Monthly Update

RNS Number : 5598F

British Empire Sec & Gen Tst PLC

14 January 2010

 



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 31 December 2009.

Over the month NAV was up 3.6%1. This compares to an increase of 4.1%1 in the Benchmark2 and an increase of 3.5%1 for the MSCI World (£) index.

Financial year* to date, net asset value rose 0.6%1 compared to 3.9%1 for the FundData IT Global Growth2  and 3.2%1 for the MSCI World (£) indices. 

Statistics

	Value	% 1 mo	% 1 yr	% 3 yr	% 5 yr
Price (£)2	451.1	4.7	27.9	-3.3	47.1
Net Asset Value1	448.0	2.3	22.9	-0.2	53.5
Net Asset Value Total Return1		3.6	25.0	4.6	64.2
Benchmark3 (£)		4.1	24.5	1.9	47.9
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     %

GBL	5.74
Sofina	5.33
Investor	5.25
Vivendi	5.17
Jardine Strategic	5.02
Jardine Matheson	4.22
Deutsche Wohnen	3.65
Electra Private Equity	2.99
Paris Orléans	2.52
Barrick Gold	2.30
Total	42.19

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	£753 mil.
Debt	£28.3 mil.
Actual Gearing (Debt less cash divided by net asset value)	-11.8%

Fund Codes

Bloomberg	Reuters Ticker / ISIN
BTEM	GB0001335081

Geographical Breakdown

Continental Europe	41.3%
UK	13.1%
Liquidity	15.0%
Asia Pacific	13.0%
Japan	6.6%
EMEA	5.5%
Canada	5.5%
Sector Breakdown Closed-end Funds 9.5% Investment Holding Companies 53.3% Open-end Funds 1.6% Property 6.9% Resources & Mining 11.0% Other 17.7%

Further Information Investment Manager - John Pennink, AVI Ltd.  [phone] [e-mail] 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.

 

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