https://www.investegate.co.uk/british-empire-trust--btem-/rns/annual-financial-report/201811120700049727G/
For those who just want to read an overview of the trust’s performance for the past 12 months then go to …
https://www.theaic.co.uk/aic/news/citywire-news/norway%E2%80%99s-hot-stock-aker-boosts-british-empire%E2%80%99s-cause
Norway’s hot stock Aker boosts British Empire’s cause
19 November 2018
Norway’s industrial investment company Aker contributes more than third of increase in investment trust activist’s net asset value (NAV) after its shares shoot up 133%.British Empire (BTEM), the investment trust activist and discount hunter in closed-end funds and holding companies, has enjoyed another good year under fund manager Joe Bauernfreund.
The reason why I took a stake in the trust was the result of the internal promotion of Joe Bauernfreund to lead manager. When asked how he was going to shake things up, he promised to concentrate the holdings and become more activist than his predecessor - which is what he appears to be doing. Also, as the lowest volatility IT of Trustnet’s Global sector of 21 ITs (as indicated by the risk score) British Empire is proving to be a nice fit as an alternative non-UK diversifier in my longer term SIPP scheme of things.