AVI Worldwide Opportunities Fund

Investor Summary

The fund is managed by Tom Treanor (Co-Fund Manager since 2011 and Head of Research) and Charlotte Cuthbertson (joined July 2023). This represents a recent management transition with the stepping down of Nick Greenwood and appointment of Tom Treanor as co-manager, alongside Charlotte Cuthbertson, with a shift to a more concentrated, activist, and event-driven investment approach. Asset Value Investors was established in 1985 to take over the management of one of the oldest listed investment companies in London.

Fund Strategy

The WS AVI Worldwide Opportunities Fund (AWO) invests in event-driven opportunities in closed-end funds with clear catalysts for discount narrowing, supported by engagement and activism. The fund invests primarily in a diversified portfolio of investment companies including closed-end funds, investment trusts, and real estate investment trusts (REITs), as well as collective investment schemes across multiple asset classes. AVI aims to buy companies trading at a discount to NAV, are benchmark agnostic, and look for catalysts to narrow the discount. The fund is actively managed without reference to a benchmark with full discretion. The expectation is likely underperformance in strong equity markets and outperformance in sideways and down markets, aiming to achieve outperformance over a cycle with low correlation.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-1%	-1%

Executive Summary

AVI Worldwide Opportunities Fund delivered a -1.0% return in Q1 2026, outperforming broader markets during a volatile period marked by AI-related software sell-offs and Middle East conflict. The fund's strategic move away from equity trusts proved beneficial, reducing market beta compared to previous crises. Baker Steel Resources was the top performer, benefiting from rising metal prices including gold, silver, tin and tungsten. Bluefield Solar gained 20% amid a sales process with binding offers expected by April. The manager used weakness in Chrysalis Investments to add to the position, supporting the company's transition to an orderly realisation policy. Sherborne Investors was exited following disappointing Navient results and delayed catalyst timing. The portfolio's focus on infrastructure and heavy assets provides protection against AI disruption concerns while exposure to power prices through renewable holdings helps offset geopolitical headwinds. With 4.6% cash and positioning for corporate activity in the investment trust sector, AWO appears well-suited to navigate current market uncertainty.

Forward Outlook

The outlook is very uncertain with ongoing AI disruption debates and potential prolonged Middle East conflict. However, the manager believes AWO is well-positioned for difficult markets given its low underlying equity market exposure and construction to benefit from idiosyncratic events and heightened corporate activity in the investment trust sector.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 29 2026	2026 Q1	NAVI	activism, Discounts, energy, infrastructure, Investment Trusts, Metals, private equity	BSRT.L BSIF.L CHRY.L	AWO outperformed in volatile Q1 2026 with reduced market beta from infrastructure focus. Baker Steel led gains on metal price strength while Bluefield Solar rose 20% in takeover process. Manager added to Chrysalis during weakness and exited Sherborne on delayed catalysts. Portfolio positioned for anti-AI disruption theme with renewable energy exposure offsetting geopolitical risks.
Jan 23 2026	2025 Q4	AERI.L, BSIF.L, BSRT.L, CGEO.L, CHRY.L, GABI.L, GCP.L, GRID.L, HVPE.L, PIN.L, RMII.L, RNEW.L, USF.L, VH.L	Capital Allocation, Discount Arbitrage, Energy Storage, Investment Trusts, private equity, Renewables, Uk, Value Investing	CGEO LN GRID LN BSRT LN GABI LN	AVI delivered +2.9% in Q4 2025 through discount arbitrage in investment trusts. Energy storage leader GRID and capital allocation champion Georgia Capital drove performance. Private equity funds offer compelling arbitrage opportunities selling underlying assets at tight discounts to fund wide-discount buybacks. Renewable investments faced regulatory headwinds but present selective opportunities at distressed valuations.
Oct 21 2025	2025 Q3	AERI.L, PRSR.L	Closed-End Funds, Discounts, Europe, infrastructure, REITs, Renewables, value	AERI PRSR AERI	AVI Worldwide Opportunities Fund exploits closed-end fund discounts through activist strategies, delivering 0.6% in September via PRS REIT takeover success. The fund opportunistically added to Aquila European Renewables during weakness. Managers expect lumpy, catalyst-driven performance with low market correlation, positioning for outperformance in sideways markets while avoiding concentrated AI bubble risks.
Jun 30 2025	2025 Q2	AERS.L, CHRY.L, GCP.L, GCPB.L, GRID.L, HVPE.L, LABS.L, PRS.L, SEIT.L, SHIP.L, SUSD.L, TFG.L, VH.L	Alternative Assets, Closed-End Funds, Discounts, energy, infrastructure, NAV	SEIT LN GRID LN TFG NA SEIT.L GRID.L TFG.L	AWO delivered +5.2% in June through closed-end fund discount exploitation, led by energy efficiency and storage holdings. Strong performance from SDCL Energy Efficiency Income and Gresham House Energy Storage drove returns, while successful Tetragon Financial exit validated the NAV arbitrage strategy. Portfolio positioned for continued value unlock through corporate events and strategic initiatives.
May 1 2025	2025 Q1	-	catalysts, Discounted, Trusts, value, Winddown	VH.L SERAPH.L AUGM.L SDCL.L	AVI Worldwide Opportunities delivered 5.6% in May by capitalizing on discounted investment trusts with value catalysts. VH Global Energy Infrastructure's winddown announcement and Seraphim Space's defense exposure drove performance. Despite tariff concerns, the managers see continued opportunities in discount trusts facing strategic reviews and continuation votes.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 29 2026

2026 Q1

NAVI

activism, Discounts, energy, infrastructure, Investment Trusts, Metals, private equity

BSRT.L
BSIF.L
CHRY.L

AWO outperformed in volatile Q1 2026 with reduced market beta from infrastructure focus. Baker Steel led gains on metal price strength while Bluefield Solar rose 20% in takeover process. Manager added to Chrysalis during weakness and exited Sherborne on delayed catalysts. Portfolio positioned for anti-AI disruption theme with renewable energy exposure offsetting geopolitical risks.

Jan 23 2026

2025 Q4

AERI.L, BSIF.L, BSRT.L, CGEO.L, CHRY.L, GABI.L, GCP.L, GRID.L, HVPE.L, PIN.L, RMII.L, RNEW.L, USF.L, VH.L

Capital Allocation, Discount Arbitrage, Energy Storage, Investment Trusts, private equity, Renewables, Uk, Value Investing

CGEO LN
GRID LN
BSRT LN
GABI LN

AVI delivered +2.9% in Q4 2025 through discount arbitrage in investment trusts. Energy storage leader GRID and capital allocation champion Georgia Capital drove performance. Private equity funds offer compelling arbitrage opportunities selling underlying assets at tight discounts to fund wide-discount buybacks. Renewable investments faced regulatory headwinds but present selective opportunities at distressed valuations.

Oct 21 2025

2025 Q3

AERI.L, PRSR.L

Closed-End Funds, Discounts, Europe, infrastructure, REITs, Renewables, value

AERI
PRSR
AERI

AVI Worldwide Opportunities Fund exploits closed-end fund discounts through activist strategies, delivering 0.6% in September via PRS REIT takeover success. The fund opportunistically added to Aquila European Renewables during weakness. Managers expect lumpy, catalyst-driven performance with low market correlation, positioning for outperformance in sideways markets while avoiding concentrated AI bubble risks.

Jun 30 2025

2025 Q2

AERS.L, CHRY.L, GCP.L, GCPB.L, GRID.L, HVPE.L, LABS.L, PRS.L, SEIT.L, SHIP.L, SUSD.L, TFG.L, VH.L

Alternative Assets, Closed-End Funds, Discounts, energy, infrastructure, NAV

SEIT LN
GRID LN
TFG NA
SEIT.L
GRID.L
TFG.L

AWO delivered +5.2% in June through closed-end fund discount exploitation, led by energy efficiency and storage holdings. Strong performance from SDCL Energy Efficiency Income and Gresham House Energy Storage drove returns, while successful Tetragon Financial exit validated the NAV arbitrage strategy. Portfolio positioned for continued value unlock through corporate events and strategic initiatives.

May 1 2025

2025 Q1

catalysts, Discounted, Trusts, value, Winddown

VH.L
SERAPH.L
AUGM.L
SDCL.L

AVI Worldwide Opportunities delivered 5.6% in May by capitalizing on discounted investment trusts with value catalysts. VH Global Energy Infrastructure's winddown announcement and Seraphim Space's defense exposure drove performance. Despite tariff concerns, the managers see continued opportunities in discount trusts facing strategic reviews and continuation votes.

QUARTER	THEMES	TAGS
2026 Q1	Energy Transition The fund has significant exposure to renewable energy infrastructure through holdings like Bluefield Solar, VH Global Energy Infrastructure, and Gresham House Energy Storage. Rising power prices from geopolitical tensions should benefit these renewable holdings and help mitigate portfolio damage from broader market volatility.	Renewable Solar Infrastructure Power Energy
	AI The manager views AI disruption concerns as overblown for their portfolio companies, noting that businesses with deep specialist domain knowledge in regulated industries are unlikely to be disrupted by DIY tools. They position the portfolio to benefit from the anti-AI-disruption HALO theme (Heavy Assets; Low Obsolescence).	Disruption Software Technology Automation
	Private Equity The fund holds listed private equity vehicles including Pantheon International and Harbourvest Global PE. Despite software exposure concerns, these holdings are more diversified than sector specialists and the arbitrage between public and private market secondary discounts remains intact according to specialist brokers.	Secondary Discounts Diversification Arbitrage
	Metals Baker Steel Resources was the best performer during the quarter due to rising metal prices. Gold, silver, tin and tungsten all saw significant increases which bolstered the listed portion of the portfolio. The manager engaged with the board on capital allocation issues given the wide discount.	Gold Silver Tin Tungsten Mining
2025 Q4	Valuation Price discipline and margin of safety are emphasized as key investment pillars. The manager argues that price synthesizes expectations, risks, and narratives, with low entry prices providing protection even under challenging conditions. The portfolio's implied real IRR serves as their primary indicator of prospective returns.	Price IRR Margin of Safety Discount Rate
	Brazil The manager discusses Brazilian market dynamics, including the correction from 2024 pessimism to 2025 recovery. They acknowledge electoral uncertainty and potential institutional risks but emphasize that price provides protection against adverse scenarios. The Brazilian equity market rose 34% in 2025 following extreme pessimism in 2024.	Elections Institutional Risk Market Correction Political Uncertainty
	Risk Management Time horizon is positioned as a critical risk management tool that allows investors to withstand volatility and capture asymmetry. The manager emphasizes constructing multiple scenarios, especially conservative ones, to assess investment resilience and reduce reliance on single favorable outcomes.	Time Horizon Scenario Analysis Volatility Asymmetry
2025 Q3	Energy Transition The fund holds significant exposure to renewable energy infrastructure through holdings like Aquila European Renewables, VH Global Energy Infrastructure, Gresham House Energy Storage, and US Solar Fund. These investments represent the ongoing transition to clean energy sources.	Renewables Infrastructure Storage Solar
	Commercial Real Estate PRS REIT was the fund's best performer, benefiting from a takeover bid by Waypoint Asset Management. The fund also holds other real estate investments including Ground Rents Income and various property-focused REITs.	REITs Property Takeover Discount
2025 Q2	Energy Efficiency SDCL Energy Efficiency Income was the largest contributor, focused on energy efficiency and decentralised energy generation projects with limited power price risk exposure. The platform nature allows for active management to drive higher returns.	Energy Efficiency Decentralised Energy Platform Active Management Power Price Risk
	Energy Storage Gresham House Energy Storage shares up 18% in June anticipating announcements on third-party co-investment, long-term contracts, and refinancing. Pipeline of high-returning augmentation projects to increase battery duration provides upside potential.	Energy Storage Battery Duration Augmentation Long-term Contracts Refinancing
	Alternative Asset Managers Tetragon Financial is a multi-asset investment company with diversified portfolio including CLO equity, hedge funds, private equity and controlling stakes in asset management businesses. Sale of Equitix stake at 37% uplift to carrying value validated NAV.	CLO Equity Private Equity Asset Management NAV Validation Carrying Value
2025 Q1	Defense Spending The EU is planning on spending €800bn on defence in the coming years with around a 1/3 of this expenditure going to space related defence. Companies such as ICEYE have been used prolifically in the Russia/Ukraine war which has helped to both hone the technology and also showcase the capabilities.	Space Defense Government Spending Technology Contracts
	Energy Efficiency SDCL Efficiency Income is focused on financing and managing energy efficiency projects. It has a portfolio of on-site energy solutions that reduce consumption and carbon emissions for commercial, industrial and public sector clients.	Energy Solutions Carbon Emissions Commercial Industrial Infrastructure

QUARTER

THEMES

Energy Transition

The fund has significant exposure to renewable energy infrastructure through holdings like Bluefield Solar, VH Global Energy Infrastructure, and Gresham House Energy Storage. Rising power prices from geopolitical tensions should benefit these renewable holdings and help mitigate portfolio damage from broader market volatility.

Renewable Solar Infrastructure Power Energy

AI

The manager views AI disruption concerns as overblown for their portfolio companies, noting that businesses with deep specialist domain knowledge in regulated industries are unlikely to be disrupted by DIY tools. They position the portfolio to benefit from the anti-AI-disruption HALO theme (Heavy Assets; Low Obsolescence).

Disruption Software Technology Automation

Private Equity

The fund holds listed private equity vehicles including Pantheon International and Harbourvest Global PE. Despite software exposure concerns, these holdings are more diversified than sector specialists and the arbitrage between public and private market secondary discounts remains intact according to specialist brokers.

Secondary Discounts Diversification Arbitrage

Metals

Baker Steel Resources was the best performer during the quarter due to rising metal prices. Gold, silver, tin and tungsten all saw significant increases which bolstered the listed portion of the portfolio. The manager engaged with the board on capital allocation issues given the wide discount.

Gold Silver Tin Tungsten Mining

2025 Q4

Valuation

Price discipline and margin of safety are emphasized as key investment pillars. The manager argues that price synthesizes expectations, risks, and narratives, with low entry prices providing protection even under challenging conditions. The portfolio's implied real IRR serves as their primary indicator of prospective returns.

Price IRR Margin of Safety Discount Rate

Brazil

The manager discusses Brazilian market dynamics, including the correction from 2024 pessimism to 2025 recovery. They acknowledge electoral uncertainty and potential institutional risks but emphasize that price provides protection against adverse scenarios. The Brazilian equity market rose 34% in 2025 following extreme pessimism in 2024.

Elections Institutional Risk Market Correction Political Uncertainty

Risk Management

Time horizon is positioned as a critical risk management tool that allows investors to withstand volatility and capture asymmetry. The manager emphasizes constructing multiple scenarios, especially conservative ones, to assess investment resilience and reduce reliance on single favorable outcomes.

Time Horizon Scenario Analysis Volatility Asymmetry

2025 Q3

Energy Transition

The fund holds significant exposure to renewable energy infrastructure through holdings like Aquila European Renewables, VH Global Energy Infrastructure, Gresham House Energy Storage, and US Solar Fund. These investments represent the ongoing transition to clean energy sources.

Renewables Infrastructure Storage Solar

Commercial Real Estate

PRS REIT was the fund's best performer, benefiting from a takeover bid by Waypoint Asset Management. The fund also holds other real estate investments including Ground Rents Income and various property-focused REITs.

REITs Property Takeover Discount

2025 Q2

Energy Efficiency

SDCL Energy Efficiency Income was the largest contributor, focused on energy efficiency and decentralised energy generation projects with limited power price risk exposure. The platform nature allows for active management to drive higher returns.

Energy Efficiency Decentralised Energy Platform Active Management Power Price Risk

Energy Storage

Gresham House Energy Storage shares up 18% in June anticipating announcements on third-party co-investment, long-term contracts, and refinancing. Pipeline of high-returning augmentation projects to increase battery duration provides upside potential.

Energy Storage Battery Duration Augmentation Long-term Contracts Refinancing

Alternative Asset Managers

Tetragon Financial is a multi-asset investment company with diversified portfolio including CLO equity, hedge funds, private equity and controlling stakes in asset management businesses. Sale of Equitix stake at 37% uplift to carrying value validated NAV.

CLO Equity Private Equity Asset Management NAV Validation Carrying Value

2025 Q1

Defense Spending

The EU is planning on spending €800bn on defence in the coming years with around a 1/3 of this expenditure going to space related defence. Companies such as ICEYE have been used prolifically in the Russia/Ukraine war which has helped to both hone the technology and also showcase the capabilities.

Space Defense Government Spending Technology Contracts

Energy Efficiency

SDCL Efficiency Income is focused on financing and managing energy efficiency projects. It has a portfolio of on-site energy solutions that reduce consumption and carbon emissions for commercial, industrial and public sector clients.

Energy Solutions Carbon Emissions Commercial Industrial Infrastructure

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	AVI Worldwide Opportunities Fund	BSRT.L	Baker Steel Resources Trust	Asset Management	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	Australia, capital allocation, coal, Commodities, investment trust, Mining, NAV discount, Precious Metals, Resources, Share Buyback	Login
Apr 29, 2026	Fund Letters	AVI Worldwide Opportunities Fund	BSIF.L	Bluefield Solar	Asset Management	Independent Power and Renewable Electricity Producers	Bull	New York Stock Exchange	development pipeline, investment trust, M&A, Renewable Infrastructure, ROC Subsidies, Solar Energy, takeover target, UK Government	Login
Apr 29, 2026	Fund Letters	AVI Worldwide Opportunities Fund	CHRY.L	Chrysalis Investments	Asset Management	Asset Management & Custody Banks	Bull	New York Stock Exchange	AI disruption, banking, Board Engagement, Fintech, investment trust, NAV discount, Orderly Realization, private equity, Venture Capital	Login
Jan 23, 2026	Fund Letters	Nick Greenwood	CGEO LN	Georgia Capital PLC	Financials	Diversified Financials	Bull	New York Stock Exchange	buybacks, capital allocation, discount to NAV, Emerging markets, holding company	Login
Jan 23, 2026	Fund Letters	Nick Greenwood	GRID LN	Gresham House Energy Storage Fund plc	Utilities	Electric Utilities	Bull	New York Stock Exchange	Battery Storage, cashflow, discount to NAV, energy transition, infrastructure	Login
Jan 23, 2026	Fund Letters	Nick Greenwood	BSRT LN	Baker Steel Resources Trust Ltd	Materials	Diversified Metals & Mining	Bull	New York Stock Exchange	Commodities, Cyclicality, Mining, NAV growth, Refinancing	Login
Jan 23, 2026	Fund Letters	Nick Greenwood	GABI LN	GCP Asset Backed Income Fund Ltd	Financials	Asset Backed Securities	Bull	New York Stock Exchange	Asset backed, Credit, Income, Nav realisation, Winddown	Login
Oct 21, 2025	Fund Letters	Nick Greenwood	AERI	Aquila European Renewables plc	Financials	Renewable Energy Infrastructure	Bull	NYSE	energy transition, infrastructure, NAV discount, Portfolio sale, renewables, yield	Login
Oct 21, 2025	Fund Letters	Nick Greenwood	PRSR	PRS REIT plc	Real Estate	Residential REIT	Bull	NYSE	Activism, Corporate action, Housing, NAV discount, REIT, takeover	Login
Oct 21, 2025	Fund Letters	Nick Greenwood	AERI	Aquila European Renewables plc	Financials	Renewable Energy Infrastructure	Bull	NYSE	energy transition, infrastructure, NAV discount, Portfolio sale, renewables, yield	Login
Jun 30, 2025	Fund Letters	Nick Greenwood	SEIT LN	SDCL Energy Efficiency Income Trust plc	Financials	Capital Markets	Bull	NYSE	buybacks, deleveraging, discount, dividend, efficiency, Governance, infrastructure, NAV, renewables	Login
Jun 30, 2025	Fund Letters	Nick Greenwood	GRID LN	Gresham House Energy Storage Fund plc	Other	Capital Markets	Bull	NYSE	Batteries, Contracts, discount, dividends, infrastructure, NAV, Refinancing, renewables, Storage	Login
Jun 30, 2025	Fund Letters	Nick Greenwood	TFG NA	Tetragon Financial Group Limited	Financials	Capital Markets	Bull	Euronext Stock Exchange	Alternatives, buybacks, Clos, discount, Exits, Fees, Governance, IRR, NAV	Login
Jun 30, 2025	Fund Letters	AVI Worldwide Opportunities Fund	SEIT.L	SDCL Energy Efficiency Income Trust	Utilities	Independent Power and Renewable Electricity Producers	Bull	London Stock Exchange	alternative assets, asset sales, Decentralised Energy, discount to NAV, energy efficiency, infrastructure, investment trust, Platform Investments, Share Buybacks	Login
Jun 30, 2025	Fund Letters	AVI Worldwide Opportunities Fund	GRID.L	Gresham House Energy Storage Fund	Utilities	Independent Power and Renewable Electricity Producers	Bull	London Stock Exchange	Augmentation Projects, Battery Storage, Corporate Activity, dividend, energy storage, infrastructure, long-term contracts, Refinancing	Login
Jun 30, 2025	Fund Letters	AVI Worldwide Opportunities Fund	TFG.L	Tetragon Financial Group	Financials	Asset Management & Custody Banks	Neutral	London Stock Exchange	alternative assets, asset management, capital returns, CLO equity, discount to NAV, Equitix Sale, investment company, Multi-Asset, private equity, Value trap	Login
May 31, 2025	Fund Letters	AVI Worldwide Opportunities Fund	VH.L	VH Global Energy Infrastructure	Utilities	Independent Power and Renewable Electricity Producers	Bull	London Stock Exchange	Asset Realization, discount to NAV, energy infrastructure, investment trust, Value Catalyst, Winddown	Login
May 31, 2025	Fund Letters	AVI Worldwide Opportunities Fund	SERAPH.L	Seraphim Space	Information Technology	Technology Hardware, Storage & Peripherals	Bull	London Stock Exchange	Defense, European defense spending, Geopolitical Catalyst, government contracts, ICEYE, investment trust, Space Technology	Login
May 31, 2025	Fund Letters	AVI Worldwide Opportunities Fund	AUGM.L	Augmentum Fintech	Financials	Asset Management & Custody Banks	Bull	London Stock Exchange	Conservative Valuations, discount to NAV, Fintech, Growth Private Equity, investment trust, Profitable Exits, Tide, Zopa	Login
May 31, 2025	Fund Letters	AVI Worldwide Opportunities Fund	SDCL.L	SDCL Efficiency Income	Utilities	Independent Power and Renewable Electricity Producers	Bull	London Stock Exchange	carbon emissions, Continuation Vote, discount to NAV, energy efficiency, investment trust, Onyx, Value Catalyst	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 29, 2026

Fund Letters

AVI Worldwide Opportunities Fund

BSRT.L

Baker Steel Resources Trust

Asset Management

Oil, Gas & Consumable Fuels

Bull

New York Stock Exchange

Australia, capital allocation, coal, Commodities, investment trust, Mining, NAV discount, Precious Metals, Resources, Share Buyback

Apr 29, 2026

Fund Letters

AVI Worldwide Opportunities Fund

BSIF.L

Bluefield Solar

Asset Management

Independent Power and Renewable Electricity Producers

Bull

New York Stock Exchange

development pipeline, investment trust, M&A, Renewable Infrastructure, ROC Subsidies, Solar Energy, takeover target, UK Government

Apr 29, 2026

Fund Letters

AVI Worldwide Opportunities Fund

CHRY.L

Chrysalis Investments

Asset Management

Asset Management & Custody Banks

Bull

New York Stock Exchange

AI disruption, banking, Board Engagement, Fintech, investment trust, NAV discount, Orderly Realization, private equity, Venture Capital

Jan 23, 2026

Fund Letters

Nick Greenwood

CGEO LN

Georgia Capital PLC

Financials

Diversified Financials

Bull

New York Stock Exchange

buybacks, capital allocation, discount to NAV, Emerging markets, holding company

Jan 23, 2026

Fund Letters

Nick Greenwood

GRID LN

Gresham House Energy Storage Fund plc

Utilities

Electric Utilities

Bull

New York Stock Exchange

Battery Storage, cashflow, discount to NAV, energy transition, infrastructure

Jan 23, 2026

Fund Letters

Nick Greenwood

BSRT LN

Baker Steel Resources Trust Ltd

Materials

Diversified Metals & Mining

Bull

New York Stock Exchange

Commodities, Cyclicality, Mining, NAV growth, Refinancing

Jan 23, 2026

Fund Letters

Nick Greenwood

GABI LN

GCP Asset Backed Income Fund Ltd

Financials

Asset Backed Securities

Bull

New York Stock Exchange

Asset backed, Credit, Income, Nav realisation, Winddown

Oct 21, 2025

Fund Letters

Nick Greenwood

AERI

Aquila European Renewables plc

Financials

Renewable Energy Infrastructure

Bull

NYSE

energy transition, infrastructure, NAV discount, Portfolio sale, renewables, yield

Oct 21, 2025

Fund Letters

Nick Greenwood

PRSR

PRS REIT plc

Real Estate

Residential REIT

Bull

NYSE

Activism, Corporate action, Housing, NAV discount, REIT, takeover

Oct 21, 2025

Fund Letters

Nick Greenwood

AERI

Aquila European Renewables plc

Financials

Renewable Energy Infrastructure

Bull

NYSE

energy transition, infrastructure, NAV discount, Portfolio sale, renewables, yield

Jun 30, 2025

Fund Letters

Nick Greenwood

SEIT LN

SDCL Energy Efficiency Income Trust plc

Financials

Capital Markets

Bull

NYSE

buybacks, deleveraging, discount, dividend, efficiency, Governance, infrastructure, NAV, renewables

Jun 30, 2025

Fund Letters

Nick Greenwood

GRID LN

Gresham House Energy Storage Fund plc

Other

Capital Markets

Bull

NYSE

Batteries, Contracts, discount, dividends, infrastructure, NAV, Refinancing, renewables, Storage

Jun 30, 2025

Fund Letters

Nick Greenwood

TFG NA

Tetragon Financial Group Limited

Financials

Capital Markets

Bull

Euronext Stock Exchange

Alternatives, buybacks, Clos, discount, Exits, Fees, Governance, IRR, NAV

Jun 30, 2025

Fund Letters

AVI Worldwide Opportunities Fund

SEIT.L

SDCL Energy Efficiency Income Trust

Utilities

Independent Power and Renewable Electricity Producers

Bull

London Stock Exchange

alternative assets, asset sales, Decentralised Energy, discount to NAV, energy efficiency, infrastructure, investment trust, Platform Investments, Share Buybacks

Jun 30, 2025

Fund Letters

AVI Worldwide Opportunities Fund

GRID.L

Gresham House Energy Storage Fund

Utilities

Independent Power and Renewable Electricity Producers

Bull

London Stock Exchange

Augmentation Projects, Battery Storage, Corporate Activity, dividend, energy storage, infrastructure, long-term contracts, Refinancing

Jun 30, 2025

Fund Letters

AVI Worldwide Opportunities Fund

TFG.L

Tetragon Financial Group

Financials

Asset Management & Custody Banks

Neutral

London Stock Exchange

alternative assets, asset management, capital returns, CLO equity, discount to NAV, Equitix Sale, investment company, Multi-Asset, private equity, Value trap

May 31, 2025

Fund Letters

AVI Worldwide Opportunities Fund

VH.L

VH Global Energy Infrastructure

Utilities

Independent Power and Renewable Electricity Producers

Bull

London Stock Exchange

Asset Realization, discount to NAV, energy infrastructure, investment trust, Value Catalyst, Winddown

May 31, 2025

Fund Letters

AVI Worldwide Opportunities Fund

SERAPH.L

Seraphim Space

Information Technology

Technology Hardware, Storage & Peripherals

Bull

London Stock Exchange

Defense, European defense spending, Geopolitical Catalyst, government contracts, ICEYE, investment trust, Space Technology

May 31, 2025

Fund Letters

AVI Worldwide Opportunities Fund

AUGM.L

Augmentum Fintech

Financials

Asset Management & Custody Banks

Bull

London Stock Exchange

Conservative Valuations, discount to NAV, Fintech, Growth Private Equity, investment trust, Profitable Exits, Tide, Zopa

May 31, 2025

Fund Letters

AVI Worldwide Opportunities Fund

SDCL.L

SDCL Efficiency Income

Utilities

Independent Power and Renewable Electricity Producers

Bull

London Stock Exchange

carbon emissions, Continuation Vote, discount to NAV, energy efficiency, investment trust, Onyx, Value Catalyst

TICKER	COMMENTARY
NAVI	SIGC is a London-listed activist investment company with only one investment, a 30% stake in US student loans provider, Navient (NAVI). NAVI released results at the end of the month which disappointed the market and its shares fell - 20% in response. While we felt the market had over-reacted to NAVI's $30m provision against a legacy business line (in the context of an overall $45bn portfolio) and weaker-than-expected guidance for 2026, we took the difficult decision to exit our position in SIGC. However, it became clear on NAVI's earnings call accompanying its results that a spin-out and separate listing of Earnest, its valuable digital consumer loan business, would likely not happen until 2027.

TICKER

COMMENTARY

NAVI

SIGC is a London-listed activist investment company with only one investment, a 30% stake in US student loans provider, Navient (NAVI). NAVI released results at the end of the month which disappointed the market and its shares fell - 20% in response. While we felt the market had over-reacted to NAVI's $30m provision against a legacy business line (in the context of an overall $45bn portfolio) and weaker-than-expected guidance for 2026, we took the difficult decision to exit our position in SIGC. However, it became clear on NAVI's earnings call accompanying its results that a spin-out and separate listing of Earnest, its valuable digital consumer loan business, would likely not happen until 2027.

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Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Energy Transition

AI

Private Equity

Metals

Valuation

Brazil

Risk Management

Energy Transition

Commercial Real Estate

Energy Efficiency

Energy Storage

Alternative Asset Managers

Defense Spending

Energy Efficiency

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Nick Greenwood Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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AVI Worldwide Opportunities Fund