The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
AVI Global Trust's NAV declined 5.0% in the first half of fiscal 2026, underperforming its benchmark which returned 2.1%, primarily due to geopolitical volatility following the US-Israel attacks on Iran in late February which caused discount widening across Asian markets. Prior to March, the portfolio was performing well with notable contributions from Asian holdings including Jardine Matheson, Tokyo Gas, and HD Hyundai. The successful conclusion of the Toyota Industries takeover at ¥20,600 per share generated £100 million in proceeds and sets an important precedent for Japan's approximately 200 parent-child listed relationships. The portfolio weighted average discount widened to 42%, historically extreme levels that typically do not persist. Major detractors included Vivendi, down 40% on UMG weakness and discount widening to 49%, and Chrysalis, which adopted an orderly realisation policy. The Company moved to a modest net cash position with approximately £140 million of firepower to deploy. South Korea weight increased to 15% of NAV from 8% in September. The manager maintains conviction that historically wide discounts, combined with catalysts from strategic reviews, asset sales, and governance reform, position the portfolio for attractive long-term returns despite near-term uncertainty.
AVI Global Trust invests in a focused portfolio of companies trading at significant discounts to estimated underlying net asset value, with particular emphasis on family-controlled holding companies, closed-end funds, and asset-backed special situations where catalysts exist to unlock value through strategic reviews, asset sales, governance reform, or activism.
The macroeconomic and geopolitical background remains worrying and fascinating in equal measure, with epochal changes characterized by volatility in geopolitics, energy and inflation. The key is to focus on fundamentals including asset quality, rock solid balance sheets, and aligned owners and managers. Valuations are historically wide as indicated by the 42% portfolio weighted average discount. The Company has ample firepower of approximately £140 million to deploy into new and existing names. A focus on catalysts, events and activism will be key tools to navigate the path ahead. The Board believes that a collection of investments based on robust asset values should serve shareholders well in unpredictable times. Investor attention and passive capital flows have left the parts of the market upon which the Investment Manager focuses overlooked and undervalued.
As of Jul 2, 2026
Asset Value Investors Limited has been established since 1985 and has over three decades of experience in asset-backed companies. The company has 24 employees, with 50% being investors. AVI is authorized and regulated by the Financial Conduct Authority of the United Kingdom and is a registered investment adviser with the SEC. The management company actively engages with portfolio companies, as demonstrated by the successful appointment of AVI's Head of Japan Research, Kaz Sakai, to the board of portfolio company Synchro Food.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The portfolio demonstrates high conviction through concentration in 10-15 core positions with the top ten representing 56.5% of NAV. The manager names specific positions, sizes them explicitly (e.g., 'increased EXOR position size by 2.7x,' 'made TICO AGT's largest holding at 8.3% weight'), and provides detailed thesis work on each holding spanning multiple pages. The manager is willing to add to positions on weakness (Vivendi, News Corp, EXOR) and explicitly states conviction views like 'we see scope for highly attractive prospective returns' and 'extremely compelling.' However, the score is capped below 0.80 because the portfolio holds 40 named positions, not 5-10, and the manager moved to net cash rather than deploying aggressively, suggesting some hedging of conviction. The detailed company-specific analysis and willingness to concentrate in best ideas supports a score in the high 0.70s range.
Growth Outlook
Market outlook remains above average conviction: AGT recorded a +0.4% NAV gain in December 2025, supported by positive restructuring developments at Chrysalis and continued accumulation of Samsung C&T at a steep -57% discount....
Risk Appetite
Risk appetite posture is above average conviction: AGT recorded a +0.4% NAV gain in December 2025, supported by positive restructuring developments at Chrysalis and continued accumulation of Samsung C&T at a steep -57% discount....
Capital Deployment
The Company moved from 5.5% net geared at 30 September 2025 to a modest net cash position at 31 March 2026, representing a significant de-risking of approximately 5-6 percentage points. This was driven by the £100 million Toyota Industries sale proceeds not being redeployed. While the manager added selectively to positions like Vivendi, News Corp, and EXOR, and increased South Korea weight, the net effect was a material increase in cash levels. The manager explicitly describes having 'meaningful (c. £140m) firepower to deploy' but has not yet deployed it, instead waiting to 'exploit the historically wide discounts.' This represents moderate to aggressive de-risking, scoring in the -0.60 to -0.70 range.
Forward Guidance
Forward guidance signal: AGT recorded a +0.4% NAV gain in December 2025, supported by positive restructuring developments at Chrysalis and continued accumulation of Samsung C&T at a steep -57% discount....
Language Signal
The letter contains balanced directional language. Bearish language includes: 'worrying,' 'unpredictable,' 'volatile,' 'dragged down returns,' 'disappointing,' 'painful,' 'bruising,' 'setback,' 'concerns,' 'risks,' and 'uncertainty.' Bullish language includes: 'encouraging signs,' 'attractive,' 'compelling,' 'excited,' 'opportunities,' 'upside,' and 'attractive prospective returns.' The manager uses confident language about their process and holdings but this reflects conviction style rather than bullish sentiment. The net balance tilts slightly bearish given the emphasis on macro risks, war, and market stress, though the manager frames wide discounts as creating future opportunity rather than immediate bullishness.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. AGT recorded a +0.4% NAV gain in December 2025, supported by positive restructuring developments at Chrysalis and continued accumulation of Samsung C&T at a steep -57% discount....
Opportunity Density
The manager sees a rich opportunity set driven by historically wide discounts, stating that 'investor attention and passive capital flows have left the parts of the market upon which our Investment Manager focuses overlooked and undervalued.' The portfolio weighted average discount of 42% is described as creating compelling value. The manager identifies multiple specific opportunities: Japan governance reform affecting 200 parent-child relationships, strategic reviews at holding companies, asset sales at Hongkong Land and Tokyo Gas, and the Chrysalis realisation. The manager is 'excited about the future performance' and sees 'a lot to be excited about' alongside the risks. However, the opportunity set is characterized as requiring selectivity and patience rather than being broadly abundant, with the manager building cash to wait for the right entry points. This supports a score in the 0.65-0.75 range reflecting selective but meaningful opportunities.
Time Horizon
The manager demonstrates a multi-year investment horizon with explicit patience. The letter discusses investments held for years (e.g., Symphony International Holdings since 2012, Vivendi described as 'not one which we would consider to be a mistake' despite being 'bruising,' suggesting willingness to hold through volatility). The manager references 'long-term returns' and states that 'in such situations one can afford to be patient.' Catalysts are discussed in medium-term timeframes (e.g., Astra strategic review 'later this year,' Hongkong Land asset recycling 'by 2027'). The manager explicitly states the portfolio is 'managed primarily for capital growth' over the long term. However, the letter also discusses near-term catalysts and quarterly positioning changes, preventing a score above 0.80. The combination of multi-year holding periods, explicit patience language, and willingness to hold through volatility supports a score of 0.75.
Top Conviction Themes
Key Catalysts
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