AVI Global Trust (ticker: AGT) was founded in 1889 and has been managed by Asset Value Investors (AVI) for the last four decades, over which time it has returned 11.3% per year. Joe Bauernfreund has acted as its lead manager since 2015. AGT seeks to buy quality companies trading at a discount to their net assets, and it holds a concentrated portfolio of closed-ended funds and European/Asian family-run holding companies, recently increasing its exposure towards Korea. Its portfolio looks very different from most other global trusts, tilted away from the US and with a much smaller average market...
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AVI Japan Opportunity (ticker: AJOT) was launched in 2018 to unlock the hidden value lurking within many Japanese smaller companies, where cash and investments often account for a large proportion of their market cap. Reforms aimed at improving corporate governance in Japan were first introduced back in 2013 but they have been ramped up steadily in recent years although there is still some hostility from companies towards outside investors that agitate for change. AJOT seeks to build a consensus opinion on the changes it thinks are needed at each company it invests in, with most discussions ta...
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AVI Global Trust (ticker: AGT) was founded in 1889 and until a few years ago was known as British Empire. It has been managed by Asset Value Investors (AVI) since the mid-1980s during which time its net assets have climbed from £6m to around £1bn producing an impressive annualised return of just shy of 12%. It looks to buy quality companies and assets through structures that are trading at a discount via a concentrated portfolio of closed-ended funds, European/Asian family-run holding companies, and mostly Japanese asset-rich special situations. AVI Global often engages with its investments, a...
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