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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"AVI Global Trust targets companies trading below net asset value, building 9.5% Korean exposure amid governance reforms. Korean holdings delivered 25% weighted returns with Samsung C&T, HD Hyundai leading October gains."
AVI Global Trust declined 0.7% in October 2025, with Korean holdings providing the strongest contributions led by Samsung C&T, HD Hyundai, and Hyosung Corp. The fund has built a 9.5% allocation to Korea, capitalizing on corporate governance reform and deep undervaluations, with 68% of the KOSPI trading below book value. Korean names have delivered a weighted average 25% return since initiation. News Corp was the primary detractor, declining 14% as its discount widened to 46% despite progress on the Murdoch Family Trust resolution. The manager views this as creating compelling prospective returns given REA Group's value relative to News Corp's market cap. The fund maintains its focus on companies trading at discounts to net asset value, particularly holding company structures with unlisted assets. With abundant opportunities in undervalued Korean names and potential catalysts at News Corp, the outlook for fundamental-focused investors with engagement experience appears extremely compelling.
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