What a difference a year makes. Since Joe Bauernfreund became sole manager of British Empire Trust (BTEM) on 1 October 2015 its performance has turned. And although the value-focused investment trust's renaissance coincides with the market's renewed love affair with value stocks, Mr Bauernfreund argues that he is doing more than riding a wave.
British Empire Trust spent most of the past five years languishing near the bottom of the Association of Investment Companies Global sector, but at the start of 2016 the trust's share price rocketed. It ended the calendar year up 41.9 per cent, against 24.6 per cent for MSCI AC World Index Ex USA, and so far this year is outperforming this index and its sector.
This is in stark contrast to 2015 when it lost 8 per cent, while the MSCI AC World Index Ex USA lost per cent lost -0.2 per cent.