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British Empire: trust discounts could narrow further

British Empire (BTEM) is a global investment trust specialising in buying stakes in undervalued investment companies and family-run holding companies from around the world.

In this video interview, Joe Bauernfreund says its esoteric portfolio has recently caught the attention of investors looking for value in fully-valued stock markets.

Bauernfreund, who has managed British Empire since October 2015, explains how he has pruned the number of holdings to focus on the investments he feels most excited about.

As part of this higher conviction approach, Bauernfreund and his team encourage companies to do more to unlock the value in their shares. He cites the example of NB Private Equity Partners (NBPE) whose stock performed well after a number of changes such as giving investors voting rights and moving its main listing from Euronext in the Netherlands to the London Stock Exchange.

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