

Annual Returns (%)

 

2009

 

2008

 

2007

 

2006

 

2005

Price1

27.9

-22.3

-2.8

0.3

51.7

MSCI World1

16.5

-17.4

7.7

5.8

23.0

 

1 Source: Fundamental Data.

2 Source: Fundamental Data. Share price total return is on a mid-to-mid basis, with net income re-invested.

3 Fundamental Data Investment Trust Global Growth Index official Benchmark from 1st October 2008

 

Top 10 Equity Holdings                               %

Vivendi

5.87

Jardine Strategic

5.84

GBL

5.48

Sofina

5.11

Investor

5.06

Jardine Matheson

4.98

Deutsche Wohnen

3.32

Exor

2.54

Electra Private Equity

2.38

Swire Pacific

2.31

Total

42.89

 

Capital Structure

 

Ordinary Shares                                                            

160,080,089

10 3/8% Debenture stock 2011#                        

£8,483,440

8 1/8% Debenture stock 2023#                        

£15,000,000

Equities index unsecured loan stock 2013 units**

 2,584,457

 

*British Empire Securities & General Trust financial year commences on the 1st October.

** Last audited figure updated annually
# Book Values updated annually

 

Gross Assets/Gearing

 

Gross Assets                                                                                  

£820mil.

Debt                                                                                                

£28.4mil.

Actual Gearing (Debt less cash divided by net asset value)                    

-13.7%

 

 

Fund Codes

 

Bloomberg

Reuters Ticker / ISIN

BTEM

GB0001335081

 

 

Geographical Breakdown

 

Continental Europe

42.4%

 

UK

8.8%

 

Liquidity

16.5%

 

Asia Pacific

17.7%

 

Japan

5.6%

 

EMEA

5.0%

 

Canada

4.0%

 

 

 

Sector Breakdown

 

Closed-end Funds

9.6%

Investment Holding Companies

56.2%

Open-end Funds

1.1%

Property

10.3%

Resources & Mining

10.9%

Other

11.9%




 

Further Information

 

Investment Manager - John Pennink, AVI Ltd.

+44 20 7647 2900       info@assetvalueinvestors.com

 

The share price can be found under 'INVESTMENT COMPANIES' in The Financial Times, The Times, The Daily Telegraph, The Scotsman and The Evening Standard.

Information may be found on the following websites.

www.british-empire.co.uk or www.assetvalueinvestors.com

Risk Factors you should consider before investing

Investment in the British Empire Securities and General Trust plc (the "Trust") carries risks, which are more fully described in the Key Features Document.  Listed below are some of the key risks:

Investors are reminded that past performance is not a guide to future performance and that their capital will be at risk and they may therefore lose some or all of the amounts that they choose to invest in the Trust.

The Trust utilises gearing techniques (leverage) which exaggerate market movements both down and up and which could mean sudden and large falls in market value.

Movements in exchange rates can impact both the level of income received and the capital value of your investment.  If the currency of your residence strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will reduce and vice versa.

As with all stock exchange investments the value of investment trust shares will immediately fall by the difference between the buying and selling prices.

Where investments are made in emerging market, unquoted securities or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment.

British Empire Securities and General Trust plc, Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW.  Registered in England & Wales No: 28203

All figures as at the period under review unless otherwise stated.  All sources Asset Value Investors Ltd unless otherwise stated.  Asset Value Investors Limited ("AVI") is authorised and regulated by the Financial Services Authority ("FSA").  This document does not constitute an offer to buy or sell shares in the British Empire Securities and General Trust plc (the "Trust").  The contents of this message are not intended to constitute, and should not be construed as, investment advice. Potential investors in the Trust should seek their own independent financial advice.  AVI neither provides investment advice to, nor receives and transmits orders from, investors in the Trust nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FSA's rules.

 


This information is provided by RNS
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