Avi Global Share Discussion Threads

[davebowler] 04/11/2023 15:31

htTPs://citywire.com/investment-trust-insider/news/citywire-investment-trust-awards-2023-best-performers-and-best-board/a2429662?page=2

[vacendak] 22/10/2023 10:25

They are close to calling each other names:

"'This is another example of the board taking shareholders for fools,’ said Treanor, who added he could not think of ‘anyone worse qualified to hold a strategic review than this board'."

[davebowler] 18/10/2023 05:49

htTPs://citywire.com/investment-trust-insider/news/newton-cuts-hipgnosis-songs-stake-as-analysts-back-avi-attack/a2428309?re=113829&refea=252901

[davebowler] 09/10/2023 14:57

Also targeting one of ours- Pershing Holdings -

[davebowler] 09/10/2023 09:25

Alarming development -but nanny knows best!






Currently, Interactive’s platform offers investors access to the same five investment companies restricted by Fidelity: RIT Capital, MIGO Opportunities (MIGO), AVI Global (AGT), CT Global Managed Portfolio Income (CMPI) and Abrdn Private Equity Opportunities (APEO).

Interactive said it alerts customers making regular contributions into funds it has restricted.

‘Beyond that, as the process evolves and while the consumer duty regime matures, it is difficult to know how long they may be unavailable for,’ Jackson said.

The platform said it hopes consumer duty regulation will lead to better outcomes and ‘focus fund management group minds on value even further’, which means restrictions should ideally not be long term.

AJ Bell approach
AJ Bell takes a different approach, believing the new regulation does not require it to block investors from accessing funds.

Like Interactive, AJ Bell monitors funds through fair value assessments plus an independent third-party tool. But instead of restricting access, it notifies holders when a fund is deemed not to be delivering value.

According to the Association of Investment Companies and share register data collector Argus Vickers, Interactive has a 6% share of the investment company market, behind Hargreaves Lansdown on 7% but ahead of AJ Bell’s 2% and Fidelity’s 1%.

[2wild] 01/10/2023 15:53

As at Friday's close, the average UK investment trust was trading Just over 16% Discount to nav, based on 180 trusts in FTSE All Share index. Therefore, this is rated higher than most.

[vacendak] 28/9/2023 11:24

Good read indeed. I guess the widening of the "double discount" is due to the current attitude towards PE and the fact that we have invested more into PE funds of late.

[davebowler] 28/9/2023 10:11

......The focus on discounted opportunities means AGT trades on an effective ‘double discount’ to the NAV of the underlying holdings. Data provided by the manager, suggests that AGT’s double discount was 48% as of 31/07/2023, which is significantly wider than the 33.3% average since AVI took over the management of the trust. In fact, it is very close to the historically wide levels seen during the coronavirus pandemic and again wider than that seen during the GFC and the Eurozone crisis in 2011. We believe this may be suggestive of good potential returns for a longer-term investor, particularly if a softer-than-expected economic landing evolves

[davebowler] 28/9/2023 10:04

AGT is trading at its widest ‘double discount’ since the great financial crisis

[davebowler] 27/9/2023 10:17

P/B view on Japanese equities echoed here -

[steve3sandal] 26/9/2023 14:06

Largely going in the right direction. I’m now at my highest holding level of 10% and I follow AGT an and constituents closely. Surprised at the discount level here. Not surprised at the discount levels most everywhere else. I didn’t particularly like SONG about hopefully AVI will explain to them what needs to be done next and that’s not what they are proposing!
PIN a is a good example to Investment Trusts of what is possible to tackle discounts.

[davebowler] 26/9/2023 12:46

22 Sept Net Asset Value -- Debt at fair value: 227.21 pence

[davebowler] 24/9/2023 13:04

hTTps://citywire.com/investment-trust-insider/news/avi-global-lifts-hipgnosis-songs-stake-before-continuation-vote/a2426414

[davebowler] 15/9/2023 10:25

13/9 Net Asset Value incl. Debt at fair value: 223.53 pence

[davebowler] 12/9/2023 11:38

Latest monthly report out -

[davebowler] 01/9/2023 17:07

hTTps://doceo.tv/insights/news/avi-global-trust-and-the-fourth-dimension/?utm_medium=Email&utm_campaign=Update+email&utm_term=HTML+email&utm_content=Updates+Newsletter&utm_source=doceo+Email

[vacendak] 29/8/2023 10:37

Yep, I read it yesterday, but forgot to post it in the thread.

[davebowler] 29/8/2023 09:26

Nick Greenwood joining AVI -

[davebowler] 24/8/2023 09:55

As for my pick, following a pullback in valuations over 2022, AGT’s manager, Joe Bauernfreund, sought to increase his exposure to his highest-conviction positions with a focus on more idiosyncratic, event-driven strategies. This included renewed interest in the US and also increased allocations to alternative asset managers KKR, Apollo Global and Oakley Capital Investments, all of which appear in the top ten holdings. Joe remains confident in the long-term strategies of these holdings and the defensive nature of their revenues, with management fees predominantly charges on long-duration committed capital. The three investments have returned 30.6%, 28.5% and 10% respectively this YTD.

Impressively, AGT is the top performer in the global sector over the past three years, which has been helped by the manager’s valuation-sensitive approach in the high-inflation and high-interest rate environment. The allocation to Japan has helped performance this year, as the adjustment in the Bank of Japan’s monetary policy stance has had a positive impact on the basket of four Japanese regional banks held in the portfolio. AGT’s double discount remains close to its widest level since the Eurozone crisis, which may offer a particularly strong long-term entry point.

[vacendak] 22/7/2023 09:19

For what it is worth it is now in their portfolio of ITs.

[emptyglass] 21/7/2023 17:36

Yes, but it was a fraction of a % of NAV, tiny holding.

[vacendak] 21/7/2023 09:49

Don't we own this either directly or through Pershing Square?
I would need to pore into AR and factsheets but it is Friday and I am lazy. :)

[davebowler] 19/7/2023 10:03

17Jul NAV... Debt at fair value: 212.65 pence