Avi Global Share Discussion Threads

[davebowler] 07/7/2023 17:23

AVI showing its teeth-

[davebowler] 06/7/2023 09:17

AJOT -
Also Pershing

[riverman77] 16/6/2023 11:23

Hopefully, was never keen on this position so good if they've cut their losses and moved on.

[vacendak] 16/6/2023 11:11

A bit behind in my reading.
This is from the latest HY23:

"Third Point Investors
(Discount: 21.2%/Contribution: -0.53%)
Third Point Investors (‘TPOU’) materially underperformed with its NAV
falling by -4% versus +16% and +18% gains for the S&P 500 and MSCI
AC World indices respectively. A widening discount (from 17% to 20%)
compounded matters and resulted in a share price decline of -8%.
While the credit book was a solid contributor to returns, woeful
underperformance on both the long and short equity strategies more
than offset this with mark-downs in the VC portfolio adding to the pain.
AGT also owns a direct position in the Third Point Offshore Master Fund
that underlies TPOU. This was acquired as a result of our participation
in an exchange facility offered to TPOU shareholders in early 2022, that
allowed qualifying shareholders to exchange a portion of their TPOU
shareholding for shares in the Master Fund at a 2% discount to NAV.
This saw 43% of our position exchanged for shares in the Master Fund,
and we have since redeemed this holding at the maximum permissible
rate and will have exited entirely by the end of June 23."

Does it mean we have given up on TPOU?

There was a mighty battle last year or so to impose an independent director or two.
Maye be Joe Bauernfreund has had enough! :)

[peckers56] 05/6/2023 10:33

You need to add /a2418352 to the end of the link to make it work.

[1nf3rn0] 02/6/2023 17:12

Underwhelming 12 month performance here, underperforming against the Japan index trackers which have been in an uptrend over the period and are now at a 12 month high, whereas AVI has been essentially flat.

[davebowler] 02/6/2023 16:11

hTTps://www.morningstar.co.uk/uk/news/235646/japan-opportunities-in-a-booming-market.aspx?

[davebowler] 20/5/2023 20:50

Back?Financial TimesFinancial Times US20 May 2023Buttons.SearchOptionsFinanceJapan gets its swag­ger backWeekend F.T. -Act­iv­ists have their momentThe 500 or so inter­na­tional investors expec­ted to attend next week's CLSA event will be given a num­ber of good reas­ons to hope that - in the con­text of Japan­ese stocks at least - the sun will keep rising in a way it has not for more than three dec­ades.Large funds, such as Elli­ott and Cit­adel, have said since the start of the year that they are either open­ing offices in Tokyo or expand­ing their cov­er­age of Japan at home.An April visit to Tokyo by War­ren Buf­fett intens­i­fied global investor focus on Japan. Berkshire Hath­away's invest­ments in five Japan­ese stocks make Tokyo its largest mar­ket des­tin­a­tion out­side the US. At the fund's May 6 annual meet­ing, Buf­fett reas­sured his audi­ence he was "not done" with his search for more investable tar­gets there.One reason for why investor interest has so strongly revived is that man­age­ments in Japan are now under unam­bigu­ous and unavoid­able pres­sure to engage with share­hold­ers in a way they were not before.This year the newly installed head of JPX, the group which owns the Tokyo Stock Exchange, out­lined a decis­ive shift in stance. Hir­omi Yamaji pub­licly rued the fact that more than half of TSE stocks were trad­ing below their book value. He sug­ges­ted that the exchange would sup­port mech­an­isms that would cajole com­pan­ies into improv­ing cor­por­ate value, reward­ing share­hold­ers and pay­ing greater atten­tion to their cost of cap­ital - three changes investors had largely given up hope of see­ing.Mas­ashi Akutsu, chief Japan equity strategist of Bank of Amer­ica, believes that by pick­ing on low price-to-book, Yamaji had in effect cre­ated a form­al­ised met­ric of shame for man­age­ments to live in fear of."Investors are ask­ing me whether the TSE's plan will work without pun­ish­ment and I say yes, it will. When the cor­por­ate gov­ernance code was intro­duced in 2015 it was a time of defla­tion and com­pan­ies had little motiv­a­tion to dra­mat­ic­ally change their beha­viour. This time the eco­nomic situ­ation is dif­fer­ent," he says, not­ing how rad­ic­ally the return of infla­tion to Japan after such a long absence had shif­ted the scenery.At the same time, share­holder act­iv­ism has also evolved to sit more com­fort­ably in the main­stream of Japan invest­ment. The num­ber of act­iv­ist funds in the coun­try has risen from under 10 in 2014 to nearly 70 this year. Between 2015 and 2022, notes Masatoshi Kiku­chi, chief equity strategist at Mizuho Secur­it­ies, the num­ber of share­holder pro­pos­als sub­mit­ted by act­iv­ists in Japan rose from below five to nearly 60.

[davebowler] 17/5/2023 09:20

15/5/23 Net Asset Value -- Debt at fair value: 213.76 pence

[riverman77] 11/5/2023 13:51

They've taken a new position in News Corp - sounded a bit bizarre to me when I first heard this, but the rationale sounds logical enough.

[davebowler] 10/5/2023 10:00

OCI is at an all time high I see yet still well below its NAV.

[davebowler] 19/4/2023 14:19

htTPs://www.assetvalueinvestors.com/agt/content/uploads/2023/04/AGT-March-2023.pdf

[davebowler] 06/4/2023 12:24

hTTps://www.trustintelligence.co.uk/articles/fund-profile-avi-global-apr-2023

[vacendak] 07/3/2023 09:25

I started to put a bit into Japan directly some years ago, mostly with AJOT and of course still indirectly with AGT.
Japan is not doing badly but it has not been roaring either, despite all the talks of being undervalued for years or decade. Of course, the day I give up and sell I know AJOT and the rest will shot up 20% within days, so I hold. :)

[davebowler] 07/3/2023 08:43

..........the Economist runs a ‘Big Mac’ index, comparing the cost of a Big Mac in different countries. It implies that the yen is more than 40% undervalued versus the dollar.

[riverman77] 22/2/2023 12:08

This has now overtaken SMT as the best performing global investment trust over 3y (both NAV and share price returns). No reason for this still be trading on a 9% discount.

[rambutan2] 15/2/2023 22:43

Noted:

As a result of the review, the Board of Directors of FEMSA has approved a series of actions and divestitures conducive to achieving this strategic focus within the next 24 to 36 months:

Divestiture of Heineken investment, subject to market conditions. FEMSA-appointed directors will resign from the Heineken Boards.

FEMSA will explore strategic alternatives for Envoy Solutions, FEMSA’s other minority investment, and other non-core, non-strategic business units.

FEMSA will seek to reduce its existing debt to achieve a target leverage of approximately 2x Net Debt/EBITDA ex-KOF1, maintaining a solid investment grade credit rating.

Capital in excess of that required for organic and inorganic growth in our core business verticals will be returned to FEMSA shareholders over time.

[arja] 03/2/2023 08:39

certainly AGT has a nice uptrending chart but such a slow mover and I use CFDs which means overnight financing charges . I hate stamp duty if buying the shares and prfer shares where no SD payable such as S32, GLEN , PLUS etc

[livewireplus] 22/1/2023 16:37

AVI GLOBAL TRUST: Seeking out value others have missed and avoiding buying shares in big name growth stars like Amazon or Applehttps://www.thisismoney.co.uk/money/investing/article-11661025/AVI-GLOBAL-TRUST-952m-fund-seeks-value-missed.html