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The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.
While BTEM’s NAV increased by +1.6% over the month, this return lagged broader markets due to a widening portfolio discount (out to 29.1% from 28.4%) and weakness in a few key holdings. The largest contributors were Jardine Strategic (+56bps), Wendel, Oakley Capital Investments, Investor AB, Cosan Ltd., Pershing Square Holdings, and Tetragon Financial (+21bps); the largest detractors were Tokyo Broadcasting System (-45bps), Riverstone Energy, Third Point Offshore Investors, and EXOR (-10bps).
Having added to Jardine Strategic (JS) in early June when its discount widened out to 39% (close to its 5y high), we were pleased to see a re-rating over July (albeit partially given back post-month-end) as its discount ended the month at 29%. During the month, both JS and a number of its underlying holdings reported half-year results. The share price of Jardine Cycle & Carriage (23% of JS’ NAV) increased +6% with largest holding Astra reporting strong results at its Heavy Equipment and Mining division, and improvements at its underperforming Autos division. A +5% increase in Jardine Strategic’s interim dividend was well-received, and highlights the stability of the group which has increased or maintained its dividend every year since 2000.
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