AGT Avi Global Trust Plc

 

TIDMBTEM 
 
RNS Number : 1640Z 
British Empire Sec & Gen Tst PLC 
16 September 2009 
 

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 as at 31 August 
2009. 
 
 
Over the month NAV was up 6.9%1. This compares to an increase of 5.8%1 in the 
Benchmark2 and an increase of 6.0%1 for the MSCI World (GBP) index. 
 
 
Financial year* to date, net asset value rose 11.2%1 compared to increases of 
2.6%1 for the FundData IT Global Growth2  and 3.4%1 for the MSCI World (GBP) 
indices. 
 
 
 
 
Manager's Comment 
 
 
Equity markets continued their upward trajectory, aided by accommodative 
monetary policy; generally better economic news and reassuring earnings. Central 
banks are keeping policy rates low and seeking to increase the money supply. As 
long as the global economy remains subdued, the excess money is likely to find 
its way into various asset markets. Very low interest rates on savings deposits 
force investors into riskier investment in search of a return. Equities, in many 
cases, have a reasonably high and sustainable dividend yield and are not 
expensive by historical measures. Equities may be one of the better performing 
asset classes in this low interest rate environment with the caveat that 
investors will likely have to put up with a considerable amount of volatility. 
 
 
 
 
Statistics 
 
 
+---------------------+--------+-------+--------+--------+--------+ 
|                     | Value  |  % 1  |% 1 yr  |% 3 yr  |% 5 yr  | 
|                     |        |  mo   |        |        |        | 
+---------------------+--------+-------+--------+--------+--------+ 
| Price (GBP)1        | 416.0  |  6.4  |  -5.5  |  -3.6  |  82.8  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Net Asset Value1    | 428.3  |  6.9  |  -4.9  |  0.5   |  68.2  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Net Asset Value Total        |  6.9  |  -3.0  |  5.1   |  78.7  | 
| Return1                      |       |        |        |        | 
+------------------------------+-------+--------+--------+--------+ 
| Benchmark1 (GBP)    |        |  5.8  | -10.2  |  -0.4  |  47.6  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Annual Returns (%)  |  2008  | 2007  |  2006  |  2005  |  2004  | 
+---------------------+--------+-------+--------+--------+--------+ 
| Price1              | -22.3  | -2.8  |  0.3   |  51.7  |  36.0  | 
+---------------------+--------+-------+--------+--------+--------+ 
| MSCI World1         | -17.4  |  7.7  |  5.8   |  23.0  |  7.2   | 
+---------------------+--------+-------+--------+--------+--------+ 
1 Source: Fundamental Data. Share price total return is on a mid-to-mid basis, 
with net income re-invested. 
2 Fundamental Data Investment Trust Global Growth Index, official Benchmark from 
1st October 2008 
 
 
 
 
Top 10 Equity Holdings% 
+-----------------------------+-------+ 
| Sofina                      |  4.95 | 
+-----------------------------+-------+ 
| Jardine Strategic           |  4.86 | 
+-----------------------------+-------+ 
| Investor AB                 |  4.80 | 
+-----------------------------+-------+ 
| GBL                         |  4.63 | 
+-----------------------------+-------+ 
| Vivendi                     |  4.20 | 
+-----------------------------+-------+ 
| Jardine Matheson            |  4.17 | 
+-----------------------------+-------+ 
| Electra                     |  2.99 | 
+-----------------------------+-------+ 
| Paris Oréans                |  2.71 | 
+-----------------------------+-------+ 
| Aksigorta                   |  2.27 | 
+-----------------------------+-------+ 
| Tupras                      |  2.25 | 
+-----------------------------+-------+ 
| Total                       | 37.83 | 
+-----------------------------+-------+ 
 
 
Capital Structure 
 
 
+-------------------------------------+---------------+ 
| Ordinary Shares                     |   160,080,089 | 
+-------------------------------------+---------------+ 
| 10 3/8% Debenture stock 2011        |  GBP8,514,940 | 
+-------------------------------------+---------------+ 
| 8 1/8% Debenture stock 2023         | GBP15,000,000 | 
+-------------------------------------+---------------+ 
| Equities index unsecured loan stock |     2,635,996 | 
| 2013**                              |               | 
+-------------------------------------+---------------+ 
** Updated annually 
 
 
  Gross Assets/Gearing 
 
 
+-------------------------------------+------------+ 
| Gross Assets                        |     GBP670 | 
|                                     |       mil. | 
+-------------------------------------+------------+ 
| Debt                                |    GBP29.6 | 
|                                     |       mil. | 
+-------------------------------------+------------+ 
| Actual Gearing (Debt less cash      |     -15.6% | 
| divided by net asset value)         |            | 
+-------------------------------------+------------+ 
 
 
 
 
Fund Codes 
 
 
+--------------------+-----------------------------+ 
| Bloomberg          |       Reuters Ticker / ISIN | 
+--------------------+-----------------------------+ 
| BTEM               |                GB0001335081 | 
+--------------------+-----------------------------+ 
 
 
 
 
Geographical Breakdown 
 
 
+----------------------------------------+---------+ 
| Continental Europe                     |   41.3% | 
+----------------------------------------+---------+ 
| Liquidity                              |   16.2% | 
+----------------------------------------+---------+ 
| UK                                     |   15.5% | 
+----------------------------------------+---------+ 
| Asia Pacific                           |   11.4% | 
+----------------------------------------+---------+ 
| Japan                                  |    7.8% | 
+----------------------------------------+---------+ 
| EMEA                                   |    5.0% | 
+----------------------------------------+---------+ 
| Canada / US                            |    2.8% | 
+----------------------------------------+---------+ 
|                                        |         | 
+----------------------------------------+---------+ 
 
 
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. 
*British Empire Securities & General Trust financial year commences on the 1st 
of October. 
** Last audited figure updated annually 
# Book Values 
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, 54 St James's Street, London 
SW1A 1JT, United Kingdom. Registered in England & Wales No: 28203 
All figures as at 31 July 2009 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 
   END 
 
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