British Empire focuses on extracting value from portfolio – British Empire says that, for the year ended 30 September 2018, it generated a net asset value total return of 10.0%, 4.8 percentage points higher than the return of the benchmark, the MSCI All Country World ex-US Index.The total dividend for the year will be 13p, up from 12p for the prior year. The dividend is covered by earnings this year (14.83p per share) after the trust dipped into its reserves last year.
The trust’s discount narrowed slightly from 9.9% to 8.5%.
Susan Noble, the trust’s new chairman, says that “the portfolio management team has been particularly active this year in seeking to extract value from portfolio investments. This has borne fruit and I am happy to report that the portfolio once again delivered strong performance over the period.”
British Empire’s annual report provides a thorough and comprehensive analysis of its portfolio and the contributors (positive and negative) to its performance and it is not worth us replicating this here. The annual report should be available shortly under the documents tab on the British Empire company page.
Details of the company’s AGM are available here
BTEM : British Empire focuses on extracting value from portfolio