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 sit...
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 sit...
AVI Global Trust (AGT) has been performing well recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them to unlock value for the benefit of all shareholders. Lately, AGT has also been involved in some more high-profile situations, which we discuss 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 in...
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 price...
AVI Global Trust (AGT) offers investors an opportunity to access a portfolio of what the manager feels are good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the manager’s estimation of the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure, with the aim of tapping into these discount-opport...
AVI Global Trust (AGT) offers investors a unique opportunity to access an idiosyncratic portfolio of good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the discount on the underlying portfolio – now sits on an abnormally wide level. The team has been tactically increasing AGT’s market exposure to tap into these discount-opportunities. This gives AGT’s shareholders the potential...
After a strong run of both absolute and relative performance (see page 16), AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio – as holdings’ share prices move further below their underlying net asset value – and a widening discount on its own shares.The manager has been cautious on markets, eliminating the trust’s gearing (borrowing) at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current...
After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current events. The manager believes that when markets settle, discounts will start to narrow again.
After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower to take advantage of some of the bargains being thrown up by current events. The manager believes that when markets settle, discounts will start to narrow again.
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 ...
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 ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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