AVI Japan Opportunity (AJOT) has reported a second tender offer for a top 10 holding in two months. Last week Japanese private equity firm NSSK announced an offer for Broadmedia saying it intended to take private AJOT’s seventh-largest holding accounting for 6.1% of its portfolio. The offer was priced at 49% above Broadmedia’s share price at the start of September and a 23.9% premium to the 29 October closing price. AJOT expects to receive proceeds after the 30-business-day tender period. This is the second tender offer for an AJOT portfolio company in 2026, following Sharing Technology in September, which ended a 17-month “drought” in corporate actions for the £386m smaller companies activist fund trading on a 4.5% discount to net asset value. AJOT said the latest transaction “highlights the potential for corporate activity to emerge in clusters within AJOT’s portfolio. Much of AVI’s engagement is done privately, with seemingly fallow periods then punctuated by events that help to crystallise value for shareholders. These two transactions serve as a timely reminder of the potential long-term rewards of a patient, disciplined investment process, combining concentrated ownership with active engagement, striving to unlock value in undervalued Japanese companies.”

The Association of Investment Companies (AIC) has urged the MSCI and S&P Dow Jones to include investment companies investing in real assets into their Global Industry Classification Standard (GICS) structure. Responding to a consultation by the index providers, AIC chief executive Richard Stone said: “We strongly support the inclusion of investment companies investing in assets like property, infrastructure and private equity in the GICS framework. Inclusion would bring investment companies investing in private assets into scope for MSCI and S&P Dow Jones indices. That would benefit users of the indices as they would better reflect the full range of investment opportunities available through listed markets.”