| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -5% | -5% |
AVI Global Trust's NAV declined 9.8% in March 2026 amid geopolitical volatility from the Iran war and the worst oil crisis in history. The portfolio weighted average discount widened to 42% from 38%, creating headwinds. Asian exposure (26% Japan, 17% South Korea) proved painful as emerging markets bore the brunt of volatility. Samsung C&T was the standout detractor, falling 28% with discount widening to 59%, though the manager added to the position. Vivendi continued its decline since July 2025, down 50% with discount expanding from 36% to 49%. News Corp provided the only meaningful contribution following Dow Jones' impressive Capital Markets Day outlining EBITDA growth plans. UMG remains deeply undervalued at 13x 2026 earnings despite Pershing Square's takeover proposal. The manager views current positioning as offering attractive long-term return potential given wide discounts and solid underlying fundamentals, maintaining patience through market volatility while selectively adding to positions on weakness.
AVI Global Trust seeks capital growth through a focused portfolio of investments in companies whose share prices stand at a discount to estimated underlying net asset value, with current positioning showing significant discounts across holdings despite solid fundamentals.
Vivendi at close to a 50% discount and UMG deeply undervalued, the ingredients for attractive long-term returns are in place.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 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 | 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 |
| 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 |
| 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 | 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 |
| 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 |
| 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 | - | 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 |
| 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 |
| 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 |
|---|---|
| NWSA | News Corp (+30bps) was the only meaningful contributor. During the month Dow Jones (45% News Corp NAV) held a Capital Markets Day, which set out plans to grow EBITDA from $558m in FY2025 to >$1bn over the next five years (c.14% above consensus). We came away highly impressed, adding further fortitude to our belief in the value of the Professional Information Business the company has built. |
| 005930.KS | Samsung C&T was the standout detractor, costing us -168bps as the shares fell -28% and the discount widened to 59%. Having taken some profit in February, we added to the position in March. |
| VIV.PA | Vivendi was a significant detractor in March and has been a thorn in our side since last summer. The shares topped out in late July 2025 and have subsequently declined -50%, as the NAV has declined -38% and the discount has gone from 36% to 49% (a return of -20%). Vivendi has been a bruising investment but not one we would consider to be a mistake. When a stock is becoming demonstrably cheaper in discount terms and the NAV fundamentals are solid, whilst also becoming cheaper, one can afford to be patient. |
| UMG.AS | UMG shares have de-rated to a record low valuation and share price. Since 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.1/3rd. At the end of March 2026 – the shares trading at c.13x 2026e earnings net of the stake in Spotify. In late March the company launched an inaugural €500m buyback programme; and in early April Bill Ackman/Pershing Square launched a proposed offer for the company at an ostensible +78% premium. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
