Avi Global Share Discussion Threads

[davebowler] 15/4/2021 09:52

Reply from AVI Global re. Porsche -

Callum from Kepler passed on you query about Porsche. Porsche is in our universe and is a company we have followed for a number of years. It is one we have looked at closely of late and is on our watchlist, but we don’t own it at present. This has obviously been disappointing given the share price performance recently. While it looks obvious in hindsight, the roll out of VW’s EV strategy was not so clear until their “Battery Day”, after which the share price of VW (ords and prefs) reacted very quickly. We are watching closely but the VW Ords (which is what Porsche owns) are currently trading at a 25%+ premium to the Pref shares. This could be for any number of reasons (one theory is US investors buying the ADR’s which are linked to the Ords and have a very limited freefloat) but gives us reason for concern on Porsche’s NAV were that premium to return to the long term trend which is much closer to parity.

Any further questions please get in touch.


Kind Regards


Scott Beveridge, CFA

[davebowler] 15/4/2021 09:49

13/4 Net Asset Value -- Debt at market value: 1,070.41 pence

[vacendak] 13/4/2021 10:02

From memory, I think he mentioned the VAG group and owning Porsche through one of those obscure family investment vehicle once last year or so. It was not about EV specifically though, just the old fashioned hidden value through holdings method he employs.

We already have Ferrari through Exor.

[davebowler] 13/4/2021 09:33

I wonder if Joe has looked at Porsche??
There's a powerful case behind it as a 'back door' to Volkswagen shares and therefore a play on the growth in EV car adoption.


XE:PAH3

[arja] 24/3/2021 07:31

thanks for comments vacendak . Not bothered about owning something but just about
making money and CFDs and occasional spreadbet suits me fine but financing charges are a pain if I hold for a while which I tend not to . As a trader it is easier to cut loss quickly and not hang on as paper losses mount when "owning " the shares . But each to his own as they say and not only one way to make money .

[arja] 23/3/2021 07:43

I notice it is not very diversified with 59% in about 8 holdings although PSH is a trust and I hold a small position there though a spreadbet ,

[arja] 23/3/2021 07:40

thanks for interesting link davebowler and I tend to trade this Trust and re-entered at 944 after exiting at about 960 I think . It is a very slow mover but nice long term uptrending chart . Not sure what the following means about 32% discount as is nothing like that ? maybe trusts within trusts ?


AVI Global Trust (AGT)’s NAV gained +2.8% in February. Returns were driven by a combination of underlying NAV growth and
a tightening of the portfolio discount (32% to 31%)

[arja] 17/3/2021 10:37

not sure why AGT has fallen quite a bit today ! wonder what NTA will be later today .

[riverman77] 16/3/2021 16:45

I'd imagine the Japanese holdings would need some patience for value to be unlocked, so may lag broader market in near term, but quite optimistic about this part of the fund overall. At the very least gives some nice diversification.

[vacendak] 16/3/2021 16:39

AJOT has been disappointing for a while now indeed.
So long for the "rotation in value" for this one.
Oh well, I have more money on AGT than AJOT, so I am not going to call for the head of Bauernfreund.

Ironically AJOT is at a (very) mild premium, it has been bobbing up and down but mostly above zero.

Very nice run by AGT with the NAV firmly above £10 a share now.

[davebowler] 16/3/2021 16:29

Its certainly showing better returns than AJOT, I'm glad to say, but I do like the Japan small cash rich companies story that Bauernfreund promotes.On top of that its at a wider discount.

[steve3sandal] 16/3/2021 11:37

That was half the top up not half the holding.

[steve3sandal] 16/3/2021 11:36

Discount closing. Perhaps the results finally being recognised. Recently topped up at 885p which was difficult but 10%discount, selling half at 917p not my best idea.

[davebowler] 16/3/2021 10:20

NAV at the close of business on 12th March 2021 was as follows:

Net Asset Value -- Debt at par value: 1,031.31 pence
Net Asset Value -- Debt at market value: 1,016.51 pence

[davebowler] 15/3/2021 13:04

NAV at the close of business on 11th March 2021 was as follows:

Net Asset Value -- Debt at par value: 1,025.69 pence
Net Asset Value -- Debt at market value: 1,010.92 penc

[davebowler] 02/3/2021 12:54

Liberum update on OCI -one of our holdings-
Oakley Capital Investments

Additional liquidity from CPG refinancing

Mkt Cap £528m | Prem/(disc) -27.9% | Div yield 1.5%

Event

Career Partner Group, OCI's largest portfolio company at 14% of NAV, has completed a refinancing as a result of continued strong performance and cash generation. Career Partner Group achieved record student intake during the last 12 months and has been one of the key drivers of OCI's 18% NAV growth in 2020.

OCI's share of the proceeds via Fund III will be £28m and will result in liquid resources available for deployment of £197m.

Liberum view

Career Partner Group is the largest and fastest growing private university group in Germany. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term.


Following the transaction, OCI will have a cash balance of c.£197m (c.27% of NAV). This leaves the company well placed to capitalise on opportunities arising as a result of Covid-19 and we expect cash deployment to pick up over the next 12-18 months. Despite being the one of the best performing fund its its peer group over the last five years, generating a 17% CAGR, OCI continues to trade on the widest discount in the sector (ex-funds in realisation) at c.28%. We regard this as highly attractive given the manager's track record and the NAV growth potential of the fund.

[arja] 22/2/2021 09:18

AGT really hit in last few days but not alone and even TEM is well down, Start to wonder if more downside to come !

[davebowler] 17/2/2021 10:28

Latest update -

[arja] 17/2/2021 09:59

I notice it is quoted in $US on my level 2 with IG which seems odd although occasionally happens . I use a CFD to trade but how does that affect those who actually buy the shares with the broker ?

[arja] 17/2/2021 09:53

I notice TPOU has a lovely uptrending chart and almost a NOR situation as quite a lot of these trusts are . But why is there no latest NAV shown on ADVFN rambutan as nice to check the % discount ?

[rambutan2] 16/2/2021 23:08

One I share with AGT is Third Point (TPOU), which has performed very well as the nav rises and the discount shrinks over the last year.