AVI Global Trust
As the data on page 13 shows, AVI Global Trust (AGT) has been outperforming recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them with the aim of unlocking value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which are discussed in this note.While the NAV seems to be moving in the right direction, the double discount – AGT’s own discount plus the gap between the share prices of investee companies and their underlying intrinsic value – is almost at its widest level since the manager started to calculate it in 2006. There are suggestions that rates may have peaked, and momentum appears to be growing to address one of the problems that has been weighing on the London-listed investment companies sector (see page 18). If so, we may be at an inflexion point and the current double discount could, in the manager’s view, represent an historic opportunity.
British Empire Trust is an investment trust. Co.'s investment portfolio are focused in companies whose shares stand at a discount to estimated underlying net asset value. Co. invest in investment holding companies, investment companies, and asset-backed companies. As of Sept 30 2017, Co. had 45 investments of which 15 are held in Japanese Special Situations. Co.'s assets are managed by Asset Value Investors Limited.
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