Overview
AVI Japan Opportunity Trust is an investment trust established to provide shareholders with capital growth through investing in undervalued cash-rich and over-capitalised smaller (smaller cap) Japanese equities (companies). AVI will leverage its three decades of experience investing in asset-backed companies to engage with management and help to unlock value in this under-researched area of the market, encouraging them to follow the spirit of The Corporate Governance Code.
Investment objective
The investment objective of AVI Japan Opportunity Trust is to provide shareholders with capital growth in excess of the MSCI Japan Small Cap Index, through the active management of a focused portfolio of equity investments listed or quoted in Japan which have been identified by the investment manager as undervalued and having a significant proportion of their market capitalisation held in cash, listed securities and/or realisable assets.
We have written notes that explain how the trust works:
- Pushing on an opening door, published on 6 August 2024
- The sun has risen, published on 20 February 2024
- Good governance, better returns, published on 19 July 2023
- Maintaining its firepower, published on 21 October 2022
- The tortoise triumphs, published on 15 February 2022,
- Progress on a number of fronts, published on 20 July 2021,
Their website is found here.
AVI Japan Opportunity Trust : AJOT
You can view our interviews with the company’s Fund Managers below:
28th October 2022: Joe Bauernfreund – Weekly Show
Fundamentals
Price
Research History
-
06 Aug 2024 13 min read
AVI Japan Opportunity – Pushing on an opening door
Pushing on an opening door AVI Japan Opportunity Trust (AJOT) has outperformed its MSCI Japan Small Cap benchmark by 38 percentage points since launch. This appears to demonstrate the success of its efforts to promote good corporate governance within the stocks in its portfolio. The manager says that Japanese corporates have become less resistant to […]
-
13 min read
AVI Japan Opportunity – Pushing on an opening door
Pushing on an opening door The scale of the outperformance delivered by AVI Japan Opportunity Trust (AJOT) versus its MSCI Japan Small Cap benchmark is impressive (38 percentage points since launch) and demonstrates the success of its efforts to promote good corporate governance within the stocks in its portfolio. The manager says that Japanese corporates […]
-
14 min read
AVI Japan Opportunity – Pushing on an opening door
Pushing on an opening door The scale of the outperformance delivered by AVI Japan Opportunity Trust (AJOT) versus its MSCI Japan Small Cap benchmark is impressive (38 percentage points since launch) and demonstrates the success of its efforts to promote good corporate governance within the stocks in its portfolio. The manager says that Japanese corporates […]
-
20 Feb 2024 23 min read
AVI Japan Opportunity – The sun has risen
AVI Japan Opportunity Investment companies | Annual Overview | 20 February 2024 The sun has risen 2023 has been a particularly noteworthy year for Japan, defined by impressive share price returns (at least in yen terms) and substantial progress in its path to improving corporate governance. The Tokyo Stock Exchange has implemented a series of […]
-
23 min read
AVI Japan Opportunity – The sun has risen
AVI Japan Opportunity Investment companies | Annual overview | 20 February 2024 The sun has risen 2023 has been a particularly noteworthy year for Japan, defined by impressive share price returns (at least in yen terms) and substantial progress in its path to improving corporate governance. The Tokyo Stock Exchange has implemented a series of […]
-
23 min read
AVI Japan Opportunity – The sun has risen
AVI Japan Opportunity Investment companies | Annual overview | 20 February 2024 The sun has risen 2023 been a noteworthy year for Japan, defined by strong share price returns (at least in yen terms) and progress in its path to improving corporate governance. The Tokyo Stock Exchange has implemented a series of new efforts to […]
-
08 Dec 2023 1 min read
Interview with Joe Bauernfreund from AVI Japan Opportunity Trust
In this week’s show, James Carthew spoke to Joe Bauernfreund from AVI Japan Opportunity 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 […]
-
19 Jul 2023 13 min read
AVI Japan Opportunity – Good governance, better returns
AVI Japan Opportunity Investment companies | Update | 19 July 2023 Good governance, better returns The team behind AVI Japan Opportunity (AJOT) continues to champion the tenets of good corporate governance and shareholder alignment. On this front, it recently made some positive progress at NC Holdings AGM. The benefits that it can accrue through improved […]
-
13 min read
AVI Japan Opportunity – Good governance, better returns
AVI Japan Opportunity Investment companies | Update | 19 July 2023 Good governance, better returns The team behind AVI Japan Opportunity (AJOT) continues to champion the tenets of good corporate governance and shareholder alignment. On this front, it recently made some positive progress with one of its investments – NC Holdings – where it put […]
-
12 min read
AVI Japan Opportunity – Good governance, better returns
AVI Japan Opportunity Investment companies | Update | 19 July 2023 Good governance, better returns The team behind AVI Japan Opportunity (AJOT) continues to champion what they believe are the tenets of good corporate governance and shareholder alignment. On this front, it recently made some positive progress at NC Holdings AGM. The benefits that it […]
-
06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs 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 […]
-
28 Oct 2022 1 min read
Interview with Joe Bauernfreund from AVI Japan Opportunity
In this week’s show, James Carthew talked to Joe Bauernfreund of AVI Japan Opportunity. 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 […]
-
21 Oct 2022 21 min read
AVI Japan Opportunity – Maintaining its firepower
Maintaining its firepower As we show in this note, AVI Japan Opportunity Trust (AJOT) is delivering returns well ahead of comparable indices (page 13) and competing funds (page 17). Perhaps encouraged by these good returns, AJOT’s shares have been tending to trade close to NAV. In light of this, the board, following consultation with major […]
-
21 min read
AVI Japan Opportunity – Maintaining its firepower
Maintaining its firepower Over the period since it launched, AVI Japan Opportunity Trust (AJOT) has delivered returns well ahead of comparable indices and competing funds. Perhaps encouraged by these good returns, AJOT’s shares have been tending to trade close to NAV. In light of this, the board, following consultation with major shareholders, felt able to […]
-
21 min read
AVI Japan Opportunity – Maintaining its firepower
Maintaining its firepower AVI Japan Opportunity Trust (AJOT) is delivering returns well ahead of comparable indices and competing funds. Perhaps encouraged by these good returns, AJOT’s shares have been tending to trade close to NAV. In light of this, the board, following consultation with major shareholders, was able to dispense with the 2022 exit opportunity […]
-
06 Oct 2022 111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs 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 […]
-
15 Feb 2022 13 min read
AVI Japan Opportunity – The tortoise triumphs
The tortoise triumphs Within the AIC’s Japanese smaller company sector, the period since AVI Japan Opportunity Trust (AJOT) was launched in October 2018 has resembled the fable of the tortoise and the hare. The majority of competing funds are invested in high growth stocks whose valuation multiples had been soaring. However, these have tumbled in […]
-
12 min read
AVI Japan Opportunity – The tortoise triumphs
The tortoise triumphs Within the Japanese smaller company sector, the period since AVI Japan Opportunity Trust (AJOT) was launched in October 2018 has resembled the fable of the tortoise and the hare. The majority of competing funds are invested in high growth stocks whose valuation multiples had been soaring but have tumbled in recent weeks. […]
-
12 min read
AVI Japan Opportunity – The tortoise triumphs
The tortoise triumphs Within the Japanese smaller company sector, the period since AVI Japan Opportunity Trust (AJOT) was launched in October 2018 has resembled the fable of the tortoise and the hare. The majority of competing funds are invested in high growth stocks whose valuation multiples had been soaring but have tumbled in recent weeks. […]
-
20 Jul 2021 19 min read
AVI Japan Opportunity trust – Progress on a number of fronts
AVI Japan Opportunity Trust (AJOT) is not yet three years old, but its investment manager, Asset Value Investors (AVI), believes that it is making great strides in its various campaigns to improve shareholder value across a select group of Japanese companies. AVI says that the value opportunity presented by the Japanese market is considerable, and […]
-
20 min read
AVI Japan Opportunity Trust – Progress on a number of fronts
Progress on a number of fronts AVI Japan Opportunity Trust (AJOT) is not yet three years old, but it is making great strides in its various campaigns to improve shareholder value across a select group of Japanese companies. The value opportunity presented by the Japanese market is considerable, and this is true for smaller companies […]
-
19 min read
AVI Japan Opportunity Trust – Progress on a number of fronts
AVI Japan Opportunity Trust (AJOT) is not yet three years old, but it is making great strides in its various campaigns to improve shareholder value across a select group of Japanese companies. The value opportunity presented by the Japanese market is considerable, and this is true for smaller companies and value-style stocks in particular. Many […]
-
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 […]
-
07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 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 […]
-
10 Mar 2020 6 min read
QuotedData’s Economic Roundup – March 2020
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 […]
-
07 Oct 2019 6 min read
QuotedData’s economic roundup – October 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 […]
-
08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
-
13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 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 October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
News
-
15 Nov 2024 1 min read
QuotedData’s weekly news show 15th November 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: Baillie Gifford China Growth (0:22) Chrysalis (03:49) AVI Japan Opportunity (09:05) This week’s interview was with Sebastian Lyon from Personal Assets Trust – watch it again here.
-
1 min read
AVI Japan Opportunity publishes details of tender offer
Following its announcement on 14 October that it intended to offer shareholders annual tender offers (click here to see our coverage), AVI Japan Opportunity (AJOT) has now published details of the proposed tender along with a circular in relation to this. Shareholders have the opportunity to tender some, none or all of their shares at […]
-
18 Oct 2024 1 min read
QuotedData’s weekly news show 18th October 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: AVI Japan Opportunity (0:15) Gore Street Energy Storage (2:55) Cost disclosure – RIT Capital (5:57) This week’s interview was with Katie Potts from Herald Investment Trust – watch it again here
-
14 Oct 2024 2 min read
AVI Japan Opportunity to offer annual tender offers
AVI Japan Opportunity Trust (AJOT) will be offering shareholders the opportunity to tender all or part of their shareholdings in the company at a 2% discount to NAV. When AJOT was launched in October 2018, its IPO prospectus said that the directors may, at their discretion, offer a full or a partial exit opportunity to […]
-
17 Sep 2024 1 min read
QuotedData’s morning briefing 17 September 2024 – AJOT, NAVF, LAND, HWG, CREI
In QuotedData’s morning briefing 17 September 2024: AVI Japan Opportunity (AJOT) made good progress over the first half of 2024, generating a return of 7.7% in NAV terms, well-ahead of the -0.2% return generated by MSCI Japan Small Cap and ahead of rival Nippon Active Value (NAVF) which also announced interims today and posted a […]
-
06 Sep 2024 1 min read
QuotedData’s weekly news show 6th September 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: PRS REIT (0:41) SEGRO / Tritax EuroBox (4:02) Balanced Commercial Property Trust (6:41) Artemis Alpha / Aurora (8:10) JPMorgan Core Real Assets (10:33) Digital 9 Infrastructure (11:51) Andrew McHattie covered: Major rises over the […]
-
17 May 2024 4 min read
The stars are aligning
Why an actively run portfolio of Japan small cap stocks could be a big winner over the coming years Japan is the third largest economy in the world, yet its declining weight in global indices and previous false dawns have put it out of focus for investors. While enthusiasm for Japanese equities grew in 2023, […]
-
15 Mar 2024 2 min read
QuotedData’s morning briefing 15 March 2024 – DGI9, AJOT, PSDL, HLCL
In QuotedData’s morning briefing 15 March 2024: Digital 9 Infrastructure (DGI9) has announced that its much publicised sale of Verne Global to funds managed by Ardian France SA for up to US$575m (approximately £450m) has completed. The sale price is variable as there is an earn out feature built in that could enhance the price […]
-
14 Mar 2024 4 min read
Another great year for AVI Japan Opportunities
AVI Japan Opportunity’s results for 2023 show it continuing to pull ahead of its benchmark. For the 12 month period ended 31 December 2023, AVI Japan Opportunity generated an NAV total return of 15.8% and a share price total return of 14.8%, both well ahead of the 6.9% return on the MSCI Japan Small Cap […]
-
02 Feb 2024 5 min read
Five years of change in Japan – a message from the manager
It has been five years since we launched the AVI Japan Opportunity Trust (AJOT). In Japan, five years is the blink of an eye, Japanese companies tend to think in decades or generations. However, a lot has happened in five years. It all started in 2012 with Shinzo Abe’s economic legacy, coined Abenomics. The first […]
-
10 Nov 2023 4 min read
QD view – Japan: more to play for?
The Japanese market has been the surprise success story of the past 12 months. The Topix has hit multi-decade highs, rising 21% since November last year, fuelled by corporate governance reform and economic revival[1]. Yet the spoils have not been equally shared, with small and mid-cap companies trailing the index heavyweights. Could there be more […]
-
30 Aug 2023 1 min read
QuotedData’s morning briefing 30 August 2023 – AERI, AJOT, AWEM, LMP
In QuotedData’s morning briefing 30 August 2023: The board of Aquila European Renewables (AERI) has announced the appointment of Myrtle Dawes as a non-executive director with effect from 1 September 2023. Myrtle has over 30 years’ experience of the energy sector, both in the UK and overseas. She is CEO of the Net Zero Technology […]
-
06 Jul 2023 1 min read
AVI Japan makes progress with NC Holdings
Asset Value Investors Limited submitted eight shareholder proposals to NC Holdings. At the ordinary general meeting of shareholders on 29 June, three of these proposals passed while a further three achieved majority shareholder support. Proposals that passed: A special resolution requiring over two-thirds of the vote, amending the articles of incorporation to give shareholders the authority […]
-
07 Jun 2023 4 min read
AVI Japan rebuts NCHD’s opposition to its proposals
The following comes from a press release that AJOT published this morning and relates to an earlier story. As announced in a press release dated 18 May, Asset Value Investors Limited (“AVI”) has submitted a shareholder proposal to NC Holdings (TSE: 6236, “Company”) to contribute to the best interests of shareholders. However, the Board of […]
-
18 May 2023 4 min read
AVI Japan submits proposals to NC Holdings and SK Kaken
AVI Japan Opportunities has submitted shareholder proposals to both SK Kaken and NC Holdings. Details of AVI’s campaign on SK Kaken can be accessed here and that of NC Holdings can be accessed here. SK Kaken AVI notes that, despite a high-quality business model and having a dominant share of the domestic construction paint market, […]
-
04 May 2023 1 min read
QuotedData’s morning briefing 4 May 2023
In QuotedData’s morning briefing 4 May 2023: AVI Japan Opportunity (AJOT) has appointed Singer Capital Markets Securities to manage an irrevocable share repurchase programme to buy back ordinary shares within certain pre-set parameters. The programme started yesterday and will run until 30 June 2023. Foresight Solar Fund (FSFL) is using £10m of cash to fund […]
-
19 Apr 2023 1 min read
AVI Japan Opportunity Trust’s stellar start to 2023
AVI Japan Opportunity Trust announced a Q1 update with NAV increasing by 7.4% over the quarter despite a -3.2% weakening in the Japanese Yen. This was well ahead of the MSCI Japan Index which returned +3.3% (all in GBP). [The outperformance was driven by strong stock selection and was particularly impressive considering the general underperformance […]
-
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 […]
-
16 Mar 2023 5 min read
AVI Japan Opportunity claws back underperformance and remains optimistic
AVI Japan Opportunity Trust has published results for the year ended 31 December 2022. Over the period the NAV total return was -4.3% and the share price return -4.5%, both a little behind the return on the MSCI Japan Small Cap Index (in sterling) which was -1.1%. The chairman notes that performance across the portfolio […]
-
14 Mar 2023 2 min read
Solid performance but weak yen weighs down AVI Japan
While AVI Japan ( AJOT) fell in Feb, with NAV down 1.6% for the month, performance for the underlying companies was healthy with TSI Holdings the standout contributor (+20% share price gain adding 110bps to performance). T Hasegawa and NC Holdings detracted with a more difficult cost environment for both weighing on profits. It was […]
-
13 Jan 2023 4 min read
QD view – Unloved Japan worth a look
A defining feature of 2022 was the strength of the US dollar, which shaped asset class returns for many investors over the year. The slump in the yen grabbed fewer headlines, but has been an important factor for the performance of Japanese equities. Its reversal may drive Japan’s financial markets in the year ahead. At […]
-
28 Sep 2022 3 min read
QuotedData’s morning briefing 28 September 2022
In QuotedData’s morning briefing 28 September 2022: AVI Japan Opportunity (AJOT) has published its interim results for the six months ended 30 June 2022. During the period, AJOT provided NAV and share price total returns of -9.74% and -12.81% respectively, both underperforming the trust’s benchmark, the MSCI Japan Small Cap Total Return Index, which returned […]
-
06 Sep 2022 1 min read
QuotedData’s morning briefing 6 September 2022
In QuotedData’s morning briefing 6 September 2022: abrdn UK Smaller Companies Growth Trust (AUSC) says that, after 37 years with Standard Life and abrdn, Harry Nimmo will retire at the end of 2022 and will, therefore, step down as co-manager of the company at that time. Abby Glennie, who has worked alongside Harry in the […]
-
07 Jul 2022 2 min read
QuotedData’s morning briefing 7 July 2022
In QuotedData’s morning briefing 7 July 2022: NB Global Monthly Income (NBMI) says that investors submitted 25,500,417 shares to its cash exit offer (10.3% of the company). The tender was for up to 25% of shares held so all these shares will be redeemed at 81.92p (NAV less 2%). Some investments are less liquid than […]
-
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, […]
-
2 min read
QuotedData’s morning briefing 29 June 2022
In QuotedData’s morning briefing 29 June 2022: Tufton Oceanic Assets (SHIP) has applied to introduce an additional market quote for its shares on the London Stock Exchange denominated in GBP Sterling, which will appear alongside the existing US Dollar market quote. There will be no changes to the legal form or nature of SHIP’s shares […]
-
19 May 2022 2 min read
AVI targets SK Kaken
Asset Value Investors (AVI), manager of AVI Japan Opportunities, has submitted shareholder proposals to SK Kaken addressing six issues which it feels contribute to that company’s poor share price performance, low valuation, and potential delisting from the Tokyo Stock Exchange (TSE). AVI says that, despite a high-quality business model and a dominant share of the […]
-
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 […]
-
18 Mar 2022 2 min read
QD view – why AVI Japan is blooming
Not only is it Spring – nice sunny days, great for solar funds – it is also results season. Funds with calendar year ends have started publishing their annual figures. One of these is AVI Japan Opportunities (AJOT). The prospect of interest rate rises has been overshadowing markets. This week, we finally saw the US […]
-
17 Mar 2022 2 min read
2021 was a good year for AVI Japan Opportunity
2021 was a good year for AVI Japan Opportunity – AVI Japan Opportunity Trust generated a NAV return of +12.3% and a return to shareholders of 10.0%, well ahead of its benchmark the MSCI Japan Small Cap Index, which returned -1.4%. Those numbers would have been higher were it not for a 9.6% fall in […]
-
17 Jan 2022 2 min read
QuotedData’s morning briefing 17 January 2022
In QuotedData’s morning briefing 17 January 2022: Digital 9 Infrastructure (DGI9) has started a consultation process with shareholders regarding potential amendments to its investment policy which currently restricts its ability to invest more than 20% of gross assets in any single asset or investee company. It is proposed that this is increased to 25%. Meanwhile […]
-
09 Dec 2021 2 min read
QuotedData’s morning briefing 9 December 2021
In QuotedData’s morning briefing 9 December 2021: Digital 9 Infrastructure (DGI9) has bought a data centre asset and subsea fibre landing station, SeaEdge UK1, on the UK’s largest data centre campus in Newcastle for a purchase price of £15m. SeaEdge UK1 has a capacity of 10.6MW and a direct connection to the 275KV National Grid […]
-
30 Nov 2021 1 min read
AVI Japan gets boost from Daibiru bid
AVI Japan gets boost from Daibiru bid – Today, after market close in Japan, Mitsui OSK Lines announced a takeover bid for its listed subsidiary real estate business Daibiru at a share price of ¥2,200, a 50% premium to the undisturbed closing price. Daibiru accounted for 5.3% of AVI Japan Opportunities’ NAV ahead of this news; […]
-
28 Sep 2021 2 min read
QuotedData’s morning briefing 28 September 2021
In QuotedData’s morning briefing 28 September 2021: Over the six months ended 31 July 2021, North American Income Trust (NAIT) beat its benchmark by 2.2%, producing a return on NAV of 19.8% against 17.6% for the Russell 1000 Index. The statement says that “This was mainly attributable to the positioning in the technology sector, as […]
-
16 Sep 2021 3 min read
QuotedData’s morning briefing 16 September 2021
In QuotedData’s morning briefing 16 September 2021: GCP Asset Backed Income says that on 15 September 2021 certain entities within what it terms “the Co-living Group” were placed into administration. We highlighted the fund’s problems with this loan on Monday. GCP Asset Backed Income, its co-lenders and an operator have formed a syndicate to fund […]
-
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 […]
-
21 May 2021 2 min read
AVI Japan sets sights on SK Kaken
Asset Value Investors, the managers of AVI Japan Opportunities (AJOT) has announced that it has submitted what it describes as “modest proposals to SK Kaken as a test of company’s motivation to improve performance and share price”. AVI says that its proposals aim to address, at no cost to SK Kaken, some of the factors […]
-
18 Mar 2021 1 min read
Investors see potential in AVI Japan Opportunity
Investors see potential in AVI Japan Opportunity – AVI Japan Opportunity Trust has published its annual report for the year ended 31 December 2020. Over the year, the NAV and share price fell by 1.4% and 1.1% respectively. However, the benchmark (MSCI Japan Small Cap Total Return Index in sterling) rose by 3.2%. The chairman notes […]
-
16 Feb 2021 1 min read
QuotedData’s morning briefing 16 February 2021
In QuotedData’s morning briefing 16 February 2021: GCP Student Living (DIGS) has terminated WeWork’s lease on the commercial space at Scape Shoreditch. The 50,000 sq ft Grade A space is just a two-minute walk from Old Street Underground. WeWork had £2.3m of rent arrears up to the end of 2020. GCP Student Living has collected £3.1m […]
-
18 Jan 2021 1 min read
QuotedData’s morning briefing 18 January 2021
In QuotedData’s morning briefing 18 January 2021 – AVI Japan Opportunity (AJOT) is seeking to raise up to £35m in new ordinary shares under its existing placing programme. Joe Bauernfreund, CEO and CIO of Asset Value Investors, AJOT’s manager, commented: “We want to take advantage of valuations which in many cases remain depressed despite encouraging signs […]
-
23 Mar 2020 2 min read
QuotedData’s other news 23 March 2020
In QuotedData’s other news 23 March 2020 – On 21 March 2020, the Financial Conduct Authority (FCA) requested that, in light of the unprecedented practical challenges for some companies and the audit profession arising from the Covid-19 pandemic, all listed companies who publish their preliminary results around this time, observe a moratorium on the publication of […]
-
04 Mar 2020 1 min read
QuotedData’s other news 4 March 2020
In QuotedData’s other news 4 March 2020 – Crystal Amber (CRS), the activist UK smaller companies trust, reported interim results to 31 December 2019. It was a difficult period for CRS, with its NAV (adjusted for dividends) falling by 26.4% over the period, compared to a 10.7% increase in the Numis Small Cap Index. CRS said […]
-
13 Feb 2020 1 min read
Good start for AVI Japan Opportunity
Good start for AVI Japan Opportunity – the first annual report for AVI Japan Opportunity covers the period from its incorporation on 27 July 2018, through its launch on 23 October 2018 and to 31 December 2019. The trust’s NAV return over this period was 14.3%, well ahead of the 7.9% return generated by the MSCI […]
-
15 Oct 2019 1 min read
QuotedData’s other news 15 October 2019
In QuotedData’s other news 15 October 2019 – AVI Japan Opportunity announced that it has increased its 364 day, 1.465bn Yen unsecured revolving credit facility with Scotiabank Europe by an additional 1.465bn Yen (approximately £11m as at 14 October 2019). The board of Invesco Perpetual UK Smaller Companies has announced the appointment of Graham Paterson as […]
-
10 Oct 2019 1 min read
QuotedData’s other news 10 October 2019
In QuotedData’s other news 10 October 2019 AVI Japan is asking shareholders to approve an issue of up to 14,365,000 shares to Finda Oy, its largest shareholder, as part of a larger placing to be held in November. Tufton Oceanic Assets has agreed to acquire a Containership for $8.75m, taking its fleet to seventeen vessels. The […]
-
16 Sep 2019 1 min read
QuotedData’s other news 16 September 2019
In QuotedData’s other news 16 September 2019 – GCP Student announced confirmation from FTSE Russell that the company will be added to the FTSE 250 Index from 18 September 2019. AVI Japan Opportunity.released its first interim report since its launch in October 2018. In the few months since launch until the 30 June 2019, its NAV per […]
-
26 Apr 2019 1 min read
AVI Japan Opportunity looking to expand
AVI Japan Opportunity looking to expand – The board of AVI Japan Opportunity has announced a placing of shares in the company. Between today and 3pm on 10 May 2019 (or earlier if the company agrees) Nplus1 Singer Advisory and Kepler Partners will be working with the company to raise more money. Because the deal […]
-
17 Apr 2019 1 min read
QuotedData’s other news – 17 April 2019
QuotedData’s other news – 17 April 2019 AVI Japan Opportunity (AJOT) announced this morning that based on a conviction that there is still a significant amount of unlocked value in quality over-capitalised smaller companies in Japan, it is considering raising additional capital through a share issue. AJOT floated in October 2018 and by February this […]
Upcoming Events
Videos
In The Press
-
04 Nov 2024 1 min read
Investment trust insider on Henderson International Income’s value versus growth choice
James Carthew: HINT chases growth just as value breaks through Henderson International Income (HINT) is supplementing dividends with payments out of capital to allow it to hold more low-yielding technology stocks. Is the move mistimed? Henderson International Income (HINT) has announced that following a spate of poor performance it intends to follow peers such as […]
-
21 Oct 2024 1 min read
Investment trust insider on annual redemption opportunities
Investment trust insider on annual redemption opportunities – James Carthew: Annual redemptions bring more problems than solutions Yearly redemption opportunities turn trusts into cash cows and don’t even keep discounts narrow, as Bellevue Healthcare has learnt. This week’s focus is on annual redemption opportunities. I made it clear earlier this month, when discussing the demise […]
-
12 Aug 2024 1 min read
Investment trust insider on Japan’s sell-off
Investment trust insider on Japan’s sell-off – James Carthew: Surveying the damage from Japan’s savage selloff How does the land lie after Japan’s worst stock market crash since 1987 and as the US approaches its first rate cut, could the tide be set to turn for growth and small caps? Markets have been behaving oddly […]
-
15 Jul 2024 1 min read
Investment trust insider on small caps
Investment trust insider on small caps – James Carthew: The world can’t be mean to small-caps forever The dominance of mega-cap tech stocks has exacerbated the underperformance of smaller company funds, but history suggests this should change. Mean reversion, the tendency for asset prices to return to their long-term average, is a wonderful thing. However, […]
-
15 Apr 2024 2 min read
Land of the rising Nikkei
By James Carthew, QuotedData,15 April 2024: The Nikkei 225, one of the flagship indices used to measure the performance of the Japanese market, hit a new all-time high in February and has carried on climbing since. That is a big deal because the previous high was set in 1989 and was followed by a prolonged […]
-
18 Dec 2023 1 min read
Investment trust insider on 2023
Investment trust insider on 2023 – James Carthew: Dramatic 2023 leaves sector radically different The rationalisation of the sector continues. There has been a flurry of announcements over the past couple of weeks: Abrdn Diversified Income and Growth (ADIG) announced a managed wind down; Triple Point Energy Transition (TENT) declared it will begin an orderly […]
-
03 Oct 2023 1 min read
Concentrated portfolios: 11 funds and trusts favoured by the pros
by Jennifer Hill from interactive investor, 3rd October 2023: As the old adage goes, one must concentrate to build wealth and then diversify to protect wealth. However, the benefits of diversification can diminish rapidly after you reach around 30 stocks. This concept can be traced back to a paper published by Lawrence Fisher and James […]
-
19 Jul 2023 1 min read
The investment trusts trading on a premium that are still worth buying
By Jean-Baptiste Andrieux, Reporter, Trustnet, 19 July 2023: Despite the majority of investment trusts looking cheap, some expensive options are still worth buying, according to experts. Data from Numis Securities shows only 22 close-ended funds are trading on a premium or 6.5% of the Association of Investment Companies (AIC)’s universe. This is less than half […]
-
18 Jul 2023 1 min read
Investment trust insider on Rockwood Strategic
James Carthew: Why Rockwood is rocking the UK small-cap sector Last week I relayed the view of Miton UK Microcap (MINI) fund manager Gervais Williams on the undervaluation of the UK smaller company market, and especially that of the very smallest listed companies. Following this, I caught up with Richard Staveley, manager of Rockwood Strategic […]
-
05 Jul 2023 1 min read
The funds and trusts that can’t be replaced with an ETF
by Sam Benstead from interactive investor, 5 July 2023: When it comes to sales, there has only been one winner in the active versus passive fund battle over the past decade, with the latter cleaning up. In 2007, before the financial crisis struck, the amount held in tracker funds was a mere £29 billion, which […]
-
28 Jun 2023 1 min read
Are activist investors the right managers to tap into Japanese equities?
By Jean-Baptiste Andrieux, Reporter, Trustnet, 28 June 2023: The Tokyo Stock Exchange (TSE) fired a warning shot in late March to firms with a low price-to-book ratio, announcing that they will have to disclose their policies and specific initiatives for improvement, while non-compliers will be named and shamed. A price-to-book ratio below 1x has been […]
-
22 May 2023 1 min read
Investment trust insider on Japan activists
Investment trust insider on Japan activists – James Carthew: Activists in Japan make the future Last week’s big surprise was the announcement of a proposed merger between Abrdn Japan (AJIT) and Nippon Active Value (NAVF). This is by no means a done deal, shareholders of both trusts will need to approve the proposal, and I […]
-
20 Jul 2022 1 min read
Sell-off creates perfect opportunity to buy Japanese funds and trusts
James Crux, Shares Magazine, 14 July 2022: Long-term investors in Japanese shares have endured several false dawns since the country’s Nikkei 225 stock index peaked at above 38,900 points in 1989. At the time of writing, the Nikkei 225 sits at the 26,393 mark, about 15% off its autumn 2021 one-year peak of 30,670 and […]
-
17 May 2022 1 min read
Asian trusts succeeding despite China
James Carthew for Investment Week, 16 May 2022: Most Asian funds have had a tough time recently, dragged down by their Chinese exposure. Government intervention in a range of sectors unnerved investors, but now the country has embarked on a new phase of stringent lockdowns in a bid to maintain its zero-Covid policy. Funds dedicated […]
-
25 Jan 2022 1 min read
Investment trust insider on Japan
Investment trust insider on Japan – James Carthew: It’s not over for Japan growth but activists are unlocking value Last February I looked at Japan investment trusts and suggested that both the growth-oriented JPMorgan Japanese (JFJ) and value activists Nippon Active Value (NAVF) and AVI Japan Opportunity (AJOT) might be attractive. Then we had the […]
-
01 Dec 2021 2 min read
Hidden gems: 12 funds and trusts that deserve the limelight
The shiniest things come in small packages, as we discovered when we asked professional investors to unveil the sub-£300 million funds worth unwrapping. by Jennifer Hill from interactive investor 29th November 2021 Over the past couple of years, there have been various examples of big funds continuing to swell in size amid high demand from investors – […]
-
15 Nov 2021 1 min read
Investment trust insider on US versus UK closed-end funds
Investment trust insider on US versus UK closed-end funds – James Carthew: Higher governance standards help UK beat US in closed-end funds The flood of fresh money streaming into the investment companies sector is incredible. I was chatting to investors, directors and journalists at an event to mark the third anniversary of AVI Japan Opportunities […]
-
22 Jul 2021 1 min read
Japan offers an Olympic-sized opportunity
Going for gold By Michelle McGagh 21 Jul, 2021, Citywire Investment Trust Insider Japan could offer an Olympic-sized opportunity as the undervalued market rides the coat-tails of the global economic recovery. All eyes are turned to Japan this summer as it finally hosts the postponed 2020 Tokyo Olympics. The start of the games – which have only ever […]
-
19 Jul 2021 2 min read
Is it time to invest in Japan?
The Olympic games with no fans might not give it a boost, but its ‘cheap’ companies could prove a runaway success By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, PUBLISHED: 21:51, 17 July 2021 Japan will dominate headlines around the globe for the next three weeks as the Olympic Games kick off this Friday… WHY JAPAN STILL HAS A […]
-
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 […]
-
16 Feb 2021 1 min read
Investment trust insider on Japan
Investment trust insider on Japan – James Carthew: Japan trusts backing internet winners and streamlining cash sinners Last summer I looked at JPMorgan Japanese (JFJ), which was the leading investment trust specialising in the country at the time, and it still is! Fund managers Nicholas Weindling and Miyako Urabe have hit a sweet spot in performance […]
-
25 Feb 2020 1 min read
What does the future hold for investment trust activism?
Lauren Mason for Investment Week What does the future hold for investment trust activism? – QuotedData’s James Carthew shares his views An active year for trust boards According to NAVF’s website, the management team will pursue “multiple activist strategies” including communication with management teams and boards, putting company representatives on the board of investee companies, […]
-
20 Dec 2018 1 min read
2018 new issue review
2018 new issue review – QuotedData’s James Carthew talks to Citywire’s Jen Hill about 2018’s clutch of new issues Investors were given an eclectic mix of opportunities within alternatives, in contrast to recent years when high-yielding propositions drove the vast majority of launches. The return of private equity and private equity like strategies – Augmentum […]
-
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 […]
