AVI Global Trust – No shortage of targets
AVI Global Trust (AGT) offers a distinct investment proposition from its peers, focusing on opportunities to extract value from undervalued companies where structural reform could unlock value. The weighted average discount on the underlying portfolio is close to historically wide levels, reflecting a number of attractive opportunities that the manager has identified.Activism in holdings such as Chrysalis, Gerresheimer, and Third Point Investors, and the ability to capitalise on “special situations” such as Vivendi (which may be on the cusp of unlocking significant shareholder value without AVI’s intervention), suggest that AGT’s strong run of performance can continue.
AGT has also initiated positions in Korean companies following recent regulatory reforms that aim to tackle entrenched corporate inefficiencies – echoing AVI’s earlier successes in Japan (entrenched inefficiencies refer to long-standing issues such as cross-shareholdings, excess cash, or poor governance that inhibit value realisation).
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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