Avi Global Share Discussion Threads

[vacendak] 26/10/2021 18:01

Now that the NAV is above 1,100 the ticks up look bigger and bigger. A +11p change is "only" 1% now. :)

Still some way behind more generic "globals" over 10 years like FCIT (Foreign & Colonial) and WTAN (Witan) and only closing on FCIT at 5Y. That being said, AGT has done very well over the past three years indeed, so kudos to the manager.

[steve3sandal] 26/10/2021 16:59

25/10, and now 1139.58 pence. Having bought all the way up, I failed to top up when they were 9 something. I’m doubting I will have another such chance. Bravo Joe B, he has made a big difference over the past few years.

[davebowler] 26/10/2021 09:20

22/10 Net Asset Value -- Debt at market value: 1,127.89 pence

[marktime1231] 21/10/2021 19:27

A splendid year. The headline discount slightly narrower but the underlying holdings at a slightly wider discount ... outlook for more of the same or does the macro backdrop change prospects? Happy to be fully invested here hoping "value" will win.

Not quite 4 million shares bought back into Treasury over the year. Is that money well spent, is it making a difference to the dividend or the NAV or the discount?

A 10 for 1 split to increase trading volume?

[vacendak] 21/10/2021 17:36

There could be talks of a share split soon, we seem to have cleared the £10 milestone for good. BNKR had one back in March and WTAN in 2019.

[biggest bill] 21/10/2021 16:38

The monthly report for September is out.

[biggest bill] 20/10/2021 11:33

The Kepler note is now available on the Avi global site without the need to register.

[davebowler] 20/9/2021 16:22

For those interested -

[davebowler] 16/9/2021 17:20

www.ajot.co.uk/content/uploads/2021/09/AJOT-AUG-2021.pdf

[davebowler] 16/9/2021 17:18

Net Asset Value -- Debt at market value: 1,088.22 pence

[davebowler] 16/9/2021 17:16

Eye popping bargains in AJOT (But I hold AGT as a proxy) www.ajot.co.uk/content/uploads/2021/09/AJOT-AUG-2021.pdf
[...]

[vacendak] 14/9/2021 17:44

Indeed, last year or so, I went through the actual top holdings of AJOT and AGT's "Japanese basket" and found that all but two or three were the same.
No shame in that, same manager, likely same team of Japan experts.

Thus, with a high correlation, the "basket" should pull AGT up too.

[davebowler] 14/9/2021 17:00

I see that AJOT has taken off (at last) and is trading very close to NAV -
AVI JAPAN OPPORTUNITY TRUST PLC

It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Japan Opportunity Trust plc, an investment trust managed by Asset Value Investors
Limited, at the close of business on 13 September 2021 was as follows: Net Asset Value: 123.88 pence


Hopefully we should get a knock on effect!

[vacendak] 07/9/2021 17:01

Buy backs/treasury shares lower the amount of shares on the market (theoretically pushing the price up), they are not entitled to earnings or dividend, so the EPS and yield go up, indirectly enticing people/algos to buy them.

The amount does not really matter, it is always positive when the discount is beyond a given threshold, most IT companies ask for the authorisation to buy back when the discount goes beyond 10% (depending on the type of course, EM and PE tend to have larker discounts and do not bother much with it).

AVI and Bauernfreund have been very vocal of late, they show up for interviews in many publications/websites pretty regularly, selling AJOT mostly. So people should be aware of them. One can lead a horse to water...

[marktime1231] 07/9/2021 15:49

I just wonder what is the thinking within the Empire team, a long standing policy but such small purchases don't seem to narrow the discount or would it be even wider otherwise. Could not the cash be put to better use, like paying a more attractive yield or by investing in the pursuit of capital growth? And indeed why not cancel the shares if the chance of a sustained premium opportunity is so remote, or is that becoming a real prospect again if we hang on for long enough?

Not really complaining at the management team who seem to have got things pretty well positioned, just frustrated that we can see the embedded value and it does get featured by commentators so why is AGT not in higher demand.

[steve3sandal] 07/9/2021 14:45

Perhaps a good way to narrow that discount would be to cancel shares held in Treasury. There may be a few of us that like accumulating at the discount who would reduce holdings if it got sub 4/5%. I’ll go first….probably guilty, though I do value the discount on discount and manager’s process so I’d always have a large holding here.

[vacendak] 07/9/2021 13:37

The last time AGT/BTEM traded at a premium was in 2005 or thereaouts according to an interview with Joe Bauernfreund I vaguely remember.
It had him saying that at the time the assets were still at a small discount. It must have been hard to do "value" back then I suppose.

So, it can happen, whether it will any time soon, and then for long enough to offload the humungous overhang, remains of course an open question.

The summer before the plague, FCIT (Foreign & Colonial) traded at a small premium on and off for a couple of weeks. They managed to release a - very - small amount of treasury shares. If it can happen to a generic/global whale like FCIT, anything is possible.

[marktime1231] 07/9/2021 12:46

I notice AGT has been slowly buying a few of its shares into Treasury, now quite an accumulation around 12.5 million so around 10% of NAV. The discount never seems to close though, so what is the end game? Unlikely to see a chance to issue them back out at a premium, so ... just an exercise to concentrate value in the circulating stock?

Nice to see £10 again, and NAV progressing after a dull patch. Presumably still massive discounted value in the underlying holdings.

[vacendak] 06/9/2021 17:43

£10.00 at close, now this is a nice round number.

[davebowler] 27/8/2021 13:58

Corporate governance discussed but Jupiter fund manager's view of Japan is that its a coiled spring.

[biggest bill] 18/8/2021 09:12

The monthly news letter for July is out.

[davebowler] 16/8/2021 16:46

13th August 2021

Net Asset Value -- Debt at par value: 1,088.15 pence
Net Asset Value -- Debt at market value: 1,071.64 pence