| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.3% | - | - |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 30 2026 | 2026 Q2 | 267250.KS, 6201.T, 9531.T, CHRY.L, EXOR.MI, JM.L, NWSA, VIV.PA | activism, Asia, Discounts, governance reform, Holding Company, Japan, South Korea, value | - | AVI Global Trust's NAV fell 5% in H1 2026, underperforming its benchmark by 710bps, as Iran war volatility drove portfolio discounts to historically extreme 42% levels. Asian holdings led contributions before March selloff. Toyota Industries takeover at ¥20,600 generated £100m proceeds, moving the fund to net cash with £140m deployment capacity. South Korea weight doubled to 15%. Manager sees compelling value with catalysts from governance reform and strategic reviews across Japan and holding company portfolio. |
| Mar 31 2026 | 2026 Q1 | 005930 KS, NWSA, UMG.AS, VIV.PA | Asia, discount, Geopolitical, Media, value |
NWSA VIV.PA |
AVI Global Trust fell 9.8% in March as Iran war volatility widened portfolio discounts to 42%. Asian exposure hurt performance with Samsung C&T the main detractor despite position additions. Vivendi's prolonged decline continues while News Corp contributed positively. Manager sees attractive long-term returns from current wide discounts and solid fundamentals. |
| Jan 13 2026 | 2025 Q4 | 000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA | Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value |
CHRY LN 028260 KS |
AVI Global Trust gained 0.4% in December, led by Chrysalis Investments on asset realisation news. Samsung C&T now represents over 5% of NAV, offering exposure to Samsung Electronics' improving HBM competitiveness and Samsung Biologics' 50% margin antibody manufacturing. South Korean governance reforms and capital allocation changes provide catalysts for discount closure. |
| Nov 13 2025 | 2025 Q3 | 004800.KS, 005930.KS, 090430.KS, 329180.KS, 4527.T, 9301.T, C6L.SI, CDI.PA, ENT.L, NWSA, VIV.PA | discount, Governance, Korea, Media, NAV, value |
028260 KS NWSA |
AVI Global Trust focuses on deep value opportunities in discounted holding companies and Korean governance reform plays. Korean positions delivered strong returns while News Corp disappointed despite compelling valuation. With 68% of KOSPI trading below book value and News Corp's Dow Jones worth multiples of current stub valuation, patient capital deployment in misunderstood assets offers attractive risk-adjusted returns. |
| Jul 2 2025 | 2025 Q2 | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | - | AVI Global Trust returned +1.0% in H1 2025, focusing on undervalued companies trading at wide discounts. Japan exposure increased to 23% of NAV amid improving corporate governance. Apollo was the top contributor before exit, while Rohto detracted significantly. Portfolio discounts remain historically wide at 39%, creating opportunities despite Trump tariff volatility and geopolitical uncertainty. |
| Apr 30 2024 | 2025 Q1 | 4527.T, AKER.OL, ENT.L, IAC, NWSA, VIV.PA | activism, Corporate Governance, discount, Japan, Take-private, value |
6201.T GXI.DE |
AVI Global Trust's April decline masked significant portfolio activity centered on Japanese corporate governance transformation. Toyota Industries' potential take-private represents seismic shift validating activist approach and opening floodgates for broader reform. Fund maintains 24% Japan allocation while embracing volatility to add positions, remaining focused on discount-to-NAV opportunities despite uncertain trade environment and bear market rally risks. |
| Dec 31 2024 | 2024 Q4 | 4527.T, 7203.T, AKER.OL, CDI.PA, ENT.L, FRAS.L, NWSA, RKT.L, SBG | discount, Europe, Holding Companies, NAV, value |
DIE.BR BOL.PA VIV.PA |
AVI Global Trust gained 1.7% in December, led by D'Ieteren's special dividend execution. The fund increased D'Ieteren exposure during tax-driven selling, viewing the 50% NAV discount as compelling despite near-term Belron headwinds. New Vivendi position offers 46% discount to listed NAV with UMG exposure, expecting Vincent Bolloré to eventually monetize the discount. |
| Sep 30 2024 | 2024 Q3 | APO, ARM, CPNG, DTE.DE, ENT.L, FMXUF, KKR, NWSA, SFTBY, TMUS | activism, Discounts, dividends, global, value | DIEPA.BR | AVI Global Trust focuses on discount-to-NAV investing with activism catalysts. Despite D'Ieteren's 39% special dividend yield, the stock fell 16%, creating a -54% ex-dividend NAV discount that prompted a 57% position increase. With portfolio discounts at stress-level 36% and multiple catalysts pending, the manager sees attractive long-term return opportunities in their concentrated value approach. |
| Jun 30 2024 | 2024 Q2 | 7203.T, 9984.T, ENT.L, KOF, NWSA, PGHN.L, RKT.L, SCHB.OL | Consumer Goods, discount, Litigation, NAV, private equity, value |
RKT.L SCHB.OL |
AVI Global Trust focuses on companies trading at significant discounts to net asset value. The fund added Reckitt Benckiser at a 39% discount following litigation concerns, while exiting Schibsted after successful value realization. The strategy targets complex situations and out-of-favor names where patient capital can benefit from eventual re-rating catalysts. |
| Mar 31 2024 | 2024 Q1 | 9009.T, AKER.OL, BOL.PA, CHRY.L, DIE.BR, ENT.L, FMX, IAC, NWSA, OAKL.L, PEY.L, PIN.L, SCHB.OL, SONG.L | Auto, discount, Europe, Media, private equity, value |
NWSA DIE.BR |
AVI Global Trust focuses on deep value opportunities trading at significant NAV discounts. News Corp, the largest holding, trades 38% below estimated value despite strong Dow Jones performance and management commitment to structural changes. D'Ieteren offers exposure to dominant vehicle glass leader Belron through private equity partnership, with expected liquidity catalysts ahead. |
| Dec 31 2023 | 2023 Q4 | 6201.T, 6861.T, 6971.T, 9009.T, AKER.OL, APO, FMSA, KKR, NWSA, SCHA.OL, TM | activism, Conglomerates, Corporate Governance, discount, Japan, Reform, value | - | AVI Global Trust posted +18.8% in 2023 through focused value investing in discount-to-NAV situations. Japanese corporate governance reform reached a tipping point with Tokyo Stock Exchange mandating capital efficiency disclosures and Toyota unwinding cross-holdings. Schibsted's structural changes should narrow its conglomerate discount with Nordic assets trading at 9.5x versus peers at 18x EBITDA. |
| Sep 30 2023 | 2023 Q3 | 3639.T, AKER.OL, APO, BN, CDI.PA, DIE.BR, FMX, GODI.NS, GROW.L, IAC, KKR, OCI.L, PEY.L, PIN.L, SCHB.OL, SYIP.L | Alternative Assets, Capital markets, discount, global, NAV, value | SCHB.OL | AVI Global Trust outperformed with +15.3% FY23 returns through concentrated value investing in discount-to-NAV situations. Key wins included Schibsted's Adevinta crystallization progress and Symphony International's portfolio realization. The fund targets structural value unlocking through management actions, with significant exposure to alternative asset managers and activist situations in closed-end funds. |
| Jun 30 2023 | 2023 Q2 | AKER.OL, ANGI, APO, BN, FMX, IAC, KKR, MGM, PSH.L, SCBFF | banks, discount, Holding Companies, Japan, Media, NAV, value | IAC | AVI delivered strong July performance led by IAC recovery and Japanese banks positioning. The fund targets holding companies trading at deep discounts to net asset value, with IAC narrowing from 45% to 31% discount while fundamentals improve. Japanese banks basket capitalizes on monetary policy shifts. Multiple catalysts including potential Turo IPO and operational improvements support optimistic outlook. |
| Mar 31 2023 | 2023 Q1 | AKERB.OL, APO, BN, CDI.PA, EXOR.MI, FMSAUBD, GROW.L, KKR, SCHJF | Banking, Discounts, marketplaces, oil, value, volatility |
APO AKER.OL |
AVI Global Trust invests in companies trading at steep discounts to net asset value. March volatility widened portfolio discounts to 37.2%, creating buying opportunities. Manager added to Schibsted at 45% discount, Apollo at 10x earnings, and Molten Ventures post-SVB selloff. Core thesis intact with substantial upside as discounts normalize. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Holding Company DiscountsThe portfolio weighted average discount stands at approximately 40-42%, representing historically wide levels only observed at times of intense market stress. The manager focuses on family-controlled holding companies trading at significant discounts to NAV, with catalysts including strategic reviews, asset sales, and governance reform. Examples include Jardine Matheson at 31% discount, Vivendi at 49% discount, and EXOR at 57% discount. |
Discounts Holding Company NAV Family Control Governance |
Japan Governance ReformJapan represents 20% of NAV with compelling valuations and tailwinds from governance reform. The Toyota Industries takeover at ¥20,600 per share sets an important precedent for the approximately 200 other parent-child listed subsidiary relationships in Japan, raising the bar for deal process quality and pricing fairness. Tokyo Gas continues to execute on real estate rationalization with the Shinjuku Park Tower hotel reopening positioning the asset for potential divestment. |
Japan Governance Activism Real Estate Takeover | |
South KoreaSouth Korea now accounts for 15% of NAV versus 8% in September, representing a significant increased weight. The manager views South Korea as a highly compelling market with high quality companies, cheap valuations, and tailwinds from governance reform. HD Hyundai's discount tightened from 59% to 41% over the period, driven by structural tailwinds in shipbuilding and grid infrastructure. |
South Korea Shipbuilding Grid Infrastructure Valuation | |
AIAI is discussed primarily as a risk to classified ads businesses like REA and information services like Dow Jones. The manager believes AI disruption risks are overstated, noting that leading portals have data advantages, strong network effects, and consumer preferences for specialist platforms over generic AI black boxes. AI is also mentioned as driving power demand for data centers, benefiting HD Hyundai Electric's grid infrastructure business. |
AI Disruption Data Centers Classified Ads | |
ShipbuildingHD Hyundai's KSOE subsidiary is the world's largest shipbuilder and global leader in LNG carrier construction. The company is the primary beneficiary of the structural upcycle in shipbuilding driven by accelerating fleet replacement demand, tightening emissions regulations, and sustained LNG trade growth. KSOE's order backlog extends nearly four years with operating margins expected to expand toward high teens/low twenties from a 15-year average of just 2%. |
Shipbuilding LNG Fleet Replacement Margins | |
Grid UpgradeHD Hyundai Electric is a leading manufacturer of high-voltage transformers and grid systems, benefiting from the global electricity grid modernization cycle with operating profit growing at 46% per annum since 2017. The US electricity grid is over 40 years old in many areas, with the surge in power demand from AI data centers driving a step-change in electricity consumption and accelerating the replacement cycle. Supply has not kept pace with demand, with lead times doubling since 2021. |
Grid Infrastructure Transformers Data Centers Power Demand | |
MusicUniversal Music Group represents a significant portion of Vivendi's NAV but has performed poorly since its IPO, with its market cap declining from parity with Spotify to approximately one-third of Spotify's value. While revenue growth exceeded expectations, there has been disappointment around margins, free cash flow, and capital allocation. The shares trade at approximately 13x 2026 estimated earnings net of Spotify stake, which the manager believes is too cheap given UMG's structural position and attractive tailwinds from music re-monetization. |
Music Streaming Valuation Spotify | |
Real EstateTokyo Gas owns a significant undervalued real estate portfolio independently appraised at approximately 60% of the company's market capitalization, heavily concentrated around three key assets including Shinjuku Park Tower. Hongkong Land is pivoting toward asset management focusing on mixed-use projects in Asian gateway cities while exiting build-to-sell residential, having committed to recycling US$4 billion of assets by 2027 and achieved 90% with 20% earmarked for share buybacks given the approximately 43% discount to NAV. |
Real Estate Asset Sales Valuation Tokyo | |
| 2026 Q1 |
DiscountThe portfolio weighted average discount widened to -42% from -38% over the course of the month, serving as a headwind to performance. Samsung C&T discount widened to 59% and Vivendi trades at close to a 50% discount. |
Discount Valuation NAV |
MediaNews Corp was the only meaningful contributor with Dow Jones holding a Capital Markets Day setting out plans to grow EBITDA from $558m to >$1bn over five years. UMG shares have de-rated to record low valuation despite stronger than anticipated revenue growth. |
Media Publishing Music Content | |
GeopoliticalThe war in Iran led to considerable volatility across global markets, as investors attempt to price the risks of further escalation and economic ramifications of arguably, the worst oil crisis in history. |
Geopolitical Iran Oil Crisis | |
| 2025 Q4 |
TechnologyFund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. Portfolio focuses on sector-leading companies with strong cash flows and attractive valuations. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
South KoreaBuilding exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%, driven by strong performances at HD Hyundai (+54%), Hyosung Corporation (+71%) and Samsung C&T (+28%). 68% of KOSPI index still trading below book value and 61% without sell-side coverage. |
Corporate Governance Value Reform Discount KOSPI |
ValueFocus on companies trading at discount to estimated underlying net asset value. News Corp trades at significant discount with REA stake accounting for 75% of market cap. Amorepacific Holdings now trades on widest ever discount (52%). Net of REA stake, News Corp stub assets valued at approximately 4.0x EBITDA. |
Discount NAV Undervalued Asset Value Multiple | |
MediaSignificant position in News Corp with investment case predicated on deep misunderstanding and undervaluation of unlisted stub assets, most notably Dow Jones. Professional Information Business performing strongly (+10%) with margins pushing higher to 25% vs 13% in 2019. Dow Jones alone believed worth approximately 3x the entire stub value. |
Publishing Information Services Dow Jones REA Group Margins | |
| 2025 Q2 |
JapanEight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. |
Corporate Control Governance Reform Activism Valuations Engagement |
ValueInvestment managers focus on investing in companies whose assets and future potential are undervalued by their share price. Discounts remain historically wide with 39% portfolio weighted average discount. Aside from handful of days during COVID-2020 sell-off, this is the widest level on record, creating fertile and opportunity rich environment. |
Discounts Undervalued Assets Opportunity Mispricing | |
BuybacksCompany uses share buybacks when share price discount is unnaturally wide and when Board believes buying back shares is in best interests of shareholders. During six months under review, 12.7 million shares were bought back, representing 2.9% of shares in issue. Share buybacks benefit shareholders by limiting discount and produced uplift in value of approximately 0.3%. |
Share Repurchases Discount Management Shareholder Value Capital Allocation | |
DividendsBoard elected to pay interim dividend of 1.50 pence per share, increase of 0.30 pence compared with last year. Board intends to at least maintain final dividend so total dividend for current accounting year will be at least 4.05 pence per share. Board recognizes dividend which is steady and able to rise over time is attractive to many shareholders. |
Income Distribution Yield Shareholder Returns | |
| 2025 Q1 |
JapanToyota Industries take-private deal represents seismic shift in Japanese corporate governance. Foreign shareholders increasing presence, corporate governance reform pressures mounting, and cross-shareholding unwinding accelerating. This transaction dissolves symbolic resistance to governance reform and opens floodgates for broader market transformation. |
Corporate Governance Cross-shareholdings Activism Take-private |
ValueFund focuses on companies trading at discount to estimated underlying net asset value. Toyota Industries transaction validates activist approach and discount-to-NAV investment thesis. Multiple steps available to help market capitalize holdings at fairer multiples. |
Discount NAV Undervalued Unlocking | |
| 2024 Q4 |
DividendsD'Ieteren announced an extraordinary €74 per share special dividend, equivalent to 39% of the company's market cap. AGT received proceeds of £35m, equivalent to 3.1% of NAV after 10% tax. |
Special dividend Tax efficiency Capital return |
| 2024 Q3 |
DividendsD'Ieteren announced a special dividend of €74 per share, equating to a 39% yield at current prices. The dividend will be funded via a €3.8bn dividend recapitalisation at Belron and new debt facilities. The manager views receiving a large portion of market cap back at NAV as inherently positive. |
Special Dividend Capital Return Yield Recapitalisation Cash Distribution |
ValueThe portfolio focuses on companies trading at discounts to estimated underlying net asset value. D'Ieteren is trading at an implied -54% discount to NAV on an ex-dividend basis. The portfolio weighted average discount is 36%, consistent with levels observed during periods of market stress. |
Discount to NAV Asset Value Undervalued Fair Value Mispricing | |
| 2024 Q2 |
ValueThe fund focuses on companies trading at discounts to estimated net asset value. Reckitt Benckiser trades at a 39% discount to estimated NAV following litigation concerns. Schibsted was initially purchased at a 45% discount to NAV before being exited after re-rating. |
Discount NAV Undervalued Mispriced Valuation |
| 2024 Q1 |
ValueThe fund focuses on companies trading at discounts to estimated underlying net asset value. News Corp trades at a 38% discount to estimated NAV, while D'Ieteren trades at a 33% discount despite strong earnings growth prospects. |
Discount NAV Undervaluation SOTP Intrinsic |
MediaNews Corp is the fund's largest position, with focus on Dow Jones Professional Information Business showing strong margin expansion and revenue growth. The company is engaged in serious introspection about structure to unlock value from its precious, prestigious portfolio. |
Publishing Information Digital Subscription Content | |
| 2023 Q4 |
Japan2023 was a seminal moment in unlocking enormous value trapped in Japanese companies through corporate governance reform. The Tokyo Stock Exchange now requires companies to disclose capital efficiency improvement plans, especially if trading below 1x book value. Toyota Motors partially unwound cross shareholdings in Denso, and the TSE announced further pressure on parent-subsidiary relationships. AGT has consistently maintained about 25% portfolio allocation to Japan with an engaged activist approach, generating +84% JPY total return versus +51% and +67% for MSCI Japan Small and TOPIX respectively since 2017. |
Corporate Governance Activism Value Unlocking Cross Holdings Reform |
ValueThe fund's investment objective is to achieve capital growth through a focused portfolio of investments in companies whose share prices stand at a discount to estimated underlying net asset value. This value-oriented approach is evident in holdings like Schibsted, where the Nordic stub assets are trading at approximately 9.5x 2024 EBITDA compared to global classified ads peers averaging 18x EBITDA, presenting significant valuation gap opportunities. |
Discount NAV Valuation Gap Undervalued Multiple Expansion | |
| 2023 Q3 |
ValueThe fund focuses on companies trading at discounts to estimated underlying net asset value. Performance has been driven by stock selection with high conviction holdings like Apollo, KKR, FEMSA and Schibsted performing better on average. |
Discount NAV Undervaluation Stock Selection Conviction |
Capital MarketsSignificant exposure to alternative asset managers including Apollo, KKR, Princess Private Equity, and Pantheon International. These holdings represent over 23% of the portfolio and have been key performance drivers. |
Alternative Assets Private Equity Asset Management Apollo KKR | |
| 2023 Q2 |
ValueAVI focuses on companies trading at discounts to estimated underlying net asset value. The fund targets holding companies and complex structures where market pricing creates opportunities for value extraction through discount narrowing and NAV growth. |
Discount NAV Holding Companies Asset Value Mispricing |
MediaSignificant exposure to digital media through IAC's Dotdash Meredith, which completed integration and is navigating challenging ad markets. Management describes the ad market as being in stable weakness with variation by category, but sees potential for meaningful earnings recovery over the medium term. |
Digital Media Advertising Content Integration Ad Markets | |
JapanBuilt a basket of four Japanese regional banks as textbook value traps become attractive due to changing monetary policy. The Bank of Japan adjusted policy stance, widening bond purchase rates, signaling shifts in the zero-interest rate environment that should benefit bank fundamentals. |
Japanese Banks Monetary Policy BOJ Yield Curve Control Regional Banks | |
| 2023 Q1 |
Alternative Asset ManagersApollo Global Management discussed extensively as a top holding, with detailed analysis of its insurance business through Athene merger. Manager views Apollo as well-positioned to benefit from market volatility despite recent weakness. |
Apollo Athene Insurance Spread Volatility |
OilAker BP exposure through Aker holding discussed in context of oil price volatility and OPEC+ production cuts. Manager believes insufficient capital investment thesis remains intact with potential for sustained higher prices. |
OPEC Production Shale Brent Upstream | |
MarketplacesSchibsted's Nordic marketplace assets highlighted as having strong strategic vision and growth potential, trading at significant discount to global classified marketplace multiples despite pricing power and margins. |
Classified Vertical Pricing Nordic Adevinta |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2026 | Fund Letters | AVI Global Trust | NWSA | News Corp A | Entertainment | Publishing | Bull | NASDAQ | AI disruption, Data Services, EBITDA growth, media, Professional Information, Publishing, Risk & Compliance, value unlock, Workflow Integration | Login |
| Mar 31, 2026 | Fund Letters | AVI Global Trust | VIV.PA | Vivendi | Entertainment | Entertainment | Bull | Euronext Stock Exchange | Bolloré, capital allocation, Catalogue Investments, discount to NAV, Media Conglomerate, Music rights, Music streaming, Pershing Square, Royalty Advances, takeover target, UMG, value unlock | Login |
| Jan 13, 2026 | Fund Letters | Joe Bauernfreund | CHRY LN | Chrysalis Investments Limited | Financials | Closed-End Funds | Bull | New York Stock Exchange | Activism, discount, Governance, NAV, Realisation | Login |
| Jan 13, 2026 | Fund Letters | Joe Bauernfreund | 028260 KS | Samsung C&T Corporation | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | biologics, Governance, Holdingcompany, semiconductors, Sumofparts | Login |
| Nov 13, 2025 | Fund Letters | Joe Bauernfreund | 028260 KS | Samsung C&T Corporation | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Conglomerates, discount, Governance, Holdingcompany, NAV | Login |
| Nov 13, 2025 | Fund Letters | Joe Bauernfreund | NWSA | News Corporation | Communication Services | Media | Bull | NASDAQ | buybacks, discount, Governance, media, Sumofparts | Login |
| Apr 1, 2025 | Fund Letters | AVI Global Trust | 6201.T | Toyota Industries Corporation | Capital Goods | Industrial Machinery | Bull | Tokyo Stock Exchange | Abenomics, Activist Investing, Corporate Governance, cross-holdings, industrial machinery, Japan, take-private, value unlocking | Login |
| Apr 1, 2025 | Fund Letters | AVI Global Trust | GXI.DE | Gerresheimer AG | Materials | Containers & Packaging | Bull | Frankfurt Stock Exchange | acquisition integration, business separation, Germany, Glass Manufacturing, healthcare, Management Engagement, Pharmaceutical Packaging, value unlocking | Login |
| Dec 31, 2024 | Fund Letters | AVI Global Trust | DIE.BR | D'Ieteren | Consumer Discretionary | Specialty Retail | Bull | Euronext Brussels | Automotive Services, Belgium, Belron, Glass Repair, holding company, IPO Catalyst, NAV discount, Special dividend, Value | Login |
| Dec 31, 2024 | Fund Letters | AVI Global Trust | BOL.PA | Bolloré | Communication Services | Media | Bull | Euronext Paris | complex structure, Controlling Shareholder, france, holding company, Media Conglomerate, NAV discount, spin-off, Universal Music Group, value creation | Login |
| Dec 31, 2024 | Fund Letters | AVI Global Trust | VIV.PA | Vivendi | Communication Services | Media | Bull | Euronext Paris | france, holding company, Listed Assets, media, NAV discount, Post-Split, spin-off, Universal Music Group, Value | Login |
| Sep 30, 2024 | Fund Letters | AVI Global Trust | DIEPA.BR | D'Ieteren | Consumer Discretionary | Specialty Retail | Bull | Euronext Brussels | Automotive Distribution, Belgian, discount to NAV, Dividend Recapitalization, family-controlled, Glass Repair, holding company, Special dividend, Value | Login |
| Jun 30, 2024 | Fund Letters | AVI Global Trust | RKT.L | Reckitt Benckiser | Consumer Staples | Household Products | Bull | London Stock Exchange | brand portfolio, consumer goods, Discount Valuation, household products, Infant Nutrition, Legal Catalyst, litigation risk, turnaround, UK, Value | Login |
| Jun 30, 2024 | Fund Letters | AVI Global Trust | SCHB.OL | Schibsted | Communication Services | Interactive Media & Services | Neutral | Oslo Stock Exchange | Adevinta, Asset Divestiture, Classified Marketplaces, Corporate Restructuring, Media Conglomerate, Nordic, Private Equity Buyout, Successful Exit, value unlocking | Login |
| Mar 31, 2024 | Fund Letters | AVI Global Trust | NWSA | News Corp | Communication Services | Publishing | Bull | NASDAQ | discount to NAV, Dow Jones, margin expansion, media, Professional Information, Publishing, recurring revenue, Structural changes, Sum-of-the-Parts, value unlock | Login |
| Mar 31, 2024 | Fund Letters | AVI Global Trust | DIE.BR | D'Ieteren | Consumer Discretionary | Specialty Retail | Bull | Euronext Brussels | Adas, discount to NAV, holding company, Insurance partnerships, margin expansion, market leader, private equity, Scale Advantages, Structural trends, Vehicle glass repair | Login |
| Dec 31, 2023 | Fund Letters | AVI Global Trust | - | Schibsted ASA | Communication Services | Interactive Media & Services | Bull | Oslo Stock Exchange | capital return, Classified Ads, conglomerate discount, Corporate Restructuring, Dual Share Class, Marketplaces, media, multiple expansion, Nordic, Norway | Login |
| Sep 30, 2023 | Fund Letters | AVI Global Trust | SCHB.OL | Schibsted ASA | Communication Services | Interactive Media & Services | Bull | Oslo Stock Exchange | Corporate Restructuring, discount to NAV, Equity, media, network effects, Norway, Online Classifieds, Value | Login |
| Sep 30, 2023 | Fund Letters | AVI Global Trust | - | Symphony International Holdings | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | activist, Corporate Governance, discount to NAV, Equity, investment company, Portfolio Realization, UK, value unlock | Login |
| Jul 31, 2023 | Fund Letters | AVI Global Trust | IAC | IAC/InterActiveCorp | Communication Services | Interactive Media & Services | Bull | NASDAQ | Car Sharing, digital media, Discount Valuation, holding company, Home Services, IPO Catalyst, marketplace, network effects, Share Buybacks, turnaround | Login |
| Mar 31, 2023 | Fund Letters | AVI Global Trust | - | Schibsted ASA | Communication Services | Interactive Media & Services | Bull | Oslo Stock Exchange | Classified Advertising, discount to NAV, Media Conglomerate, Nordic Marketplaces, turnaround, Value, Vertical Operating Model | Login |
| Mar 31, 2023 | Fund Letters | AVI Global Trust | APO | Apollo Global Management | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternative Asset Manager, Annuities, Asset-Liability Matching, contrarian, Insurance, private equity, Spread Lending, Value | Login |
| Mar 31, 2023 | Fund Letters | AVI Global Trust | AKER.OL | Aker ASA | Energy | Oil, Gas & Consumable Fuels | Bull | Oslo Stock Exchange | diversification, Dividend Growth, Energy Investment Company, Norway, Oil & Gas, OPEC, production growth, value creation | Login |
| TICKER | COMMENTARY |
|---|---|
| JM.L | Jardine Matheson was our largest contributor over the period, adding +68bps to NAV, as the share price returned +15% (GBP), driven by strong NAV performance (+23%), offset by moderate discount widening, from 25% to 31%. The company is currently in the process of a gradual evolution towards becoming a modern holding company, moving away from an owner-operator model, to one of an engaged shareholder. Since Ben Keswick took over as Chairman in 2019, the owner-operator approach has changed significantly. Multiple portfolio companies are now appointing external candidates to senior leadership positions, and JM is itself looking to bring in highly experienced sector specialists to run its portfolio businesses. Lincoln Pan was appointed CEO in December 2025, replacing the outgoing John Witt. Lincoln provides a wealth of private equity experience, joining from PAG where he built up their non-China business. At HKL, the largest part of JM's NAV, the company's pivot towards asset management should lead to a more stable and higher quality earnings stream. HKL had committed to recycling US$4bn of assets by 2027 and has achieved 90% with the aforementioned transactions. The company has earmarked 20% of the recycled capital for share buybacks which we view positively due to the c. 43% discount to NAV at which HKL trades. |
| 9531.T | Tokyo Gas was one of your Company's strongest contributors in the interim period, adding 66bps to NAV as its shares generated a return of +34% (GBP). Tokyo Gas is Japan's largest city gas utility company, boasting 30% Liquid Natural Gas market share across the greater Tokyo region. AVI's attraction is to the significant and undervalued real estate portfolio, which has been independently appraised to be worth c. 60% of Tokyo Gas' market capitalisation. The performance in the period was driven primarily by a dramatic earnings recovery in the 2025 financial year, with first quarter net income up by +439% year-on-year, as higher gas prices in the US fed through to Tokyo Gas' overseas shale operations. On 25 March 2026, the company unveiled its new Medium-Term Management Plan, which confirmed a strong recurring profit target and a progressive dividend. However, the capital allocation framework fell short of what we believe is required to further drive a re-rating in the shares. One development that we note with particular interest is the reopening of the Shinjuku Park Tower hotel following a period of renovation. Tokyo Gas' management previously indicated that this asset, which we estimate represents c. 11% of market cap, may not be considered core to their operations. We believe that the reopening of the building may position this asset for divestment over the medium term. |
| 267250.KS | HD Hyundai added +65bps to NAV as its shares generated a return of approximately +40% (GBP), driven by the tightening of the discount from 59% to 41% over the period. HD Hyundai is a c. £9bn South Korean-listed family-controlled industrial holding company. The portfolio is anchored by three key assets worth 143% of market cap in total. KSOE is the world's largest shipbuilder by capacity and the global leader in Liquefied Natural Gas carrier construction and advanced propulsion technologies. We expect KSOE to be the primary beneficiary of the current structural upcycle in shipbuilding, driven by accelerating fleet replacement demand, tightening ship emissions regulations, and sustained LNG trade growth from US export terminals. KSOE's current order backlog extends to nearly four years. Electric is a leading manufacturer of high-voltage transformers, gas-insulated switchgears, and other grid systems. It has been a structural beneficiary of the global electricity grid modernisation cycle, having grown operating profit at +46% per annum since listing in 2017. The structural opportunity for Electric remains compelling, with the US electricity grid being, in many areas, over 40 years old. This replacement cycle has been meaningfully accelerated by the surge in power demand from AI data centres. |
| 6201.T | Toyota Industries added +62bps to your Company's NAV over the period. The returns were driven by the successful, if hard-fought, conclusion of the takeover battle for TICO. Toyota Fudosan launched an initial takeover bid at ¥16,300 per share in June 2025, a price that we regarded as a significant undervaluation. A revised bid at ¥18,800 per share followed in January 2026, again falling materially short of book value. It was in the wake of this failed revised bid that we increased our position to make TICO AGT's largest holding, at an 8.3% weight. That increase came on 2 March 2026, when Toyota Fudosan raised its offer to ¥20,600 per share, which would make this the largest-ever acquisition of a Japanese company. While the final offer is a materially better outcome than the one initially proposed, it remains, in our assessment, a significant undervaluation of TICO's true intrinsic value. The case sets a meaningful precedent for the c. 200 other parent-child listed subsidiary relationships in Japan, raising the bar for deal process quality and pricing fairness in future privatisations. |
| VIV.PA | Vivendi was the most significant detractor over the interim period, with a total return of -40%, costing us -297bps as the shares suffered a double whammy of NAV weakness and discount widening. From a high in late July 2025, the shares have now declined by -50%, as the NAV has declined by -38% and the discount has gone from 36% to 49%. Since its IPO, UMG has performed poorly as a stock in both absolute terms but particularly in relative terms – where its market cap has gone from parity with that of Spotify to c. one-third of the value. Whilst growth has exceeded expectations, there has been considerable debate and disappointment around margins, free cash flow and capital allocation. We believe that investors have become too despondent, with the shares trading at c. 13x 2026 estimated earnings net of the stake in Spotify. In late March the company launched an inaugural €500m share buyback programme; and in early April Bill Ackman/Pershing Square launched a proposed offer for the company at an ostensible +78% premium. The combination of strong NAV growth potential and Vivendi's close to 50% discount appear extremely compelling. We added to the position over the period. |
| CHRY.L | Chrysalis was our second largest detractor in the first half of this financial year. While this was in part due to the poor performance of now-listed Klarna and a write-down at wefox, the bulk of the decline was due to discount widening as the shares moved from a 29% discount to 48%. We were supportive of the proposals announced in February 2026 that would see the company adopt an orderly realisation policy with no new investments being made. These proposals were approved by shareholders at a meeting in late-March. The shares took another leg down when it was disclosed that the Board has so far been unable to reach an agreement with the existing management team on commercial terms for them to continue in their roles. In the event of such an outcome, we are confident that the board has the necessary skills, mindset and experience to oversee the realisation process. We see scope for highly attractive prospective returns from here. |
| NWSA | News Corp detracted -106bps from returns. Over the period, the shares declined by -19%, which was a function of a -10% decline in the NAV and the discount widening by 600bps to 46%. Starting with REA, the shares declined by -32% over the period, when global classified ad businesses sold off over fears that AI would disrupt and impair such business models. We believe that such risks are overstated. In particular, we believe that this view understates the data advantage of leading portals, the strength of the network, and consumer-nature. REA shares now sit c. 40% below their all-time high price and have de-rated to a decade low 18x next 12 months projected EV/EBITDA. Turning to Dow Jones, the company set out plans to grow EBITDA from US$558m in FY2025 to more than US$1bn over the next five years. We came away highly impressed with the depth and breadth of Dow Jones' management team. The onus is on the family and management to unlock value and drive substantially higher returns. We added to the position on share price weakness in February 2026. |
| EXOR.MI | EXOR detracted -63bps. Over the interim period, the shares fell -21%, which was a function of a -14% decline in the NAV and the discount widening -355bps to -57%. Both Ferrari and Stellantis endured difficult periods, with share price returns of -30% and -23%, respectively. Ferrari's 2025 investor day reset expectations lower for revenue growth and margins. The company now guides for sales growth of +5% through to 2030, with consensus expectations having been for +7-8%. Ferrari shares now sit some -40% below where EXOR sold c.16% of its stake in early 2025 and trade at a still not obviously cheap 29x 2027 EPS. EXOR now trades on a -57% discount, close to the widest it has ever traded. Since 2009, EXOR has compounded its NAV at +16% p.a., some 470bps annual outperformance of the MSCI AC World Index. We believe that aligning capital with John Elkann is a highly attractive prospect, particularly at such a wide discount. We increased the position size by 2.7x over the period. |
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