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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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