Overview
AVI Global Trust (formerly British Empire Trust : BTEM) has an objective to achieve capital growth through a focused global portfolio of investments, particularly in companies whose share prices stand at a discount to estimated underlying net asset value. The latter point means it tends to favour companies with significant asset backing like investment companies, property and family holding companies.
The fund’s website can be found here.
Fundamentals
Price
Research History
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05 Dec 2024 19 min read
AVI Global Trust – Building on solid foundations
Building on solid foundations AVI Global (AGT) continues to demonstrate the value of a clear strategy and a high-conviction approach, generating annualised Net Asset Value (NAV) returns of almost 15% over the last two years, despite market factors heavily favouring momentum trading (strategies where investors buy rising securities and then sell them when they appear […]
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17 min read
AVI Global Trust – Building on solid foundations
Building on solid foundations AVI Global (AGT) has been generating annualised NAV returns of almost 15% over the last two years despite market factors which have heavily favoured momentum trading and a small number of very large US technology companies. At the same time, broader market volatility has driven some discounts to extreme levels, creating […]
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18 min read
AVI Global Trust – Building on solid foundations
Building on solid foundations AVI Global (AGT) continues to demonstrate the value of a clear strategy and a high conviction approach, generating annualised NAV returns of almost 15% over the last two years despite market factors which have heavily favoured momentum trading and a small number of very large US technology companies. At the same […]
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06 Jun 2024 12 min read
AVI Global Trust – Thriving under pressure
Thriving under pressure The AVI Global Trust (AGT) has gone from strength to strength as its managers identify a wealth of opportunities. A share price total return of over 30% in the past year highlights the value of the company’s strategy of targeting high-quality companies whose shares are trading at a discount to their intrinsic […]
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12 min read
AVI Global Trust – Thriving under pressure
Thriving under pressure AVI Global Trust (AGT) has gone from strength to strength as its managers identify a wealth of opportunities. A share price total return of over 30% in the past year highlights the value of the company’s strategy of targeting high-quality companies whose shares are trading at a discount to their intrinsic value. […]
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12 min read
AVI Global Trust – Thriving under pressure?
Thriving under pressure? AVI Global Trust (AGT) appears to have gone from strength to strength as its managers say that they have identified a wealth of opportunities. A share price total return of over 30% in the past year could be said to highlight the attraction of the company’s strategy of targeting high-quality companies whose […]
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21 Nov 2023 19 min read
AVI Global Trust – An historic opportunity
AVI Global Trust Investment companies | Annual overview | 21 November 2023 An historic opportunity AVI Global Trust (AGT) has been performing well recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them to unlock value for the benefit of all shareholders. Lately, AGT has also been involved […]
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19 min read
AVI Global Trust – An historic opportunity
AVI Global Trust Investment companies | Annual overview | 21 November 2023 An historic opportunity? As the data on page 13 shows, AVI Global Trust (AGT) has been outperforming recently. Where it can, the manager seeks to engage with investee companies behind the scenes, working with them with the aim of unlocking value for the benefit […]
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19 min read
AVI Global Trust – An historic opportunity
AVI Global Trust Investment companies | Annual overview | 22 November 2023 An historic opportunity As we show on page 14 of this note, AVI Global Trust (AGT) has been performing well recently. Where it can, AGT’s manager seeks to engage with investee companies behind the scenes, working with them to unlock the value that […]
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17 Nov 2023 1 min read
Interview with Joe Bauernfreund from AVI Global Trust.
In this week’s show, James Carthew spoke to Joe Bauernfreund from AVI Global Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer […]
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08 Mar 2023 15 min read
AVI Global Trust – Doubly blessed
AVI Global Trust Investment companies | Update | 8 March 2023 Doubly blessed AVI Global Trust (AGT) offers investors a unique opportunity to access a distinctive portfolio of good-quality investments that are selected because the managers believe that they are trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double […]
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15 min read
AVI Global Trust – Doubly blessed
AVI Global Trust Investment companies | Update | 8 March 2023 Doubly blessed AVI Global Trust (AGT) offers investors a unique opportunity to access an idiosyncratic portfolio of good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to NAV plus the […]
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14 min read
AVI Global Trust – Doubly blessed
AVI Global Trust Investment companies | Update | 8 March 2023 Doubly blessed AVI Global Trust (AGT) offers investors an opportunity to access a portfolio of what the manager feels are good-quality investments trading at a discount to their intrinsic value. Thanks to recent market movements, AGT’s ‘double discount’ – the share price discount to […]
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09 Sep 2022 1 min read
Interview with Joe Bauernfreund from AVI Global Trust
In this week’s show, James Carthew talked to Joe Bauernfreund from AVI Global Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would prefer to watch […]
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20 May 2022 20 min read
AVI Global Trust – Bargain hunting
Bargain hunting After a strong run of both absolute and relative performance (see page 16), AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio – as holdings’ share prices move further below their underlying net asset value – and a widening discount on its own shares. The manager has been […]
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20 min read
AVI Global Trust – Bargain hunting
Bargain hunting After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it firepower to […]
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20 min read
AVI Global Trust – Bargain hunting
Bargain hunting After a strong run of both absolute and relative performance, AVI Global Trust (AGT) faces twin headwinds of widening discounts within its underlying portfolio and a widening discount on its own shares. The manager has been cautious on markets, eliminating the trust’s gearing at the end of 2021. That gives it the firepower […]
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26 Nov 2021 2 min read
QuotedData’s ESG Webinar – Governance Day Playback
On the 18th November QuotedData hosted the last of our three ESG focused webinars. This Governance webinar highligthed managers who actively engage with investee companies to ensure best practices are introduced and maintained and the shareholders are a key consideration in the management of businesses. We would like to thank all our speakers and our […]
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05 Aug 2021 14 min read
AVI Global Trust – Focused high conviction portfolio
Focused high conviction portfolio AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where discounts have narrowed significantly or have been eliminated altogether. As we describe on page 8 onwards, the proceeds are being […]
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15 min read
AVI Global Trust – Focused high conviction portfolio
Focused high conviction portfolio AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where the discounts that these companies have traded at in the market, relative to their underlying net asset values, have narrowed […]
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14 min read
AVI Global Trust – Focused high conviction portfolio
Focused high conviction portfolio AVI Global Trust (AGT) has had a strong run of performance since last November. Its manager, Asset Value Investors (AVI) has been realising substantial profits from a number of positions where discounts have narrowed significantly or have been eliminated altogether. As we describe on page 8 onwards, the proceeds are being […]
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25 Jan 2021 17 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double-discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts. It also has a good track record of beating its performance benchmark. The manager believes that some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong […]
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18 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts. It also has a good track record of beating its performance benchmark. Some well-timed trades and a willingness to look through the current COVID-19 disruption affecting some businesses have helped drive strong performance from AGT […]
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18 min read
AVI Global Trust – Double discount on quality-focused portfolio
Double discount on quality-focused portfolio AVI Global Trust (AGT) offers a genuinely different investment approach to those of competing trusts in the AIC’s global sector. It also has a good track record of beating its performance benchmark, the MSCI All Countries World ex the United States Index, with dividends reinvested and translated back into pounds. […]
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06 Aug 2020 2 min read
Covid – 19 Impact on Markets webinar playback
On the 20th July QuotedData hosted a webinar entitled “Covid-19 – Impact on Markets”. The webinar provided both professional and private investors access to 3 investment company managers covering either specific geographic regions or investment sectors. The managers discussed their funds and shared their views on the potential changes for their investment area following the pandemic […]
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08 Jun 2020 8 min read
QuotedData’s Economic Roundup – June 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Jun 2019 5 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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19 Dec 2018 1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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08 May 2025 3 min read
Chrysalis launches shareholder consultation in face of AVI’s calls for a continuation vote
New NAV This morning, Chrysalis announced that its NAV at end March 2025 was 152.62p, 2.6% lower than at the end of December 2024. In part, that reflects adverse currency moves, which took about 1.7p off the NAV. Richard Watts and Nick Williamson said “Overall, the portfolio continues to perform well. The top five assets […]
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07 May 2025 2 min read
AVI launches campaign to push for governance reforms at Wacom
Asset Value Investors (AVI), manager of AVI Japan Opportunity Trust (AJOT) and AVI Global Trust (AGT), has stepped up pressure on one of its portfolio companies, Wacom Corporation (TSE: 6727), calling for sweeping changes to the firm’s governance and strategy. AVI has submitted a series of shareholder proposals ahead of Wacom’s Annual General Meeting in […]
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24 Apr 2025 2 min read
QuotedData’s morning briefing 24 April 2025 – AGT, USA, SWEF
In QuotedData’s morning briefing 24 April 2025: We also have: Stories you may have missed from yesterday:
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11 Apr 2025 5 min read
QuotedData’s morning briefing 11 April 2025 – RIII, HGEN, LWDB, MTE, GCP, LTI, ALW, MINI, AGT, VNH, BBGI
In QuotedData’s morning briefing 11 April 2025: [QD comment MR: MTE has recently put in place a number of proposals designed to improve its attractiveness to shareholders and, while discounts have in many instances been widening across the investment companies space in recent months, MTE’s has been on a broad narrowing trend having moved down […]
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09 Apr 2025 2 min read
AVI launches public campaign on Rohto Pharmaceutical
Asset Value Investors (AVI), the manager of AVI Japan Opportunity Trust (AJOT) and AVI Global Trust (AGT), has launched a public campaign targeting portfolio holding Rohto Pharmaceutical (TSE: 4527). The campaign urges Rohto to concentrate on its profitable core businesses – namely skincare and eye care – and to step back from continued investment in […]
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28 Mar 2025 4 min read
Nervous about the US?
It has been a dramatic turn of events for the US over the past month. Having long defied the recession bells, which have been ringing for the majority of the world’s developed markets, growth expectations in the US have dropped significantly as President Trump’s scattergun trade polices begin to torpedo the economy. Multiple large US […]
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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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13 Dec 2024 1 min read
QuotedData’s weekly news show 13th December 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Ecofin US Renewables (0:28) AVI Global Trust (4:49) Taylor Maritime (8:42) This week’s interview was with Craig Baker from Alliance Witan – watch it again here.
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10 Dec 2024 2 min read
QuotedData’s morning briefing 10 December 2024 – APAX, AGT, PCTN, GPE, UKW
In QuotedData’s morning briefing 10 December 2024: Apax IX Fund in which Apax Global Alpha Limited (APAX) is a limited partner, has announced the full sale of its minority co-control stake in AssuredPartners, a leading mid-market property, casualty and employee benefits insurance brokerage, to Arthur J. Gallagher & Co. This transaction is expected to deliver […]
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22 Nov 2024 1 min read
AVI in Action: Schibsted
Asset Value Investors target undervalued businesses with growth potential and clear catalysts. Their investment in Schibsted unlocked significant value through strategic restructuring, driving exceptional returns.
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13 Nov 2024 3 min read
Stock selection continues to drive consistent and impressive returns for AVI Global Trust
AVI Global Trust (AGT) has announced its results for the year ended 30 September 2024. The company delivered a NAV total return of +13.7%, compared with +19.9% for the comparator benchmark index. Over the last five years the return has been +65.5%, compared to +63.3% for the current comparator benchmark. The share price total return […]
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16 May 2024 2 min read
Pantheon International outlines capital allocation policy
Pantheon International has published details of its capital allocation policy (CAP). This is the second step of the company’s three-step programme of shareholder-focused corporate strategy, following the £200m buyback that kicked off last sumer and is now almost complete. As at 15 May 2024, £189.6m had been invested in share repurchases, adding about 4.5% to […]
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03 May 2024 1 min read
QuotedData’s weekly news show 3rd May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberforth Split Level Income (0:33) • Chrysalis (6:24) Andrew McHattie highlighted a number of funds that were looking unusually cheap or expensive (10:24). This week’s interview […]
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22 Dec 2023 2 min read
QD view – An update on the charges disclosure problem
Back in October, we highlighted some issues facing the investment companies industry related to the rules around cost disclosures – basically, investors have been presented with misleading figures for charges that include the running costs of any underlying funds. That is putting off new investors, encouraging selling by others, and has led to platforms restricting […]
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10 Nov 2023 18 min read
AVI Global comfortably beats benchmark and ups dividend 6%
AVI Global Trust has announced its annual results for the year ended 30 September 2023, during which it has provided NAV and share price total returns of 15.3% and 14.8% respectively, both comfortably ahead of its comparator benchmarks, the MSCI All Country World Index and the MSCI All Country World ex-US Index, which returned 10.5% […]
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27 Jul 2023 2 min read
QuotedData’s morning briefing 27 July 2023
In QuotedData’s morning briefing 27 July 2023: AVI Global Trust (AGT) has completed an agreement to issue JPY4.5bn (£25m) of fixed rate unsecured debt, for a term of ten years. The annual interest rate on the debt is 1.44%. The company is about 4% geared currently. Greencoat UK Wind’s (UKW) NAV dropped from 167.1p to […]
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28 Jun 2023 3 min read
QuotedData’s morning briefing 28 June 2023
In QuotedData’s morning briefing 28 June 2023: Atrato Onsite Energy (ROOF) has signed a power purchase agreement (PPA) to sell the electricity generated by Project Skeeby, a 50MW solar PV project in Richmond, North Yorkshire. As announced in April, Skeeby is a recent acquisition and is currently under installation, with an expected energisation date of […]
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01 Jun 2023 1 min read
AVI Global hit by March nerves
AVI Global Trust’s half-year figures (covering the six months ended 31 March 2023) were unfortunately dented by March’s nervous markets. At the end of February 2023, the trust was running about 1% ahead of its MSCI AC World ex US benchmark, but by the end of March it was 5% behind. The NAV return for […]
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30 Mar 2023 2 min read
AVI puts case for better governance around Japanese takeovers
Asset Value Investors (AVI) has submitted its opinions on best practices for takeovers in Japan to the Fair Acquisition Study Group of the Ministry of Economy, Trade and Industry (METI). The response was in respect of a request made by METI as a public consultation announced on 22nd February 2023 We reproduce the text of this […]
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08 Nov 2022 3 min read
AVI Global poised to deploy gearing to take advantage of wide discounts
AVI Global has published results for the 12 months ended 30 September 2022. Markets were weak over the period and the trust’s benchmark, the MSCI All Country World Index excluding the United States (in sterling) fell by 9.6%. The trust held up better than that, however, generating a return on NAV of -7.3%. Unfortunately, a […]
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29 Jun 2022 2 min read
Asset Value Investors raises concerns over Fujitec board’s actions
Asset Value Investors raises concerns over Fujitec board’s actions – Asset Value Investors, manager of AVI Japan Opportunity (AJOT) and AVI Global Trust (AGT) has called into question the credibility of Fujitec’s current board following its failure to hold former President Takakazu Uchiayma to account for decades of related-party transactions and after the debacle at Fujitec’s AGM where, […]
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23 Jun 2022 2 min read
QuotedData’s morning briefing 23 June 2022
In QuotedData’s morning briefing 23 June 2022: BlackRock World Mining Trust (BRWM) says that the up coming IPO of Ivanhoe Electric Inc. on Friday, 24 June 2022 would, at the mid-point of the announced IPO valuation range, add about 1.4% to its NAV. The trust’s investment consists of common shares of Ivanhoe Electric Inc. and […]
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17 May 2022 2 min read
AVI calls for shakeup at NS Solutions
Asset Value Investors (AVI) has launched a public campaign on the submission of its shareholder proposals to NS Solutions, a subsidiary of Nippon Steel Corporation. NS Solutions is held by both AVI Global Trust and AVI Japan Opportunity Trust. Between them, they own 1.2% of voting rights of NS Solutions. Having first invested in March […]
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22 Apr 2022 4 min read
QD view – Are you still watching?
It is no secret that the US is the biggest player in the technology space, with a market value of about $1.5trn compared to a global market value of around $5.2trn. The country is home to some of the biggest tech firms in the world and probably the next generation of them with almost 500,000 […]
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19 Jan 2022 2 min read
AVI calls for review and appointment of new independent director in latest saga with Third Point
AVI calls for review and appointment of new independent director in latest saga with Third Point – Asset Value Investors, manager of the AVI Global Trust (AGT), and three other shareholders representing over 18% of Third Point Investors Limited (TPIL) ordinary shares, have requisitioned the board of TPIL to convene an EGM at which shareholders […]
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11 Jan 2022 1 min read
QuotedData’s morning briefing 11 January 2022
In QuotedData’s morning briefing 11 January 2022: The redemption price for investors that asked to redeem their India Capital Growth (IGC) shares will be 126.2613p per share. Payment is expected on or before 21 January 2022. Dunedin Income & Growth (DIG) says that Samantha Brownlee and Rebecca Maclean, both investment directors and senior members of […]
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23 Dec 2021 2 min read
Third Point chairman steps down – “impossible to continue”
Third Point chairman steps down – “impossible to continue” This morning, the board of Third Point Investors announced that its chairman, Steve Bates, was leaving the board. The company issued the following statement: “The Board of Third Point Investors Ltd (“TPIL” or the “Company”) announces with regret that the Chairman, Mr Steve Bates, has determined […]
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01 Dec 2021 2 min read
AVI claims moral victory in Third Point tussle
AVI claims moral victory in Third Point tussle – AVI (manager of AVI Global Trust) and three other shareholders in Third Point Investors (including Metage Capital and Global Value Fund) who together represent over 18% of Third Point’s shares requisitioned an EGM to remove Joshua L. Targoff from Third Point’s board. AVI says that the […]
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09 Nov 2021 5 min read
AVI Global posts returns double those of benchmark
AVI Global posts returns double those of benchmark – for the year ended 30 September 2021, AVI Global Trust delivered a return on NAV of 36.2%, just about double the 18.8% return generated by its MSCI All Country World ex US Index benchmark. Shareholders benefited from a narrowing of the discount from 9.3% to 6.7% […]
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2 min read
QuotedData’s morning briefing 9 November 2021
In QuotedData’s morning briefing 9 November 2021: AVI Global (AGT)’s asset manager says that “it and three other shareholders collectively owning over 18 per cent. of the ordinary shares requisitioned the [Third Point Investors (TPIL)] board on 2 November 2021 to convene an extraordinary general meeting (EGM) of TPIL at which shareholders will be asked […]
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22 Oct 2021 3 min read
QD view – busy boards
I have long thought that one of the great strengths of the investment companies sector is the boards of independent directors working on investors’ behalf to keep managers and other service providers in check, keep a lid on overheads and ensuring that shareholders are treated fairly. While not every investment company is a shining example […]
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30 Sep 2021 3 min read
QuotedData’s morning briefing 30 September 2021
In QuotedData’s morning briefing 30 September 2021: International Public Partnerships (INPP) says its £40m investment in the Rampion OFTO project looks likely to complete in November after Ofgem approved it on Tuesday. The project relates to the transmission cable connection to the Rampion offshore wind farm located 13km off the Sussex coast. The wind farm […]
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25 Aug 2021 1 min read
AVI requisitions Third Point Investors to address ‘entrenched trading discount’
AVI requisitions Third Point Investors to address ‘entrenched trading discount’ – Asset Value Investors (AVI), which manages AVI Global, along with three other shareholders in Third Point Investors (TPIL) have requisitioned the TPIL board to consider steps and actions to address its discount, as revealed in a letter published today. The key shareholders collectively own more […]
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23 Jul 2021 2 min read
QD view – Eyes on Tokyo
The Tokyo Olympics are underway. The games have been controversial in Japan, largely because of fears that they will accelerate the current wave of COVID-19 cases affecting the country. The opening ceremony played to a near-empty stadium and spectators are barred from events in Tokyo as a state of emergency is in force in the […]
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16 Jul 2021 1 min read
QuotedData’s weekly news show 16 July 2021
QuotedData’s weekly news show 16 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: AVI/Third Point update Hipgnosis/ Round Hill music update Aberdeen New Dawn turns performance around PRS REIT […]
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13 Jul 2021 1 min read
QuotedData’s morning briefing 13 July 2021
In QuotedData’s morning briefing 13 July 2021: The Third Point Investors board has responded to AVI’s requisition and says that it will not convene the requested meeting as legal advice it has received says that “the resolution proposed in the Communication would fall under the legal definition of ineffective”. Basically, the argument is that the resolution […]
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09 Jul 2021 1 min read
QuotedData’s weekly news show 9 July 2021
QuotedData’s weekly news show 9 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: AVI/Third Point update HydrogenOne IPO GCP Student Living potential takeover Watch it again here This week’s […]
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05 Jul 2021 1 min read
AVI requisitions Third Point Investors meeting
AVI requisitions Third Point Investors meeting – AVI and three other shareholders in Third Point Investors Limited, who between them owning over 17% of Third Point, have today requisitioned the Third Point Investors’ board to convene an extraordinary general meeting. At the meeting, shareholders would vote on a resolution to change Third Point’s investment policy. AVI […]
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27 May 2021 3 min read
AVI asks Third Point Investors to tackle its discount
AVI asks Third Point Investors to tackle its discount – Asset Value Investors, managers of AVI Global Trust, have written to the directors of Third Point Investors, the London-listed hedge fund, to ask them to convene a general meeting at which a resolution would be put to shareholders: THAT the existing investment policy of the […]
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26 May 2021 2 min read
QuotedData’s morning briefing 26 May 2021
In QuotedData’s morning briefing 26 May 2021: AVI Global produced an NAV return of 26.8% and a share price return of 29.1% over the six months ended 31 March 2021. These numbers compare well to the 13.5% return on the trust’s benchmark and help make it one of the best performing funds in its sector over […]
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12 May 2021 3 min read
Major Tencent shareholder Prosus to buy up to 45.4% in parent Naspers
The boards of Amsterdam-based Prosus and Naspers have announced that Prosus intends to acquire up to 45.4% of shares in Naspers, its South Africa-based parent company. Prosus owns a 28.9% stake in Tencent, the Chinese software and gaming behemoth. Both Prosus and Naspers trade at a discounted value to their stake in Tencent, which according to market reports […]
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30 Apr 2021 1 min read
QuotedData’s weekly news show 30 April 2021
QuotedData’s weekly news show 30 April 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, Shonil Chande covered the week’s top stories: Taylor Maritime – targeting a 250m IPO raise AVI plans to remove Symphony International’s board Dunedin Income Growth […]
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29 Apr 2021 2 min read
AVI plans to unseat Symphony board
AVI plans to unseat Symphony board – Asset Value Investors is calling on shareholders of Symphony International Holdings to band together to unseat its directors. AVI owns a 15.4% stake in SIHL on behalf of institutional clients including AVI Global Trust. Having first invested in 2012, it has now been concluded that a continued approach of […]
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26 Jan 2021 1 min read
Educational Video – Value Investing in 4 Minutes
Watch the video below provided by AVI for more information on how they construct their portfolio and an explanation of their unique strategy to investing which has ensured their NAV total return was +11.7% compared to the benchmark of +8.2%. Click here to view our recent research note on AVI Global Trust – Double discount […]
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14 Jan 2021 2 min read
QuotedData’s morning briefing 14 January 2021
In QuotedData’s morning briefing 14 January 2021: Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and […]
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13 Nov 2020 31 min read
AVI Global has bounced right back
AVI Global (AGT) has announced its annual results for the year ended 30 September 2020, which show that, during the second half of its financial year, the trust’s NAV (having reported at the half year stage a reduction in value of almost a quarter) has bounced right back with all of the fall recovered (overall, […]
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1 min read
QuotedData’s Morning Briefing 13 November 2020
In QuotedData’s Morning Briefing 13 November 2020: EPE Special Opportunities (ESO) has announced that it has completed a $2.5 million investment in a segregated account of Prelude Structured Alternatives Master Fund LP, which will invest in distressed credit opportunities, targeting a fund level gross annual return of 6-8%. ESO is investing in junior tranche and it […]
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29 May 2020 3 min read
AVI Global reflects on interim period to end-March
AVI Global’s (AGT) NAV and shares declined by 24.7% and 24.3% (both in total return terms) over the six-month period to 31 March 2020. AVI targets companies whose shares stand at a discount to their estimated underlying NAV. These can include investment holding companies, investment trusts and other companies. In her outlook statement, chair, Susan Noble, noted: “Having experienced […]
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12 Nov 2019 2 min read
AVI Global held back as underlying discount widens
AVI Global held back as underlying discount widens – For the year ended 30 September 2019, AVI Global delivered an NAV return of 2.1%, lagging its benchmark, the MSCI All Country World ex US Index, which returned 4.5%. A widening of the discount from 8.5% to 10.9% left shareholders with a return of -0.4%. The dividend […]
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24 May 2019 1 min read
QuotedData’s other news 24 May 2019
Secure Property Development & Investment (SPDI) has provided an updates on the sale of its non-Greek assets to Arcona Property Fund N.V. Witan Investment Trust has announced that shareholders approved its proposed five-for-one share split at the company’s Annual General Meeting on 1 May 2019. The split will take effect from 28 May 2019. BMO […]
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30 Apr 2019 1 min read
QuotedData’s other news 30 April 2019
British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring […]
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12 Nov 2018 1 min read
British Empire focuses on extracting value from portfolio
British Empire focuses on extracting value from portfolio – British Empire says that, for the year ended 30 September 2018, it generated a net asset value total return of 10.0%, 4.8 percentage points higher than the return of the benchmark, the MSCI All Country World ex-US Index.The total dividend for the year will be 13p, up […]
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13 Nov 2017 3 min read
British Empire beats its World ex US benchmark
British Empire beats its World ex US benchmark – British Empire achieves an 18.8% return on net assets for the year ended 30 September 2017. 2.5% ahead of the return on its principal benchmark, the MSCI AC World ex US index. The Board has elected to increase the final dividend to 10.0p per share, which […]
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11 Nov 2016 3 min read
British Empire returns 31.0% beating its benchmark
British Empire Trust has announced its annual results for the year ended 30 September 2016. The company says that, during the period, its NAV total return per share was 31.0%, its benchmark return was 28.0% (the MSCI All Country World ex-US Index), whilst its share price total return was 34.3%, reflecting a narrowing of the […]
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01 Jul 2016 1 min read
Activist building stake in British Empire
According to an article in the Daily Telegraph (which you can access here), Elliott Advisors (the activist investor in Alliance Trust) has built up a 5% stake in British Empire worth £32m. So far neither side has commented on the story. BTEM : Activist building stake in British Empire
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24 May 2016 5 min read
British Empire’s value style continues to underperform growth
British Empire Trust (formerly British Empire Securities & General trust) has announced its interim results for the six-months ended 31 March 2016. During the period, the trust provided NAV total return of 5.6% and a share price total return of 4.6% both of which underperformed its lead benchmark index, the MSCI All Country World ex-US […]
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15 Jan 2016 1 min read
British Empire takes on 20 year debt
British Empire has announced that it is taking on 20 year debt. The company says the Board (headed up by Strone Macpherson – pictured) have agreed to issue 20 year unsecured private placement notes in two tranches. The first tranche is £30m and the second is €30m (equal to £22.6m at the closing exchange rate on 14 January […]
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09 Nov 2015 2 min read
British Empire hit by oil and commodity exposure
British Empire underperformed its benchmark over the year that ended on 30 September 2015, delivering a total return on net assets of -8.3% against a -5.6% return for the MSCI All Country World ex-US Index. The Morningstar Investment Trust Global Index rose by 3.7% over the period. The discount widened slightly from 10.3% to 11.6% (despite them […]
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30 Sep 2015 1 min read
British Empire Securities names Joe Bauernfreund as lead manager
British Empire Securities and General Trust has announced that Joe Bauernfreund will become its named portfolio manager from 1 October 2015. This is a low turnover position (the trust has had just three portfolio managers in the last 30 years). Jo has been with the trust’s managers (Asset Value Investors) since 2002 and has worked […]
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28 May 2015 1 min read
British Empire’s Japan underweight proves costly
British Empire, chaired by Strone Macpherson (pictured), has reported total returns of 7.2% on both its net assets and shares for the six months ended 31 March 2015. These numbers are behind the returns on all the indices that British Empire uses to benchmark its performance. The Morgan Stanley Capital International All Country World ex-US Index total return […]
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10 Nov 2014 1 min read
British Empire hedges yen exposure
BTEM : British Empire hedges yen exposure British Empire Securities delivered a return on net assets of 6.8% over the year to 30 September 2014 – ahead of the 5.1% return on the company’s benchmark (MSCI All Country World ex-US Index). Shareholders also saw the discount narrow resulting in a return to them of 8.9%. […]
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02 Jun 2014 1 min read
British Empire : BTEM – interims
British Empire’s interim results for the six months that ended 31 March 2014 show the fund generating a total return on net assets of 4.8%, beating its benchmark (the MSCI All Country World ex US Index) which returned 2.4% but lagging the 5.6% return on the MSCI All Country World Index and the 5.5% return on […]
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In The Press
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03 Feb 2025 1 min read
AJ Bell Money & Markets: Investment trust show #11
Investment trust show #11: Fighting off activist investors and the attractions of Japan Dan Coatsworth talks to James Carthew about Saba and investment trust activism in general. https://www.ajbell.co.uk/podcasts/episode/money-markets/2025-02-03
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24 Oct 2024 1 min read
Questor on AVI Global Trust
James Carthew, 24 October 2024, The Telegraph’s Questor on AVI Global Trust: This trust doesn’t need the Magnificent Seven to beat global markets At 135 years old, AVI Global is still able to find undervalued winners Over the 39 years that Asset Value Investors has been running AVI Global Trust, it has grown its assets […]
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09 Sep 2024 1 min read
Investment trust insider on AVI Global Trust
Investment trust insider on AVI Global Trust – James Carthew: AVI Global can extend its excellent track record Discounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood’s Balanced Commercial Property bid. The investment companies sector continues to shrink. So far in September, we have seen bids for Tritax […]
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22 Jan 2024 1 min read
Investment trust insider on global trusts
Investment trust insider on global trusts – James Carthew: Global funds can learn from Alliance Trust’s success Our columnist says he is increasingly convinced Alliance Trust makes a ‘core’ holding for investors after its prgamatic multi-manager revamp seven years ago. Last week I discussed how 2023’s markets were dominated by a ‘magnificent seven’ of mega-cap […]
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27 Nov 2023 1 min read
Investment trust insider on AVI Global Trust
Investment trust insider on AVI Global Trust – James Carthew: AVI Global’s a busy diversifier that’s worth a look AVI Global Trust (AGT) and its manager have been busy. It was at the forefront of the campaign to tackle failings at Hipgnosis Songs Fund (SONG); AGT profited from the Pantheon International’s (PIN) tender offer and […]
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27 Mar 2023 1 min read
Is it time to sell Scottish Mortgage?
David Brenchley, The Sunday Times, Sunday March 26 2023: A boardroom bust-up and the resignation of its chairwoman has compounded issues at Scottish Mortgage, the UK’s second-largest investment trust whose shares have more than halved in 16 months… What happened? A row erupted on March 17 when in remarks made to the Financial Times, Amar […]
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15 Feb 2023 1 min read
ISA ideas: alternatives to the most-popular funds and trusts
by Jennifer Hill from interactive investor, 15 February 2023: We ask a range of experts for potential fund substitutes for funds and trusts consistently high in demand, including Scottish Mortgage, Fundsmith Equity, City of London, and Vanguard LifeStrategy. Investing can be a fickle business as money follows the latest trend but analysis of the most-bought […]
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27 Jan 2023 1 min read
Public/private valuation disconnect looks overdone
James Carthew for Investment Week, 24 January 2023: Within the investment companies sector, it has to be admitted that 2022 was a pretty poor year for funds investing in global equities. Only one, Brunner, managed to beat the MSCI AC World index, in NAV terms, although Lindsell Train, Alliance Trust and F&C all came close. […]
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26 Sep 2022 2 min read
Generalist investment trusts: life in the old dog yet?
By Dave Baxter, Investors’ Chronicle, September 23 2022: It’s testament to the sheer uncertainty of recent times that not a single UK investment trust has launched in the first eight months of 2022. That compares with 16 over the course of 2021 and six in an unpredictable 2020. Some analysts reckon it might even mark […]
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11 Jul 2022 1 min read
High-end brands defy the gloom but investors must be picky: From watches, to bags and Ferraris how to spot stocks with promise – and invest
By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 11 July 2022: As global stock markets fall and the cost-of-living crisis bites, one sector is proving surprisingly resilient. Several luxury brands are defying the gloom as their wealthy clientele are still willing to splash the cash. Mulberry has seen profits quadruple and last month restarted paying dividends […]
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04 Apr 2022 1 min read
Amazon and Google are slashing their share prices… but don’t worry – you WON’T lose money in share split
ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 3 April 2022: You would think that a rising share price could only be good news for a company and its shareholders. But not always. In some cases shares can get so costly that it is difficult for new investors to buy in… To counter the problem of rocketing […]
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08 Feb 2022 1 min read
The top defensive global trust to consider buying at an 8% discount
Fund pickers share their thoughts on whether the AVI Global trust is a good option. Eve Maddock-Jones, Reporter, Trustnet 08 February 2022: A low allocation to the US, “rare” investment style and strong defensive track record, are some of the reasons analysts think the AVI Global trust is worth snapping up at a discount. Joe […]
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21 Jan 2022 1 min read
IN FOCUS: AVI Global
Trustnet Magazine, January 2022 Despite being the second-best performer in the IT Global sector last year, the discount on Joe Bauernfreund’s trust remains twice that of its average peer. The AVI Global Trust was one of the best performers in the IT Global sector in 2021, benefiting from a closing discount. It made 24.7% last […]
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02 Jun 2021 1 min read
Investment trust insider on AVI and activism
Investment trust insider on AVI and activism – James Carthew: AVI makes fresh gains with activist push In recent months, AVI Global (AGT) and AVI Japan Opportunity (AJOT) seem to have ramped up their activist activities. To be fair, engaging with companies to unlock value for the benefit of shareholders is core to the approach of […]
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02 Oct 2018 1 min read
Investment Trust Insider : Breath-taking range of new trust launches
Investment Trust Insider : Breath-taking range of new trust launches James Carthew, head of investment company research at QuotedData and Investment Trust Insider columnist wrote the following article: Investment Trust Insider : Breath-taking range of new trust launches The scale of fund raising being attempted in the investment companies sector at the moment might be unprecedented. Previous […]
