Double discount on quality-focused portfolio
AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts in the AIC’s global sector. It also has a good track record of beating its performance benchmark, the MSCI All Countries World ex the United States Index, with dividends reinvested and translated back into pounds. Some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong performance from AGT over the past few months. The trust’s shares are on an attractive discount, 10.3% at close of business on 22 January 2021, and it is itself invested in a portfolio of high-quality family holding companies, closed-end funds and cash/asset-rich Japanese securities, which collectively trade at a weighted average discount of 30.1% (as at 18 January 2021) to the value of their underlying assets. The manager sees numerous catalysts to unlock value from AGT’s portfolio over 2021.
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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