Thanks vacendak -useful info. |
Around 9% here, considered a "building block". Still a bit underwater, but given a couple of weeks, I should be back in the black on this one. Topping up before the virus thinghy was just bad luck. |
What’s not to like. Well, yes, it’s being trashed by the Index but that’s overvalued and AVI undervalued innit. Top 5 holding for me, about 7.5% of my portfolio. |
A lot of noise about Softbank and a mistery new investment in tech. or "High growth digital sector" to quote properly.
Things seem to be back on track, same recipe as before and making allies in the activist investor game in Japan. |
The June factsheet is out and has been emailed. |
NAV on 13th July 2020
was as follows:
Net Asset Value -- Debt at market value: 787.89 pence |
From AJOT thread - |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 07th July 2020 was as follows:
Net Asset Value -- Debt at par value: 787.67 pence
Net Asset Value -- Debt at market value: 771.01 pence |
Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 30th June 2020 was as follows:
Net Asset Value -- Debt at par value: 780.04 pence
Net Asset Value -- Debt at market value: 763.24 pence |
 One of our holdings-
Liberum-
Pershing Square Holdings
Additional $100m share buyback programme
Mkt Cap £3,031m | Prem/(disc) -31.2% | Div yield 1.7%
Event
Pershing Square Holdings has announced a further $100m share buyback programme. Any shares acquired will be held in treasury. The existing $100m buyback programme commenced on 16 April and is 84.5% complete. In total, the company has acquired $762m of shares since the first buyback programme in May 2017.
Liberum view
The buyback programme will be the second by Pershing Square this year following the completion of three programmes totalling $300m in 2019. Share buybacks added 1.9% to NAV in 2019 and 0.8% in Q1 2020. The renewal of the programme is in line with guidance from the company and it has authority to purchase up to 14.99% of the shares in issue. The manager has a clear preference for buybacks over tenders, believing the latter favours opportunistic investors.
We expect the company will remain proactive in taking steps to address the discount and we regard the current discount as highly attractive, especially given the record 58.1% NAV total return in 2019. As of 16 June, PSH had delivered a 29.3% YTD NAV total return, compared to a 25.9% share price total return (S&P 500 TR -2.6% over same period). This has resulted in the discount widening to 31.2%, despite the liquid nature of the portfolio. The manager has a strong alignment of interests with shareholders, regularly purchasing shares in the company. At 6 April 2020 the manager owned c.22% of the shares outstanding. |
They have given up on Riverstone Energy according to this month's newsletter (May 2020). Big losses apparently, but at least they have cut them. |
Here is the presentation |
Webcast at 12.30 today re. AJOT, password is japan |
Holding some PSH must be helping nicely with the current rate of recovery. |
22nd May 2020 :
Net Asset Value -- Debt at par value: 712.70 pence
Net Asset Value -- Debt at market value: 695.87 penc |
The look through double discount is now c.50%- |
They always seem to complain about the double-discount, but it is the nature of the beast to look into maximising it without falling into value-traps.
The trust is indeed not suited for periods like this one, we get a double wallop of volatility.
The share price should hopefully build back up slowly. |
Extract-
At the time of writing (12.03), AGT’s double discount (which
combines the portfolio discount with AGT’s share price discount to
NAV) was 47% – the widest level since 2006, exceeding even those
reached during the 2007/8 financial crisis (39%) and the Eurozone
crisis (41%). |
Liberum -
(c.8% of our portfolio)
Pershing Square Holdings
Record year for NAV performance in 2019
Mkt Cap £3,031m | Prem/(disc) -36.1% | Div yield 2.3%
Event
Pershing Square Holdings delivered a NAV total return of 58.1% during 2019, the highest return generated by the manager since inception of the strategy in 2004. This compared to the S&P 500, which increased 31.5% over the same period. From 1 January to 31 March 2020, the company's NAV has increased 3.3% compared to a 19.6% decline in the S&P 500. NAV performance in 2019 was driven by particularly strong share price performance from Chipotle (+93.9%) and Hilton (+55.5%), which were both relatively large positions in the portfolio.
During the year, PSH made new investments in Agilent Technologies and Berkshire Hathaway and exited its positions in Automatic Data Processing, Platform Specialty Products and United Technologies. It also exited its position in Starbucks in January 2020, although has since made a new investment in the company following the decline in share price caused by the outbreak of Covid-19.
Over the course of 2019 the company approved share buyback programmes totalling $300m. An additional $100m buyback programme has been announced today. During the year $174m of shares were repurchased at an average discount to NAV of 28%, which contributed 1.9% to NAV accretion. In total, since 2017 PSH has repurchased $671m of shares and the manager has purchased a further $540m, reducing the free float by 32.9% since IPO.
Following the outbreak of coronavirus in 2020, the manager made the decision to enter into hedging transactions in early March. Two weeks later the company unwound these hedges, generating proceeds of $2.1bn for the fund. These proceeds have been largely redeployed, adding to its investments in Agilent, Berkshire Hathaway, Hilton, Lowe’s and Restaurant Brands. The company currently has c.18% in cash.
Liberum view
2019 represented a record year of returns for PSH and this out-performance vs the S&P 500 has continued in 2020 to-date. The hedging strategy, in the form of credit protection on global investment grade and high yield credit indices, contributed 37.7% to NAV growth in the two weeks they were held. A large proportion of the net proceeds from the sale of the hedges were used to invest $432m in a secondary share offering by Howard Hughes.
Management and its affiliates have been purchasing shares during the year and now own more than 22% of the total shares outstanding, ensuring alignment of interests with shareholders. Despite the strong performance of the fund, substantial buybacks and introduction of a dividend, PSH continues to trade on a 36.1% discount to NAV, which we believe is attractive. |
It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 30th March 2020 was as follows:
Net Asset Value -- Debt at par value: 628.67 pence
Net Asset Value -- Debt at market value: 613.27 pence
Link Asset Services
Legal Entity Identifier 213800QUODCLWWRVI968
31 March 2020 |
27 March 2020
AVI GLOBAL TRUST PLC
It is announced that the un--audited Net Asset Value per Ordinary share (inclusive of accumulated
income) of AVI Global Trust plc, an investment trust managed by Asset Value Investors Limited,
at the close of business on 26th March 2020 was as follows:
Net Asset Value -- Debt at par value: 650.46 pence
Net Asset Value -- Debt at market value: 634.84 pence |
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