We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Avi Global Trust Plc | LSE:AGT | London | Ordinary Share | GB00BLH3CY60 | ORD 2P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -2.00 | -0.85% | 233.50 | 328,936 | 10:38:33 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 233.00 | 234.00 | 235.50 | 233.00 | 235.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 147.05M | 134.14M | 0.2914 | 8.01 | 1.07B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:17:36 | O | 2,139 | 233.6995 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 24/4/2024 | 12:34 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 23/4/2024 | 13:00 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 22/4/2024 | 12:54 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 19/4/2024 | 17:35 | UK RNS | AVI Global Trust PLC Transaction in Own Shares |
| 19/4/2024 | 15:39 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 19/4/2024 | 07:00 | UK RNS | AVI Global Trust PLC Compliance with Market Abuse Regulation |
| 18/4/2024 | 17:40 | UK RNS | AVI Global Trust PLC Transaction in Own Shares |
| 18/4/2024 | 12:18 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 17/4/2024 | 12:24 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
| 16/4/2024 | 12:31 | UK RNS | AVI Global Trust PLC Net Asset Value(s) |
Avi Global (AGT) Share Charts1 Year Avi Global Chart |
|
1 Month Avi Global Chart |
Intraday Avi Global Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/4/2024 | 17:51 | AVI Global Trust | 398 |
| 28/10/2008 | 13:36 | change your broker sans i am not a happy investor | 15 |
| 26/10/2008 | 12:26 | Argonaut Games Shareholders' Action Group (AGSAG) | 124 |
| 30/12/2007 | 23:19 | Aldgate Capital Plc | 5 |
| 08/6/2005 | 13:08 | AGM 2003 Meeting | 9,175 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 12:17:37 | 233.70 | 2,139 | 4,998.83 | O |
| 12:16:07 | 233.70 | 2,139 | 4,998.83 | O |
| 12:11:13 | 233.70 | 563 | 1,315.73 | O |
| 12:10:43 | 233.43 | 4,937 | 11,524.47 | O |
| 12:06:07 | 233.70 | 2,123 | 4,961.45 | O |
| Top Posts |
|---|
Posted at 25/4/2024 09:20 by Avi Global Daily Update Avi Global Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker AGT. The last closing price for Avi Global was 235.50p.Avi Global currently has 460,276,385 shares in issue. The market capitalisation of Avi Global is £1,074,745,359. Avi Global has a price to earnings ratio (PE ratio) of 8.01. This morning AGT shares opened at 235.50p |
Posted at 23/4/2024 17:10 by davebowler Net Asset Value per Ordinary share (inclusive of accumulated income) of AVI Global Trust plc, at the close of business on 22nd April 2024 was as follows:Net Asset Value ‑ Debt at par value: 256.69 pence Net Asset Value ‑ Debt at fair value: 259.67 pence |
Posted at 03/4/2024 10:12 by davebowler KeplerAGT is trading at close to its widest ‘double discount’ since the Great Financial Crisis… AVI Global Trust (AGT) offers investors a highly differentiated exposure to global equities. Portfolio construction is centered around identifying high-quality companies trading at significantly depressed values to their estimated NAVs. This leads to a particular focus on closed-ended investment funds, family-backed holding companies, and Japanese smaller companies. Macroeconomic uncertainties and elevated levels of risk aversion have seen discounts across investment trusts widen significantly, this a resulted in an increased exposure to listed private equity and venture capital investment companies. AGT’s own discount of 10.9% is currently at wider levels than its five-year average discount, which combined with the wide discount for the underlying investments, means AGT is trading close to its widest ‘double discount’ since the Global Financial Crisis in 2008. The team also look to add value by taking a highly active approach - particularly through their allocation to Japan, where the team see the improved macroeconomic environment and focus on corporate governance as an opportunity. Furthermore, their regional expertise allows them to take a consultant-like engagement approach with the aim of making significant improvements to business operations. AGT’s performance has been impressive across both the short and long term. In our view, with AGT’s ‘double discount’ being close to historically wide levels, now could be one of the best opportunities to invest in the trust for a long-term investor looking to gain exposure to a truly benchmark-agnostic, global equity investment strategy. As interest rates look to be peaking in the US and the UK, and the premise of a softer landing becomes a more probable outcome, this bodes well for the potential NAV appreciation of the underlying holdings, particularly the increased allocation to private equity, and for the wider-than-average discount of AGT itself. |
Posted at 24/3/2024 12:32 by horseyphil Selling the likes of Pershing Square to buy SONG was not Joe's smartest move, and I share the concerns about moving away from a proven strategy to buying single companies. Have great respect for the AVI management, but won't be adding to my holding if this is the direction the Trust is moving in. |
Posted at 11/3/2024 14:47 by davebowler .......Worst over for GCP Infrastructure Elsewhere in the Citywire-award winning portfolio, Bauernfreund has opened a position in GCP Infrastructure (GCP), the infrastructure debt fund run by Gravis Capital, which has seen its discount fall to 32% following a 20% share price decline over the past 12 months. An aborted three-way merger between GCP Asset Backed Income (GABI) and RM Infrastructure Income (RMII) last year, combined with interest rate rises and negative sentiment towards the sector have all weighed on the investment company. ‘We look at asset classes where we think there is probably some mistrust in the reported NAV, and we possibly have a greater degree of confidence around the NAV. ‘Certainly, given GCP Infrastructure’ Entain (ENT), the gambling business, represents another new position in AVI Global. Bauernfreund said it appeared on the team’s radar after it started to come under pressure from activist investors to sell its assets. ‘I think there is interesting potential for a sale of the assets, which could be beneficial for shareholders in Entain and other entities we have an interest in,’ the fund manager explained. Value fund that’s come good Bauernfreund has run AVI Global for over eight years. In the bull growth market, its value strategy, with a comparatively light 24% exposure to the US, struggled to compete with some of its rivals in the AIC Global sector. The advent of inflation and higher interest rates over two years ago has turned the tables, however, with the trust generating a 75.2% total shareholder return that beats the 71.6% of the MSCI World index and ranks it third in its 13-strong sector where the average return has been just 58.7%. On an 8.5% discount is no longer quite the bargain it was last October when the shares lagged the portfolio by nearly 13%. However, that ignores the potential ‘double discount’ given that 30% of its assets are in UK closed-end funds trading well below asset value. Three of its top 10 positions, for example, are held in private equity funds Oakley Capital (OCI), Princess (PEY) and Pantheon International (PEY) that stand on 25%-32% discounts despite good long-term performance. A further 17% is allocated to Japanese smaller companies still trading on depressed valuations and high levels of cash where government and shareholder pressure are gradually unlocking value. |
Posted at 11/3/2024 14:45 by davebowler htTTps://citywire.coBauernfreund: Hipgnosis is playing my tune, says AVI Global bargain hunter Last week's big writedown at Hipgnosis Songs was a positive development for activist Joe Bauernfreund who holds 5% of the shares and stakes in other under-valued funds and holding companies in the AVI Global Trust. Danielle Levy BY DANIELLE LEVY While investors initially took fright last Monday after Hipgnosis Songs (SONG) slashed the value of its music royalties by 26% (with a 31% drop in net asset value), AVI Global (AGT) fund manager Joe Bauernfreund viewed the announcement as an important step in a potential turnaround. The news sparked an 8% fall in Hipgnosis’ share price to 57.9p on Monday 4 March as the board suspended dividends for the foreseeable future to focus on paying off the fund’s $674m debt pile. However, the shares subsequently recovered to end Friday at 62.7p, just below where they began the week, but still on a significant 31% discount to the new net asset value (NAV) that bargain-hunter Bauernfreund hopes will narrow and boost the return on the investment. Bauernfreund (below) believes the board of SONG may well have been ‘kitchen sinking’, or rather presenting all the bad news to investors in one go in the hope that things can only improve from here. He views the NAV announcement as a necessary step so the board and shareholders can understand what the portfolio of 65,000 songs is truly worth. Joe Bauernfreund - AVI ‘The final number was slightly below where we thought a realistic NAV was but not massively so,’ said the manager of the £1bn AVI Global trust, which targets undervalued companies and investment trusts and holds 5% of SONG. Hipgnosis’ operative net asset value (NAV) was 92p per share at the end of December, according to new valuer Shot Tower Capital. This is a sharp decline from 142.49p at the end of September, a valuation provided by former valuer Citrin Cooperman. Board on right track ‘I think the new board is doing the right things. There is a sense they are “kitchen sinking”, but I think that was necessary. We need them to come in and really get to grips with what occurred under the previous board and manager, to understand what we own and what its value is.’ Once this has been ascertained, the board can decide whether to wind up the fund; sell the assets to bidders and return capital to shareholders; or appoint a new fund manager to replace Merck Mercuriadis’ Hipgnosis Songs Management (HSM). From here, Bauernfreund would like the trust’s contractual arrangement with HSM to be ‘resolved̵ Asset Value Investors (AVI), where Bauernfreund is also chief executive, has held a position in Hipgnosis since 2020 and increased its stake ahead of a continuation vote in October. At the time, it successfully lobbied other shareholders to vote against the vote and to block a proposed sale of a fifth of the company’s assets to a related party, Hipgnosis Songs Capital (a partnership between HSM and Blackstone). Investors late to the party Following a tumultuous year for the music royalties fund, Bauernfreund suggests there are several lessons to consider. ‘I think a lot of investors bought in thinking it was a magic sector that was able to give them uncorrelated returns to equity markets, that were unlikely to ever go down in value and would forever provide them with an attractive income. ‘A number of factors conspired to challenge that notion. First of all, interest rates going up has an effect on valuations. It is pretty basic, but I think some investors forgot that.’ Secondly, he notes the management arrangement with HSM was not set up with the best interests of shareholders in mind. Here, he is referring to incentives for the manager to buy assets that ‘were not fantastic in all cases’ in order to grow the investment trust and management fee. ‘The arrangement between the manager and Blackstone had conflicts built into it and I guess the previous board was not on top of that. Now shareholders find themselves in a situation where they might be aggrieved with the manager but find it very difficult to remove them,’ he added. Bauernfreund remains positive on the prospects of the music industry in general, particularly in light of the potential growth of streaming services, but says Hipgnosis’ structure and contractual arrangements have caused it to disappoint. There may also be a broader theme of private investors getting access to an asset class, long after institutional investors, at a point when returns are harder to come by. ‘Over the years we have seen this time and time again. Investors get excited about a new asset class or one that institutional investors have access to. By the time retail investors are invited to the party it is perhaps drawing to a close,’ he concluded. |
Posted at 01/3/2024 08:51 by davebowler Master Investor -Double Discount Another of their new additions is AVI Global (LON: AGT), which has an unusual mandate in that it seeks to find overlooked, undervalued stocks with a potential catalyst to narrow the discount. The portfolio consists of a mixture of investment trusts, holding companies and Japanese shares, with the managers actively working to improve corporate governance to unlock the value. AVI offers discounted exposure to cheap investment trusts including a basket of listed private equity funds, as well as Hipgnosis Songs. There are also various European holding companies, such as EXOR and Aker, as well as alternative asset managers like KKR and Brookfield AM. Numis think that it might be a good time to invest in the fund, based on the double discount. The shares trade nine percent below NAV and there is significant value in the underlying holdings, which trade on a weighted average discount of 33% as at 31 December. |
Posted at 01/2/2024 16:37 by riverman77 That's really bad - I would just leave Fidelity and join a new platform. Perhaps just take a small hit and sell AGT in Fidelity and then buy back on the new platform - will probably cost about 1% (stamp duty plus dealing spread) but at least it will be sorted and never deal with Fidelity again! |
Posted at 01/2/2024 16:26 by davebowler You have my sympathies. Barclays, ii and AJ Bell,to my knowledge, see no problem with holding AGT. I'm surprised that Fidelity don't allow an 'in specie' intact share transfer. Might be worth pressing them on that. At least you have AVI on your side, quite rightly! |
Posted at 30/1/2024 19:53 by fastcat99 Do any other investors here hold AGT on the Fidelity platform, and feel as utterly frustrated as I at the 'soft closure' which has applied there for the last six months? - ie Fidelity will maintain an existing holding, but block any new purchases!! Dave Bowler is clearly aware of the issue, but I wonder if there are others who care...Let me state, before going into detail below, that I would simply like any other interested readers to DM me, so we can discuss further joint action, maybe starting a dedicated post on the subject. I have discussed at some length with Fidelity (which still refuse to disclose their actual reasoning) and I also raised the issue at the AGT AGM in December: the Board confirmed that they have challenged Fidelity on this point but got no further than I. It's pretty obvious that Fidelity acted out of concern on "Double Counted Fees" (the technical issue which is covered in the Citywire report posted #365 above), as their soft closure was announced within days of the new "consumer protection obligation" coming into force in July last year. But at least four major objections remain: 1. no other major platform has taken this action (I stand to be corrected, but the AGT Board is of the same view); 2. as long as NO reason is given by Fidelity, consumers are actually confused, not 'protected'; 3. Fidelity has allowed a dividend reinvestment to take place earlier this month, so they appear to be back-pedalling on their previously 'clear' (hem, hem) position. and 4. if FCA is now meant to adopt an 'interim solution' ahead of actual legislation (as per the Citywire report above), it clearly DOES NOT itself consider the double-counting to be valid, and therefore Fidelity will have to be VERY careful if they invoke an interpretation of consumer interest contrary to that of the regulatory authority. I have been substantively inconvenienced (Fidelity rules do not allow partial transfers-out from an ISA, so I cannot consolidate my AGT holdings there and elsewhere) as well as really irritated by their "patronising and high-handed behaviour". If others feel the same, lets join forces to gain some moral retribution :) |
Posted at 18/1/2024 10:13 by davebowler htTPs://www.trustint |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
