Plenty to do

AVI Global Trust (AGT) is celebrating a recent success after securing an improved bid for what was its largest holding, Toyota Industries. This has freed up cash for redeployment into new opportunities just as markets have tumbled in response to the war with Iran. The manager, Asset Value Investors (AVI), remains upbeat about AGT’s prospects. It says that Japanese companies are more open to engagement, has identified a number of targets in Korea (where the government is putting pressure on undervalued companies to address their corporate governance failings), and is making progress with engagement efforts with UK-listed investment companies.

Investors may be nervous and markets volatile, but AGT’s potential to unlock value from its portfolio is undiminished.

Extracting value from discounted opportunities

AGT aims to achieve capital growth through a focused portfolio of investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value. It invests in quality assets held through unconventional structures that tend to attract discounts; these types of companies include holding companies, closed-end funds, and asset-backed special situations.

Fund profile

Holding companies, closed-end funds, and asset-backed special situations

AGT aims to achieve capital growth through a focused portfolio of investments in companies whose shares stand at a discount to estimated underlying net asset value. It invests in quality assets held through unconventional structures that tend to attract discounts; these types of companies include family-controlled holding companies, closed-end funds, and asset-backed special situations such as asset-rich Japanese companies.

Hear about the fund

For performance measurement purposes, AGT compares itself to the MSCI All Country World Total Return Index, expressed in sterling terms, but the performance benchmark has no influence over portfolio construction and the trust’s active share is always likely to be close to 100%.

AGT’s AIFM is Asset Value Investors (AVI), which was established in 1985, when the trust’s current approach to investment was adopted. At that time, AGT had assets of just £6m and was known as the British Empire Securities and General Trust, later shortened to British Empire Trust. The trust adopted its current name on 24 May 2019.

Market backdrop

Early in 2025, AI-related stocks sold off after the release of DeepSeek’s latest model raised concerns over stretched valuations. In April, this gave way to a broader market downturn following Trump’s tariff announcements on “Liberation Day”. However, equity markets then recovered their poise, climbing fairly steadily until the outbreak of war between Israel, the USA, and Iran.

Figure 1 :MSCI ACWI (in Sterling)

Figure 2: S&P 500 relative to MSCI ACWI

Within these numbers, another trend has been the underperformance of US equities relative to the global market. Figure 2 shows that this began in January, around the time of DeepSeek, perhaps as investors grew concerned that they had too big a bet on the success of the AI-related US mega-cap stocks.

The Iranian war looks likely to have far-reaching implications for energy prices, inflation, and interest rates. That is reflected by recent falls in equity markets.

Figure 3: Sterling performance of selected MSCI indices since the outbreak of war with Iran on 28 February 2026

Japan and Korea, which are an important part of AGT’s portfolio, have been importing most of their oil from the Middle East. As Figure 3 shows, they have been amongst the worst-hit markets since the outbreak of war.

Investment companies’ discounts had been narrowing, encouraged by activism including AVI’s engagement with various private equity trusts. However, in recent weeks, investor unease about falling markets and an uncertain outlook have put that into reverse.

Figure 4: Median discount all investment companies

AGT’s weighted average discount on the underlying portfolio is towards the bottom end of its range

Within AGT’s portfolio, the managers have been recycling cash from successful investments into new opportunities, helping to keep the weighted average discount on the underlying portfolio towards the bottom end of its range.

Figure 5: Weighted average discount on AGT’s underlying portfolio

Korea

AGT’s exposure to Korea has risen from 3% of the portfolio last June to 17% at the end of February

The most notable change between AGT’s portfolio today and that of 30 June 2025 (the data that we used when we last published on the company) is a separately disclosed significant position in Korea. Exposure to the country has increased from 3% of the portfolio to 17% at the end of February 2026.

Macroeconomics

Figure 6: Korea Composite Stock Price Index (KOSPI)

In our last note, we dedicated a section to the potential opportunity in Korea. The manager believes the market is undergoing a multi-year re-rating, driven by sweeping corporate governance reforms.

The Korean government is promoting corporate governance improvements as a way of building household wealth

The push for reform is coming from the relatively new (elected last June) government of President Lee Jae Myung, which is keen to build household wealth and redirect savings from the property market into equities. The aim is to improve housing affordability and, in turn, make it easier for people to afford to have children and improve a birth rate which is currently at record lows.

Reforms enacted under Korea’s “value-up” initiative to date include a law making it a legal duty for directors to consider the interests of all shareholders, mandating the cancellation of all treasury shares, and introducing tax incentives to encourage higher dividends.

September will see the introduction of mandatory cumulative voting. This is designed to make it easier for minority investors to get their nominees elected to a board. Under the current system, an investor who holds 1,000 shares voting on four directors would cast 1,000 votes on each resolution. Under cumulative voting, votes can be concentrated allowing all 4,000 to be cast for a single candidate and none for any of the other nominees. The reform also strengthens audit committee independence. Rather than being appointed by the board, at least two members must be elected separately by shareholders and no one shareholder can cast more than 3% of the company’s votes.

About 40% of Korean companies are trading at less than 0.5x book

AVI also highlights the Anti-Stock Price Suppression Act, which is designed to address distortions related to Korea’s inheritance tax regime. A majority of Korean companies are controlled by families or a single shareholder, and high death duties have created an incentive to keep share prices artificially low. Even after the strong run of returns evident in Figure 6, at the end of February about two thirds of Korean companies were trading below book value, and around 40% below 0.5x book. Currently, for inheritance tax purposes, unlisted companies are valued using a blend of asset value and net income and listed ones on the four-month average market price. The proposed legislation will introduce a minimum valuation for listed companies of either 0.8x or 1.0x book, depending on the final bill, reducing the incentive to massage share prices lower than this.

There is also a suggestion that companies trading below book value may have to publish plans to improve their valuation.

So far, around 200 of Korea’s 2,800 listed companies have voluntarily published a value-up plan. However, AVI feels that the quality of these is low, and mostly boilerplate. If the government passes a law to make these mandatory and regulates their contents, AVI believes that this could have a material impact.

Japan

AVI is as excited about the opportunity in Japan as it has ever been

AVI says it is as excited about the opportunity in Japan as it has ever been. There are two main reasons for this: the new government’s pro-growth policies, and an increased willingness by companies to embrace corporate governance reform.

Macroeconomics

Sanae Takaichi became Prime Minister in October 2025 and cemented her position with a decisive victory in a general election on 8 February 2026. Her government is pursuing a pro-growth agenda, but high levels of government debt and a weak yen are making its j ob more difficult. After decades of low to no inflation, the inflation rate has risen and remained elevated for some time. Whilst companies were once reluctant to raise prices, AVI says that this has changed and is feeding through into profitability.

Figure 7: Tokyo Stock Price Index (TOPIX)

Japanese companies are much more open to AVI’s engagement efforts

Importantly for AGT, AVI says that Japanese companies are much more open to AVI’s engagement efforts than they have been previously. Access to directors and management teams has improved, and companies are increasingly willing to consider raising dividend pay-out ratios and implementing share buy backs. AVI has noticed that more activists are following the AVI model of suggesting concrete improvements to businesses, designed to unlock value and improve ROIC. This includes measures to divest low-return divisions, cut cash piles, sell off surplus real estate, and unwind cross-shareholdings.

Asset allocation

At the end of February 2026, there were 37 holdings in AGT’s portfolio.

AGT’s asset allocation is driven by the manager’s stock selection decisions and market moves. As discussed above, since we last published, using data from June 2025, AGT’s exposure to Korea has risen from 3% to 17%. This appears to have been funded by a reduction in European exposure from 39% to 25%. The portfolio breakdown in Figure 9 now shows Korea as a separate category, while the weighting in holding companies has fallen from 48% to 31%.

Figure 8: AGT geographic breakdown as at 28 February 2026

Figure 9: AGT look-through portfolio exposure as at 28 February 2026

Recent activism

HarbourVest Private Equity

Figure 10: HarbourVest Private Equity (GBp)

HarbourVest Private Equity (HVPE) is trading on a 29.9% discount. As part of a package of measures introduced by the HVPE board, the company will hold a continuation vote at its AGM in July 2026. AVI says that it has had a constructive dialogue with the chairman and manager.

In January, AVI published an open letter to HVPE’s board in which it called for one of the following:

• An end to new investments until the discount had averaged less than 15% for a year (by our reckoning, HVPE has never achieved this), and in the meantime:
  • cash proceeds from distributions to be applied 70:30 to paying down the RCF and redeeming shares at NAV;
  • once the RCF had been paid down, 100% of free cash flow to be applied to redeeming shares at NAV; and
  • secondary sales of investments to free up cash to accelerate the above plan.
• Investors to be given a choice of whether to participate in a managed run-off of the portfolio under which no new investments would be permitted. Investors would be able to choose between a continuation or resolution share class.
• The board to run a formal sales process for the company or its portfolio.

Chrysalis

We discussed Chrysalis (CHRY) in our last AGT note. After analysing CHRY in some detail, AGT initiated a holding early in 2024, when CHRY was trading on a discount of about 50% to an NAV that was about 40% below its 2021 peak. Over time, AVI built up a stake of about 18%, becoming CHRY’s largest shareholder. Most of this is held in AGT, but this is also a position in some other funds it manages.

Believing that CHRY’s track record did not justify its making any new investments, AVI engaged with the board and helped steer it towards the recent proposals for a managed wind-down of the company, which were approved by shareholders at an EGM held on 24 March 2026.

Figure 11: Chrysalis (GBp)

So far, the proposals have had little impact on CHRY’s rating, with the shares trading on a 50% discount once again. AVI attributes this to various factors, including a public falling out between CHRY’s managers and its board, after the board served notice on Chrysalis Investment Partners (CIP), as well as market weakness in stocks seen as vulnerable to agentic AI (although AVI does not believe this to be relevant to CHRY’s portfolio). While AVI can see the value in CIP’s continued involvement in some capacity, it nominated Sam Dobbyn to CHRY’s board on the basis that he had relevant experience of winding down a similar company a similar company, Allied Minds, and would also be happy for him to take charge of the process.

CHRY’s lock up on its stake in Klarna has now expired, creating the potential to realise cash. However, the stock is also trading close to an all-time low and at roughly a quarter of its IPO price (the CIP team had felt that Klarna’s IPO price was too low). AVI also suggests that CHRY could look to sell its stake in Smart Pension particularly given the ongoing consolidation in that sector (it references the recent sale of Cushon by NatWest to Willis Towers Watson by way of example).

Top 10

Figure 12: 10 largest holdings at 28 February 2026

AGT’s current top 10 is presented above. Compared to the data used in our last note, there have been four new entrants: Toyota Industries (AGT’s largest holding), Jardine Matheson, Mitsubishi Logistics, and Samsung C&T. They replaced Gerresheimer AG, Oakley Capital Investments, Partners Group Private Equity, and Aker.

Looking at some of these in more detail:

Toyota Industries

Figure 13: Toyota Industries (JPY)

Toyota Industries (toyota-industries.com) was discussed in our last note as the subject of a bid from a special-purpose vehicle backed by funding from Toyoda Fudosan, Toyota Motor Corporation, and Akio Toyoda. The initial offer was JPY16,300 per share, which AVI felt materially undervalued the company. AGT already had a position but increased its stake following the bid as AVI was convinced that pressure would be put on the company to improve the offer terms, and at worst, its downside was capped.

Following pressure from another activist investor, Elliott, the latest bid equates to about book value, which AVI feels is probably still too cheap for a company of this quality, but is a reasonable result. AVI felt that, had the lowball offer been accepted, such an abuse of minority shareholders would have represented a big step backwards for corporate governance in Japan.

While it was the largest holding at the end of February, AGT received cash for its stake early in March. This left it with a net cash position of about 3% just ahead of the Iran-war-related selloff in markets.

D’Ieteren

Figure 14: D’Ieteren (EUR)

D’Ieteren (dieterengroup.com) is a Belgian holding company whose principal asset is a 50.01% stake in Belron (belron.com), a windscreen replacement and repair business (trading as Autoglass in the UK). AVI observes that this is a resilient business both economically and operationally. We discussed it in our December 2024 note, when the near-term attraction was the dislocation in the share price associated with a large special dividend. Today, AVI feels sees potential for a corporate action that could trigger a re-rating. Clayton Dublier & Rice bought a 40% stake in Belron in 2018 and in 2021 sold down half of that to a consortium of Hellman & Friedman, GIC and BlackRock.

D’Ieteren is said to have engaged Rothschild & Co to explore strategic options for its Belron stake, and there is talk of an IPO later this year.

Jardine Matheson

Figure 15: Jardine Matheson (USD)

Jardine Matheson (jardines.com) is a stock that has been in and out of AGT’s portfolio over many years. Today, AVI believes that the attraction is a real change in the way that the company is managed. It says that there has been a shift from a centralised management model to a more devolved one, with Jardine Matheson taking on more of the characteristics of a holding company. Significant investments include Astra International (astra.co.id), an Indonesian conglomerate that is also Southeast Asia’s largest automotive business, Hongkong Land (hkland.com), DFI Retail (dfiretailgroup.com), and Mandarin Oriental (mandarinoriental.com) the hotel business.

AVI feels that the individual portfolio companies are better run as a result of the structural changes. Non-core assets such as surplus real estate and minority equity positions are being sold to leave a leaner, more focused operation at the holding company level with more of an emphasis on return on investment. That, in turn, has helped improve Jardine Matheson’s rating, narrowing the discount to its intrinsic value. AVI thinks that there is more to go for, and has been taking advantage of recent volatility to add to the position.

Mitsubishi Logistics

Figure 16: Mitsubishi Logistics (JPY)

Mitsubishi Logistics (mitsubishi-logistics.co.jp) is one of the major logistics distribution companies in Japan. AVI thinks that the operational side of the business is well-run. However, it comes with some sizeable real estate that includes both the logistics and distribution warehouses from which it operates, and a separate real estate investment portfolio.

The properties tend not to be revalued in the company’s accounts, so AVI has done a lot of work, with the aid of third-party valuers, to come up with its estimate of their true value. The upshot is that it believes that the real estate assets and the company’s investment securities are worth more than the entire market cap of Mitsubishi Logistics. AVI has been engaging with the company with a view to helping it unlock that value, perhaps spinning off the property into a JREIT, for example.

AVI controls about 4.7% of the company across the various funds that it manages (AVI Japan Opportunities Trust also has a stake, one of very few now that overlap with AGT).

AVI says that there is a similar situation with undervalued property at Tokyo Gas, which is another AGT holding.

Samsung C&T

Figure 17: Samsung C&T (KRW)

Samsung C&T (samsungcnt.com) was the original company in the Samsung chaebol. Its business is organised in four divisions: engineering & construction, trading & investment, fashion, and resort. However, it is also the holding company through which the Lee family controls the wider Samsung Group. In particular, it has stakes in Samsung Electronics and Samsung Biologics, which are both listed companies. AVI says that Samsung C&T’s shares are trading on about a 59% discount to their assessment of intrinsic value.

Part of the attraction for AVI is that these are high-quality businesses. Samsung Biologics is a leading (by biomanufacturing capacity) global contract development and manufacturing organisation (CDMO) for biopharmaceuticals. It delivered 30% revenue and 50% EBITDA growth in 2025. Samsung Electronics generated a 33% uplift in EPS over 2025, helped by strong results within its memory division. Thanks to AI-related capex, demand for memory chips is expected to exceed supply, which in turn should continue to drive revenue growth. Samsung’s new HBM4 (high bandwidth memory) chips are helping it to build market share, taking on SK Hynix, the dominant player in the space.

When it made its investment, AVI based its decision in part on a belief that Samsung’s technology could catch SK Hynix, and that would boost the attraction of Samsung C&T.

AVI says that C&T has made some shareholder-friendly moves, such as Samsung Biologics spinning out its Samsung Bioepis biosimilars business (the biopharmaceuticals equivalent of generic drugs). The belief was that Samsung Biologics would attract a higher valuation as a purer-play CDMO company.

It is also notable that members of the Lee family appear to be increasing their stakes in Samsung C&T. However, AVI still feels that there is more that Samsung C&T could be doing to boost its share price, raising the dividend pay-out ratio from its current c.20% level, for example.

Other holdings

Youngone Holdings/Youngone Corporation

Figure 18: Youngone Corporation (KRW)

Youngone Corporation (youngonecorporation.com), spun out of Youngone Holdings in 2009, is one of the top three premium garment manufacturers globally, specialising in outerwear. Its clients include premium global brands such as Arcteryx, Patagonia, The North Face, and Lululemon, and these tend to give the company one-to-three-year contracts. Manufacturing facilities are distributed worldwide.

AVI views it as a high-quality company; however, it trades on about 5x EV/forward EBIT, a significant discount to peers which tend to trade on multiples closer to three times that level. Youngone Corporation also has a portfolio of real estate and net cash of about 35% of its market cap.

AVI has been engaging with the holding company with the aim of improving board diversity, tackling what it thinks is an overly generous remuneration structure, and finding ways to improve ROIC.

Even at Youngone Corporation’s depressed share price, Youngone Holdings trades on a 35% discount to AVI’s assessment of the value of its assets.

Hyosung Corporation

Figure 19: Hyosung Corporation (KRW)

Hyosung Corporation (hyosung.com) is a family holding company that AVI believes trades on about a 77% discount to intrinsic value. Its stake in Hyosung Heavy Industries (hyosungheavyindustries.com) alone is worth three times Hyosung Corporation’s market cap.

Hyosung Heavy Industries is a global leader in the power systems market – the elements that are needed for a functioning power grid, such as transformers, switchgears, and voltage converters. It also provides solutions for customers looking to build/upgrade grids or install renewables and energy storage solutions, for example. This is a growing market as ageing power grids across the globe are being upgraded to cope with more widely distributed, more intermittent renewable power and the increased demand for power associated with the boom in AI. Part of the attraction for AVI is that it is the only Korean player in this market that already has manufacturing facilities in the US. This works in its favour when it comes to winning US business.

The company also has a residential construction division, which is growing more slowly. AVI expects that the company will slowly exit from this business to offer pureplay exposure to the power grid transformation theme.

AGT has additional exposure to the power grid market through a holding in HD Hyundai, a holding company that has a position in HD Hyundai Electric.

Kyocera

Figure 20: Kyocera (JPY)

Kyocera (kyocera.com), which AGT first invested into in 2023, is a conglomerate that AVI has long felt is overly complex. Historically rooted in ceramics, the business now spans a wide range of products range from ceramic kitchen knives to semiconductor packaging.

AVI feels that some of Kyocera’s businesses are market-leading; the semiconductor business has a 50% global market share, for example. Kyocera also owns a stake in KDDI, which is a listed Japanese telecoms company. Back in 2023, the stake in KDDI accounted for about 60% of Kyocera’s market cap.

Following engagement with AVI and others, Kyocera has agreed to sell down a third of its KDDI stake and return capital to shareholders. The CEO has been changed, and the company is reviewing its portfolio of businesses.

Performance

Figure 21: AGT NAV total return performance versus objective over five years ending 31 March 2026

AGT may have lagged the two comparative indices in Figure 21 in recent years, but as Figure 22 shows, its returns still look respectable relative to peers. As we discussed earlier in the note (see page 3 onwards), macroeconomic influences have caused market volatility, most recently the impact of the war in Iran. AGT’s investment approach means that it is unlikely to track indices over the short-term. However, the five-year figures demonstrate decent long-term performance, and the wide weighted average discount on the underlying portfolio that is illustrated in Figure 5 on page 5, along with the individual stock stories, suggest there is the potential for further good returns.

Figure 22: Total return cumulative performance over various time periods to 31 March 2026

Premium/discount

Over the 12-month period ended 31 March 2026, AGT’s share price discount to NAV has moved between a range of 11.1% to 5.5% and averaged 8.0%. As of 6 April 2026, the company’s discount was 8.9%.

Figure 23: AGT premium/discount over five years to end March 2026

AGT’s discount has been on a broad narrowing trend in recent years and has been consistently in single figures since the end of May 2025. AGT’s board continues to manage its discount via share buybacks during periods when it is deemed that the discount is too wide and when the board believes that buying back shares is in the best interests of shareholders. Since we last published, AGT has repurchased over 15.0m shares.

Capital structure

Simple capital structure

As of 1 April 2026, AGT had 424,479,755 ordinary shares in issue, of which 21,873,084 shares are held in treasury. The number of total voting rights is 402,606,671. There are no other classes of share capital.

AGT does not have a fixed life. Its financial year end is 30 September, and its AGMs are usually held in December.

Fees and costs

The investment manager is entitled to an annual management fee of 0.70% of the first £1bn of AGT’s net assets and 0.60% of any net assets above £1bn.

The investment management agreement can be terminated on six months’ notice.

A breakdown of directors’ fees is shown below. For the year ended 30 September 2025, the only other expenses of note were marketing expenses of £514,000 (FY24: 605,000), and advisory and professional fees of £537,000 (FY24: £487,000).

The ongoing charges ratio (based on the trust’s own running costs) for the year ended 30 September 2025 was 0.85%, down from 0.87% for the prior year.

Gearing

As at 30 September 2025, AGT had non-current liabilities valued at £161.3m. These are made up of six different unsecured loan notes, denominated in Sterling, euros, and yen, and with maturity dates between 2032 and 2039. The coupons on the yen debt are as low as 1.38%, whereas the coupon on the Sterling debt is 4.184%.

At 28 February 2026, net gearing, with debt at fair value, was 4.7%.

Board

AGT has five directors, all of whom are non-executive, independent of the manager and do not sit together on other boards.

Calum Thomson is the longest-serving director. He plans to retire at the AGM in December 2026, whereupon Anja Balfour will take over as the senior independent director. A new director will be recruited later this year.

Figure 24: Directors’ length of service, fees, and shareholding

Graham Kitchen

Graham has over 25 years’ experience as an investment manager at Invesco, Threadneedle and, until March 2018, Janus Henderson, where he was global head of equities. He was previously chair of the Investment Committee for the Cancer Research Pension Fund, member of the investment committee of Independent Age and chairman of Invesco Select Trust Plc and Perpetual Asset Management UK Limited. Graham held the position of interim global head of investment strategy at Perpetual Group until March 2024. He is a non-executive director and senior independent director of The Mercantile Investment Trust Plc, and a non-executive director of TR Property Investment Trust Plc and Places for People.

Calum Thomson

Calum is a qualified accountant with over 30 years’ experience in the financial services industry, including 21 years as audit partner at Deloitte LLP, specialising in the asset management sector. He has wide ranging experience in auditing companies in the asset management sector, and latterly as a non-executive director and audit committee chairman.

Calum is a non-executive director and audit committee chairman of Diverse Income Trust Plc, The Bank of London and The Middle East Plc, Ghana International Bank Plc, Patria Private Equity Trust Plc, and TPT Retirement Solutions Ltd. He is a non-executive director of Schroder Unit Trusts Limited and Schroder Pension Management Limited. Calum is also chairman of The Tarbat Historic Trust (a Pictish museum) and a trustee of Suffolk Wildlife Trust.

Anja Balfour

Anja has over 20 years’ experience in managing Japanese and international equity portfolios for Stewart Ivory, Baillie Gifford and Axa Framlington.

She is a non-executive director of Scottish Friendly Assurance Society and was previously chairman of Schroder Japan Growth Fund Plc, a trustee of Venture Scotland, a member of the Finance and Corporate Services Committee of Carnegie UK Trust and a non-executive director of Martin Currie Asia Unconstrained Trust Plc.

Neil Galloway

Currently based in London, Neil has spent most of his career working in Asia, but also has experience in the Americas, Europe, and the Middle East. Following a successful banking career, he has held senior finance and management roles, almost entirely with or for family-controlled companies, overseeing finance, treasury, risk management, legal, IT, projects, and business development, with experience in significant business transformation programmes in large and complex businesses.

Neil is a non-executive director of The Merchants Trust Plc, and was previously CFO of Pepco Group N.V., executive vice president of IWG Plc and an executive director and CFO of DFI Retail Group Holdings Limited based in Hong Kong (the Jardine Matheson subsidiary mentioned on page 10). His industry experience spans banking, hospitality, retail (mass market, luxury, and franchise operations), real estate and services industries.

June Jessop

June was previously senior business manager at Stewart Investors and a member of the EMEA Management Committee of First Sentier Investors (of which Stewart Investors is a sub-brand).

She spent 30 years in financial services, gaining broad experience in portfolio management, client relationship, business development and, latterly, general management roles. June has been an investment manager for institutions, charities, and private clients.

June is a non-executive director of Aberforth Geared Value and Income Trust Plc.

SWOT analysis

Figure 25: SWOT analysis for AGT

Bull vs. bear case

Figure 26: Bull vs. bear case for AGT

Previous publications

Readers interested in further information about AGT may wish to read our previous notes listed below. You can read them by clicking on the links in Figure 27 or by visiting our website.

Figure 27: QuotedData’s previously published notes on AGT

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