Monthly Update
January 14 2010 - 6:55AM
UK Regulatory
TIDMBTEM
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 (GBP) 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 (GBP) indices.
Statistics
+---------------------+--------+-------+--------+--------+--------+
| | Value | % 1 |% 1 yr |% 3 yr |% 5 yr |
| | | mo | | | |
+---------------------+--------+-------+--------+--------+--------+
| Price (GBP)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 | 3.6 | 25.0 | 4.6 | 64.2 |
| Return1 | | | | |
+------------------------------+-------+--------+--------+--------+
| Benchmark3 (GBP) | | 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# | GBP8,483,440 |
+-------------------------------------+---------------+
| 8 1/8% Debenture stock 2023# | GBP15,000,000 |
+-------------------------------------+---------------+
| Equities index unsecured loan stock | 2,584,457 |
| 2013 units** | |
+-------------------------------------+---------------+
*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 | GBP753 mil. |
+-------------------------------------+-------------+
| Debt | GBP28.3 |
| | mil. |
+-------------------------------------+-------------+
| Actual Gearing (Debt less cash | -11.8% |
| divided by net asset value) | |
+-------------------------------------+-------------+
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. |
| +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
The company news service from the London Stock Exchange
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