reports
- David Johnson
- James Carthew
AVI Japan Opportunity – The sun has risen
2023 been a noteworthy year for Japan, defined by strong share price returns (at least in yen terms) and progress in its path to improving corporate governance. The Tokyo Stock Exchange has implemented a series of new efforts to name and shame the worst governance offenders (such as pressuring companies to keep their P/B ratio over one). These efforts appear to have already borne fruit, with Japanese equities outperforming even the US in local currency terms. AVI Japan Opportunities Trust (AJOT...
- David Johnson
- James Carthew
AVI Japan Opportunity – Good governance, better returns
The team behind AVI Japan Opportunity (AJOT) continues to champion the tenets of good corporate governance and shareholder alignment. On this front, it recently made some positive progress at NC Holdings AGM. The benefits that it can accrue through improved corporate governance complement an attractive-valued Japanese equity market, which is increasingly attracting the attention of foreign investors. The missing piece of the puzzle is the weakness of the Yen. If that changes, AJOT could really s...
- David Johnson
- James Carthew
AVI Japan Opportunity – Good governance, better returns
The team behind AVI Japan Opportunity (AJOT) continues to champion what they believe are the tenets of good corporate governance and shareholder alignment. On this front, it recently made some positive progress at NC Holdings AGM. The benefits that it can accrue through improved corporate governance complement what they see as an attractively-valued Japanese equity market, which appears to be increasingly attracting the attention of foreign investors. The missing piece of the puzzle is the weakn...
- David Johnson
- James Carthew
- Matthew Read
AVI Japan Opportunity - Maintaining its firepower
AVI Japan Opportunity Trust (AJOT) is delivering returns well ahead of comparable indices and competing funds. Perhaps encouraged by these good returns, AJOT’s shares have been tending to trade close to NAV. In light of this, the board, following consultation with major shareholders, was able to dispense with the 2022 exit opportunity (a two-yearly exit opportunity at a price close to NAV has been a feature of the fund since launch). That means that AJOT’s managers still have considerable fire...
- David Johnson
- James Carthew
- Matthew Read
AVI Japan Opportunity - Maintaining its firepower
Over the period since it launched, AVI Japan Opportunity Trust (AJOT) has delivered returns well ahead of comparable indices and competing funds. Perhaps encouraged by these good returns, AJOT’s shares have been tending to trade close to NAV. In light of this, the board, following consultation with major shareholders, felt able to dispense with the 2022 exit opportunity (a two-yearly exit opportunity at a price close to NAV has been a feature of the fund sincelaunch). That means that AJOT’s ma...
- James Carthew
- Matthew Read
AVI Japan Opportunity - The tortoise triumphs
Within the AIC’s Japanese smaller company sector, the period since AVI Japan Opportunity Trust (AJOT) was launched in October 2018 has resembled the fable of the tortoise and the hare. The majority of competing funds are invested in high growth stocks whose valuation multiples had been soaring. However, these have tumbled in recent weeks as investors fret about the prospect of interest rate rises. Meanwhile, AJOT has been steadily chalking up successes in unlocking value from a range of Japanese...
- James Carthew
- Jayna Rana
- Matthew Read
AVI Japan Opportunity - The tortoise triumphs
Within the Japanese smaller company sector, the period since AVI Japan Opportunity Trust (AJOT) was launched in October 2018 has resembled the fable of the tortoise and the hare. The majority of competing funds are invested in high growth stocks whose valuation multiples had been soaring but have tumbled in recent weeks. Meanwhile, AJOT has been steadily chalking up successes in unlocking value from a range of Japanese companies. It is now the best-performing Japanese smaller company trust over ...
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