Focused high conviction portfolio
AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where the discounts that these companies have traded at in the market, relative to their underlying net asset values, have narrowed significantly or have been eliminated altogether. As we describe on page 9 onwards, the proceeds of these sales are being recycled into a more focused, high conviction portfolio of good quality companies trading at meaningful discounts to AVI’s estimate of their true asset value.
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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