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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation."
AVI Japan Opportunity Trust returned +0.3% in GBP (+0.9% in JPY) in June 2026, recovering from May's relative weakness as market leadership broadened beyond AI and semiconductor stocks. The fund's concentrated portfolio of 27 over-capitalized Japanese small-caps benefited from company-specific catalysts and engagement-driven value unlocking. Sharingtechnology was the largest contributor, rising 41% on growing expectations for strategic actions, while Sanyo Shokai gained 10% after announcing improved quarterly results and a new 5% DOE policy signaling better capital allocation. Eiken Chemical detracted 15% following AGM disappointment, though 45.75% shareholder support for governance proposals demonstrates meaningful investor backing for change. During Japan's AGM season, AVI submitted resolutions at three portfolio companies as part of its constructive engagement strategy. The manager controls over 5% voting rights in 14 names representing 66% of NAV, positioning the fund to drive improvements in business operations, capital efficiency, and governance across its holdings. The fund maintains conviction in long-term value realization opportunities in this under-researched market segment.
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