1. Hedge Fund Firm Elliott Advisors, Known for Shaking Up Underperforming Trusts, Builds 5 per cent stake in British Empire

    Hedge Fund Firm Elliott Advisors, Known for Shaking Up Underperforming Trusts, Builds 5 per cent stake in British Empire

    comments Activist investor group Elliott Advisors may have set its sights on a new target. The hedge fund firm known for shaking up underperforming trusts has built a 5 per cent stake in British Empire Trust. Elliott has held a significant stake in rival Alliance Trust, where it has fought to improve corporate governance and investment returns. Its influence led to a reshuffle of the trust’s board and the resignation of its chief executive. British Empire Trust is another underperformer...

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    1. British Empire has an interesting and differentiated mandate but its value style has been out of favour and its exposure to Asia, emerging markets and commodity stocks has not been helpful.
    2. The layers of uncertainty in the story have been building in the last nine months, most notably from elevated competition.
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