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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Avi Global Trust Plc | AGT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.00 | 0.43% | 236.00 | 08:01:42 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 236.00 | 236.00 | 236.00 | 235.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 13/11/2024 | Final | GBP | 0.0255 | 28/11/2024 | 29/11/2024 | 03/01/2025 |
| 05/06/2024 | Interim | GBP | 0.012 | 20/06/2024 | 21/06/2024 | 19/07/2024 |
| 10/11/2023 | Final | GBP | 0.023 | 30/11/2023 | 01/12/2023 | 04/01/2024 |
| 10/11/2023 | Special | GBP | 0.002 | 30/11/2023 | 01/12/2023 | 04/01/2024 |
| 01/06/2023 | Interim | GBP | 0.012 | 15/06/2023 | 16/06/2023 | 14/07/2023 |
| 08/11/2022 | Final | GBP | 0.021 | 01/12/2022 | 02/12/2022 | 03/01/2023 |
| 09/06/2022 | Interim | GBP | 0.012 | 23/06/2022 | 24/06/2022 | 15/07/2022 |
| 09/11/2021 | Final | GBP | 0.105 | 02/12/2021 | 03/12/2021 | 04/01/2022 |
| 26/05/2021 | Interim | GBP | 0.06 | 10/06/2021 | 11/06/2021 | 02/07/2021 |
| 29/05/2020 | Final | GBP | 0.105 | 03/12/2020 | 04/12/2020 | 04/01/2021 |
| 29/05/2020 | Interim | GBP | 0.06 | 11/06/2020 | 12/06/2020 | 03/07/2020 |
| Top Posts |
|---|
Posted at 08/3/2025 20:18 by spangle93 AVI, the investment manager, also manages another investment trust, AJOT, the AVI Japan Opportunity trust. Bauernfreund is personally active in each.Consequently, the AGT fund has a number of similar investments, with Japan making up about 20% of AGT |
Posted at 07/3/2025 17:58 by spangle93 Above transcripts, with some paragraphs to make it legible.Chris, the Tokyo Stock Exchange reforms to improve capital efficiency work really well over the past couple of years. Is that a trend that's likely to continue in and through 2025? Yes, absolutely. The reforms have really been in place for just over a decade now. But the Tokyo Stock Exchange in 2023 renewed focus on them and they've worked very well in terms of driving returns over that two-year period. One of the things we saw last year was share buybacks double on what was already very high levels in 2023. So we're starting to see those real tangent benefits as shareholders. As for what is in 2025 and onwards, we know there are still benefits that come from the measures that have already been announced. The small cap universe has been a bit slower to react to the reforms. That's understandable. They have less resources at hand. We expect more announcements in 2025 and more action from that part of the market. And then of course the announcements that have already been made will continue to drive returns in 2025. These are multi-year buyback, multi-year dividend and investment strategies and we're starting to see the start of those now. We also know the TSE are preparing to release a new round of reforms. They're going to focus on things such as parent-child listings, MBOs as an option for companies and further emphasize the importance of the reforms that have already been announced. We don't know exactly what shape or form these will take but we know to expect it in the first half of 2025. Even though you are a stock picker, is there a single macro theme that 's dominating your thinking at the moment? Yes, we like to focus on the fundamentals as much as possible and we think the reform policies will have the biggest impact on setting corporate Japan stock prices over the coming decade. But for most investors and ourselves, the foreign exchange rates and the interest rate cycles in the US and Japan specifically have been very important. The yen has moved from 130 yen against the dollar to 160 yen against the dollar over the last couple of years. That's had a big impact on the market. The large cap exporters in Japan are extremely sensitive to those rates. We've seen a huge amount of interest and inflow into those share prices and as a result, the large cap universe of Japan has run very hard over the last couple of years. Going forward, it's difficult to know exactly where the currency will stabilize. I think it's very clear to those in Japan that the yen is too cheap at the moment and that will probably correct over the long term. But whether we're at the peak in the short term is more difficult to say. As a stock picker, what's the difference between the company fundamentals and the valuations as you see them when comparing large to small cap companies? Well, as I say, the large cap universe has done very well over the last couple of years. One aspect of that has been the foreign exchange rate. The other aspect has been the huge inflow in money we've seen as interesting Japanese equities has picked up on the back of reforms. That's natural. It tends to come into the large cap space and then it filters down into the market as the market rally broadens. What we're seeing at the moment though is the valuation discount for small caps is that close to an all-time low. It's at the lows over the last two decades, roughly 40% price to book discount. Our expectation is that normalised is now and with a stable currency or a more stable currency, we expect those benefits to become more tangible for investors. What about your fund? How is it positioned right now and how might it change given your outlook again for the rest of 2025? We're overweight small caps strategically. As I say, the discount at the moment is very large and we expect that to narrow and we continue to focus on those names that will benefit the most from the capital redistribution in Japan. Driven by the reform policies. Those are the two key areas of focus for us. For the market as a whole, we expect 2025 to be a relatively good year. In 2024, we saw some softness in the traditional tech names and auto volumes in the back end of 2024. We expect those to improve going forward and that should start to impact the market and stock prices over the coming years. |
Posted at 07/3/2025 13:45 by davebowler Transcript-Chris, the Tokyo Stock Exchange reforms to improve capital efficiency work really well over the past couple of years. Is that a trend that's likely to continue in and through 2025? Yes, absolutely. The reforms have really been in place for just over a decade now. But the Tokyo Stock Exchange in 2023 renewed focus on them and they've worked very well in terms of driving returns over that two-year period. One of the things we saw last year was share buybacks double on what was already very high levels in 2023. So we're starting to see those real tangent benefits as shareholders. As for what is in 2025 and onwards , we know there are still benefits that come from the measures that have already been announced. The small cap universe has been a bit slower to react to the reforms. That's understandable. They have less resources at hand. We expect more announcements in 2025 and more action from that part of the market. And then of course the announcements that have already been made will continue to drive returns in 2025. These are multi-year buyback, multi-year dividend and investment strategies and we're starting to see the start of those now. We also know the TSE are preparing to release a new round of reforms. They're going to focus on things such as parent-child listings, MBOs as an option for companies and further emphasize the importance of the reforms that have already been announced. We don't know exactly what shape or form these will take but we know to expect it in the first half of 2025. Even though you are a stock picket, is there a single macro theme that 's dominating your thinking at the moment? Yes, we like to focus on the fundamentals as much as possible and we think the reform policies will have the biggest impact on setting corporate Japan stock prices over the coming decade. But for most investors and ourselves, the foreign exchange rates and the interest rate cycles in the US and Japan specifically have been very important. The yen has moved from 130 yen against the dollar to 160 yen against the dollar over the last couple of years. That's had a big impact on the market. The large cap exporters in Japan are extremely sensitive to those rates. We've seen a huge amount of interest and inflow into those share prices and as a result, the large cap universe of Japan has run very hard over the last couple of years. Going forward, it's difficult to know exactly where the currency will stabilize. I think it's very clear to those in Japan that the yen is too cheap at the moment and that will probably correct over the long term. But whether we're at the peak in the short term is more difficult to say. As a stock picker, what's the difference between the company fundamentals and the valuations as you see them when comparing large to small cap companies? Well, as I say, the large cap universe has done very well over the last couple of years. One aspect of that has been the foreign exchange rate. The other aspect has been the huge inflow in money we've seen as interesting Japanese equities has picked up on the back of reforms. That's natural. It tends to come into the large cap space and then it filters down into the market as the market rally broadens. What we're seeing at the moment though is the valuation discount for small caps is that close to an all-time low. It's at the lows over the last two decades, roughly 40% price to book discount. Our expectation is that normalised is now and with a stable currency or a more stable currency, we expect those benefits to become more tangible for investors. What about your fund? How is it positioned right now and how might it change given your outlook again for the rest of 2025? We're overweight small caps strategically. As I say, the discount at the moment is very large and we expect that to narrow and we continue to focus on those names that will benefit the most from the capital redistribution in Japan. Driven by the reform policies. Those are the two key areas of focus for us. For the market as a whole, we expect 2025 to be a relatively good year. In 2024, we saw some softness in the traditional tech names and auto volumes in the back end of 2024. We expect those to improve going forward and that should start to impact the market and stock prices over the coming years. Lovely, Chris. Thank you very much. |
Posted at 23/2/2025 15:51 by spangle93 Latest Kepler research update for AGT |
Posted at 18/2/2025 21:31 by davebowler Shares mag extract....This begs the question of what else is holding back Japanese stocks. Since hitting a new all-time high for the first time since the early 1980s last year, the flagship Nikkei 225 index has basically traded sideways, bar a brief period in late July and early August when concern over the yen carry trade saw a frenzied but ultimately brief sell-off.Against this backdrop, the optimism of value-oriented investment trust AVI Global (AGT) and manager Joe Bauernfreund is particularly striking.He observes: 'Over the last eight years, the weight of evidence that Japan is changing has grown. We previously described 2023 as a seminal year in which global investors, spurred on by the efforts of the Tokyo Stock Exchange and its attempts to address the issues of companies trading below book |
Posted at 10/12/2024 16:13 by craigso Wow! D'leteren closed yesterday at 200 euros or so. It does ex-dividend today (74 euros per share) but trades this afternoon at around 160 euros per share. Taking off the 7.4 euros per share of tax AVI mentions, that's still a 13.3% return in one day on nearly 10% of AVI.Unfortunately us mere mortals would have had 30% Belgian withholding tax on that 74 euro dividend. And my plan to buy ex-dividend obviously didn't happen when the share price of DIE.BR didn't drop by 74 euros at the open. I assume that AVI might not see the value in reinvesting the dividend back into DIE.BR either. |
Posted at 10/12/2024 08:22 by steve3sandal AVI Global Trust plc (the "Company")AGT Holding D’Ieteren (DIE BB) Trades Ex-Dividend The Company announces that its largest holding D’Ieteren Group today trades ex-dividend of a €74 per share extraordinary dividend. The payment date is 12 December 2024. The Company owns 663,947 D'Ieteren Group shares and as such will receive gross proceeds of €46.9m, equivalent to 3.4% of NAV. The Company will incur a net rate of tax of 10% on these proceeds. The distribution will be accounted for as a capital distribution and will not form part of the Company’s income required to be distributed to maintain investment trust status. ……… They had previously flagged this ‘distribution& |
Posted at 08/10/2024 21:33 by steve3sandal Usual monthly fact sheet in news above. They’ve taken D’Leteren to 8.2%. It’s going to distribute €74 dividend almost 40% of MCap which AGT flag is 1.5x AGT usual dividend. Just thinking out loud, AGT will need to payout 85% of 9/25 income so somewhere down the line we will hopefully get a large special dividend. I always like a Special Dividend and it looks like JB and his team have done it again. I also noted today they’ve bought into RNEW in size. |
Posted at 12/9/2024 10:27 by davebowler Switch EditionUK?Opinion09 Sep, 2024James Carthew: AVI Global can extend its excellent track recordDiscounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood's Balanced Commercial Property bid.ByJames CarthewThe investment companies sector continues to shrink. So far in September, we have seen bids for Tritax EuroBox (EBOX) and Balanced Commercial Property Trust (BCPT), JPMorg |
Posted at 09/9/2024 10:36 by davebowler InvestecAVI Global Trust (AGT): AGT published its Newsletter for August last week. AVI take a value orientated approach (in place since 1985) and given the portfolio is fairly concentrated (top 10 accounts for 55%) you will be unsurprised to hear the DD process is incredibly thorough. AGT currently has 30% invested in closed-end funds. We think there continues to be an interesting backdrop for AGT to take advantage of the significant discounts on offer and the pickup we are seeing in corporate activity/activism. There have been a number of recent corporate actions for the underlying AGT portfolio companies which have had a positive impact. Some of which AVI will have been more involved in than others, these include:Hipgnosis Songs (SONG) – Acquired by Blackstone.PRS REIT (PRSR) – Shareholders requisitioning an EGM to seek removal of the Chairman and a strategic review.Balanced Commercial Property Trust (BCPT) – Starwood cash offer for the company last week. BCPT's shares rallied more than 10.3% last Wednesday and AVI confirmed it had sold its 16,165,250 shares.Aberdeen European Logistics Income (ASLI) – In Wind-Down.NT Lease Office Property (NLOP) – In Wind-Down.Chrysalis (CHRY) – We note AGT recently announced a holding >10% in CHRY. The second part of CHRY's Capital Allocation Policy, which is dependent on further portfolio realisations is to return £100m to shareholders via share buybacks. Klarna is expected to IPO in Q1-25 and Visa is reportedly in negotiations to acquire Featurespace. |
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