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 |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
AVI Global Trust (AGT) recorded a net asset value decline of -2.6% net of fees in September 2026, concluding its financial year with a full-year NAV total return of +1.7% net of fees, trailing the comparator MSCI AC World Index return of +18.3%. Regional performance exhibited sharp divergence across geographies, led by strong gains in South Korea (+44%) and Japan (+17%), which were offset by substantial portfolio drag from European holdings. Net gearing finished the period at 2.7%, with portfolio exposures distributed across holding companies outside Japan and Korea (31%), Japan (26%), South Korea (22%), and closed-end funds (19%). Macroeconomic headwinds and prolonged structural dislocations weighed heavily on select European asset values, specifically within the consumer luxury goods and media verticals. Management highlighted the extended cyclical downturn in global luxury demand as well as broad market mispricings in closed-end holding structures trading at steep double discounts to intrinsic asset value. AGT maintained its disciplined focus on holding companies, closed-end funds, and asset-backed operating stubs where operational restructuring, corporate governance reforms, or shareholder activism provide clear mechanisms to narrow valuation discounts. Key portfolio activity was highlighted by the initiation of a substantial position in Bio-Rad Laboratories, capitalizing on an extreme sum-of-the-parts discount relative to its listed Sartorius AG holding. Meanwhile, the trust trimmed approximately two-thirds of its position in Christian Dior SE following a cash offer by the Arnault family at 95% of NAV to acquire the remaining 2.44% minority float. Performance detractors included D'Ieteren, Vivendi, and Chrysalis Investments, while contributors were led by Symphony, Wacom, and Rohm.
Achieve long-term capital growth through a focused global portfolio of companies whose share prices stand at a substantial discount to estimated underlying net asset value, unlocking value via corporate catalysts, restructuring, and active engagement.
Management anticipates substantial value realization across its core holdings as specific corporate milestones approach, including the prospective IPO of Belron (representing 73% of D'Ieteren's NAV), structural restructuring and activist initiatives at Chrysalis and Vivendi, and the eventual 2028 dissolution of the Sartorius family trust. The trust expects that widening corporate accounting disconnects and severe holding company discounts provide an asymmetric margin of safety for attractive future compounding.
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