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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | AVI Worldwide Opportunities Fund | - | - | 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 | 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. | TFG.L GRID.L SEIT.L TFG NA GRID LN SEIT LN |
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| 2025 Q4 | Jan 23, 2026 | AVI Worldwide Opportunities Fund | 2.9% | 10.8% | 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 | GRID is the largest owner of operational battery storage projects in the UK with over 1GW of capacity and substantial pipeline. Additional tolling agreements and long-term refinancing enable CAPEX programme for augmentation and new capacity. Expected to generate material free cash flow for buybacks or dividends. Discounts for funds of funds are still far too wide and persistently so. Stark arbitrage available from selling underlying third-party fund interests at tight discounts in secondary market to fund share buybacks at much wider discounts. HVPE announced $300m sale at 6% discount to fund debt repayment and buybacks. Multiple renewable-focused investment companies were detractors due to depressed sentiment towards UK renewables and government consultation on ROCs and FiTs modifications. Several funds in managed run-off processes experiencing generation shortfalls and challenging asset sale environments. Georgia Capital demonstrates best-in-class capital allocation with no new investments while discount remains wide and proceeds from divestments used to fund share buybacks. This approach is highlighted as a key investment thesis driver. | GABI LN BSRT LN GRID LN CGEO LN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | AVI Worldwide Opportunities Fund | 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 | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||