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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 27, 2025
This document contains a correspondence exchange between Symphony International Holdings Limited (SIHL) and its largest independent shareholder, Asset Value Investors (AVI), which holds a 16% stake. In its letter dated October 27, 2025, AVI heavily criticizes SIHL's board and management for a lack of progress and poor transparency regarding the 'orderly realization' strategy adopted in September 2023. AVI raises issues concerning poor NAV performance, a persistent share price discount, and high management fees (~$10 million annually). SIHL's board and management responded on November 4, 2025, defending their alignment of interests (stating management holds over twice the shares held by AVI), asserting board independence, and explaining that the realization process is well underway despite recent delays from US tariff announcements.
Value can be unlocked for shareholders of closed-end funds trading at persistently wide discounts to NAV by winding down the portfolio via orderly realization, provided the process is executed efficiently, transparently, and with aligned manager incentives.
AVI expects SIHL to report aggregated forecasts of estimated proceeds, disposal timeframes, and planned methods of asset disposition rather than maintaining complete silence under the guise of commercial sensitivity.
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